Good morning, my name is Leah and I will be your conference operator today. At this time, I would like to welcome everyone to the Neenah Paper Third Quarter 2014 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' prepared remarks, there will be a question-and-answer period. (Operator Instructions) As a reminder, ladies and gentlemen, this conference is being recorded today November 5, 2014. Thank you. I will now turn the call over to Mr. Bill McCarthy, Vice President, Financial Analysis and Investor Relations. Please go ahead, Mr. McCarthy.

Okay. Thank you. Good morning everyone and welcome to Neenah’s 2014 third quarter earnings call. We released earnings yesterday afternoon and also posted backup data in an updated presentation in the Investor Relations section of our website. Today after I recap a few headlines, John O’Donnell our Chief Executive Officer and Bonnie Lynd our Chief Financial Officer will discuss activities and financial results for the quarter in detail. As usual following these prepared remarks, we’ll open up the call for questions. Consolidated net sales were a record $231 million, up 8% from a year ago. While this included sales from the Crane filtration business, which we acquired on July 1, it also reflected continued strong performance in each of our heritage businesses. Operating income was up an even more impressive 35%, reflecting benefits of both topline growth and cost improvements. GAAP earnings per share increased 18% from $0.68 to $0.80 per share, while adjusted earnings grew 36% from $0.61 to $0.83. In 2014, adjusted earnings excluded $900,000 or $0.03 a share for integration and restructuring costs, mostly related to the recent acquisition. In 2013, adjusted earnings of $0.61 per share excluded net benefits of $0.07, primarily for a one-time state tax credit. Adjusted earnings are provided to aid in comparability between periods, but our non-GAAP measure and are reconciled to corresponding GAAP figures in our press release. Finally I’ll note that our call today contains forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from these statements are outlined both in our SEC filings and in the Safe Harbor disclaimer on our website. With that, I'll turn things over to John. John O’Donnell: Thanks Bill. Our teams again delivered very good results for the quarter. Revenues were up 8%, including the Crane acquisition and a solid…

Thank you, John. I'll begin with technical products Sales of $122 million were up 16% compared with $104 million last year. This includes the Crane acquisition, which is delivering top and bottom line results in line with our expectations. Excluding the acquisition, sales increased 5% and were our highest ever third quarter. Volume growth accounted for about half of the increase with remainder due to a higher value product mix and increased selling prices. Excluding the acquisition, filtration sales were 9% in the quarter, while specialties increased 7% and backings were flat. Revenue growth this year has resulted from improved global economic conditions in the first half of the year especially as well as share gains as we expand our geographic presence and capture new business. Excluding restructuring and integration cost, operating income of $11.1 million was up by more than $4 million versus last year. As we had indicated, about a $1 million was a result of the delayed filtration maintenance down. The remainder of the improvement reflected a more profitable sales mix with strong growth in the high value filter products and labels, as well as higher volumes and selling prices. Third quarter results included cost of $1.1 million for restructuring and integration and we expect an additional 100,000 in the fourth quarter, combined with capital spending of million related to IT systems and infrastructure to support Crane, this brings second half cost to just over $2 million. This is below our original estimate of $2 million to $3 million as our teams have found ways to more quickly and efficiently integrate this business. Turning to fine papers, sales in the quarter were $101 million, down 1% compared with last year. This reflected 2% lower volumes partly offset by a higher value mix and increased selling prices. While…

(Operator Instructions) Your first question comes from the line of Steve Chercover of D.A. Davidson & Co. John O’Donnell: Hi Steve. Steve Chercover - D.A. Davidson & Co.: Thank you, good morning. Just a couple quick questions actually. Highlight of the automotive market and is that rolling over? And could you remind us if your automotive filtration is more focused on OEMs or replacement parts? John O’Donnell: Yeah, great. We'll we're seeing some fairly decent growth in the automotive business, more for us and I think as you see if you look at our historical results is that 30% of our business is actually going to OEMs and 70% is going to the aftermarket. And I think it is that mix that has enabled consistency as we've rolled through virtually every recession if you will in Europe with the exception of the grade 1 without any major impacts and continue to still see 8% compound annual growth rate. So that's the one business as a reminder too, 70% of our business is in Europe and it still continues to perform. And with the pressure that we've seen on the Euro that I mentioned in the prepared remarks continue to see our growth outside of Europe even more attractive. Steve Chercover - D.A. Davidson & Co.: So I think we'd be delighted to see Europe strengthen but to the extent that the economy remains weak is it fair to say that people who weren’t buying new cars have got to keep servicing their existing vehicles? John O’Donnell: Yeah, absolutely. I think the best way to think about this business is by miles not by new car and after, but as long as people are driving they have to take - caring for their vehicles whether they are buying new cars or…

Your next question comes from the line of Dan Ducome of Sidoti & Company John O’Donnell: Hi Dan.

Hi Dan. Dan Ducome - Sidoti & Company: Good morning everybody. How are you? John O’Donnell: Good.

Great. Dan Ducome - Sidoti & Company: Good, nice job by the way, I guess first on the Technical Products segment I think you said filtration sales were up 9%, is that correct? John O’Donnell: Yes. Dan Ducome - Sidoti & Company: Okay, did you comment on the volumes? I'm just trying to get a sense of sort of like what level of pricing are you able to get there? John O’Donnell: On the volumes… Dan Ducome - Sidoti & Company: Just filtration volumes. John O’Donnell: Okay. Yeah would you?

Separately, but yeah we had our filtration has been in combination of volume, price and improvement, and everything is working. John O’Donnell: Yeah I would think from that piece of it it's predominantly volume growth but we did have pricing activity as we do across all of our businesses. The lion's share of that though will be actual consumption and volume growth. Sorry I didn’t understand. Dan Ducome - Sidoti & Company: So most of it was volume you said. John O’Donnell: Yes. Dan Ducome - Sidoti & Company: Okay. John O’Donnell: I try to characterize it as 2/3rds volume and 1/3 price.

Yeah and Dan when you look in the Q you're going to find the entire improvement hat we get from Crane volumes as filtration volumes. John O’Donnell: Yeah it's characterized that way. Dan Ducome - Sidoti & Company: Great, now I mean even backing off the Crane it was still pretty good number I think you know this the seasonally softer part of the year. And then I also was going you ask you also how would the seasonality of the Crane versus your legacy filtration business can you talk to that? John O’Donnell: Sure, I'm sure happy to. First off let me lead back up a little bit more. Our Fine Paper business is typically first half to second half it is pretty even although our third quarter is usually better than fourth quarter. In our technical businesses it is the easy one to remember. The first quarters are the best quarter and the fourth quarter is typically the worst quarter from that standpoint, because most of our technical businesses are in processes in to some other value adding product. So customers have a tendency to manage their inventories based on how they see the opportunity for future demand. So the Crane business is no different really than our filtration business or other Technical Products business in that sense. Customers continue to look at their inventories and manage them to year end in a similar fashion. So expect fourth quarter to be their weakest quarter. We've said I think, I characterized in the previous call Technical Products being 52% first half 48% in the second half. So… Dan Ducome - Sidoti & Company: Great. Okay and then I guess, I appreciate that, I guess similar question the other segment on Fine paper I guess, revenue flat to down 1%.…

The next question comes from the line of Jon Tanwanteng of CJS Securities.

John O’Donnell: Okay, but that this will still be eloquent Jack.

Alright, first of all congratulations on the nice quarter. You briefly addressed trends going into Q4 in your prepared remarks, but I was wondering if the more profitable product mix in those segments is going to sustainable going forward? John O’Donnell: Yeah, I think we talked about the Fine Paper side of it and in reality while their volumes are typically a little more compressed in the fourth quarter, because it’s such a branded business that branded business stays fairly stable so decent mix. Well around the technical side from that piece of it, oh again we should still expect to see strong mix. The mix doesn’t come from a one quarter order pattern it comes from our emphasis of the organization of continuing to drive it. On the tech side where I talked about transportation filtration and combination products, those are developed over a significant amount of time, so those will still be there, those mix will still be there. But I would expect a lot of the other volumes to potentially dip.

Okay, great and then as a response as a follow up to the previous questions asked, you addressed on premium Fine Paper brands and luxury packaging are highly fragmented and you guys have experienced really good growth there. Do you find yourselves taking share given you’ve been so concentrated on it? John O’Donnell: Well knowing that we are growing over 20% year-to-date I don’t believe the luxury packaging business is growing at that, so I would mathematically I am going to say we are taking share in that regards.

Okay, great thank you very much.

There are no further questions at this time. I will now turn the conference over to John O’Donnell for final remarks. John O’Donnell: Very good, once again thank you for your interest in Neenah and we look forward to updating you again on our next call in February. Thank you.

This concludes today's conference call. You may now disconnect.