Ladies and gentlemen, thank you for standing by, and welcome to the Synalloy Third Quarter Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Mr. Craig Bram, President and CEO. Please go ahead, sir.

Good morning, everyone. Welcome to Synalloy Corporation's Third Quarter 2019 Conference Call. Dennis Loughran, our CFO, will provide a review of the Q3 financials, and then I'll provide some comments on our business segments. We'll then follow that up with questions. Dennis?

Hello, everyone. As usual, the financial results will be presented using 3 different methods: first, GAAP-based EPS; second, adjusted net income, a non-GAAP measure as defined in the earnings release; and third, adjusted EBITDA, a non-GAAP measure also defined in the earnings release. Third quarter GAAP-based income was a net loss of $1 million or $0.11 per diluted share as compared with income of $5 million or $0.56 per share in the third quarter of 2018. Third quarter non-GAAP adjusted net loss was $0.7 million or $0.08 per diluted share as compared to adjusted net income of $5.8 million or $0.65 per diluted share in the third quarter of 2018. Third quarter non-GAAP adjusted EBITDA totaled $2.8 million or 3.7% of sales compared to prior year's third quarter total of $10.3 million or 13.2% of sales. As pointed out in the earnings release, inventory price change losses impacted results, totaling on a pretax basis $0.6 million in the third quarter of 2019 compared to a gain of $1.6 million in last year's third quarter. On an after-tax basis, that represents an unfavorable $1.7 million difference between the 2 quarters. Having absorbed $5.7 million of price change losses on a pretax basis year-to-date 2019 compared to a prior year 9-month gain total of $5.1 million, the difference of $10.8 million represents the largest single factor in diminished performance compared to 2018 on a year-to-date basis. As a note regarding the current status of nickel and metal valuations. With nickel at today's level, we are expecting neutral to slightly favorable inventory pricing impact in the fourth quarter of this year and modestly favorable gains in the first quarter of 2020. The projected indices for December 1 had given back about half of the benefit of nickel pricing that had accrued as of…

Thanks, Dennis. Let me start my comments with a review of the Metals segment. Third quarter results did show sequential volume improvement over the second quarter of this year for two of our most important product lines: the welded stainless steel pipe and the seamless carbon tube. We increased market share in both product lines and remain the best-positioned manufacturer supplier in each respective market. North American consumption of welded stainless steel pipe on a year-to-date basis was down 22% over last year, with imports off more than 32%. BRISMET's year-to-date volume by comparison was down less than 10%. Third quarter sales dollars for welded stainless steel pipe, excluding ASTI and the seamless carbon -- and seamless carbon tube were down 13.7% and up 1% over the prior year, respectively. This is in line with end market demand reflected by 3 of the larger public company distributors, MRC Global, Reliance Steel and Ryerson, which posted average Q3 year-over-year sales dollar declines of 12%. The weak demand in the energy, chemical and heavy industrial markets that are reflected in these product lines is consistent with many of the economic indicators that we follow, including the ISM Manufacturing Index and the Cass Freight Index, both of which have been flashing negative signals for at least 3 months. The ornamental stainless steel tube product line has performed very well since the American Stainless acquisition in January. Its primary markets of marine, transportation and architectural construction have been much stronger than the industrial markets due to their consumer orientation. Order activity remains strong, and pricing has held up as well. Raw material cost savings from consolidating purchases with BRISMET have been a primary driver in this unit exceeding our pro forma forecast for 2019. Q3 was a difficult quarter for the storage tank business,…

As always, we appreciate your interest in the company, and we look forward to talking with you again. Thank you.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect. Have a great day.