Operator: Ladies and gentlemen, thank you for standing by. Welcome to the C. R. Bard, Incorporated First Quarter 2012 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer-session and instructions will be given at that time. As a reminder, this conference is being recorded and will be available for future on-demand replay through the Bard's website.
Today's presentation will be hosted by Timothy M. Ring, Chairman and Chief Executive Officer; along with J. H. Weiland, President and Chief Operating Officer; Todd C. Schermerhorn, Senior Vice President and Chief Financial Officer; and John A. DeFord, Senior Vice President, Science, Technology and Clinical Affairs. Also in attendance today is Todd W. Garner, Vice President, Investor Relations.
Today, Bard's management will discuss some forward-looking statements, the accuracy of which are necessarily subject to risks and uncertainties. Please refer to the cautionary statement regarding forward-looking information and the information under the caption, 'Risk Factors,' each in Bard's 2011 10-K, including disclosure of factors that could cause actual results to differ materially from those expressed or implied.
During the call, references will be made to certain non-GAAP measures, which management believes provide an additional and meaningful assessment of the core operating performances of the Company and its individual product franchises. Reconciliations of non-GAAP measures to the most comparable GAAP measures are provided in Bard's earnings release and on the Company's website at www.crbard.com.
All information that is not historical is given only as of April 24, 2012, and the Company undertakes no responsibility to update any information. Unless otherwise noted, all comparisons are to the prior-year periods.
At this time, I will turn the call over to Mr. Timothy Ring. Please go ahead.
Timothy M. Ring - Chairman and CEO: Thank you. Good afternoon, everybody. I'd like to welcome you to Bard's first quarter 2012 earnings call, and thank you all for taking the time to join us today. I would expect the presentation portion of the call will last about 30 minutes.
The agenda today will go as follows. I'll begin with an overview of the results for the first quarter of 2012; John Weiland, our President and COO, will review first quarter product line revenue; Todd Schermerhorn, our Senior VP and CFO, will review the first quarter income statement and balance sheet as well as our expectations for the second quarter; John DeFord, our Senior VP, Science, Technology and Clinical Affairs, will then provide an update on our product development pipeline and then finally we'll close with question-and-answer period.
First quarter 2012 net sales totaled $730 million. That's up 4% over Q1 of last year on an as reported basis and up 5% on a constant currency basis. Currency impact for the quarter versus Q1 of last year was unfavorable by about 40 basis points.
Net income for the first quarter of 2012 was $138.7 million and diluted earnings per share were $1.60. Excluding items that affected the comparability of results between periods, which Todd will cover later, first quarter 2012 net income and diluted EPS were $139.5 million and $1.61, up 4% and 7% respectively. We are off to a good start this year which Todd will put into perspective for you when he discusses this quarter's financial performance and our guidance for the second quarter.