Good morning, ladies and gentlemen. Today is Tuesday, January 27 and welcome to the Art’s-Way Manufacturing Quarterly Investor Call. At this time, all participants are in a listen-only mode. [Operator Instructions]. Your call leaders for today’s call are Carrie Majeski, President, Chief Executive Officer, J. Ward McConnell, Jr., Chairman of Board of Directors of Art’s-Way Manufacturing; and Marc McConnell, Vice Chairman of the Board of Directors of Art’s-Way Manufacturing. I would now call over Ms. Majeski. You may begin.

Good morning. I thank you all for joining us for our 2014 year-end conference call. I’m going to start off today by reading our forward-looking statements. You should note that some of the statements made during this call may be considered forward-looking statements. Forward-looking statements include but are not limited to, statements relating to our market position, strategies for growth and future results from operation. Forward-looking statements are inherently subject to risks and uncertainties such as competitive factors, difficulties and delays and development, manufacturing, marketing and sales of our Art’s-Way products, general economic conditions and other risks and uncertainties described in Art’s-Ways periodic report on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results and Art’s-Way does not undertake to update its forward-looking statement. With that, I’m going to go ahead and move into the financial presentation. I would again like to just remind everybody that joined us today, that we do have four different segments that we report on; our Ag segment which is comprised of Art’s-Way Manufacturing; Universal Harvester and Art’s-Way International and we also have our tools segment in Ohio, Art’s-Way Vessels and Modular Buildings. We are going to report on quarter to quarter information this year and this quarter, like we normally do, sometimes it’s hard to pull that information out of our year-end reporting. But we did want to give you that information. At Art’s-Way Manufacturing, our sales for the fourth quarter was $5,050,000 compared to $4,887,000 in 2013. This was an increase of 163,000 or 3.3%. A majority of this increase in sales came from our grinder mixer sales which were really up significantly this year, however, our sales for beet equipment was down and somewhat offset that increased sales and the grinder. The income before tax in…

Well thank you. I just wanted to give a little bit of an overview, Carrie touched on a lot of it in general we feel like business is improving. As she noted, fourth quarter really was quite a significant improvement versus 2014 with the consolidated revenue of 23% income of 153%. First quarter of this year obviously she stated off to much, much better start than last year. The demand for our products is really quite robust and we continue to have some difficulty in business units as we discussed quite a lot in the past. But we are working hard to address those, we produced quite a lot of costs and overhead off to 700,000 in recent months that we should have full benefit of for the new year. And we are working hard to address core issues providing more support and sales and marketing and working a great deal on proving efficiencies and some of those results are coming in faster than others but we are working on hard. Overall, we’re cautiously optimistic and we expect a more profitable year than 2014 and obviously with a stronger first quarter developing that’s reasonable expectation. Just to hit a few highlights in some of the specific areas. The dairy, beef, pork commodity prices continue to drive good activity for us. As Carrie stated, the grinder mixer sales are up quite significantly and those are nice gross margin item. And road crop commodities continue to be pretty low they mixed up some they are still pretty well. So the environment continues to be one that provides for good demand for certain products of ours that are going to dairy, beef, pork etcetera. We’ve had really significant improvement in efficiencies, a lot of that started when we head through personal place is…

No, Dan can do his.

All right. We will turn it to Dan to tell us about Scientific.

Thanks, Marc. Half of my message is consisted of what both Marc and Carrie had said with regards to distribution. We’ve been working hard and winning less it seems and that has taken us to investing in our traditional market segments or getting back to our roots if you will. Our June World Pork Expo promoting some specialty swine, buildings for show for small producer as well as for university veterinary programs etcetera have brought us a great deal of interest towards that market. And in October our World Dairy Expo participation and a lot of marketing focus towards increase our opportunities in the Ag building by 50%. So we’re talking in the neighborhood of managing the 40 leads typically to managing 86 leads in Ag related types of programs right now. We’ve seen a pretty significant paradigm shift from producers that we work on the cap side of the business or dairy producers from using traditional huts that are outside to environmentally controlled types of buildings. And we have interest from very large dairies and food processors towards using our product in their markets. Of course this is longer lead time type of situation takes more time to negotiate contracts and to get them to. So currently we have seven projects in the process installation and manufacturing and it’s an interesting mix three of those are related to research two of them are in swine searching, one is a laboratory that’s quasi-product development for food safety which we’re preparing to introduce to the market in the second quarter. And then there are four agricultural building projects right now two cap and two swine barns which is a different mix from what we in the past we’ve been primarily focusing on our research buildings but about 10% of our production…

Okay. Thank you. Before we just turn to Q&A I wanted to turn your attention to couple of things that you would have seen as releases here just before the call. And as a signal to our view of the outlook of company you’ll see that we did approve $0.05 dividend that we would be reviewing dividend again annually. So in the third quarter we will be reviewing this and in prior years we’ve done $0.10 a share and hope it’s appropriate that while we’re cautiously optimistic we have some comfort as well. We want to go ahead and part of it and revisit and hope that gives you an indication how strongly we feel things are, but we’re also being a bit cautious. And also to turn your attention to the fact that our previous Director of Accounting and Finance Amber Murra was recently promoted to Chief Financial Officer so she’s been with the company for since earlier in 2014 been with us prior times as well. And we’re very pleased to have her as our Chief Financial Officer and we continue to build the management team that we have for the company and we’re really in a good place in that regard so I just want to make sure that I mention that because that’s a quite a good development. So with that, we could turn it to Ward for questions and answers.

Fine. I’m ready.

Ladies and gentlemen, at this time we’ll conduct a question-and-answer session. [Operator Instructions]. Our first question comes from Roger Miller from Frontier Management. Please state your question.

Good morning.

Good morning.

I didn’t realize I would be first so let me start out about the dividend. Obviously I was deeply disappointed about what happened in November but I’ve been pushing for the dividend to be cut more than once a year so this I believe the plan that you have in place is towards stability and I would encourage you to keep doing this. As far as interest rates go, right now they are low, is that affecting your margins at all?

Carrie?

I would say no, we have not seen that affect our margins.

Okay. Well the strong dollar right now versus the Canadian currency is that cutting cost in Canada at all?

We maintain a Canadian bank account and we’re making these dollars in Canada and only convert for reporting numbers. So I don’t think that’s affecting us a great deal.

Have you thought about manufacturing more in Canada?

No, we’re happy with where it’s at and yes --

Do you have any plans of putting any more warehouses up there so you can store equipment to sell on demand?

We are looking at larger billing that we’re in but would withhold some inventory but they start their own outdoors and surprisingly to me at least, it didn’t really affect the salability of it. But the building we’re looking we’re hoping to put more stuff in time.

Okay. With diesel, fuel still being slow to respond coming down in price, do you think that’s impacting agriculture at all versus the lower commodity prices?

I think it’s certainly helping them yes, but also they’re not running their tractors yet and when they do, there is going to be certainly paying less to the fuel that would go into them. So I think it’s going to help them.

So why anyone[ph] was talking about this at all?

I didn’t either but I think it’s --

On the acquisition trail, with disappointment in some divisions, are you looking at any acquisitions now?

We’re only talking of course our objective in the first place was to get those Ag because Ag has a way of having very low balance sheet and very high peaks in these years. And so that was some of the reasons why we went ahead and did these purchases. So far we had some trouble merging those purchases in our systems computers, major portions but they are all stepping up and getting better as we go along here as we’re getting our methods and so on using our software and universal and so they are going to contribute a lot going forward. And I think that will really help us out when we do have one of these years. Ag has been down here as we’re not because grinders mixers primarily and we sold roughly 50% last year than we did prior year and it seems very, very solid right now we have a backlog of something like 40 some units we’re behind what we had ordered for and orders coming daily. This is the beef and the chicken and markets are all higher and it’s generally it doesn’t work that way. But part of that I think it’s a very unusual time but calculations have to be made contributing to some but they are not contributing the way they should, but they are getting where they’re really getting them turned around so they are like --

So John laying off personnel and you’re hiring on a second shift would you like to comment on that?

Well traffickers are bad thing they are just not selling, we haven’t laid off anybody. We’re staffing where we were six months ago.

We are looking to hire that second shift Roger, as you know that however it’s really only a couple of positions that we’re looking for and some bottleneck pieces of equipment that we need a little bit flow through there it looks like we need that flow continuing on for the rest of the year. So yes we are adding those positions but it’s a relatively minor add in things.

I just saw it online and I was obviously I’m sure that impacts to manufacturing personnel while other people are laying off. Well, I’ve been tossing this over my mind for quite some time, you’ve got all this different divisions some aren’t successful some are, but is there a plan that you might feel the market out to determine if there is anyone out there to be interested in buying one of the these to take revenue and put it somewhere else?

Marc?

I would say that we’re open minded to that in certain cases certainly if proper opportunities arrive and we have a good place to deploy the capital in a way that is synergistic to what we already do and want to retain. So, I’m not -- we don’t have anything to announce but we’re not entirely close minded about such things. But certainly if we had a cause to raise capital to do something that would be one of the ways of doing it.

Yeah I think that would be smart way of doing it, it would cut the losses in certain areas at this point it seems to me that there is couple of them that are one of them looks like vessels there may be some glimmer of hope. Manufacturing products ahead of time and having them for instant sales is probably the smartest move you can do.

And it helps even it out, you don’t have orders it helps out yes. It started to help out already. We just got the inventory going late, late last year.

Well I would imagine because of the capital deployment you have to have a capital to sit there on the inventory to determine the sales correct? - Ward McConnell: Yes.

But you don’t have any orders so you’re filling in and getting utilization and efficiencies and operation and selling them when you’re busy.

Historically, everything there has been built to order but we started to get enough recurring inquiry for certain type of things or things that we’re quite similar and that’s to where it was to react by creating something that was immediately available and may be what they want or just 98% of exactly what they wanted but in any case speed was more important. And so now, we are able to offer that and as Ward said that it does help from an standpoint to smooth things out. So it was really reacting to inquiries we get and seeing an opportunity develop and adjusting to it.

And I guess the key here is to get over the $40 million market sales and keep going right?

Well, absolutely.

It seems like you bumped up against it, don’t penetrate.

Pretty fresh. We’ve been at high 30 at a very short time really.

When I think about the market itself it would give you a lot more recognition if you penetrate through that and go on up to 50 million it would be a big exclamation point. Hey Dan?

Yes.

There’s a lot of markets out there for these buildings and it seems like you’re doing a pretty good job but I’m sure the market and I was disappointed and we didn’t get any sales in Africa for Ebola would you like to comment on that?

Certainly. Well Roger there’s no money for facility for Ebola. The first thing that they want to do is find the vaccine, right? So the money went there first and there are three companies that are working on vaccines. And the second thing is delivering those vaccines in such a way that the local population will take those, problems with giving shots and those types of things. Well the hospital response which is what you’re seeing on the news has been funded by governments who are coming in basically who have economic interests in those countries. For instance China has put some money into Liberia because they have economic interest there. So we still feel like there is an opportunity for infrastructure to exist for combating Ebola or eradicating in the long run but that is the next phase. The first that they are going to do is deploy facilities and response vehicles that are already available that are only sitting at depos and tend to be deployed with keys to the regions affected. And they have this ability to do this in the government. The facilities are positive but insignificant number one effort is to train people to deal with deadly disease and get them there is not in Liberia and having. So we feel like there is phase 1, phase 2, phase 3 and that our participation is more than likely in phase 3 where we’re against than these countries to keep Ebola away.

Is there any chance for food safety in these countries to shift buildings over there or anywhere else?

Absolutely. Yes we’re tracking that very closely we have a project underway quasi R&D project with the company that is involving food safety. We know that Wal-Mart had last year put 16.5 million asides for 70 mobile which is facilities in China to test food. The world as an international food, there’s a lot of transportation of food stuffs around the world as cultures accept different food around the world. So our participation in that Roger has been international group protection agency understanding the 2011 food modernization act and participated and food safety and I don’t think that’s a large market. And we’ll be speaking at a conference April about our participation with the company in food safety and basically introducing something that I hope is private by then.

You are heavily involved in this twine and cap industries how about the aqua industries when I say that I mean like fish

Absolutely yes we are. Personally what happens swine bring us is what grinder mixers brings to our sister company and that is a product that can be easily engineered and cooked through very quickly. And so of those are more about making people aware this is available and then deploying our sales force to take care of those become well routine and really are not allowed to talk about not cutting edge things not stuff that we’re looking at trying to develop the product alone. But those things are Ebola trying to take to safety in the world some of the diseases that have been taken care of in various places really where our markets at I have to say that our core businesses is still major universities we’re doing biomedical research to find cures for diseases that being funded by the national institute themselves. So sequestration last year the brakes went off I was seeing it down folks who are still interested but the size of the project may downscale a little bit but those are re-servicing after October so we’re in contact with number of those on projects signed up. So I feel optimistic that 2015.

So the whole key is the university

Yes it is.

I can’t understand that.

It’s medical colleges we’re working again with medical college in places, remote places where there are adjunct universities being cofounded. For instance, university international spend together, one medical college Cornell College University in New York is has relationships with the Cutter Foundation for a medical school there. We know the people at Cornell New York, we know the people who knows other institutions who are taking their knowledge and helping other countries so we it takes a few years to develop a medical college. And so we see take these that they need animal facility laboratories whatever and because of our contact in United States we are actually drawn to those other institutions as they are developing overseas.

Okay. Well that’s about all I have today. And thank you for the dividend.

Thank you, Roger.

[Operator Instructions]. At this time, we have no further questions.

Well I’ll take this opportunity to thank you all for your interest and for listening to us today. Again, we feel like we’re in the midst of improving times and should have a decent year. We appreciate your interest and investment and with that, we will say good bye. Thank you.

Thank you.

Thank you.