Deckers Outdoor (DECK) Q1 2012 Earnings Call April 26, 2012 4:30 pm ET Executives Angel R. Martinez - Chairman, Chief Executive Officer and President Zohar Ziv - Chief Operating Officer Thomas A. George - Chief Financial Officer and Principal Accounting Officer Analysts Robert S. Drbul - Barclays Capital, Research Division Omar Saad - ISI Group Inc., Research Division Taposh Bari - Jefferies & Company, Inc., Research Division Jeffrey P. Klinefelter - Piper Jaffray Companies, Research Division Diana Katz - Lazard Capital Markets LLC, Research Division Mitchel J. Kummetz - Robert W. Baird & Co. Incorporated, Research Division Howard Tubin - RBC Capital Markets, LLC, Research Division Christopher Svezia - Susquehanna Financial Group, LLLP, Research Division Scott D. Krasik - BB&T Capital Markets, Research Division Jim Duffy - Stifel, Nicolaus & Co., Inc., Research Division Christian Buss - Crédit Suisse AG, Research Division PresentationOperator
Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Deckers Outdoor Corporation First Quarter Fiscal 2012 Earnings Conference Call. [Operator Instructions] I would like to remind everyone that this conference is being recorded. Before we begin, I would also like to remind everyone of the company's Safe Harbor policy. Please note that certain statements made on this call regarding the company's expectations, beliefs and views about its future financial performance, brand strategies and cost structure are forward-looking statements within the meaning of the Federal Securities laws. These forward-looking statements are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements relate to the company's anticipated revenues, expenses, earnings, gross margin, capital expenditures, brand strategies and cost structure, as well as the outlook for the company's markets and the demand for its products. The forward-looking statements made on this call are based on currently available information, and because its business is subject to a number of risks and uncertainties, some of which may be beyond its control, actual operating results in the future may differ materially from the future financial performance expected at the current time. Deckers has explained some of these risks and uncertainties in its earnings press release and in its SEC filings, including the Risk Factors section of its annual report from Form 10-K and its other documents filed with the SEC. Listeners are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to publicly release or update the results of any revisions to forward-looking statements. I would now like to turn the conference over to the President, Chief Executive Officer and Chair of the Board of Directors, Angel Martinez. Please go ahead, sir. Angel R. Martinez Well, thank you to everyone for joining us today. With me on the call are Chief Operating Officer, Zohar Ziv; and Chief Financial Officer, Tom George. Our first quarter performance reflects the evolution of our business model and the external factors that we believe have pressured both sales growth and margins, particularly the differences in weather and sheepskin prices versus the same period a year ago.