Thank you, and welcome to Systemax's Fourth Quarter and Full Year 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 the results, please contact The Plunkett Group or Systemax. Contact details can be found in the press release issued today and at systemax.com. Today's discussion 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 and under Risk Factors 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. 2017 was an exciting year at Systemax, as we further streamline our operations, executed on our growth and optimization initiatives and delivered exceptional financial performance. As we look back over the past few years, our strategic streamlining involved four divestitures of businesses which generated almost $175 million in losses in 2015 and 2016 on a combined basis. We were able to exit these businesses with minimal transaction costs and in an accelerated timeframe that exceeded our internal expectations. Simultaneously, we continue to organically grow both the top and bottom line of our North American industrial products group and our France technology value added reseller businesses. Today these businesses are positioned among the leaders in their respective markets and are placed to deliver additional growth. On a non-GAAP basis, our continuing operations generated more than $1.2 billion in revenue in 2017 an increase of almost 12% and generated improved operational leverage with operating profit more than doubling to $75 million. With this this impressive financial performance, strong cash flow generation and a solid balance sheet our Board of Directors declared a special one-time cash dividend of $1.50 per share in December. In addition, our board has increased our regular quarterly dividend by 10% to $0.11 per share. Starting with our industrial products group. 2017 was a home run for industrial, with sales increasing almost 11% to $792 million. The fourth quarter finished strong with sales also growing almost 11% with growth coming from both new customer generation and the expansion of existing customer relationships. We delivered strong operating leverage across the business as both product and freight margins improved year-over-year and we lowered selling distribution and administrative spend as a percentage of revenue. As a result, operating income in…

Thank you, Larry. I will now address our segment financial performance in more detail. As mentioned previously, my comments will primarily be directed to non-GAAP results both in 2017 and 2016 fourth quarter had the same number of selling days for industrial and France. Turning to our results, fourth quarter consolidated revenue reflects solid top-line growth in both industrial and France while consolidated gross profit improved almost 14% year-over-year with gross margin expansion in both segments. Consolidated SG&A improved almost 100 basis points as a percentage of sales driven by improved advertising efficiency in our industrial products group and lower spend in our corporate segment due to the reversal of certain executive bonus accruals in the period partially offset by increased salary costs in France related to increased statutory profit sharing which in previous years had been lowered to the utilization of local net operating losses. Non-GAAP operating profit was $20 million an increase of 46% and margin increased 140 basis points to 6% compared to last year's fourth quarter. Starting with industrial's financial performance in the fourth quarter industrial returned to double-digit growth with revenue increasing 10.6%. In our Canadian operations, we delivered 22.1% growth the fourth consecutive quarter of double-digit gains while the US business grew 10%. Revenue growth was broad-based across customer segments with our core product lines growing at a rapid pace. Industrials gross profit for the quarter increased to $65.3 million from $57.6 million last year. Gross margin improved 80 basis points from the year ago quarter reflecting both a favorable sales mix between higher margin stock products versus drop shipped items as well as improved freight margin as we more effectively utilize our nationwide distribution network. Selling distribution administrative spending for the quarter was $50.6 million, a 120-basis point improvement as a percentage of…