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Before we begin, we would like to advise you that all statements that address expectations or projections about the future are forward-looking statements. Some of these statements may include words such as expects, anticipates, plans, intends, projects and indicates. Although, they reflect our current expectations, these statements are not guarantees of future performance, but involve a number of risks, uncertainties and assumptions. Please refer to our 10-Ks, 10-Qs, and recent registration statement filings for additional information on risks and uncertainties.And now, I’ll turn the call over to Per. Per-Olof Loof Thank you, Dean and good morning everyone. Our fiscal year 2012 was an interesting and kind of a pivotal year for KEMET in many ways. We reported revenues of $985 million which represents the third highest yearly revenue in the history of KEMET, all 93 years actually. Our adjusted EBITDA for the year was $128.4 million and non-GAAP to fully diluted EPS was $1.04. Considering the softening of the markets combined with the high inventory levels that we have seen these past several quarters we are pleased with how the year turned out, but not satisfied to remain at this level, of course as we roll into our next fiscal year. We do anticipate that the painstaking work over the past three years that went into lowering our breakeven point, growing our market share in a more specialized products becoming a truly global business, beginning phase two of the restructuring of our Film and Electrolytic business, stabilizing our Tantalum source by creating a closeness to secure supply line from ore to powder, and the many other initiatives. We will pay back dividends in the form of higher margins and sustain profits in a challenging environment and have us positioned for substantial growth. Staying on the topic of substantial growth. In early March we announced the joint venture and proposed integration of NEC TOKIN and KEMET. The NEC TOKIN agreement has been signed and is awaiting regulatory approval. KEMET-NEC TOKIN will as a result comprise one of the most exciting component solutions companies in the world. Ever since I joined KEMET I have felt that without a real presence in Japan we cannot truly call ourselves global. This strategy will alter the course for our combined enterprise for years to come and for sure for the better. The long term opportunities for people and business growth have opened up immensely for all KEMET and NEC TOKIN employees and the future opportunities for all other stakeholders, customers and investors, will be at a new and higher plateau.
As a reminder, the transaction comprises three major steps. First, we will form a joint venture with NEC by acquiring a 34% equity stake in NEC TOKIN for a payment of $50 million. The next step will to increase our equity ownership stake to 49% for an additional $50 million. The third and final stake will be to acquire the remaining 51% giving us 100% economic ownership what will be based on a multiple performance at that time. This structure is designed to allow us to align all stakeholders KEMET, NEC -- NEC TOKIN towards the successful integration, rebuilding, restructuring and continued optimization of NEC TOKIN in preparation and anticipation of the third and final step in this transaction.While our contacts have been necessarily limited today as we dig deeper we will anticipate significant additional opportunities that we will identify during the integration of KEMET and NEC TOKIN’s IT systems, procurement, R&D, operations, finance and human resource operations. During this past fiscal year we took steps to acquire and stabilize our supply chain through a status strategy of vertical integration. We did as I said, acquire a Tantalum powder manufacturing facility in Carson City, Nevada. This facility now called KEMET Blue Powder along with our agreement to secure Tantalum ore from the Democratic Republic of Congo and our exclusive arrangement with Tantalite Resources in Johannesburg, South Africa completed our close pipe conflict-free vertically integrated Tantalum supply chain. In addition, we also acquired an aluminium foil manufacturing facility in Knoxville, Tennessee from Cornell Dubilier and that allowed us to secure the supply required for the manufacture of aluminium and electrolytic capacitors. Read the rest of this transcript for free on seekingalpha.com