Good afternoon, everyone and thank you for participating in today’s conference call to discuss Black Diamond Inc's Financial Results for the First Quarter ended March 31, 2014. Today's call is being recorded. Joining us today are Black Diamond Inc's CEO, Mr. Peter Metcalf; the company's CFO, Mr. Aaron Kuehne; and the company's Director of Investor Relations, Mr. Cody Slach. Before we go further, I would like to turn the call over to Mr. Slach, as he reads the company's Safe Harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Cody, please go ahead.

Thanks, Lauren. Please note that during this conference call, the company may use words such as appears, anticipates, believes, plans, expects, intends, future and similar expressions, which constitute forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on the company's expectations and beliefs concerning future events impacting the company, and therefore, involve a number of risks and uncertainties. The company cautions you that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the company to differ materially from those expressed or implied by forward-looking statements used in this conference call include, but are not limited to, the overall level of consumer spending on the company's products; general economic conditions and other factors affecting consumer confidence; disruption and volatility in the global capital and credit markets; the financial strength of the company's customers, the company's ability to implement its growth strategy, including its ability to organically grow each of its historical product lines, its new apparel line, and its recently acquired businesses. The results of the company's review of strategic alternatives, the company's ability to successfully integrate and grow acquisitions; the company's exposure to product liability or product warranty claims and other loss contingencies; the stability of the company's manufacturing facilities and foreign suppliers; the company's ability to protect patents, trademarks and other intellectual property rights; fluctuations in the price availability and quality of raw materials and contracted products; foreign currency fluctuations; the company's ability to utilize its net operating loss carry-forwards; and legal, regulatory, political, and economic risks in international markets. More information on potential factors that could affect the company's financial results is included from time-to-time in the company's public reports filed with the Securities and Exchange Commission, including the company's Annual Reports on Form 10-K, quarterly reports on 10-Q, and current reports on Form 8-K. All forward-looking statements included in this call are based upon information available to the company as of the date of this conference call and speak only as the date hereof. The company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this conference call. I would like to remind everyone that this call will be available for replay through May 25, 2015, starting at 8 PM Eastern tonight. A webcast replay will also be available via the link provided in today's press release as well as on the company's website, at blackdiamond-inc.com. Any redistribution, retransmission or rebroadcast of this call in any way without the expressed written consent of Black Diamond, Inc. is strictly prohibited. Now, I would like to turn the call over to the CEO of Black Diamond, Peter Metcalf. Peter?

Thank you Cody and good afternoon everyone. Following the strong finish to 2014, our first quarter was highlighted by another quarter of double-digit sales growth, expanded gross margin and lower operating cost. In fact, the first quarter marks the fourth consecutive quarter of double-digit currency neutral sales growth and third straight quarter of gross margin expansion. Black Diamond also grew in all of our major geographies. Growth rates continue to be driven by growth of Black Diamond Apparel and the continued roll out of POCs cycling products including its new spring 2015 race day line and expanded assortment of eye wear, excluding the impact of foreign exchange, sales grew 18%. Before I comment further, Aaron Kuehne, our CFO will discuss our financial results for the first quarter. Aaron?

Thanks Peter and good afternoon everyone. Sales in the first quarter of 2015 increased 13% to $50.3 million compared to the same year ago quarter. The increase was driven by increases across all product categories and geographic regions, which included growth of Black Diamond Apparel and the continued rollout of POC's cycling product and expanded selection of eye wear. We also experienced steady growth from our BD and PIEPS hard goods business despite economic challenges in Japan, Russia and foreign currency headwinds in Europe and Canada. Due to net weakening of foreign currencies against the U.S. dollar on a consolidated level, first quarter sales were negatively impacted by approximately 500 basis points or $2.2 million. On a constant currency basis, Q1 sales increased 18%. Consolidated gross margin in the first quarter increased 30 basis points to 37.8% compared to 37.5% in the same period last year, in spite of a 260 basis point headwind from foreign currency. So on a constant currency basis, gross margin would have been a healthy 40.4%, an increase of almost 3%. The improvement was due to the favorable mix of higher margin products, a higher margin channel mix and reflects the margin enhancing initiatives contained in the company's strategic pivot on the back of the sale of Gregory Mountain Products. First quarter SG&A which excludes restructuring, merger and integration and transaction cost decreased 8% to $19.2 million, compared to 20.8 million in the year ago quarter. This decrease is also attributable to actions outlined in our strategic pivot and the realignment of redundant operating platform resources following the sale of Gregory Mountain Products as well as general optimization efforts across the organization. During Q1, we incurred restructuring charges of $470,000 most of this related to severance benefits associated with the continued realignment of resources including…

Thank you, Aaron. Once again our first quarter marked a solid start to the year with strong performance across all brands in major markets. Our consolidated North American business realized solid double-digit growth rates driven by both Black Diamond and POC while our Asia and Rest of the World and European markets also performed well. Europe which has been a challenging market of late due to economic uncertainty, foreign currency and unseasonable weather was benefited by the preseason shipment of our Spring '15 apparel line, the delivery of POCs road cycling line and the strong demand for PIEPS as a result of some late season snow in certain markets. We remain optimistic about this market long-term particularly Central Europe despite carrying higher than normal inventory, dryer winter conditions and generally soft consumer spending. The resiliency and diversity of our brand to help deliver these results, particularly in Europe yet it's worth reiterating that we manage the business in two six month seasons. So the combination of our spring summer selling season at the end of Q2 will be more appropriate barometer of our financial performance. We remain pleased to see our strategic activity continuing to manifest itself not only in sales growth, but also in margin expansion and cost reduction. With the extension of the repatriation of certain manufacturing activities from China to the U.S. which we expect to be materially complete by July 2015, the strategic steps of the pivot have been completed. When complete we expect these efforts to result in overall cost optimization to our existing business of approximately $10 million annually with the full year savings realized in 2016. We also expect this strategy will provide significant working capital improvements and competitive benefits to a fast refresh cycle and greater speed to market. The significant year-over-year…

Ladies and gentlemen that does conclude today’s teleconference. You may now disconnect your lines. Thank you for your participation.