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There were several building wire industry price increase attempts that did not materialize or stick in the quarter that led to reduced margins. On several of those occasions the industry would announce a price increase in the phase of buyers that would help with movement in copper prices, only to have copper drop just after the effective date of the increase and effectively negate the increase. The volatility creates or leads to buyer uncertainty.In summary, we are tempted to lead or follow price increases during the quarter most of which run successful, although we continue to support industry price increases in an effort to maintain and increase margins. We believe our performance is impressive in the economy and we think our employees and associates for their tremendous efforts. We also thank our vendor and stockholders for their continued support. Frank Bilban, our Chief Financial Officer will now discuss our financial results. Frank? Frank Bilban Thank you, Daniel. In a minute we will review Encore’s financial results for the quarter. After the financial review we’ll take any questions you might have. Each of you should have received a copy of Encore’s press release covering Encore’s financial results. This release is available on the internet or you can call Natalie Seelbach at 800-962-9473, and we'll be glad to get you a copy. Before we review the financials, let me indicate that throughout this conference call, we may make certain statements that might be considered to be forward-looking. In order to comply with certain securities legislation and instead of attempting to identify each particular statement as forward-looking, we advise you that all such statements involve certain risks and uncertainties that could cause actual results to differ materially from those discussed today. I refer each of you to the company’s SEC reports and news releases for a more detailed discussion of these risks and uncertainties.
Also, reconciliations of non-GAAP financial measures discussed during this call for the most directly comparable financial measures presented in accordance with GAAP, including EBITDA, which we believe to be useful supplemental information for investors, are posted on www.encorewire.com.Now the financial results. Net sales for the second quarter ended June 30, 2012 were $264.7 million compared to $309.5 million during the second quarter of 2011. Lower prices for building wire sold in the quarter ended June 30, 2012 accounted for most of the decrease in net sales dollars. Decreasing 13.2% for a copper pound sold versus the same period in 2011. Sales prices declined primarily due to lower copper prices which dropped 14.1%. Unit volume in the second quarter of 2012 decreased 4% versus the second quarter of 2011. Unit volume is measured in pound to copper contained in wire shipped during the period. Net income for the second quarter of 2012 was $2.4 million versus $9.5 million in the second quarter of 2011. Fully diluted net earnings per common share were $0.11 in the second quarter of 2012 versus $0.40 in the second quarter of 2011. Net sales for the six months ended June 30, 2012 were $545.2 million compared to $612.8 million during the same period in 2011. Lower prices for building wire sold in the six months ended June 30 accounted for most of the decreases in that sales dollar, decreasing 11.3% per copper pound versus the same period in 2011. Unit volume in the six months ended June 30, 1012 declined 2.2% versus the same period in 2011. Net income for the six months ended June 30, 2012 was $9.1 million versus $20.1 million in the same period in 2011. Fully diluted net earnings per common share were $0.40 for the six months ended June 30, 2012 versus $0.86 in the same period in 2011. Read the rest of this transcript for free on seekingalpha.com