Good afternoon, ladies and gentlemen, and welcome to Systemax, Inc.’s Third Quarter 2017 Earnings Call. At this time, I would like to turn the call over to Mike Smargiassi of Brainerd Communicators. Please go ahead.

Thank you and welcome to the Systemax third quarter 2017 earnings call. Today’s call will include formal remarks from Larry Reinhold, President and Chief Executive Officer; and Tex Clark, Vice President and Chief Financial Officer. We will not be hosting a live Q&A session at the end of today’s call. If you should have any questions on third quarter results, please contact Brainerd Communicators or Systemax. Contact details can be found in the press release issued today and at systemax.com. Today’s result may include certain forward-looking statements. It should be understood that actual results could differ materially from those projected due to a number of factors, including those described under the Forward-Looking Statements caption in the Company’s Annual Report on Form 10-K and quarterly reports on Form 10-Q. I would like to highlight the non-GAAP metrics that are included in today’s press release. The Company believes that by presenting the entire North American Technology Products Group, our divested European operations and Afligo, our former rebates processing business as discontinued operations, as well as excluding certain recurring and nonrecurring adjustments from comparable GAAP measures, investors have an additional meaningful measurement of the Company’s performance. Further, unless otherwise specified when discussing revenue changes, management will be referring to constant currency, average daily sales results. This call will include a discussion of certain non-GAAP financial measures. The Company has provided a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures in today’s press release. The press release is available on the Company’s website and will be filed with the SEC in the Form 8-K. This call is the property of and is copyrighted by Systemax, Inc. I will now turn the call over to Mr. Larry Reinhold.

Thanks, Mike. Good afternoon, everyone, and thank you for joining us today. Our North American Industrial Products Group and our France technology value added reseller businesses each delivered another exceptional quarter. Total revenues for these two businesses increased to $319 million, representing organic growth of over 11%. Non-GAAP operating income was $19 million and net income increased over 250%. We had strong cash flow generation and ended the quarter with total cash of $176 million on the balance sheet with no debt. Starting with our Industrial Products Group. Industrial achieved another terrific quarter of record sales surpassing $200 million for the second time in its history. This represented organic growth of 9% for the quarter and sales growth increased each month as we moved throughout the period. Sales were strong across product categories and customer end markets. Industrial once again delivered improved operating leverage versus last year, as we continue to benefit from improved product and freight margins as well as continued discipline within our selling, distribution and administrative spending. As a result, operating margin more than doubled from the third quarter of 2016 and we surpassed $20 million in segment operating income. We expect to make additional investments in our sales organization and in technical expertise to support our broad product offering, improve service levels and enhance the value we bring to our customers. Industrial remains well positioned for the future. Our investments in operational improvements are showing solid returns and we are strengthening our customer relationships. We remain focused on long-term profitability and continue to explore strategic acquisition opportunities that can support and accelerate our expansion efforts. Turning now to our French business. Our Inmac Wstore IT value added reseller business generated almost US$115million in revenue for the third quarter and extended its record of double-digit organic top…

Thank you, Larry. I will address our segment financial performance in more detail. As mentioned previously, my comments will primarily be directed to non-GAAP results. Both the 2017 and 2016 third quarters had the same number of selling days for both Industrial and France. Turning to our results. Third quarter consolidated revenue reflects strong top line growth in both Industrial and France while consolidated gross profit improved almost 20% year-over-year with margin expanding to 28.1%, driven by improved performance in both of our segments. Consolidated FD&A decreased on a percentage of sales basis by over 200 basis points as we showed leverage across the business. Non-GAAP operating profit and margin increased to $19 million and 6% respectively compared to $7.4 million and 2.6% last year in Q3. Starting with Industrial’s financial performance. Industrial’s third quarter revenue increased 8.9%. In our Canadian operations, we delivered 14.5% growth, the third consecutive quarter of double-digit gains. Overall revenue growth was again driven by solid gains within our legacy core lines. Industrial’s gross profit for the quarter increased to $71.2 million from $59.8 million last year. Reported gross margin improved 290 basis points from the year-ago quarter, reflecting a favorable sales mix, between stocked and dropshipped items, improved freight margin performance as we more effectively utilized our nationwide distribution network and capitalized on our new WMS system, and strategic pricing optimization. On a sequential quarter basis, gross margin declined approximately 130 basis points which was anticipated and highlighted in my second quarter comments. This was primarily driven by a return to more historical levels of category and sourcing mix as well as certain promotional freight activities which we historically utilized on seasonal products in the third quarter. Selling, distribution and administrative spending for the quarter was $51 million, a 230 basis-point improvement as a…