Earnings Call Excerpt
Baxter International Inc. (TIN)
Q2 2008 Earnings Call
July 30 2008 9:30 am ET
Executives
Chris Mathis - Director of IR
Doyle Simons - Chairman & CEO
Randy Levy - CFO
Pat Maley - President and COO
Analysts
Gail Glazerman - UBS
Mark Winetribe - Buckingham Research
Peter Ruschmeier - Lehman Brothers
George Staphos - Banc of America Securities
Mark Wilde - Deutsche Bank
Chip Dillon - Citigroup
Richard Skidmore - Goldman Sachs
Presentation
Chris Mathis
Good morning. My name is Chris Mathis Director of Investor Relations for Temple-Inland, and I would like to welcome each of you who have joined us by conference call or webcast this morning to discuss the results for second quarter 2008.
Joining me this morning are Doyle Simons, Chairman and Chief Executive Officer of Temple-Inland; Pat Maley, President and Chief Operating Officer; and Randy Levy, Chief Financial Officer.
Please read the warning statements in our press release and our slides concerning forward-looking statements, as we will make forward-looking statements during this presentation. In addition, this presentation includes non-GAAP financial measures that require reconciliation to GAAP financial measures can be found on our website at www.templeinland.com.
This morning, we will give a presentation on the results for second quarter 2008. After the completion of this presentation, we will be happy to take your questions.
Thank you for your interest in Temple-Inland, and I would now like to turn the call over to Doyle Simons.
Doyle Simons
Thank you, Chris. Good morning everyone. Before I get started on the quarter, let me highlight some changes we have made to our earnings release and earnings presentation to provide additional timely information to investors and analysts.
In our earnings release, we have added a summarized balance sheet in cash flow statement. And in our earnings presentation, we have added a financial highlight section and Randy Levy our CFO will review this with you later on the call.
This morning, we reported net income of $8 million or $0.07 per share. We had no special items in the quarter. Second quarter 20008 net income per share compares with $0.18 per share in second quarter 2007, and a loss of $0.05 per share in first quarter of 2008.
We were pleased with our improvement in earnings in second quarter 2008 compared with first quarter 2008. Second quarter 2008 income reflects unprecedented cost push in corrugated packaging, a return to profitability in our building products operation and our commitment to lower costs throughout our entire organization including lower general and administrative expenses.
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