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UGI and AmeriGas undertake no obligation to release revisions to their forward-looking statements to reflect events or circumstances occurring after today. In addition, our remarks today will reference certain non-GAAP financial measures that management believes provide useful information to investors to more effectively evaluate the year-over-year results of operations of the company. These non-GAAP financial measures are not comparable to measures used by other companies and should be considered in conjunction with performance measures such as cash flow from operating activity.With me today are John Walsh, President and COO of UGI; Jerry Sheridan, President and CEO of AmeriGas, and your host, Chairman and CEO of UGI Corporation, Lon Greenberg. Lon? Lon Greenberg Thanks, Hugh. Let me also welcome you to our call and a special welcome to our recent retirees Bob Knauss and Margaret Calabrese. I hope you’re nice and relaxed, and don’t feel compelled to jump out of your chair during our comments. I hope you’ve all had the opportunity to read our press releases for the second quarter. UGI reported earnings per share of $1.18 compared to $1.32 last year. This year’s results include a $0.02 charge related to the extinguishment of debt compared to $0.05 last year and a $0.02 charge related to transaction costs for international and domestic LPG acquisitions. So, the $1.18 with those two added back becomes $1.22. AmeriGas reported net income attributable to AmeriGas Partners of $133.9 million compared to $118 million last year, on adjusted EBITDA of $246 million compared to $176 million last year. Now as we sit here today and preparing for the call, I remembered telling you last quarter how frustrating the first quarter was due to uniformly and unusually warmer winter weather in the first quarter. Well, on the whole weather didn’t get any better and as a result we remain frustrated with our results because of the weather. Incidentally weather records were broken in the United States for not only March of this year but also for the entire second quarter and for the last 12 months although those periods were the warmest and recorded history for the United States.
In our business as you know, being a record breaker for warm winter weather is not a good thing. Thus as you might expect our results reflect that weather, yet as I’ve said many times results don’t always tell you what’s going on in a business and there are a large number of silver linings in the clouds of those weather.Our management teams did a fine job of mitigating the adverse effects of weather by controlling expenses in managing margins. We made significant progress on a number of important projects that we will discuss during this call. And that progress sets the stage for a significant rebound in earnings next year. However, before I jump ahead to next year I’d like to turn the call over to Hugh, John and Jerry to discuss this quarter’s results. So Hugh? Hugh Gallagher Thanks, Lon. As Lon just mentioned the highlight or low light of this quarter was a lack of demand for all energy products resulting from the record warm weather encountered domestically and the volatile warm called warm weather pattern experienced in Europe during the quarter. As outlined in our earnings release giving our results to-date and our current assessment of acquisition integration efforts and business prospects for the remainder of this year we expect to report GAAP earnings per share of between $1.65 and $1.75 per share for the full fiscal year ending September 30, 2012. It is important to note that the full year guidance includes dilutive impact of about $0.15 associated with the acquisition transition costs at AmeriGas and at International Propane and the loss on extinguishment of debt at AmeriGas. Excluding these unusual items related to recent acquisitions, we would expect to report adjusted EPS in the range of $1.80 to $1.90 for the full fiscal year ended September 30, 2012. Read the rest of this transcript for free on seekingalpha.com