Good morning. My name is Sarah and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Regis Corporation Fiscal 2017 Third Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. If anyone has not received a copy of today’s press release, please call Regis Corporation at 952-806-2154 and a copy will be sent to you immediately. If you wish to access the replay for this call, you may do so by dialing 1-888-203-1112, and using access code 7540672. The replay will be available 60 minutes after the conclusion of today’s call. I would like to remind everyone, to the extent of the Company’s statements or comments this morning represent forward-looking statements, I refer you to the risk factors and other cautionary factors in today’s news release as well as the Company’s SEC filings. Reconciliation to non-GAAP financial measures mentioned in the following presentation, as well as others, can be found on their website at www.regiscorp.com. Speaking today will be Hugh Sawyer, Chief Executive Officer and Mike Pomeroy, Interim Chief Financial Officer. After management has completed its review of the quarter, we will open the call for questions. [Operator Instructions] I’d now like to turn the call over to Mr. Pomeroy for his comments. Mike, you may begin.

Thanks, Sarah. Good morning, everyone, and thank you for joining us. With me today are Hugh Sawyer, our new President and Chief Executive Officer; Eric Bakken, our President of Franchise; Mark Fosland, our Senior Vice President of Finance and Paul Dunn, our Vice President of Finance. This morning, I will provide a brief overview of our results for the third quarter and provide updates on some financial housekeeping items and liquidity following that. I remind you that our 10-Q, press release, website all contain more detailed explanations of our financial results and our comments today should be considered within the context of these and other public news [ph] or documents. Paul Dunn is also available to answer any questions after the call. And getting into the third quarter. Third quarter results highlight the operational challenges Regis faces in its Company-owned salons. Adjusted EBITDA of $14.8 million in the third quarter was down $8.1 million when compared to the third quarter of last year. The major items driving the erosion is profitability related to guest traffic and variable labor costs. Same-store sales declined 2.9% but same-store traffic was down at 5.7%. Driven primarily by reduced stylist productivity, cost of service increased 200 basis points in the quarter. On the financial housekeeping front, there are three items I would like to share. But first I want to take a few minutes to provide some clarity around G&A. There are number of puts and takes in our year-to-date results that make it challenging to understand what to expect for the fiscal year and what should be considered a true run rate. Let me first start with G&A as reported. During the last quarter's call you'll remember I mentioned we were anticipating our full year G&A to be in the range of $170 million…

Well, thank you, Mike and good day everyone. Thank you for joining us and thanks as well for your interest in Regis. I have four objectives for today's call. I will provide a few additional details regarding my background and qualifications. I'll give you some insight into my style and approach to the CEO’s role. I'll share a few preliminary thoughts regarding the Company’s history of under performance and more importantly what we intend to do to improve the trajectory of the business. And finally, although it is clearly early days I want to provide a forum for you to ask any questions you may have at the end of the call. So let's begin with a few more details about my background, which I hope will be helpful to you. Over a 40 year career I've had the privilege of serving as President or CEO of eight companies prior to Regis and 13 Boards often and highly complex matters. Someone asked me this week how in the world anyone could serve as a CEO so many times, and the answer is I started very young I was fortunate and became a CEO at 34 years old. When I ran a subsidiary of BorgWarner and some of you on this call may remember that BorgWarner went through what was at the time the company’s largest leveraged buyout in the late 1980s and I was a member of that team. And since that time, I have been in the CEO or Presidency chair for all but a few years. And during that period, I acted as the Chief Administrative Officer of Fisker Automotive and later advised the executive management team and Board of Hertz Global Holdings, and Hertz Equipment Rental. I suppose it would be accurate to say that I have…

Thank you, Hugh and Mike. The question-and-answer session will begin at this time. [Operator Instructions] And there are no questions, I will turn the call back over to Hugh. : :

Thanks everyone for giving me a hall pass on the questions. I look forward to talking to you again in just a few more weeks. Thank you and see you soon.