These remarks are forward-looking statements and are subject to the caution regarding forward-looking statements contained in our press release. We’ll also be discussing certain non-GAAP financial measures. Definitions and reconciliations of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures are included at the end of our press release. Our press release has been posted on our website at oxfordresources.com and furnished to the SEC in our Form 8-K filing.With that I would like to turn the call over to Chuck for some opening remarks. Chuck? Chuck Ungurean Thanks Karen. When we last spoke we outlined the actions we were taking to restructure our Illinois Basin operations and to further strengthen our core Northern App position. As you can see, we are beginning to realize some positive results. Our Northern App operations grew their improvements and our profits and cash flows that were reviewed in our earnings release. In the Illinois Basin, we have optimized our mine plan to allow us to reliably serve our Illinois Basin customers who are producing coal at reduced cost levels. Greg will provide more detail on this in his remarks. Improving Oxfords profitability is our main focus with our real opportunity for growth coming from higher sales volumes. On that account we have some good news. We have just reached in principle with one of our key customers that calls for the delivery of approximately 330,000 additional tons of coal in the second half of ‘12. As a result we expect to generate about $15 million in incremental revenue with a positive contribution to EBITDA and distributable cash flow. Warmer summer weather has helped reduce the coal stock piles of utility customers. We’ve been encouraged by the improved demand we are seeing and our market area. The fact remains that coal is the primary fuel in our market. We sell our coal to scrubbed base-load power plants and we do this with a distinct transportation advantage over most of our competitors.
We continue to believe that our coal remains the most reliable and economical fuel for our long standing utility customers. Based upon the actions we have taken at our Illinois Basin operations coupled with increasing demand in Northern App, we expect to have a stronger second half of ‘12 in terms of sales, profitability and distributable cash flow. Looking ahead over 90% of our 2013 is committed and priced with the remaining production expected to be priced before the end of the third quarter.Now I’ll turn this over to Greg to provide an update on our restructuring initiatives and mining operations. Greg? Greg Honish Okay I’m going to report on our progress in three key areas. First the status of our Illinois Basin restructuring plan. Second, improved performance at our Northern App operations and third our second quarter safety performance. In regard to our Illinois Basin restructuring plan, we’ve nearly completed the relocation of excess equipment to our Northern App mines in Ohio. These equipment moves have contributed to improvements in our Northern App operations which I’ll discuss in a minute. We are continuing the right-sizing of our Illinois Basin operations to optimize performance under our current customer contracts. This includes deploying equipment and personnel in a manner that allows us to meet customer requirements from the lowest strip ratio mines with the resulting lower production costs. This will require the idling from time to time of various mines at our Illinois Basin complex. For optimal flexibility in our operations, we will not be closing any of the idle mines. This will put us in the position of having an additional capacity to access as market and operational conditions dictate. In total we expect a reduction in our Illinois Basin production of approximately 1 million tons of 2012 compared to 2011. Read the rest of this transcript for free on seekingalpha.com