Please stand by, we are about to begin. Good afternoon, everyone and thank you for participating in today’s conference call to discuss Black Diamond Incorporated's Financial Results for the Fourth Quarter and Full Year ended December 31, 2014. Joining us today are Black Diamond Incorporated's CEO, Mr. Peter Metcalf; the company's CFO, Mr. Aaron Kuehne; and the company's Director of Investor Relations, Mr. Cody Slach. Before we go further, I would like to turn the call over to Mr. Slach, as he reads the company's Safe Harbor statement within the meaning of Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Cody, please go ahead.

Thanks, Jamie. Please note that during this conference call, the company may use words such as appears, anticipates, believes, plans, expects, intends, future and similar expressions, which constitute forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on the company's expectations and beliefs concerning future events impacting the company, and therefore, involve a number of risks and uncertainties. The company cautions you that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the company to differ materially from those expressed or implied by forward-looking statements used in this conference call include, but are not limited to, the overall level of consumer spending on the company's products; general economic conditions and other factors affecting consumer confidence; disruption and volatility in the global capital and credit markets; the financial strength of the company's customers. The company's ability to implement its growth strategy, including its ability to organically grow each of its historical product lines, its new apparel line, and its recently acquired businesses. The results of the company's review of strategic alternatives, the company's ability to successfully integrate and grow acquisitions; the company's exposure to product liability or product warranty claims and other loss contingencies; the stability of the company's manufacturing facilities and foreign suppliers; the company's ability to protect patents, trademarks and other intellectual property rights; fluctuations in the price availability and quality of raw materials and contracted products; foreign currency fluctuations; the company's ability to utilize its net operating loss carry-forwards; and legal, regulatory, political, and economic risks in international markets. More information on potential factors that could affect the company's financial results is included from time-to-time in the company's public reports filed with the Securities and Exchange Commission, including the company's Annual Reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. All forward-looking statements included in this call are based upon information available to the company as of the date of this conference call and speak only as the date hereof. The company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this conference call. I would like to remind everyone that this call will be available for replay through March 30th, starting at 8 P.M. Eastern tonight. A webcast replay will also be available via the link provided in today's press release as well as on the company's website, at blackdiamond-inc.com. Any redistribution, retransmission or rebroadcast of this call in any way without the expressed written consent of Black Diamond, Inc. is strictly prohibited. Now, I would like to turn the call over to the Chief Executive Officer of Black Diamond, Mr. Peter Metcalf. Peter?

Thank you Cody and good afternoon everyone. At the close of market today, we issued a press release announcing our financial results for the fourth quarter and full year ended December 31, 2014. We are pleased to note that we reported results that came within the ranges of both our second half and full year 2014 revenue and gross margin guidance. Since initiating our strategic pivot in late 2013, we have executed against nearly all of our objectives including the sale of Gregory, the focus on our core and fastest growing brands, and the development of a series of initiatives to improve margins and profitability. Strong fourth quarter results reflect this execution with 13% constant currency sales growth, a 160 basis point improvement in gross margin, and a 37% increase in adjusted EBITDA. Black Diamond Apparel and POC continued to drive our growth. We also announced today that the company engaged the financial advisory firms Rothschild and Baird to lead the exploration of a full range of strategic alternatives for each of the company’s brands, Black Diamond POC and PIEPS. Before I comment further, Aaron Kuehne, our CFO will discuss our financial results for the fourth quarter. Aaron?

Thanks Peter and good afternoon everyone. The reported results we issued in today’s press release are from continuing operations excluding the results of Gregory Mountain Products both for the three-month and 12=month periods ended December 31. We divested Gregory on July 23, 2014. Sales in the fourth quarter of 2014 increased 10% to $59.4 million compared to the same year ago quarter. The increase was primarily due to the continued growth of Black Diamond Apparel and an increase of POC's pre-season bookings as well as reorders of end season Fall and Winter products. Specifically POC had a strong fourth quarter and even stronger 2014 driven by growth in every region, especially in North America. POC continues to grow at a consistent rate of growth albeit on a higher revenue base. Due to net weakening of foreign currencies against the U.S. dollar on a consolidated level, fourth quarter sales were negatively impacted by approximately 300 basis points or $1.8 million. On a constant currency basis, Q4 sales increased 13%. Consolidated gross margin in the fourth quarter increased 160 basis points to 39% compared to 37.4% in the same period last year. The improvement was primarily due to both the favorable mix of higher margin products and higher margin channel mix partially offset by 175 basis point impact from foreign exchange. So on a constant currency basis, gross margin would have been a healthy 40.8%, a 335 basis point improvement. Fourth quarter SG&A, which excludes restructuring, merger, and integration and transaction costs was $21.9 million compared to $20.2 million in the year ago quarter. The increase reflects continued investments in our strategic initiatives such as the transition of certain POC distributors and to the company’s in house operations, and the continued roll out of POCs new road cycling collection. With the sale…

Thank you Aaron. As I mentioned in my opening remarks, at the end of 2013, we embarked on a significant strategic pivot. I will highlight now the progress we have made on that strategic pivot. With the exception of the repatriation of certain manufacturing activities to the U.S., which we expect to materially complete by July 2015, the strategic steps of the pivot have been completed. To reiterate, the pivot hinges on three areas. First, we acknowledge that Black Diamond and POC are our fastest growing brands and worthy of investment to accelerate organic growth. Secondly, to position the company from a rapid growth in July 2014, we completed the sale of Gregory realizing 84.1 million in cash with 2.3 times projected 2014 revenue. Gregory was at that time our slowest growing and in our opinion least valuable major brand. The sale simplified our business model, allowed us to take costs out of our operating platform, significantly strengthened our balance sheet, and enabled us to utilize a meaningful portion of our NOL. The sale also left us with what we believe to be some of the fastest growing and most well respected brands in the outdoor space. Thirdly, the pivot planned a series of reorganization steps designed to; one, reduce supply chain complexity; two, improve growth in operating margins; three, optimize hard good SKUs by approximately 25% compared to 2014; four, reduce the size of the global operating platform; five, consolidating manufacturing in Salt Lake City specifically for climbing hardware; sixth, centralizing warehouse space in Europe to the Netherlands; and seven, shifting through an OEM model for ski production. When complete, we expect these efforts to result in overall cost optimization through our existing business of approximately $10 million by the end of 2015 with full year savings realized in…

Ladies and gentlemen that does conclude today’s teleconference. You may now disconnect your lines at this time. Thank you for your participation.