With that, I will now turn our call over to our CEO, John Lundgren.John F. Lundgren Thanks, Kate, and good morning, everybody. Thanks for being with us. An excellent turn out on the call. And with the first quarter in the rear view mirror, we remain well positioned, we think, for whatever faces us in terms of the macroeconomic environment. Solid results across the majority of our businesses, and we'll get into each and every one in a little -- in more specifics in just a second. Revenues per the release were up 12% year-on-year to $2.7 billion, organically up 3%. Our largest segment, CDIY shipments, grew 3% organically. POS is currently outpacing shipments, up significantly and Jim will talk about that a little bit more when we get into the segment detail. Industrial, the bright spot clearly in the quarter, grew 7% organically with strength in all geographies. Security grew 39% due primarily to the Niscayah acquisition, minus 1% organically with a series of low single-digit puts and calls. Again, Jim will provide more detail on that in our segment breakdown. So from an earnings perspective, x charges, $1.09. EBITDA was up 11% on a GAAP basis, $0.72 on a fully diluted GAAP basis; that, of course, includes all the restructuring charges. About a month ago, March 12 marked the 2-year anniversary of closing the Stanley Black & Decker combination. All aspects remain on track. We're significantly exceeding our initial targets and reaching our revised targets, providing further validation, as is the Niscayah integration, of a successful, scalable, global integration process. I'll touch a bit on Niscayah and a bit more detail. It's progressing well. We're slightly beyond the 6-month mark, all systems go. And as Don will discuss in more detail at the end of our short presentation, we are reiterating our guidance for 10% to 15% earnings growth and 20% cash flow growth for 2012.
Looking at the sources of growth. Steady organic growth trajectory was established during the quarter. As you can see, volume was up 2%. We did get a percent of price, which was primarily carryover of previously implemented price increases later in the year, so 3% organically. Acquisitions, overwhelmingly Niscayah, contributed another 10% and currency was minus 1% unfavorable for a total of 12% growth.Looking at some of the specific businesses as mentioned. Industrial, strong plus 7% globally, organically. Our Professional Power Tools and Accessories business, new product-driven grew 6%. Our Residential and Mechanical Access business grew -- Mechanical Security business grew 6%. Consumer Power Tools, which does include outdoor, shipments were up 2%. Hand Tools and Fasteners up 1%. Convergent Security, down 3%, that's pro forma. With Niscayah and MAS Commercial down 4%, with the declines focused on our Access business and commercial locks and national accounts with some strong competitive activity, and Jim will talk a little bit about that and our feelings towards those businesses going forward, we still feel they're in -- they're high-margin businesses in very good shape. Let's look geographically at the first quarter versus prior year. Middle left if we start with the U.S., which represents 40% of our revenue. It grew 1% in total organically. Moving to the right, EMEA, Europe, Middle East and Africa, our second-largest geography, was flat organically. It was really a tale of 2 geographies with strong growth in the North, where the majority of our business sits offset by some significant declines, primarily macroeconomic driven in Southern Europe. But all in, Europe was flat, which was slightly ahead of our expectations for the first quarter on a global basis. Looking at our emerging markets. Latin America, up 19%, continuing to show strong growth across all businesses; Asia, up 10%, representing 5% of our revenue, 13% if we exclude Engineered Fastening in the quarter; and finally, 2 small but well-established geographies were down low-single digits, Canada and Australia. Lots of competition in CDIY and IAR in both those markets and some conscious business withdrawal of security in Australia.
Just a brief update on Niscayah, as we've just passed the 6-month mark since closing that acquisition. So far, so good. I think is the best way to summarize Niscayah. But just a little more insight than we've provided in the past that we think will be helpful. No change in our target for $45 million in cost synergies and about $0.20 of accretion this year, $0.45 of accretion on a cumulative basis by 2014. We are managing this process the exact same way we manage all significant acquisitions, with a fully dedicated integration team and regular rhythms reporting to [ph] senior management, that includes Don Allan, Jim, myself and several of our key staff officers.All regions and functions are on track to meet or exceed their synergies. We do have a leadership team that's now focused on embedding disciplined operating rigor, as well as driving growth initiatives for this business. And importantly, 85% of Niscayah is in Europe. We recognized and included a weak European market environment in our original projections and commitments on EPS. And to date, our volumes in Europe are actually down slightly less than we anticipated when we put the deal together. Jim will talk a little bit about that as he discusses Convergent Security. Read the rest of this transcript for free on seekingalpha.com