Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2013 Unitil Earnings Conference Call. My name is Brittney and I will be the operator for today. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. (Operator Instructions). This conference is being recorded for replay purposes. At this time I would now like to turn the conference over to your host for today, Director of Finance, Mr. David Chong. Please proceed, sir.

Good afternoon, and thank you for joining us to discuss Unitil Corporation’s fourth quarter 2013 financial results. With me today are Bob Schoenberger, Chairman, President and Chief Executive Officer; Mark Collin, Senior Vice President, Chief Financial Officer and Treasurer; Tom Meissner, Senior Vice President and Chief Operating Officer; and Larry Brock, Chief Accounting Officer and Controller. We will discuss financial and other information about our fourth quarter on this call. As we mentioned in the press release announcing the call we have posted that information, including a presentation to the Investor section of our website at www.unitil.com. We will refer to that information during this call. Before we start please note that comments made on this conference call may contain statements that are commonly referred to as forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the company’s financial condition, results of operations, capital expenditures and other expenses, regulatory environment and strategy, market opportunities and other plans and objectives. In some cases forward-looking statements can be identified by terminology such as may, will, should, estimate, expect or believe, the negative of such terms or other comparable terminology. These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties and the company’s actual results could differ materially. Those risks and uncertainties include those listed or referred to on slide 1 of the presentation and those detailed in the company’s filings with the Securities and Exchange Commission, including the company’s Form 10-K for the year ended December 31, 2013. Forward-looking statements speak only as of the date they are made. The company undertakes no obligation to update any forward-looking statements. With that said, I’ll now turn the call over to Bob.

Thanks, David. I want to begin by discussing a few highlights of the past quarter and for the full year 2013. If you turn to slide four of our presentation, today we reported higher net income of $21.6 million, an increase of $3.5 million or 19% compared to last year. Earnings per share for the full year were $1.57 per share, an improvement of $0.14 per share compared to 2012. The continued strong demand for natural gas helped produce excellent financial results in 2013. The robust growth in our utility businesses is due to several factors including favorable weather, contingent investment in distribution infrastructure and recently approved electric and gas base rates. We believe this provides a strong foundation for the future growth. On slide five, we achieved significant growth and steadily improved financial performance over the past five years by focusing on our core strategies. In our Natural Gas division we are aggressively targeting new customer growth and investing in the modernization and expansion of our distribution system. Our gas expansion plan has been designed to increase our gas sales by 4% to 6% annually and to reach a doubling of our gas rate base by 2016. In our Electric division we continue to make system capacity, reliability and customer service-related investments. And as Mark will discuss later we have implemented cost tracker distribution rate adjustments and filed distribution base rate cases for our gas and electric utility businesses. We have finalized a settlement in one of these recent cases for our gas utility in Maine and have been awarded $3.8 million in new rates effective January 1, 2014. Again we believe that the execution of our growth strategies, coupled with new rate approvals will continue to drive the growth in our financial results into the future. Now if…

Thanks Bob. As Bob mentioned we have seen significant growth in gas business both in terms of the number of customers served and sales growth as well as increased investment we’re making to modernize and expand the reach of our system. Over the next few slides I’ll go through our 2014 capital budget, highlighting our growth spending, pipe replacement programs and our electric substation constructions plans. If you turn to slide eight we’ve provided a more detailed look at our 2014 capital budget and our historical growth in rate base. We plan to spend about $57 million on gas projects, $27 million on electric projects and $7 million on business systems and supporting technology for a total of $91 million in spending in 2014. Spending on new customer additions will be a significant component of this budget. In 2014 we tend to spend about $35 million or 38% of our capital budget on expansion of our electric and gas distribution systems to achieve new customer growth. Of this $23 million or 40% of our gas budget will be spent on expansion of our natural gas delivery system targeting new customers and increased gas sales. On the electric side we plan to spend about $12 million or 44% of the electric budget on growth and expansion. Of this roughly $5 million will be spent on multi-year project to construct two electric substations in New Hampshire in order to meet growing electric demand in our territories. Spending on these two substations is expected to total about $23 million over four years. Another major category of spending is infrastructure replacement, which is primarily replacement of cast iron and bare steel mains and services. We plan to spend about $18 million or 32% of the gas budget on infrastructure replacement in 2014. It’s worth…

Thanks, Tom. As Bob stated earlier, net income increased by $3.5 million or 19% to $21.6 million for this past year-ended December 31, 2013. Results were positively affected by higher natural gas and electric sales margins due to higher distribution rates, new customer growth and more normal winter weather in 2013. Turning to slide 12 natural gas sales margins were $85.2 million in 2013, an increase of $9 million or 11.8% compared to 2012. Therm sales of natural gas were up over 10% in 2013, driven by colder winter weather in the year, coupled with strong customer growth. Based on weather data collected in the company service areas there were 16% more heating degree days in 2013 compared to 2012 which we estimate positively impacted earnings per share by about $0.12 compared with the prior year. Heating degree days were about 1% higher than normal. Excluding the effect of weather on sales weather normalized gas therm sales are estimated to be up 4% in 2013, reflecting strong customer growth. Slide 13 highlights our electric business sales and margin. Electric sales margins were $76.2 million in 2013, an increase of $4.3 million or 6% compared to 2012. Electric sales margins reflect higher electric base distribution rates in 2013 including recovery of $1.3 million of vegetation management and electric reliability enhancement expenditures as well as an increase of $0.7 million in the recovery of major storm restoration costs which are offset by corresponding increase in operating expenses. Electric kilowatt hour sales increased approximately 1% in 2013. On both slides 12 and 13 the unit sales increases I just discussed exclude the decoupled sales of our Massachusetts combination gas and electric operating utility. Approximately 11% and 27% of our total gas and electric sales respectively are decoupled and changes in these sales do…

(Operator Instructions). And your first question comes from the line of Liam Burke, representing Janney Capital Markets. Please proceed. Liam Burke – Janney Capital Markets: Yes, thank you. Good afternoon. Could we go back to the capital budget of $91 million? How – I mean you have infrastructure replacement of $18 million and then IT investment of additional $7 million. Could I interpolate that as your maintenance CapEx for an annual maintenance CapEx number or how would I translate the sections of the pie chart into a maintenance CapEx number?

I am not sure that we intended to categorize it into maintenance CapEx. I think the portion of the pie chart that is shown as other requirements is related to a more normal level of activity and then we highlighted the specific areas that I think tend to be above and beyond that. Liam Burke – Janney Capital Markets: Okay. So it’s roughly $30 million. I mean roughly, obviously there are these grey areas…

Yeah I think, Liam that’s right. I think as Tom said other requirements really reflect that base maintenance budget in the capital area. Liam Burke – Janney Capital Markets: Great. And you talked in the electric business that you did have some storm activity. During the first quarter, during the fourth quarter and then during the year-to-date in the first quarter of ‘14 are you seeing normal storm activity or is it higher than usual?

It’s actually been fairly typical of years past, nothing unusual and certainly nothing like we have seen with the storms in the recent years. Liam Burke – Janney Capital Markets: Great. Thank you very much.

(Operator Instructions). Okay and there are no further questions in the queue at this time.

Okay, this is David Chong. Thank you for attending our call this quarter and this concludes our conference call.