Greetings and welcome to the Transcat Fourth Quarter and Full Fiscal Year 2017 Financial Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Craig Mychajluk, Investor Relations for Transcat. Thank you, Mr. Mychajluk. You may begin.

Yes. Thank you and good morning everyone. We certainly appreciate your time today and your interest in Transcat. With me here on the call we have Transcat’s President and CEO, Lee Rudow and our CFO, Mike Tschiderer. After formal remarks, we will open the call for questions. If you don’t have the news release that crossed the Wire after markets closed yesterday, it can be found on our website at transcat.com. The slides that accompanied today’s discussion are also on our website. If you would, please refer to Slide 2. As you are aware we may make some forward-looking statements during the formal presentation and Q&A portion of this teleconference. Those statements apply to future events, which are subject to risks and uncertainties, as well as other factors that could cause the actual results to differ materially from where we are today. These factors are outlined in the news release, as well as with documents filed by the company with the Securities and Exchange Commission. You can find those on our website where we regularly post information about the company, as well as on the SEC’s website at sec.gov. We undertake no obligation to publicly update or correct any of the forward-looking statements contained in this call whether as a result to new information, future events or otherwise except as required by law. Please review our forward-looking statements in conjunction with these precautionary factors. I would like to point out as well that during today’s call we will discuss certain non-GAAP measures, which we believe will be useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliations of non-GAAP to comparable GAAP measures in the tables accompanying the earnings release. With that, I will turn the call over to Lee to begin the discussion. Lee?

Thank you, Craig. Good morning everyone. Thank you for joining us on the call today. We are pleased with our fourth quarter results, which provided a strong finish to a record year. We delivered both double digit revenue growth and double digit earnings growth along with strong cash flow from operations. I will start with a few highlights for both fourth quarter and the full year and then turn things over to Mike for more in-depth review of the financials as we typically do and then I will come back on for a review of our outlook for fiscal 2018. Both operating segments turned in strong performance for the quarter and for the year. Fourth quarter revenues were up 17% to $38.5 million. Annual revenue was up nearly 18% to a record $144 million. We generated an annual operating income increase of 26% of $1.6 million to end at $7.9 million for the year and record net income of $4.5 million or $0.64 per diluted share. In fiscal 2017, we generated $7.5 million in cash from operations. Our service segment delivered 11% growth in the fourth quarter and an even more impressive 20% growth for the full year. That represents 32 consecutive quarters of year-over-year service revenue growth. We ended fiscal 2017 with a strong pipeline of new service business opportunities as well as the healthy volume of work in progress to kick start the new fiscal year. Investments we made to drive organic growth combined with good execution continue to produce a competitive advantage for Transcat. We achieved high single-digit organic growth in the quarter and strong organic growth throughout the year. As we talked about last quarter we will continue to reinvest in our business and to enhance our long-term revenue and margin growth. With the launching of…

Thanks Lee and good morning everyone. Today, I will be referring to the slides that were filed with the SEC and that are also posted on our website. When considering the year-over-year comparisons the results of this fiscal year 2017’s fourth quarter and the full year period include the acquisition of Excalibur Engineering in the first month of fiscal 2017. The comparison of fiscal 2017’s fourth quarter to that of the prior year also considers Spectrum Technology which we acquired in December in 2015 is therefore included in the fourth quarters of both fiscal ‘17 and fiscal ‘16 and Dispersion Laboratories acquired in January 2016 and therefore with approximately two months results in the fiscal 2016 numbers. On Slide 4 is the summary of our fourth quarter and total fiscal 2017 revenues. Both of our segments contributed to these record results as we achieved solid double digit growth which included higher organic sales along with incremental sales from acquisitions. Services segment revenue was $19.5 million in the fourth quarter, up 11% while for the full year this segment was up 20% to $71 million. The service segment continues to deliver strong results with the 15% 4 year CAGR. After a tough fiscal 2016, we are encouraged with the renewed momentum in our distribution segment. This segment posted strong gains this year which reflected our diversification strategy and an improving U.S. industrial market. Distribution sales in the fourth quarter grew 24% to $18.9 million and for the full year were up 16% to $72.8 million. The combination of organic growth and the acquisition of Excalibur Engineering drove distribution’s results. As a reminder, the Excalibur acquisition provided additional rental revenue from higher cost electronics equipment with typically longer rental periods. Prior to the acquisition of Excalibur, our rental revenue focused more on…

Okay. Thanks Mike. So fiscal 2017 is in the book, with a strong year. The team did a nice job executing our plan. We drove strong revenue growth in both our operating segments. We drove strong earnings growth in both our operating segments. In aggregate, the performance of our acquired company is met or exceeded expectations and expanded the strength of our value proposition. Moving forward as in the past, the goal is to position Transcat to capitalize on growth opportunities as we find them and as they present themselves. As we focused on throughout 2017 and that’s what we will continue to do. Looking ahead, we expect to gain traction on our commitment to invest in and drive operational excellence as we believe the initiative will be transformational for Transcat. Operational excellence goals include the improvement of our customer experience, driving higher organic growth rates, the acceleration of the integration process and the associated cost synergies and ultimately the expansion of margins across both segments as we drive an increased level of efficiency into the organization. We continued to expect strong growth in our service segment including mid to high single-digit organic growth. And as I stated at the beginning of the call, we started the year with a strong new service business pipeline and a substantial backlog of existing business, both will support a strong start to the new fiscal year. Relative to the direction of distribution, we remain optimistic as we continue to drive core end user business and expand our high margin rental and used equipment businesses. As the year progresses we plan to be in a strong position to advance our acquisition strategy, if acquisitions will remain an integral part of our growth strategy. Overall, we expect a strong fiscal 2018 and to remain on track to reach our $175 million to $200 million in revenue within the next 3 years or so. So with that operator, we can open the line for any questions.

Thank you. Ladies and gentlemen, at this time we will be conducting a question-and-answer session. [Operator Instructions] Our first question comes from the line of Dean Grothier [ph] from – a private investor. Please proceed with your question.

Hey guys. Thanks for taking my question and congratulations on successful 2017.

Thanks Dean.

Thanks Dean.

I just – one quick question, is there any change on the competitive landscape in the last six months or nine months?

I – to answer that both relative to distribution and service separately, on distribution we really haven’t seen – actually in both segments we haven’t seen any real changes. Same competitors doing pretty much the same thing in same regions, I can’t really point to any new initiatives that have impacted the business. So I think it’s been pretty stable relative to that Dean.

Okay, great. Thanks.

There are no other questions in the queue. I would like to hand the call back over to management for closing comments.

Okay. Well, thank you, all for joining us on the call. We certainly appreciate your continued support and interest in Transcat. We have been seeing higher trading volumes in the past quarter. Our average daily trading volume is growing about 33% compared to 1 year ago, so that’s encouraging. For those of you in the Bakken [ph] area we will be presenting and available for investor meetings at the IDF Conference tomorrow and that in mid-June we will be at the Microcap conference in New York City. So feel free to reach out to us anytime or at these conferences. We look forward to meeting again with everyone to discuss the first quarter results. Again, thanks for joining us.

Ladies and gentlemen, this does conclude today’s teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.