Welcome, everyone, to the first quarter 2015 Greatbatch Incorporated conference call. Before we begin, I would like to read the Safe Harbor statement.
This presentation and our press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involves a number of risks and uncertainties. These risks and uncertainties are described in the company’s annual report on Form 10-K.
The statements are based upon Greatbatch Incorporated current expectations, and actual results could differ materially from those stated or implied. The company assumes no obligations to forward-looking statements information included in this conference call to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial conditions, or prospects.
I would like now to turn the call over to today’s host, Vice President of Finance and Treasurer Betsy Cowell. Please proceed.
Betsy Cowell – VP, Finance and Treasurer
Thank you, operator. Hello, everyone, and thank you for joining us today for our first quarter 2015 earnings call. With us on the call are Thomas J. Hook, President and Chief Executive Officer, as well as Michael Dinkins, Executive Vice President and Chief Financial Officer.
As we have done in the past, we are including slide visuals to accompany the presentation, which you can access at our website at www.greatbatch.com. Once Tom and Michael have completed their presentations, we will then open up for Q&A session. Both Michael are I available to take questions following the call.
Let me turn the call over to Tom Hook.
Thomas Hook – President and CEO
Thank you, Betsy, and good afternoon to all of you who are joining the call today. Slide five is an executive summary of our performance for the quarter, our plans, and expectations going forward. We are confirming our guidance, although the first quarter performance was down versus Q1 2014 on every key measurement: sales down 7%, adjusted operating income down 23%, and return on invested capital is down 30 basis points on a trailing 12-month basis.
Our adjusted earnings per share is flat year over year at $0.54 per share, primarily because we have a much lower effective tax rate. On the next few pages, Michael and I will explain the drivers behind this performance so you understand what is happening.