Welcome to the Sensient Technologies Corporation 2014 Second (sic) Quarter Conference Call. Today's call is being recorded. At this time, for opening remarks, I would like to turn the call over to Mr. Steve Rolfs. Please go ahead, sir.

Good morning. I'm Steve Rolfs, Senior Vice President, Administration of Sensient Technologies Corporation. I would like to welcome all of you to Sensient's conference call to discuss 2014's third quarter financial results. I'm joined this morning by Paul Manning, Sensient's President and CEO; and Dick Hobbs, Sensient's Senior Vice President and Chief Financial Officer. Yesterday, we released our 2014 third quarter financial results. A copy of the release is now available on our website at sensient.com. Before we begin, I would like to remind everyone that comments made this morning, including responses to your questions, may include forward-looking statements as defined in the Securities Litigation Reform Act of 1995. Our statements may be affected by certain factors, including risks and uncertainties, which are discussed in detail in the company's filings with the Securities and Exchange Commission. We urge you to read Sensient's filings for a description of these factors. Please bear these factors in mind when you analyze our comments today. Now, we'll hear from Paul Manning.

Good morning. Sensient reported third quarter diluted earnings per share of $0.78, an increase of over 8% compared to the $0.72 reported in last year’s third quarter. Both amounts exclude the impact of restructuring costs. Operating profit in the third quarter increased by about 3% on local currency and the company’s operating margin improved by 70 basis points to 15.7%. Third quarter cash flow increased more than 20% to $58 million. We are continuing our efforts to shift to value-added and technology-driven products, while actively rationalizing non-strategic and low margin business. Removing the impact of these efforts, consolidated revenue was slightly up in the third quarter and up about 2% for the first nine months of this year. The impact in the Flavors & Fragrances group was approximately 3% in both the third quarter and year-to-date periods. Sensient’s Color group is the global leader for food and beverage colors and we have the unique ability to provide both synthetic and natural color solutions to our customers. We’re also the global leader for digital inks and cosmetic ingredients and our strong capabilities in pharmaceutical excipients and industrial colors. The group continues to deliver solid results, reporting higher revenue, operating income and operating margin in the third quarter. Third-quarter revenue and operating income grew by 3.3% and 4.3% respectively in local currency. Color group’s operating margin also remained strong, increasing 30 basis points to 22.8% in the quarter. In local currency, the Color group’s revenue year-to-date is up 3.5% and operating income increased by 6.9%. But in the first nine months, the group’s operating margin is 22.9%. To add some perspective to the Color group’s results. Five years ago, annual revenue was $375 million. Operating income was just under $59 million and the operating margin was $15.7 million. The 2014 results are…

Good morning. Sensient’s revenue was $364.5 million for the third quarter of 2014 compared to $370.5 million reported in the third quarter of 2013. Operating income as reported was $36.1 million compared to $49.1 million in last year’s third quarter. The third quarter results includes $21 million of restructuring costs compared to $6.6 million of restructuring costs recorded in the third quarter of 2013. These costs are reported in the corporate and other segment. Excluding the restructuring costs, operating income was $57.1 million, an increase of 2.5%. Interest expense was $4 million in the third quarter of both years. The tax rate, excluding the restructuring impact in both periods, were 28.9% in the current quarter and 30% in last year's third quarter. Diluted earnings per share from continuing operations, as reported, was $0.47 per share compared to $0.64 last year. Excluding the restructuring impact in both periods, earnings-per-share were $0.78 in the current quarter compared to $0.72 in last year’s third quarter, an increase of 8.3%. Foreign currency translation did not have a significant impact on revenue, or operating income in the current quarter. For the first nine months of 2014 and 2013, revenue was $1.1 billion in both periods. Year-to-date operating income was $94.4 million compared $134.9 million for nine months of last year. Excluding the impact of restructuring and other costs, operating income grew by 7.7% to $173.2 million in the first nine months of 2014. Interest expense was $11.9 million for the nine months ended September 30, 2014, a decrease of 3.7% from $12.3 million recorded in the comparable period last year. The tax rates, excluding restructuring, were 29.8% and 29.7% in the first nine months of 2014 and 2013 respectively. Diluted earnings-per-share from continuing operations, as reported, was $1.13 per share in the first nine months…

Thank you very much for your time this morning. We will now open the call for your questions.

(Operator Instructions) Your first question comes from the line of Mike Sison with KeyBanc. Michael Sison – KeyBanc Capital Markets: In terms of the flavors and fragrances, Paul, could you just sort of give us a feel on the pulse of demand there -- I know some product rationalization is in there, sales are down, third quarter in a row. But maybe highlight some of the areas that you are growing, give us a sense of product rationalization is -- any thoughts on maybe Europe, if you're worried about that part of the economy.

Okay. Yeah, I would say, number one, I think we're seeing – and I am seeing very strong evidence that the strategy is working, that the days of really being focused on ingredients exclusively are certainly coming to an end, that there is a much stronger emphasis in execution, on products that in some cases would contain those ingredients and other cases may not. But it’s certainly moving in the direction of selling more sophisticated fragrances and flavors with additional technologies being integrated we’re seeing a lot of success in our beverage businesses right now along that dimension. We’re seeing successes in our fragrance business. I think when you look at some of the other market dynamics right now, certainly dairy has been a problematic market for the year. We certainly see volume down. Yogurt, we see it down and ice-cream which as you know is a fairly big part of that business for us. But even on the savory side we see market declines in many of the markets most notably U.S. with respect to soups and other savory related products. And so I think that our best evidence that it is working are in some of the -- I'll give you a couple of examples of that. I think to your point about Europe and I’ll get to your rationalization piece as well. I think Europe in general is showing very good improvement for us. We’re seeing good top-line growth. We are really turning around what has fundamentally been a business that we struggled with for many years. Yet there are certainly headwinds in that market, but I think with our focus on the types of customers that we’re focusing on we’ve seen say less of an impact there perhaps than others but certainly we’re seeing headwinds in…

Yeah, I would say for this year it’s going to be less than say $2 million, I think for 2015 figure about 20% to 25% of the savings will come in, I think by 2016 most of it and then certainly by 2017 all of it. That’s kind of how we lay it out as coming in. You can certainly understand some of the complexity of the restructure. We make announcements but then there is a long process with customers and formula, and there are certainly labor laws in many countries that we have set timeframe and then by the time we process that in your inventory. So that’s a little bit of the lead time considerations. And it’s certainly going to be in our best interest to mitigate these risks and preserve the customer relationships that we have, but that should give a pretty good sense of sort of the timeframe we’re looking at here. Michael Sison – KeyBanc Capital Markets: Now that’s great, thank you. And then final question, balance sheet is in really good shape. You can buyback a lot more stock obviously. But what are your thoughts on the M&A environment? Are you seeing things that could be incremental or additive for Sensient? And I think you goal has been to sort of find some good bolt on technologies. Is that still where you want to play or be have appetite maybe to do the third leg down the road?

I would say full. I think for right now my appetite is very much for a bolt on acquisition that could enhance technology or market access. I know it’s very easy, my humble opinion to overpay for an acquisition nowadays. I have no intention of doing that. We need to be very mindful of the dangers of paying too much and earning that return over such a long period of time could create an undigestible level of risk so to speak. So I continue to look at that very closely again kind of bolt on acquisitions. I think that’s a good description that you use but certainly in time whether you call the third leg or the fourth leg. I think as we look at this business as a specialty chemical business, I think we can identify a number of different possible synergies for us to bring into the business and really to create the foundation for another growth avenue for the company. But I think for right now we’ll stick to our knitting so to speak and focus on the businesses that we’re in, Certainly, Flavors and Fragrances. It’s about fixing those businesses. But to the extent we saw technology opportunities in cosmetics or inks, for example, that could be very compelling for us. Michael Sison – KeyBanc Capital Markets: Great. Thanks, Paul.

Okay. Thanks, Mike.

The next question comes from the line of Christopher Butler with Sidoti Christopher Butler – Sidoti & Company: Hi, good morning everyone.

Morning, Chris. Christopher Butler – Sidoti & Company: I was just hoping you might be able to break down volume versus price mix on the Flavors and Fragrance and Colors segment for the quarter.

Christopher Butler – Sidoti & Company: I’m sorry. What are the numbers on Flavors and Fragrance?

Depending on the business unit it could be 50-50. On an all-out basis you get probably say about 3:1 price to volume. Christopher Butler – Sidoti & Company: If we’re looking at this business and the sluggish end markets, do you need the end markets to pick up, do you need better new product adoption from customers who maybe a little bit more reluctant now in order to get the operating income growing in this business or can you do this organically just for market share gains over the next couple of years?

Well, in terms of where we’re going with the business and the type of customer focus we have, I think that we can be successful. Certainly, the end markets are providing a headwind, but I think we can certainly execute on our strategy. Now if you look at some of the existing business-- I referenced some of that dairy business before-- yes the markets are providing a substantial headwind which unless that can pick up with new product introductions from those companies, that will be a challenge. So it’s a little bit of a mix bag. When you go over to Color where we have a, say, far greater access to the who’s who of the CPG world, certainly what has driven Color’s growth over the years has been our achievement up to the lion share of new product launches and with that slowdown you can see that it becomes a little bit more of a headwind. But I think the notion of expanding the customer base beyond, say, the sluggish multinationals at this point to, say, more local and regional companies, I think that’s a reality for the Color Group. We see it is a little bit of a new normal and so our way of working around that, of dealing with those headwinds is expanding the customer base in Color. So that would be kind of high-level highlight frame that went up. Christopher Butler – Sidoti & Company: Just sticking with Color, could you talk to the restructuring that took place in the Color Group? I don’t know that I was aware that part of the new plan included in the Color Group, instead of just Flavors and Fragrances.

Yeah. Well, it’s about, let’s say probably 95% flavors. This is about a $5million piece of revenue. Say an OPC (Organic Photo Conductor) and organic light emitting diode business that was essentially in my opinion was no longer going to be cored to the strategy moving forward. And so that is classified now as a discontinued operation. Dick can give you some more granular detail on that , if you like, but that’s very much the nature of it. There is no other businesses in Color Group affected by it, but I think when we said the restructuring is almost all Flavors it is truly almost all Flavors that the one exception being these very small pieces of Color Group which has been completed. That operation ended at the end of September and there is no nothing further to talk about on Color, but Dick can give you a couple.

Christopher Butler – Sidoti & Company: I appreciate the added information. Thanks for your time.

Thanks Chris.

[Operator Instructions]. And there are currently no further questions. I would now turn the conference back to the company for closing remarks.

Okay. Thank you again for your time this morning. If there are no further questions at this time, we will conclude the call. If anyone has a follow up after the call, please feel free to call the company Thank you again.