Welcome to Post Holdings' Second Quarter 2014 Earnings Conference Call and Webcast. Hosting the call today from Post are Terry Block, President and Chief Operating Officer; and Rob Vitale, Chief Financial Officer. Today's call is being recorded and will be available for a replay beginning at 12 p.m. Eastern Daylight Time. The dial-in number is (800) 585-8367 and the passcode is 35900562. At this time, all participants have been placed in a listen-only mode. It is now my pleasure to turn the floor over to Brad Harper, Investor Relations for Post Holdings for introductions. Sir, you may begin.

Thank you and good morning. Welcome to the Post Holdings conference call where we will discuss results for the second quarter of fiscal 2014. With me today are Terry Block, our President and COO; and Rob Vitale, our CFO. We will not be taking questions after our prepared remarks today. The press release that supports these remarks is posted on our website at www.postholdings.com. Before we continue, I would like to remind you that this call will contain forward-looking statements. These forward-looking statements are subject to risks and uncertainties, which should be carefully considered by investors, as actual results could differ materially from these forward-looking statements. For more information, please visit the SEC Filings page in the Investor Relations section of our website. These statements speak only as of the date of this call and management undertakes no obligation to update or revise these statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. As a reminder, this call is being recorded for audio replay. And finally, this call will discuss certain non-GAAP measures. For a reconciliation of non-GAAP measures to the nearest GAAP measure, see our press release issued yesterday and the last 8-K we filed on March 10, 2014, each posted on our website. With that, I will turn the call over to Terry.

Thanks, Brad. Good morning and thank you for joining us on our earnings call. We'll review the status of the business for the second quarter and for the first six months ended March 31, 2014. In the last 12 months, Post Holdings has been transformed into a more diverse consumer packaged goods holding company competing in categories with more dynamic growth prospects driven by large secular themes, portability and convenience, changes in diet toward protein and more organic and natural products, and the shift in breakfast eating locations away from home. Post investments in Active Nutrition, nut butters, organic and natural foods, and the announced Michael Foods acquisition positions Post to benefit from these things. Our second quarter recorded consolidated net sales of $438 million, an increase of $189.8 million versus Q2 last year. Post Foods RTE cereal business recorded net sales of $239.5 million for the quarter, a decline of $5.9 million or 2.4%. The quality shipment performance was against a challenged RTE cereal category as measured by Nielsen that experience dollar consumption decline of 4.8% for the same quarter. It’s worth noting that the contributing factor to both the categories and Post performance is reduction in category promotional efficiency, resulting a lower volumetric lift for promotional dollars. Net sales from acquisitions was split $22.2 million, $70.6 million and $105.7 million between Attune Foods, Active Nutrition and Post Private Brands, respectively. I will touch on each group’s performance later. For the first six months, consolidated net sales were $730 -- was $735 million, an increase of $249.9 million versus the same period last year. Post RTE cereal sales of $476.4 million declined 1.2% or $5.9 million. This performance was against the category backdrop that declined 4.4% as measured by Nielsen for the same period. Contributing to overall growth was…

Thanks, Terry. Good morning. We recognized all the M&A activity in the last 12 months, makes it a challenged to attract the performance of the business solely from the reported consolidated results. To help, I’m going to provide commentary on the quarterly reported results and I will then follow with aggregate comparisons, including acquisitions closed to date reflected as if we have owned them for the entire prior 12 months. Further, I will provide additional forward-looking information, which should assist in developing financial models. To begin, I want to make clear what is included in the consolidated financial statements. In short, the financials include acquisitions from the date of acquisitions forward without adjustments to any prior period. The Post Foods segment is the legacy business and of course it's fully included in comparable periods. The balance of the portfolio includes partial periods in either 2013 or 2014 or both. Acquisition dates are as follows. Attune Foods acquired on May 28, 2013, other than in a material acquisition in December 2012. Active Nutrition, Premier Nutrition acquired on September 1, 2013 and Dymatize Enterprises acquired on February 1, 2014, Private Brands, Dakota Growers Pasta Company acquired on January 1, 2014 and Golden Boy Foods acquired on February 1, 2014. With the housekeeping out of way, I will go through the segments, provide consolidated results and then turn to our near and longer-term outlook. Starting with Post Foods, Post Foods reported net sales for the second quarter of $239.5 million, a decline of $5.9 million or 2.4%. To bridge second quarter 2014 to its prior year quarter, one, volume increased 1%, two, average pricing declined 4%. The decline in average pricing included an unusually high level of inventory liquidation. Higher trade spending and an unfavorable product mix compared to the year ago quarter,…

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