We saw a very modest expansion in ocean freight during the quarter. Having January in our figures, impacts our comparison to last year because of the earlier Chinese New Year. On a calendar quarter basis we were closely aligned with our peers and the market.

Net revenue per unit expanded in the fourth quarter particularly in air freight. The expansion was driven by a combination of lower carrier rate, and process improvements that include better buying and continued success with our gateway initiatives.

In contract logistics and distribution, net revenue declined in the fourth quarter primarily because of the weaker Rand. However, on an organic basis net revenue in the segment increased 5% in the fiscal 2012 fourth quarter compared to the same quarter a year ago. This was primarily due to new business win and increased client volume especially in Africa and Asia and continued improvement in our US distribution business.

We saw strength primarily in pharmaceuticals, automotive and consumer and retail sectors. We also managed our costs with self-improve the operating margins. The industry faces some headwinds in fiscal 2013 particularly the first half of the year which I will address in my closing remarks. I'll also provide you with an update on our transformation activities at that point.

I'll now ask Lawrence to walk you through the financial results.

Lawrence Samuels

Thank you Eric. Net income attributable to common shareholders in the fiscal 2012 fourth quarter was $0.12 per diluted share. We had some unusual items in the fourth quarter that reduced earnings which I will review in a moment. Excluding these items adjusted net income attributable to common shareholders in the fiscal 2012 fourth quarter was $0.20 per diluted share compared to $0.14 per diluted share recorded in the same period last year.

As a global company, its worth repeating that more than 65% of our revenues and operating cost are incurred in currencies other than the US dollar. While the translation of currencies for reporting purposes always has some effect, in the fiscal 2012 fourth quarter, the weaker South African Rand had a material negative impact on our revenues while generating a corresponding reduction in our expenses when translated in to US dollar reporting currency.

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