Kellogg (K) Q1 2012 Earnings Call April 26, 2012 9:30 am ET Executives Simon Burton - Executive Officer of Snacks business unit John A. Bryant - Chief Executive Officer, President and Director Ronald L. Dissinger - Chief Financial Officer and Senior Vice President Analysts Alexia Howard - Sanford C. Bernstein & Co., LLC., Research Division David Palmer - UBS Investment Bank, Research Division Andrew Lazar - Barclays Capital, Research Division Eric R. Katzman - Deutsche Bank AG, Research Division Kenneth Goldman - JP Morgan Chase & Co, Research Division Cornell Burnette Jonathan P. Feeney - Janney Montgomery Scott LLC, Research Division Scott Andrew Mushkin - Jefferies & Company, Inc., Research Division Christopher Growe - Stifel, Nicolaus & Co., Inc., Research Division Robert Dickerson - Consumer Edge Research, LLC Robert Moskow - Crédit Suisse AG, Research Division Matthew C. Grainger - Morgan Stanley, Research Division PresentationOperator
Good day, ladies and gentlemen, and welcome to the Kellogg Company First Quarter 2012 Earnings Call. [Operator Instructions] At this time, I'll turn the call over to Simon Burton, Kellogg Company Vice President of Investor Relations. Mr. Burton, you may begin your conference. Simon Burton Thanks, Hewey. Good morning, and thank you, everyone, for joining us today for a review of our first quarter 2012 results. I'm joined here by John Bryant, our President and CEO; and Ron Dissinger, our Chief Financial Officer. The press release and slides that support our remarks this morning are posted on our website at www.kelloggcompany.com. As you are aware, certain statements today, such as projections for Kellogg Company's future performance, including earnings per share, net sales, margin, operating profit, interest expense, tax rate, cash flow, brand building, upfront costs, investments and inflation are forward-looking statements. Actual results could be materially different from those projected. For further information concerning factors that could cause these results to differ, please refer to the second slide of this presentation, as well as to our public SEC filings.