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Advanced Drainage Systems Inc WMS
Q1 2012 Earnings Call Transcript

Transcript Call Date 11/07/2011

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the WMS Industries Fiscal First Quarter Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. As a reminder, this conference is being recorded, Monday, November 07, 2011.

I would now like to turn the conference over to Mr. Bill Pfund, Vice President, Investor Relations. Please go ahead, sir.

William H. Pfund - VP, IR: Thank you, Jason. Welcome everyone to WMS Industries' fiscal 2012 first quarter conference call.

Our call today contains forward-looking statements concerning the outlook for WMS and future business conditions. These statements are based on currently available information and involve certain risks and uncertainties. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on the factors described under Item 1. 'Business' and Item 1A. 'Risk Factors' in the Company's Annual Report on Form 10-K for the year ended June 30, 2011 and in our more recent press releases and reports filed with the SEC.

The forward-looking statements made on this call and webcast, the archived version of the webcast and in any transcripts of this call are only made as of this date, November 7, 2011.

This afternoon, Brian Gamache, our Chairman and Chief Executive Officer, will provide an overview of the first quarter results and key milestones, followed by Scott Schweinfurth, our CFO, with further insight on our financial results and Orrin Edidin, our President will discuss our progress on product and operational initiatives. We'll conclude with final comments from Brian.

Now, let me turn the call over to Brian.

Brian R. Gamache - Chairman and CEO: Thanks, Bill and good afternoon everyone. WMS today reported total revenues of $156 million and diluted earnings per share of $0.07 for the fiscal 2012 first quarter, inclusive of charges of $0.17 per diluted share.

Since our last call in August, we have made significant operational improvements, achieved cost savings as a result of our reorganization realignment and begun to receive a greater number of new product approvals all of which are in line with our expectations.

This progress is an encouraging indicator that we've reached an inflection point in our performance with quarterly sequential improvement anticipated in the December 2011 quarter to be followed by what we expect to be a return to growth over prior year periods, beginning in the second half of fiscal '12.

We realized meaningful cost segments in the first quarter as a result of restructuring of realignment actions reviewed in August. These actions realigned our product management and product development structure and our supply chain functions while reducing the global headcount by approximately 10% across all departments.

We also received initial regulatory approvals to several participation games and more than 30 new for-sale products including products previously delayed as well as approvals for our second and third Portal applications enabled by our WAGE-NET networked gaming solution.

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