Earnings Call Excerpt
CPI International, Inc. (CPII)
F4Q08 Earnings Call
December 16, 2008 11:00 am ET
Executives
Joe Caldarelli - Chief Executive Officer and President
Joel Littman - Chief Financial Officer
Bob Fickett - Chief Operating Officer
Analysts
Chris Quilty - Raymond James
Gary Liebowitz - Wachovia Capital Markets
Gina Matsuyama – Primedia
Presentation
Operator
Welcome to the CPI International fourth quarter and fiscal year 2008 financial results conference call. (Operator's instructions)
Before we begin, the company has asked me to read the following statement.
Today's presentation includes forward-looking statements within the meaning of the Securities and Exchange Act of 1934. Forward-looking statements provide the company's current expectations, beliefs or forecasts of future events. Forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from the results projected, expected or implied by forward-looking statements.
These factors include, without limitation, competition in the company's end markets; the company's debt levels; significant changes or reductions in the U.S. Defense budget; currency fluctuations; U.S. government contract laws and regulations; changes in technology; the impact of unexpected costs and inability to obtain raw materials and components.
Further information on these risk factors and additional risks and uncertainties are included in the company's filings with the Securities and Exchange Commission. The computations of EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, free cash flow per share, free cash flow conversions and adjusted free cash flow that will be discussed on today's call are non-GAAP financial measures under Securities and Exchange Commission rules.
A presentation of the most directly comparable GAAP measures and reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP measures are available in yesterday's press release, which has been posted on the company's website.
Interested parties can access the press release by going to www.CPII.com and opening the press release entitled CPI International Announces Fourth Quarter and Fiscal Year 2008 Financial Results.
I would like to turn the presentation over to your host for today's conference, Mr. Joe Caldarelli, Chief Executive Officer of CPI International.
Joe Caldarelli
Good morning and welcome to CPI’s fourth quarter and fiscal 2008 call. We will focus our comments on today’s call on our results for the fiscal year. Information on our Q4 results can be found on the press release we issued yesterday afternoon.
The agenda for today’s call will be as follows. First I will provide an overview of our fiscal 2008 sales and orders for each of our end markets. Joel Littman, our CFO, will then discuss some of our key financial metrics for the year. He will also discuss our current outstanding debt on our balance sheet as we have received a number of questions on that topic in the last few months. Next, I will discuss some of the trends we are seeing with our customers and their markets and their expectations for fiscal year 2009.
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