At this time, I would like to turn the conference over to Rob Mason, President and CEO. Please go ahead, sir

Robert A. Mason

Thanks, Tadeo, and good morning, everyone. I'd like to thank you for joining us for our first quarter 2012 earnings call. Bob Recchia, our Chief Financial Officer, is with me. After I provide some insights into our overall results and segment highlights, Bob will share some additional financial metrics and update on our use of capital and discuss our plans to proactively manage the cost side of our business. After our prepared remarks, both Bob and I look forward to answer any questions.

As I look at our overall Q1 results, while I am disappointed in our revenue and adjusted EBITDA performance, I continue to be very confident in our ability to execute and ultimately deliver on our 2012 guidance. The primary driver behind our Q1 results was an overall reduction in spend from our consumer packaged goods clients, which is one of our largest client verticals. This reduction in spend created an almost $28 million drag on our first quarter revenue. While this decline impacted multiple products in all but our Shared Mail segment, I think it's important to recognize that we believe that the CPG revenue shortfall we are experiencing is not a secular decline.

I'd like to begin our segment discussion with the FSI business, which you know, is our most CPG-dependent segment. Specifically, the shortfall in FSI revenue was driven for the very most part by 3 dynamics. The first component is a continuation of the spending pullback that began in the third quarter of 2011. This reduction is caused by consumer packaged goods companies, responding to the increased liability of coupon redemptions. During 2011, CPG manufacturers paid out an incremental $500 million in coupon reimbursement to retailers. Based on what we are seeing from consumer responsiveness in Q1 of 2012, we believe we will see this trend continue.

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