Weight Watchers International Inc WTW
Q4 2011 Earnings Call Transcript

Transcript Call Date 02/14/2012

Operator: Ladies and gentlemen welcome to the Weight Watchers International's Fourth Quarter 2011 and Full Year 2011 Earnings Teleconference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in the question-and-answer session and instructions will be given at that time. As a reminder, this conference call is being recorded today, February 14, 2012.

At this time, I would like to turn the call over to Sarika Sahni of Weight Watchers International. Please go ahead.

Sarika Sahni - Director, IR: Thank you and thank you to everyone for joining us today for Weight Watchers International's fourth quarter and full year 2011 conference call. With us on the call are David Kirchhoff, President and Chief Executive Officer; and Ann Sardini, Chief Financial Officer.

At about 5.00 am Eastern Time today, the company issued a press release reporting its financial results for the fourth quarter and full year 2011. The purpose of this call is to provide investors with some further details regarding the company's financial results, as well as to provide a general update on the company's progress. The press release is available on the company's corporate website located at Reconciliations of non-GAAP measures disclosed on this conference call to the most directly comparable GAAP financial measure are also available as part of the press release.

Before we begin, let me remind everyone that this call will contain forward-looking statements. Investors should be aware that any forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those discussed here today.

These risk factors are explained in detail in the Company's filings with the Securities and Exchange Commission. Please refer to these filings for more detailed discussion of forward-looking statements and the risks and uncertainties of such statements. All forward-looking statements are made as of today and except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

I would now like to turn the call over to Mr. Kirchhoff. Please go ahead, David.

David P. Kirchhoff - President and CEO: Good morning, and thank you for joining for us as we review Weight Watchers International's performance for the fourth quarter and full year of fiscal 2011. Weight Watchers ended 2011 with a strong fourth quarter and the best financial performance in the company's history. The combination of the launch of PointsPlus and hard hitting marketing benefited our North American Meetings business throughout the year, but particularly in the first quarter of 2011 when we saw explosive growth.

The business surged to new heights throughout the year. Strong performance in the U.K. was sufficient to offset softness in our Continental European business.

In the fourth quarter 2011, our business delivered solid year-over-year volume growth and very strong financial performance despite beginning to lap the surge in volume we experienced with the new program launch that began in late November 2010. remained at all time highs throughout the end of fiscal 2011.

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