Weight Watchers International Inc WTW
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/13/2013

Operator: Welcome to Weight Watchers International Fourth Quarter and Full Year 2012 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, Wednesday, February 13, 2013.

I would now like to turn the call over to Lori Scherwin of Weight Watchers International. Please go ahead.

Lori Scherwin - IR: Thank you, operator, and thank you to everyone for joining us today for Weight Watchers International Fourth Quarter 2012 Conference Call. With us on the call is David Kirchhoff, Chief Executive Officer; and Nick Hotchkin, Chief Financial Officer.

At about 4.00 pm Eastern Time today, the company issued a press release reporting the fourth quarter and full year financial results for fiscal 2012. 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 measures 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 SEC. Please refer to these filings for a 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 Dave. Please go ahead.

David P. Kirchhoff - President and CEO: Good afternoon, and thank you for joining for us as we review Weight Watchers International's performance for the fourth quarter of fiscal 2012. Overall our fourth quarter results exceeded our incoming expectations. While Nick will provide more details on our Q4 results, at a high level Q4 2012 EPS, was $1.03 on an as reported basis and $0.96 excluding a $0.07 benefit from the U.K. tax settlement that Nick will discuss later. This compares favorably with an EPS of $0.86 in Q4 2011. On a constant currency basis, Q4 2012 total revenues was up 1.7% over the prior-year period with meeting fees down 3.5%, in-meeting product sales flat and Internet revenue up 18%. Global combined paid weeks were up 4.5% in Q4 2012 versus the same period last year.

Global meetings paid weeks were down 7.9% in Q4, while global paid weeks for online products were up 18%.

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