Shannon Greene - CFO and Treasure Jon Thompson - President, COO and CEO Mark Angus - SVP

Good day, ladies and gentlemen and welcome to the Tandy Leather Factory Third Quarter 2014 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct the question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference is being recorded. I would like to introduce your host for today's conference, Chief Financial Officer Ms. Shannon Greene. Ma'am you may begin.

Thank you. Good afternoon and thank you for joining us for our third quarter 2014 earnings conference call. I am Shannon Greene, Chief Financial Officer of Tandy Leather Factory and I'm joined by Jon Thompson, our Chief Executive Officer and Mark Angus, our Senior Vice President. I call your attention to the fact that these conversations will contain forward-looking statements to the extent we speak today of any future event or make other forward-looking statements. You are reminded of the inherent uncertainties of looking into the future that there are risks to Tandy Leather Factory that could prevent these events from occurring in the manner foreseen. Please see our Form 10-K for 2013 and subsequent forms 10-Q for a discussion of some of these risks. Copies of these documents are available to the SEC's EDGAR system and from our Investor Relations office. Also, statements made today by us as management of Tandy Leather Factory are made as of this moment and we disclaim any duty to the update those statements. Our third quarter results were respectable although not as good as we would have liked. We achieved a 5% sales increase and a 4% earnings increase compared to the third quarter of 2013. Gross profit margin remained strong at 62.7% for the quarter and operating income was up by 2%. We ended the quarter with $4.9 million in cash and $39 million in inventory. Total assets at September 30th were $64 million. Now for the numbers from today's press release, our third quarter consolidated sales increased 5%. Current quarter sales were $19.4 million compared to last year's third quarter sales of $18.5 million. Wholesale Leathercraft sales were $6.3 million this quarter down 3% from $6.5 million in the third quarter last year. The same-store posted a 3% sales increase reporting…

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Thank you. (Operator Instructions) At this time I'm showing no questions in queue.

Very good. On behalf of Jon Thompson, Mark Angus and myself, thank you for your participation in today's call. Have a good afternoon.

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect. Everyone have a great day.