Good day. My name is Kelly and I will be your conference operator today. At this time, I would like to welcome everyone to the NACCO Industries, Inc., 2015 third quarter earnings conference call. [Operator Instructions] Thank you. I’ll now turn the call over to Christina Kmetko with Investor Relations. You may begin your conference.

Thank you. Good morning, everyone, and welcome to our 2015 third quarter earnings call. I am Christina Kmetko, and I am responsible for Investor Relations at NACCO. I’ll be providing a brief overview of our quarterly results and business outlook, and then I will open up the call for your questions. Joining me on today's call are Al Rankin, Chairman, President, and Chief Executive Officer; J.C. Butler, our Senior Vice President Finance, Treasurer, and Chief Administrative Officer, as well as the President and Chief Executive Officer of North American Coal Subsidiary; and Elizabeth Loveman, NAACO's Vice President and Controller. Yesterday evening we published our third quarter 2015 results and filed our 10-Q for the three and nine months ended September 30, 2015. Copies of our earnings release and 10-Q are available on our website at NACCO.com. For anyone who is not able to listen to listen to today's entire call, an archived version of this webcast will be on our website later this afternoon and available for approximately 12 months. Before we begin, I would like to remain participants that this conference call may contain certain forward looking statements. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward looking statements made here today in either our prepared remarks or during the following question and answer session. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly conference call, if at all. Additional information regarding these risks and uncertainties was set forth in our earnings release and in our 10-Q. Also certain amounts discussed during today’s call are considered non-GAAP. The non-GAAP reconciliations of these amounts are included in our 2015 third quarter earnings release available on…

[Operator Instructions]

While we are waiting, let me provide you with some contact information for any additional questions at the conclusion of today’s call. My number is 440-229-5130. Are there any questions?

There are no questions at this time.

Okay.

We did have one pop into the queue. This question comes from the line of [indiscernible] of Resurgence Investment. Your line is open.

Yes. Good morning. Congratulations on a good quarter. Just a couple of big picture questions if you will. Resurgence wasn’t shareholder since the spin off approximately three years ago and we are value investors and NACCO continues to be very substantially undervalued possibly because of the unusual mix of assets and for the perceived exposure to what might be the most fainted asset today with its core. And I was wondering if the board and the management have given any part to spinning off or separating Hamilton Beach in some fashion so that it will receive the evaluation visiting its high return capital growth and the fact it’s a branded consumer appliances company. That’s my first question.

The tradition and history for our company is that our board considers all kinds of strategic options periodically. Obviously the board under the right circumstances is prepared to consider a spin off as we did with Hyster-Yale and we have discussions on these matters periodically with the board but at this time there is no plan and motion to do that.

Understood. My second question pertains to free cash flow. Now with Centennial gone thankfully, free cash flow have to improve very considerably going forward and I was wondering to what use you expect to put that free cash flow, the two buybacks of course were terrific, you brought back substantial amount of undervalued stock and I was wondering how you might use free cash flow going forward.

I think you’re correct in terms of your premise that each of our three businesses we expect to be free cash flow generators prospectively and we will look at a whole variety of options. As you know, we’ve had a share repurchase program, that’s certainly one possibility that the board could consider looking at. Secondly, we do have debt on our coal company balance sheet in particular and so there is a debt reduction opportunity if we choose to do that, and we of course continue to pay dividends and we’ll look at our dividend. So we will look at a whole variety of things but I think the core point that you make at the moment is that as we see it right now don’t see opportunities to invest in the core businesses that we have. We are of course willing to look at certain kinds of acquisitions. We looked at the Western acquisition for Hamilton Beach. We keep our eyes open for that incremental niche sound fit with an existing business but at this point I’d leave at that.

Understood. My final question pertains to the line in the press release about targeting 2017 unconsolidated mine profits of about 50% higher than 2012. I think that brought me to a number of about $68 million versus trailing earnings for that unconsolidated business of about $49 million. I was just wondering how you would bridge that gap between now and 2017 given the Liberty mine that doesn’t come on really hosting for some time.

Well, of course the Liberty mine plan at the moment we would hope is conservative plan, we don’t know. We have other mines that are coming on stream. We have opportunities to increase and we have other things that we hope will fall into this general area. So that continues to be our objective. We’ll evaluate that on a continuing basis as we look forward especially as we complete our long range financial forecasting and our strategic planning activities which historically come together at the end of this year but generally it’s coming from new mining operations that are coming up to speed that contribute to those numbers. At this point, I think I’d leave it at that.

All right. I have no further questions. Thank you for your time.

And there are no further questions at this time.

Okay. Thank you so much for joining us and again if you do have any additional questions, please feel free to give me a call.