Welcome to Post Holdings First Quarter 2013 Earnings Conference Call and Webcast. Hosting the call today from Post is Terry Block, President and Chief Executive Operating Officer; and Rob Vitale, Chief Financial Officer. Today's call is being recorded and will be available for replay beginning at 8 p.m. Eastern Time. The dial-in number is (800) 585-8367 and PIN number 91491617. [Operator Instructions] It is now my pleasure to turn the floor over to Diedre Gray, Post's Secretary and General Counsel for introductions. You may begin.

Thank you, and good afternoon, everyone. Welcome to Post Holdings conference call to discuss results for the first fiscal quarter ended December 31, 2012. With me today are Terry Block, our President and Chief Operating Officer; and Rob Vitale, our Chief Financial Officer. During this call, we will review our financial results and initiatives for the first quarter and discuss guidance for fiscal 2013. We will not be taking questions after the prepared remarks. The press release that supports our remarks today is posted on our website at www.postfoods.com. Before we continue, I would like to remind you that this conference call will contain forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. For more information regarding these risks and uncertainties, please visit SEC filings in the Investor Relations section of our website. These statements speak only as of the date of this call, and management undertakes no obligations to update or revise these statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. While evaluating Post's business and securities, investors should give careful consideration to these risks and uncertainties. As a reminder, this call is being recorded for audio replay. Finally, this call will discuss certain non-GAAP measures. For a reconciliation of these non-GAAP measures to the nearest GAAP measure, please see our press release posted on our website. With that, I will now turn the call over to Terry to review our business.

Thank you, Diedre. Good afternoon, and thank you for joining us today on our earnings call. We will review the status of our business for the first quarter ended December 31, 2012. As a reminder, it was a year ago yesterday that Post rang the opening bell in the New York Stock Exchange, signaling our start as an independent public company. At the time, we put in place strategies to affect a turnaround in Post's multi-year negative revenue and share performance. In so doing, we were laying the foundation for growth and reliability of cash flow, both of which are essential to forward-thinking optionality for the business. The outcome from these efforts to stabilize revenue and share continue to offer encouragement as the investments in product, brand building and customer management unfold and the organization better understands the nuanced dynamics of the ready-to-eat cereal category. I'm pleased to announce that our 2013 first quarter recorded net sales of $236.9 million, an increase of 8% or $17.6 million versus last year first quarter. Breaking this down, the established business, defined as brands and brand extensions that were available for sale on or before September 30, 2012, delivered $7 million of the year-over-year quarterly growth. The remaining $10.6 million came from early new product shipments that occurred late December to support scheduled display and shelf activity to drive trial for the Post innovations at retail beginning in January 2013. Also we realized more gross sales to net sales during the quarter, resulting from a more disciplined approach to promotional spending. This is attributed to investments we made in better tools, improved processes and the direct ownership and expansion of the selling organization. The category, as measured by Nielsen, experienced dollar consumption declines of 8/10 of 1% from the same quarter of last…

Thank you, Terry. As Terry mentioned, Post net sales increased 8% compared to the prior year, primarily driven by 6% higher volumes and a 2% increase in average net selling prices. Honey Bunches of Oats, Grape Nuts and Pebbles all increased volumes in Q1. Most notably, Grape Nuts increased 15% over the same quarter last year while Honey Bunches of Oats and Pebbles volumes increased 3% and 5%, respectively. Additionally, the Good Morenings value brand had distribution gains of over 6% in the fiscal first quarter. Gross profit margins of 44.6% is a decrease of approximately 10 basis points from the prior year, primarily due to higher raw material costs, including grains, fruit and packaging, which were partially offset by favorable fixed cost absorption from higher volumes, cost efficiencies and product mix. Excluding costs related to the ongoing separation from Ralcorp, selling, general and administrative expenses as a percentage of net sales increased from 27.7% in the first quarter of fiscal 2012 to 29.3%. This increase was primarily driven by incremental holding company costs, higher operating company overhead for the new direct sales force, noncash mark-to-market adjustments on deferred compensation liabilities. Looking forward, we will not have complete comparability for SG&A until Q3 of 2013 because of the timing of the spin. For reference, the separation and integration costs were $2.8 million and $2.7 million in 2013 and 2012, respectively. Adjusted EBITDA for the quarter was $52.5 million, an increase of 15.1% from the $45.6 million for the same time period a year ago. Income tax expense was $3.5 million, which represents an effective income tax rate of 31.5% for the first quarter compared to an effective income tax rate of 32.3% for the same period a year ago. Net earnings were $7.6 million or $0.23 per diluted share for…

Thank you. This concludes today's call. You may now disconnect.