Good day ladies and gentlemen, and welcome to the Fourth Quarter 2013 L.B. Foster Earnings Conference Call. My name is Sheila and I will your operator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of this conference. (Operator Instructions) As a reminder, this call is being recorded for replay purposes. I would like to turn the call over to Mr. David Russo, Chief Financial Officer. Please proceed, sir.

Thank you, Sheila. Good morning ladies and gentlemen. Thank you for joining us for L.B. Foster Company’s earnings conference call to review the company’s fourth quarter 2013 operating results. My name is David Russo, and I’m the Chief Financial Officer of L.B. Foster. Hosting the call today is Mr. Robert Bauer, L.B. Foster’s President and CEO. This morning, Bob will provide an overview of the company’s fourth quarter performance and an update on pertinent business issues and discuss market conditions. Afterward I will review the company’s fourth quarter financial performance and then turn it back to Bob, so that he can discuss our Q1 outlook before we open up the session for questions. Means to access this conference call via webcast were disclosed in our earnings press release and were posted on the L.B. Foster Company website under the Investor Relations page. This webcast will be archived and available for seven days. During today’s call, our commentary and responses to your questions may contain forward-looking statements including items such as the company’s outlook for our business and markets in 2014, cash flows, margins and capital expenditures. These statements involve the number of risks and uncertainties that could cause actual results to differ materially. These forward-looking statements reflect our opinions only as of the date of this presentation and we undertake no obligation to revise or publicly release the results of any revisions to these statements in light of new information or future events. All participants are encouraged to refer to L.B. Foster’s Annual Report on Form 10-K for the year-ended December 31, 2013, as well as to other documents filed with the Securities and Exchange Commission for additional information about L.B. Foster and to learn more about the Risk Factors that may affect our results. With that, we will commence our discussion, and I will turn it over to Bob Bauer.

Thank you, Dave, and good morning, everyone. We appreciate you joining us today. This year we scheduled our fourth quarter announcement later in February than we did last year, because we wanted to wait for our Board of Directors’ meeting to conclude the before holding a conference call. We held that meeting earlier this week, we focus a lot on our growth programs which has been a top priority for the company here, as I think you know in recent years and we’re grateful for the support that our directors have given us to grow the company. So with today’s release, we reported diluted earnings per share of $0.71 for the fourth quarter bringing our full year earnings from continuing operations to $2.85, the highlight for the quarter was our EPS up 9.2% over prior year on sales that were up 11.2%. The fourth quarter made for strong finish to the year reflecting the improvement in sales from the construction market picking up. Last quarter we mentioned the improving order entry patterns for our piling business which led to a very strong fourth quarter in Construction segment sales. So we ended the quarter and year also with $183 million in backlog and while that is down from prior year, it’s a very healthy level given the project backlog we knew we would work off during 2013. In the quarter gross profit margins were up in rail and construction, they did decline in the tubular products segment as expected due to lower sales volume from products during the quarter which we’ve been talking about here in recent quarters. Overall I feel like we’ve performed fairly well holding gross margins flat year-over-year particularly given the lower tubular product volume, so as we summarize the financial results, we will describe full year sales…

Okay. Thank you, Bob. This morning I will discuss our fourth quarter operating results and at times we will highlight certain annual financial results as well, when that occurs, I would remind our audience that the full year of 2012, included concrete high warranty charges of approximately $22 million, which was included in cost of goods sold. The $19 million was recorded in the second quarter and at additional $3 million in the third quarter of 2012. These charges were related to a product warranty claim regarding concrete ties manufactured at our Grand Island Nebraska facility, which was closed in the first quarter of 2011. Well my discussion will focus primarily on our GAAP results, when we feel it beneficial to the audience I will refer to 2012 adjusted results, which assumes the exclusion of these adjustments in order to present another look at 12 months to 12-month normalized comparative results. Reconciliations between these non-GAAP results and our GAAP results are included in our earnings press release. So I will begin with sales for the fourth quarter of 2013, which were $136.5 million compared to $140.7 million in the prior year and a 11.2% increase. The sales improvement was due to a 67% increase in Construction segment sales partially offset by 29.3% decline in Tubular segment sales and a 6% decrease in Rail segment sales. The Construction segment sales improvement was due to across-the-board increases in all businesses with the most significant increase reported by our piling products division, and to a lesser extent, concrete buildings and sales of fabricated bridge products. The Rail segment sales decline was due principally to a reduction in rail distribution sales and to a lesser extent concrete ties sales. These were partially offset by increased sales turned in by our transit products division and…

Thanks, Dave. I’m going to start by talking generally about the full-year ahead and then I will make some more specific comments about the first quarter. Generally speaking, our markets are in pretty good shape. The freight rail market is being driven by an improving economy, shipments in oil and gas commodities, and a very strong intermodal environment. The freight railroads have been passing price increases on to end customers, and with solid financial performance. We’ll continue to boost capital spending for their network performance according to everything we hear them say. Transit is also in pretty good shape as the number of projects around North America and the UK remain at high levels. There isn’t anything the size of the Honolulu transit project we worked on over the last two year. But all other agencies we typically watch have a solid pipeline of expansion or refurbishment projects that are on the Board. Construction, specifically piling has greatly improved from this time last year. Throughout 2013, the market became more positive. I expect to see our continued positive environment for that in 2014. And our Concrete Buildings business grew nicely in 2013 and we have every reason to believe that this market should remain healthy in the year ahead. And our Bridge business will certainly grow this year after having a year in which the 2012 record backlog shipped made 2013 comparisons difficult. But we ended 2013 with a very nice backlog for 2014 having already booked some significant projects that are expected to ship this year. Capital spending will really look different in 2014. It is anticipated to approximately $18 million to $22 million as we ramp up growth programs across several business areas. The spending is aimed at supporting new product development, expanding into new markets, as well…

Thank you. (Operator Instructions) Please stand by for your first question. And the first question comes from the line of Mike Baudendistel of Stifel. Please proceed. Michael James Baudendistel – Stifel, Nicolaus & Company, Inc.: Thank you. Just wanted to maybe if you could, get for some numbers around the Union Pacific tie situation. We think about 170,000 ties that are being disputed. What is the value of one of those ties?

Yes, Mike that’s the first question we anticipated would come in and unfortunately the firs one that we really can’t disclose. We’re not going to report right now on per tie cost or the actual order of magnitude on that, that’s something that we feel like we shouldn’t be discussing. Michael James Baudendistel – Stifel, Nicolaus & Company, Inc.: Okay. And I guess when do you feel like you could have an agreement in place with Union Pacific as to not damage the relationship with that large customer? Did you think you can have that by the end of the first quarter, the second quarter, somewhere in there?

Well I think the better way to look at it is that this is a process that we knew would unfold over a long period of time. It was something that you just don’t go out and fix over night, there were a number of areas on track that needed to be addressed. And so having some issues like this arise I would say would not necessarily be unexpected. The time to sort through it it’s really hard to pin down at this point. We are both working diligently to get all of these reconciliations behind us and I hope that we can do it certainly and in amicable way, but I think it’s too difficult to really nail it down specifically in the way you’re asking. Michael James Baudendistel – Stifel, Nicolaus & Company, Inc.: Okay, thanks for that. And then just shifting gears to the Ball Winch acquisition, you said it was slightly accretive. Can we think of that business as being as high a margin as we typically think of your tubular products segment, which was certainly a little bit higher margin than the rest of the businesses?

It would be fair to put it in that ball park. Yes. Michael James Baudendistel – Stifel, Nicolaus & Company, Inc.: Okay, that is helpful. And I guess anything on the Class I rail CapEx discussions? When they talked about their 2014 outlook, that surprise you to the upside?

I think the big surprise for everyone was BNSF, who said they’re going to take spending from $4 billion to $5 billion that was real surprise, but then on the other hand, I think everybody recognizes the fact that these guys are right in the sweet spot of both the Bakken and all of the crude by rail. Renaissance there that is going on, so I don’t think that is surprising, I can’t really comment on exactly how much of that is tank cars and things like that that they might already have on order, I expect a lot it has to do with that, but I think their visit also run in a whole lot this year and they use to in that one region, Other than that, I think everybody else was pretty much in line with expectations and that is that a lot them like to say that they are going to spend 16% to 18% of sales on CapEx spending and I think they’re going to kind of run drag along with that, so it will they always say it is going to notch up a few percent in the coming years, never really bullish and that’s what we have been seeing year-after-year, even though it doesn’t always hit exactly that. Michael James Baudendistel – Stifel, Nicolaus & Company, Inc.: Okay, and then just one last one on the working capital discussion if I think about your receivables balance down sort of seeing normalized – by the end of the first quarter, that likely to give you an extra say $10 million of net cash balance often speaking – about that right.

That’s a fair estimate Mike, yes. Michael James Baudendistel – Stifel, Nicolaus & Company, Inc.: Okay, that’s all from me. Thank you.

Thank Mike.

Thank you. And your next question comes from the line of Robert Kosowsky of Sidoti. Please proceed. Robert Kosowsky – Sidoti & Company: Hi good morning Dave and Bob, how are you doing?

Good how are you Robert.

Pretty good. Robert Kosowsky – Sidoti & Company: I was wondering the growth investment, I wonder if you could discuss the framework you looked at for some of these investments, are these margin accretive initiatives are low hanging fruit in some markets where you think you can out compete just kind of how are you thinking about allocating some of the growth spending?

Well, I guess I will frame it up first into the three segments that we talk about the most, new product development, expanding our served market, and moving into some adjacent areas that we don’t serve today. We have activity going on in all three of them. And depending on what business segment you are looking at or product division, the opportunities can be more or less attractive in either of those three segments. So in the core rail business, for example, we pretty much serve the broad market fairly well. So we’re focused on new product development. But in a couple of other areas like in this bridge area, we’re moving into an adjacent market in the bridge form business, because there – we’re serving the entire grid decking market, so we are moving into an adjacent market there. Generally speaking, I would also say that one of our goals is to move into the more profitable segments. Just as it is with acquisitions, we’re attempting to look at acquisitions that have profitability margins that are better than L.B. Foster’s average margins. So we would like all of these things to provide a favorable impact to profit margin mix. But business by business, the opportunities are really kind of different. And in the construction area some of that’s sort of moving into expanding our served market. So it’s a little bit of everything. Robert Kosowsky – Sidoti & Company: Okay. But it seems like as a general rule these are margin accretive relative to the segments at which they play in.

Yes, that’s a – I would say it’s a fair statement, because in some areas, we just don’t want to go lower than certainly than we already are. And I think that’s a fair statement. Robert Kosowsky – Sidoti & Company: Okay. And is there a growth market above the market that you think L.B. Foster can generate over, say, a 5-year, 10-year time horizon, understanding that it’s going to take a little while to get these new products out and penetrate some of these new markets. But how do you think about that growth potential?

Yes. Well, we have presented that in fact at some of the investor conferences that we’ve been at lately. And what we talk about is that, we think that the marketplace is probably going to grow somewhere in the area of 3% to 4%. And that we would put a couple points of additional growth on top of that, setting the bar for ourselves at about 6%, that would allow us to grow at a faster pace than the market. Robert Kosowsky – Sidoti & Company: Okay. So that’s pretty much intact?

Yes, right now that’s kind of the plan and then add some acquisitions on top of that, and that’s really the basis for our value creation model. Robert Kosowsky – Sidoti & Company: Okay, and then finally on the tubular business, where was there any particular region or type of end market that saw particular strength and I’m just wondering how are you seeing that so far in 2014?

In tubular? Robert Kosowsky – Sidoti & Company: I mean on piling sorry. On piling?

Okay, yes. Robert Kosowsky – Sidoti & Company: Sorry for that.

So, yes. No I don’t think I can really point to any one specific market, we largely are aimed at the heavy civil construction market with a large degree of our projects in the transportation segment. So transportation is bridges, highways, roads, ports, ports as always been a strength of ours. So we saw activity going on in all of those and I guess I would say that I think we saw a little bit of wins from commercial construction which is not where we get the majority of our market, commercial buildings and those sorts of things. But that’s been on the rebound as well and I think that has helped for some broad market improvement that we have participated in. Robert Kosowsky – Sidoti & Company: All right, thank you very much and good luck.

Thank you.

And your next question comes from the line of Brent Thielman of D.A. Davidson. Please proceed. Brent Thielman – D.A. Davidson & Co.: Good morning, guys.

Hi, Brent. Brent Thielman – D.A. Davidson & Co.: Yes Bob or Dave maybe I can ask that Union Pacific question another way, if we think about the $22 million charge you’ve already taken, can you remind us how many ties are associated with that and I guess from our perspective look at that and think about the 170,000 ties and make some guesses about that potential cost?

Yes, Brent that’s creative I guess that is a different way I am asking about the cost is, when we took that $22 million charge last year, we did not furnished the number of ties that we thought that we would have to update, as a result of that we did say that we’ve thought it was the appropriate charge to take at the time based on a lot of analytical and scientific data that would project what we would have to replace over time. And that’s but still our position at this point, but the actual number of ties is something we can’t disclose. Brent Thielman – D.A. Davidson & Co.: Okay, I tried, but I guess in other notes the decline in ties that you impede that you are expecting for next year or I guess this year. Is that simply assumption where capital spending initiatives, are they sourcing ties elsewhere, maybe just a little more color there would be helpful? And then is there still in your mind the opportunity you can sell that capacity elsewhere?

I think all I could say on that is that we really don’t participate in any discussions with them about any other supplier, we’re purely focused on our own replacement program for the Grand Island product and we do sell them ties that are on a revenue basis that are for projects that they deem appropriate to use our product on as well. But you know they’re not by any means do they have to come to us for everything that they do, we don’t have some agreement that says that we are the sole supplier, and they could make a decision to buy product from another supplier at anytime and I really can’t comment on exactly how much of that they do these days. Brent Thielman – D.A. Davidson & Co.: Okay, that is fair. And, Bob, just following up on that, it sounds like you're going to have a little more capacity available. Do you think you can still get opportunity for you to fill that this year?

Well we have – we have capacity in our facilities that’s accurate, I think that the transit market is as strong as it could be, there is another platform customer that we sell product to that might potentially have some upside, I don’t think I can go into any details for them on that, that is their particular proprietary project information but you know we are dealing with the healthy market, I think at the moment and I don’t think there has been a time we have seen so many transit projects on the drawing board and that is certainly one of our sweet spots for concrete ties. So I’m certainly be pleased if we could see some upside from that. I think if you just gauge how much that is, we’re not talking several million. Brent Thielman – D.A. Davidson & Co.: Sure, okay. And then I mean I guess on the transit side, I imagine this decline is around – the Honolulu project and tough compares. With the upcoming transportation bill, is there any uncertainty around that and how that is affecting these projects?

I don’t see any at this time. I think everybody would love to benefit from that deal and I would tell you, I do believe that the environment in Washington around transportation funding has actually been very positive likely with flurry of more positive activity then there has been. So while I don’t have a lot of confidence in what anybody does down there usually. I would currently say that news has been fairly positive of late but lot of the transit agencies I guess some money from there, but a lot of it is local, funding as well, the states to municipalities, bonds all of those sorts of things. Brent Thielman - D.A. Davidson & Co.: Okay, that is encouraging. One more, just on Ball Winch, it wasn't clear to me. Was it accretive this quarter? And then again a clarification, as you look forward, do you think with the business you can still achieve those gross margins that you had done there in tubular? The upper 20s, lower 30s? The business isn't so structurally different that you can't get there? Is that fair?

Let met take the margin one in all, I’ll like Dave answer the accretive aspect of it which some things more 2014 in the quarter, but way on the margin one I think that the best way for me to answer that for you is that if you were use the tubular segment overall that we report on as it basis from gross margins and that as basis for which model Ball Winch and you would building a pretty good model. With that this in an answer what you were trying to get that. Brent Thielman - D.A. Davidson & Co.: That helps.

On that part, okay. And Dave you want to comment about.

Regarding accretion Brent we – we certainly expect Ball Winch to be accretive in 2014, Ball Winch was, that was November 6 or 7 acquisition, so we had at under our ownership less than two months and it was slightly accretive in 2013. There is a – there is a obviously a each an amount of amortization of definite life intangible, that go along with an asset do you like that, so that will certainly have an impact, but it was accretive slightly. Brent Thielman - D.A. Davidson & Co.: Thanks you.

Thank you Brent.

Thank you.

Thank you (Operator Instructions) And the next question comes from the line of Brian Rafn of Morgan Dempsey Capital Management. Please proceed. Brian Rafn – Morgan Dempsey Capital Management: Good morning, guys.

Hello, Brian

Hello, Brian Brian Rafn – Morgan Dempsey Capital Management: Give me a sense – you talked a little bit, Bob, about kind of the construction pilings. You alluded a little bit about some of the end markets. You talked about the heavy civil, transit, and then commercial building construction. Can you put a numeric mix on that? Is it a 75%-25%, 90%-10%? How much of the pilings demand is in the transit, the infrastructure, heavy civil type, versus commercial building?

I can’t give you an exact number on that, but you ought to interpret it at it's far and away – the majority is heavy civil construction, and not so much, or very little commercial. We just don’t participate in a lot of commercial construction and that heavy civil segment, it’s just hard for us to break that out by highways, bridges, ports, and all of those particular segments. But it was across the board in all of those kinds of project activity, where far and away the majority came from. Brian Rafn – Morgan Dempsey Capital Management: Okay. Does anything, Bob, stand out within the heavy civil transit side? You mentioned bridges versus ports, you talked a little bit about we have got a really strong niche in the port area. Within heavy civil transit, does anything stand out relative to a demand end market?

I would just say that the only thing that comes to my mind from time-to-time is, we continue winning projects due to the core infrastructure that exists in certain places across our country. There is things that are falling apart. Sometimes it’s a port, sometimes it’s a levy in low-lying areas and cities that flood. It’s a lot of things that just need to be replaced out there? Brian Rafn – Morgan Dempsey Capital Management: Okay. How much is your sense – there has been an issue; you'd mentioned it. We have seen it with the highway bills, and that has been kind of a problem relative to funding in Washington. How much of that infrastructure demand, and specifically if you're talking about flooding – if you have a collapsible levy, or that – it really is a mission-critical, emergency type repair versus something that you maybe doing as a maintenance type. How much of that business might be tripped based upon imminent collapse or a response to a disaster?

Yes, if your question, is the percent, I’ve just can’t put my finger on it, as a percent. I mean If the Army Corps of Engineers needs to go out and fix something like that, they get around to fixing it. But if FEMA needs to do something, they seem to be able to figure out, how to get money to do it. But I can – if we just – it’s hard to put our finger on exactly what percentage of that has been our business in the past, and of course I would never be able to predict that for the coming year. Brian Rafn – Morgan Dempsey Capital Management: Fair enough, fair enough. Let me ask you about – you talked a little bit, Bob, about Ball Winch. As you add some of those extension lines – you talked about elbows and connectors and that type of thing to tubular products, can you sell that in a turnkey package and will that allow you, with your piping, to really grow Ball Winch organically? Or are they so strong on a standalone as they're own brand that being part of you, maybe of a larger order with piping, really is not something that would drive their organic sales?

I think from a turnkey package standpoint that will be an interesting area for us to explore going forward I would tell you that it’s not sitting out there as the top priority of something we know we can capitalize on and it’s obvious that we do better as a result of that. So that’s a little bit more opportunistic, I would – you should think a bit more as the company has on its own rate capabilities to do quick turnaround in custom projects for both new build construction as well as replacement activity. And one of the need things about it I won’t call this turnkey, but related to synergies is that because we are in the line pipe business, we know the projects before Ball Winch ever knew about the projects, because you got to get the line pipe in all of that going before you get sometimes a lot of the other small localize pieces. So we now have a terrific project pipeline from which to see that company a lot sooner than we get selling on it before they ever did before.

Okay. If you look at – your sense – you talked a little bit about bookings. I think Dave mentioned it. What is your sense – as you look across construction, tubular pipe, or railroad – what is your sense of big quote activity? And maybe if you look back over the last three or four years, of the conversion to sales of bidden quotes, or maybe the timing. Is it shorter? Is it longer? Just give us a sense from an actual quoting activity that you're seeing here in 2014.

I think it sounds like you kind of describing it something changed with the length of time that it takes to close projects and our win rate. Brain I would say that, I don’t think I would describe the win rate in some of those things that something that’s that much of a meaningful change. Project cycles and rail and tubular are probably not changing a lot. They are always very dynamic, especially in tubular and the energy market. So that’s always changing. And I would say in construction that could be the one where project cycles are probably getting a little bit quicker right now, because as the market gets little stronger, you do tend to have projects that people are trying to keep on schedule among the different things that they're doing. But I really can't point to a significant or meaningful change in that, that is dramatic.

Okay. I will ask one more and get back in line. Can you give us a sense – very, very 50,000-foot view, macro I think your capacity utilization and maybe how many labor shifts you guys are running between construction, tubular pipe, and railroad?

Brian, that is a tough one. In some places we have two shifts going. In some we don’t had probably have to get to that by plant by plant. I'm not sure that I can model that for you here right over the phone. We don't have any plants sitting around at very low capacity rates at the moment. And we’re consolidating some, as I mentioned in some of our capital spending, we have great project underway right now at our Niles, Ohio facility where we are bringing product lines in from another state in the U.S., as well as our facility in Canada that will close. So where we do have some nice capacity like that and synergies we can get, we’re taking advantage of those sorts of things. But shift capacity and all of that -- it really varies across the Company.

Okay, okay. But if you look from a floor – on the shop floor, would you be in the 60%, 70%, 80s? A very wide range. I know you can't self shoot it but I'm just looking for broad range where you might be operating. 60% versus 80%; 70% versus 90%; 50% kind of a broad, broad brush stroke.

I will tell you that we have the capacity to grow the company and we will, without having to build another facility meet our growth expectations over the next few years.

Okay. I will get back in line. Thanks.

There are no more questions, at this time. There are no anymore questions at this time, I would like to turn the call back to Mr. Bauer for closing remarks.

All right. Well, great. I appreciate everyone joining us today. Thanks for all your interest in the Company, and we will look forward to catching up with you here after the close of the first quarter. Thanks again. So long.