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For more information please also refer to the risk factors discussed in Jarden’s From 10-K. Please note that the company has listed supplemental financial data slides, as well as reconciliations of certain non-GAAP comparable to GAAP financial measures to its website. The presentation can be downloaded in the section “For Investors” on Jarden’s website under the “Presentations” heading.And now, I’d like to turn the call over to Executive Chairman, Martin Franklin. Martin, please go ahead. Martin Franklin Thank you, Rachel. Good afternoon ladies and gentlemen. With me on the call today are Ian Ashken, our Vice Chairman and CFO; and Jim Lillie, our CEO. Hopefully, you’ve all had a chance to review the earnings release we issued earlier this afternoon. We are pleased to report an encouraging start to the year, with strong positive momentum and while Q1 is our seasonally smallest quarter, we believe we are on track to achieve our principal, strategic and financial objectives for fiscal 2012. As I have stated previously, at Jarden we rely on three primary drivers and our efforts to deliver consistent profitable growth for our shareholders. Optimizing the performance of our existing business, pursuing a disciplined acquisition strategy and effectively managing our capital structure. Q1 included several noteworthy accomplishments in each of these areas. First as Jim will highlight further, our businesses continue to perform. Our commitment to investing in new product development remains fundamental to Jarden’s DNA and a key parts of our success. Some of you may have seen a sample of our recent innovations on display during our Media Day for new products held in New York in February. During that event we displayed over 100 new products from across all of our business segments, including several Nook Infant and Toddler feeding products, incorporating the latest orthodontic technology, the next generation of Coleman Roadtrip Grills and smaller, more powerful, LED Flashlights and CPX series.
We also showcased a new line of pet care and grooming products under the Sunbeam brand. We consistently invested in our brands and in new technologies and expect to realize benefits in the current year and over the next several years.Ongoing efforts to expand internationally include in the near term a focus on increasing the utilization of our existing distribution platforms globally to bring a broader product offering to under penetrated markets. We are also focusing on longer-term opportunities to establish more a meaningful presents, whether organically or through acquisitions, in markets that represent potential higher growth opportunities for Jarden, such as in Brazil, China and South East Asia. Secondly, we continue to seek to optimize the use of our excess cash beyond amounts needed for investments in our existing businesses and after evaluating several alternatives, we determined that our own company represented the most attractive investment opportunity during the first quarter. Following our announcement in January, the launch of our modified Dutch self-tender offer, in March we advanced our shareholder value creation goals through the successful completion of the $435 million buyback at $36 per share. As previously announced, 12.1 million shares representing approximately 13.2% of our shares issued and outstanding prior to the consummation of the tender offer were tendered. A the quarter end we had approximately $65 million remaining of the total $500 million approved by our Board of Directors, for use under our ongoing share repurchase program. And third we proactively managed our capital structure by opportunistically accessing the debt capital markets. In February we successfully completed a $300 million add-on the our existing senior secured facility, to partially fund our tender offer with a view to maintaining a conservative long-term debt maturity profile, while maintain our target bank leverage ratio of 3:1 or less by year end.
We accomplish this with no increase in pricing and continuing with no LIBO flow. In February 2009 we had adjusted our long-term bank leverage ratio to be 3:1 from what was previously a 3.5:1 ratio and we continue to be committed to maintain this lower ratio.Read the rest of this transcript for free on seekingalpha.com