Operator: Greetings and welcome to the Greif Inc. Third Quarter 2011 Earnings Conference Call.
Deb Strohmaier - VP, Corporate Communications: Thank you, Jackie, and good morning. As a reminder, you may follow this presentation on the web at greif.com in the Investor Center under Conference Calls. If you don't already have the earnings release, it is also available on our website. We are on Slide 2.
The information provided during this morning's call contains forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied. Some factors that could cause the results or outcomes to differ are on Slide 2 of this presentation in the Company's 2010 Form 10-K, and in other Company's SEC filings as well as Company earnings news releases.
As noted on Slide 3, this presentation uses certain non-GAAP financial measures, including those that exclude special items, such as restructuring charges and acquisition-related costs, and EBITDA before and after special items. EBITDA is defined as net income, plus interest expense net, plus income tax expense, less equity earnings of unconsolidated subsidiaries, net of tax plus depreciation, depreciation and amortization expense.
Management believes the non-GAAP measures provide a better indication of operational performance and a more stable platform on which to compare the historical performance of the Company than the most nearly equivalent GAAP data. All non-GAAP data in the presentation are indicated by footnotes. Tables showing the reconciliation between GAAP and non-GAAP measures are available at the end of this presentation and in the third quarter 2011 earnings release.
Giving prepared remarks today are Chairman and CEO, Mike Gasser; President and COO, David Fischer; and Senior Vice President and CFO, Rob McNutt.
I will now turn the call over to Mr. Gasser.
Michael J. Gasser - Chairman and CEO: Thank you, Deb. Good morning, everyone, and thank you for joining our call. For those of you following this presentation on the web, we are on Slide number 4. I will begin by noting that this was the best third quarter in the Company's history. Credit for the quarter's record net sales and EBITDA before special items goes largely to the continued execution of our growth strategy, which includes the 13 acquisitions we made over the last 12 months.
In addition, higher selling prices coupled with the positive impact of foreign currency translation, also contributed to our strong sales growth. Following the first week in July, however the demand for Rigid Industrial Packaging in Western Europe and North America was lower than we had anticipated. We have seen some recovery in overall demand based on August orders and shipments on a seasonally adjusted basis, but in some specific geographies such as the Netherlands and Germany there is continued softness. We are responding with the appropriate level of mitigating actions and have a tier plan in place just as we've had in the past. We respond proportionally and protect our long-term growth prospects.
Please go to Slide 5. During the third quarter we executed to Rigid Industrial Packaging acquisitions with operations in EMEA and Latin America that extend our global footprint and capabilities. Immediately following the end of the third quarter, we completed an acquisition in the reconditioning market in Europe that complements our existing North American reconditioning business. Dave will talk about these acquisitions in our growth platforms later. In addition, as you are aware, we completed a €200 million senior note offering during the quarter to fill associate growth and maintain liquidity.