I would like to remind everyone that this call is being recorded on Thursday, May 3, 2012, at 8:30 a.m. Eastern Time. A replay of today's call will be available at sxc.com approximately 1 hour after the conclusion of this call. Any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of SXC is strictly prohibited. [Operator Instructions] I would now like to turn the conference over to Mr. Mark Thierer, Chairman and CEO. Please go ahead, sir.Mark A. Thierer Well, thank you, and good morning, everyone. We appreciate you joining us today. We're pleased to report that we've had a very strong start to the new year, posting record results across the board. For the first quarter of 2012, SXC delivered $1.7 billion in revenue and $54 million in EBITDA, representing significant growth over the first quarter last year. I'll discuss the highlights of our first quarter momentarily. But first, I wanted to take the opportunity to comment on our recently announced merger with Catalyst Health Solutions. We are very excited about this strategic combination. By joining the industry's fastest growing middle market players, we will create the second largest independent PBM in the country in terms of prescription volume. Most companies are very successful and highly complementary. SXC's flexible and scalable Technology Solutions, combined with Catalyst's client-centric philosophy to pharmacy benefit management, will provide a true unique offering to the marketplace. The combined company will improve our competitive position by providing a scaled and legitimate alternative model to the payers searching for an enhanced pharmacy solution. The combined company will have greater ability to control pharmacy costs for our clients while offering a level of flexibility truly unique to this industry. We intend to use our skill and scale to drive better value for our clients.
I'm very pleased with the talent we're seeing at Catalyst. David Blair and Rick Bates have fielded a truly strong team. According to many of the top industry consultants, Catalyst has built one of the industry's strongest sales and marketing machines at the heart of which is their Center of Excellence service model. Our intention is to marry Catalyst proven service model with SXC's industry-leading technology footprint to create a truly disruptive alternative model to the big 3, now the big 2.We continue to be excited by the opportunity to further expand and diversify our client base. Historically, both companies have been successful selling to the middle market. In addition, SXC services many of the messy markets, unique markets that we call hard to organize like Fee-For-Service Medicaid, long-term care and workers' compensation. We've experienced significant successes well in the health plan market while Catalyst has experienced success selling to larger employers. We believe our clients, prospects and consultants alike will find the new depth and breadth of our combined capabilities, be advantageous and highly compelling. Now from a strategy standpoint, we believe it's critically important to engage the chain drug stores and the full retail network and, in particular, Walgreens, to drive the most competitive network offering for our clients. We're seeing demand for mandatory mail-order programs, and as such PBMs need a strong network offering in order to compete. We enjoy a strong working relationship with Walgreens, as well as the other major retailers in this industry, and we intend to keep it that way. Read the rest of this transcript for free on seekingalpha.com