Welcome to the 2014 Fourth Quarter Investor Call. My name is Laura, and I will be operator for today’s call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Ms. Milton Draper. Ms. Draper, you may begin.

Thank you, Laura, and welcome, everyone. I would now like to read the statements about the use of forward-looking statements and non-GAAP financial measures during this call. Statements made in the course of this call that state the company’s or management’s hopes, beliefs, expectations or predictions of the future are forward-looking statements. Actual results may differ materially from those projections. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in our SEC filings, including our Form 10-K, our 10-Qs and our press releases. We undertake no obligation to update these forward-looking statements. We are holding this call to review our fourth quarter results and to answer any questions you might have. If you have additional follow-up questions after the call, please call me at 650-589-9445. Joining me today is the Chief Executive Officer of Core-Mark, Thomas Perkins; and the Chief Financial Officer, Stacy Loretz Congdon. Also in the room is Chris Miller, our Chief Accounting Officer; and Greg Antholzner, our Vice President of Finance and Treasurer. Our lineup for the call today is as follows: Tom will discuss the state of our business and our strategy going forward, followed by Stacy, who will review the financial results for the fourth quarter. We will then open up the call for your questions. Now I would like to turn the call over to our CEO, Tom Perkins.

Good morning, everyone. I would like to go over the state of our business and briefly review the financial results for the year, and then discuss our core strategies. I’m sure most of you saw our press release this morning announcing the completion of an asset deal in Canada to acquire Karrys Bros, a distributor in Ontario. Like Core-Mark, Karrys has been in business for more than a century and has a reputation for providing excellent customer service. They also deliver fresh, frozen and refrigerated products, so this business should be a nice fit for us. We paid approximately $10 million for most of the assets and expect to spend about $1 million on start-up and transition costs in 2015. While this is not a large acquisition, it is an important one for our Canadian division. It should generate approximately $100 million in annual sales and will contribute to leveraging our Toronto division’s fixed cost and help generate higher profits. We look forward to servicing their customers and welcoming many of their employees into the Corel-Mark family as we fold this business into our Toronto division in the spring. Speaking of Canada, you may have noticed in our 10-K that our Canadian division’s profits have improved considerably in 2014. We picked up a large customer, maximized holding gains and a keen focus on our operational efficiencies all drove the results. The addition of the Karrys business should continue the momentum in this important segment of our business. Our partnership with Rite Aid is going well, we continue to focus on the chilled, fresh, frozen and bakery items in the approximately 4200 stores added this year. These items are selling at very healthy rates, indicating to us and our partners at Rite Aid an improvement in their fresh and food offerings.…

Thanks, Tom, and good morning, everyone. I'd like to start my comments with a brief discussion of our earnings per share for the quarter and the year. Diluted EPS for the fourth quarter was $0.62 compared to $0.65 last year. For those of you that model EPS excluding LIFO expense, this translates to $0.69 for the quarter compared to $0.65 last year, a 6.2% improvement. For the year, diluted EPS was $1.83 in 2014 compared to $1.79 for 2013. We had guided to a range of $1.68 to $1.76 and beat that expectation due primarily to our LIFO expense coming in a bit lower and a better tax rate than expected. As a reminder, our LIFO expense is tied to the Producer Price Index and reflects estimates in the various product categories. Excluding LIFO expense, we earned $2.26 in 2014 compared to $2.02 last year, an 11.9% increase. This result was above the higher end of our guidance which targeted $2.17 to $2.25 per share. For 2015, we’re guiding to an EPS range between $1.84 and $1.91. This includes estimates of $16 million for LIFO expense, $8 million for cigarette holding gains, a 38% tax rate and 23.4 million dilutive shares outstanding. Excluding LIFO expense, we are guidance to an EPS range of $2.26 to $2.33. The candy gain and the net OTP tax items represented approximately $0.36 per share for 2014 and are not expected to recur in 2015. In addition, integration, acquisition, legal settlement and legacy insurance claim costs compressed 2014 EPS by approximately $0.13 per share. Normalized for just these items, guidance for 2015 EPS excluding LIFO expense indicates a range of growth between 10% to 14%. Moving on to our fourth quarter results, sales increased 4.7% to $2.6 billion compared to $2.5 billion last year. Excluding…

[Operator Instructions] And our first question comes from Mark Wiltamuth.

And our next question comes from Andrew Wolf.

And our next question comes from Chris McGinnis.

And our next question comes from John Lawrence.

[Operator Instructions] And we do have Andrew Wolf back in the queue.

[Operator Instructions] We do have Chris McGinnis back in queue with a question.

And we have no further questions at this time.

Thank you for your participation in our conference call and for your interest in Core-Mark. We are pleased with the results for the year and believe that 2015 will be another terrific year for the company as we execute on our core strategies and take market share. If you have any additional questions, please feel free to call me at 650-589-9445. Thanks operator.