CPI International, Inc. F2Q09 (Qtr End 03/31/09) Earnings Call Transcript

CPI International, Inc. (CPII) F2Q09 Earnings Call May 14, 2009 11:00 AM ET

Executives

O. Joe Caldarelli – Chief Executive Officer & Director
Joel A. Littman – Chief Financial Officer, Treasurer & Secretary
Robert A. Fickett – President & Chief Operating Officer

Analysts

Gary Liebowitz – Wachovia Capital Markets, LLC
Chris Quilty – Raymond James

Operator

Welcome to the CPI International second quarter 2009 financial results conference call. My name is Patrick and I will be your coordinator today. At this time all participants are in listen only mode. We will be facilitating a question and answer session towards the end of today’s conference. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

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 & 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 that are projected or implied by forward-looking statements.

These factors include without limitations competition in the company’s end markets, the impact of the general slowdown in the global economy, the company’s debt levels, significant changes or reductions in the US defense budget, currency fluctuations, US government contract laws and regulations, changes in technology, the impact of unexpected costs and the 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 & Exchange Commission.

The computation of EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, free cash flow, free cash flow per share, free cash flow conversion and adjusted free cash flow that will be discussed on today’s call