Core-Mark Holding Company, Inc. (NASDAQ:CORE) Q1 2015 Earnings Conference Call - Final Transcript

May 07, 2015 • 12:00 pm ET

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Core-Mark Holding Company, Inc. (NASDAQ:CORE) Q1 2015 Earnings Conference Call - Final Transcript

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Operator
Operator

Welcome to the 2015 first quarter investor call. My name is Cynthia and I will be your operator for today's call. At this time all participants are in a listen only mode. Later we will conduct a question and answer session. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Miss Milton Draper. Mr. Draper, you may begin.

Executive
Milton Gray Draper

Thank you, Cynthia and welcome everyone. I would now like to read the statements about the use of forward looking statements and non-GAAP financial measures during this call. Statements made in the course of this call it states the companies or management's hopes, beliefs, expectations or predictions of the future are forward looking statements. Actual results may differ materially from those projections. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained in our SEC filings, including our form 10-K, 10-Q and our press releases. We undertake no obligation to update these forward looking statements.

We are holding this call today to review our first quarter results and to answer any questions you might have. If you have additional follow up questions after the call, please call me at 650-589-9445. Joining us today is the Chief Executive Officer for Core Thomas Perkins and the Chief Financial Officer Stacy Congdon. Also in the room is Chris Miller, our chief accounting officer and Greg Antholzner our Vice President of finance and treasurer. Our lineup for the call today is as follows Tom will briefly address a recent report published on us and then he will move on to discuss the state of our business and our strategy going forward. Stacy will then review the financial results for the first quarter. We will then open up the call for your questions. Now I'd like to turn the call over to our CEO Tom Perkins.

Executive
Thomas Perkins

Good morning, everyone. Thanks for attending our call. Unfortunately, I feel compelled to spend addressing a few points covered in a recent research report, recommending a sell or short sell on our stock prior to discussing the state of our business, I will be brief. First, our story, our management, our strategies, our growth, our performance, and our industry did not change on the day prior to the report being issued. And we expect no changes in the future, which leads me to point to. Regarding our evaluation, that is your job our job is to perform. Lastly, I'm sure everyone knows that cigarettes have been in a secular decline for a few decades, and this category has always been highly regulated. While facing these obstacles we continue to grow our carton sales through market share gains, and we continue to make a higher profit on each carton of cigarettes sold, manufacturer price increases and our core strategies are the primary drivers to the increased cigarette profits and we expect this to continue.

I am as proud and excited about this company