Also note that we have posted charts on our website at atk.com, which supplement our comments this morning and also include reconciliations of non-GAAP financial measures.

With all that said, I turn the call over to you, Mark.

Mark W. DeYoung

Okay, Steve. Thank you very much, and good morning, everyone. Thanks for joining us today. This morning, we'll discuss our fourth quarter fiscal year 2012 results and our outlook for fiscal year '13, which we entered effective April 1.

Last quarter, we announced ATK's new Executive Vice President and Chief Financial Officer, Neal Cohen. I'm confident Neal will be an important part of our leadership team as we deliver performance against our business plans and create shareholder value. And I'm pleased to have Neal here with us here today.

In FY '12, ATK streamlined our group operating structure. We expanded our accessories business. We distributed $77 million to shareholders in dividends and share repurchases. We retired $320 million in debt to strengthen our balance sheet. We continue to look for opportunities to strengthen the company again this year.

We're sustaining our previously issued FY '13 guidance for sales and cash, but now expect higher earnings per share in the range of $6.25 to $6.55. This increase reflects the benefit of lower-than-expected pension expense.

The President's 2013 Budget request was released in February. This is an election year, so there'll be continued discussion on DoD cuts under the Budget Control Act, the NASA marks from the House of Senator now out. ATK is generally platformed independent, and our diversified approach to our wide range of existing platforms gives us additional confidence.

Our business plans are built with a budget-constrained environment in mind, and near-term opportunities for sustainment of our business and growth include projects like: our Liberty solution for NASA's Commercial Crew mission; Lake City upcoming competition, which we're in now; and the MOLLE tactical gear award, just to name a few.

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