Good afternoon, everyone, and thank you for participating in today's conference call to discuss Black Diamond Inc's Financial Results for the Third Quarter ended September 30, 2015. Joining us today are Black Diamond Inc's Executive Chairman, Warren Kanders, the Company's COO, Mark Ritchie, the Company's CFO, Aaron Kuehne, and the Company's Director of Investor Relations, 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 the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Cody, please go ahead.

Thanks, Travis. 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 result 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 reformation and growth strategy, including its ability to organically grow each of its historical product lines, the ability of the Company to identify potential acquisition or investment opportunities as part of its redeployment and diversification strategy; the Company’s ability to successfully redeploy its capital into diversifying assets or that any such redeployment will result in the Company's future profitability; 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 as well as foreign currency fluctuations; the Company's ability to utilize…

Thank you very much Cody, and good afternoon, everyone. As you may have seen earlier today, the Company reported its earnings for the third quarter and nine months ended September 30, 2015. In addition, the Company announced that after more than 25 years of service to the brand, Black Diamond's Equipments founder Peter Metcalf will retire as the Company's Chief Executive Officer effective December 31, 2015. Given the significance of our remarks following both Peter's decision to retire and the completion of our process to explore strategic alternative, I am going to lead off this afternoon’s call. Following my opening remarks, you will hear from each of Mark Ritchie, our Chief Operating Officer; and Aaron Kuehne our Chief Financial Officer. Consistent with our past three earnings calls, we are not going to entertain questions following our prepared remarks. However, we strongly encourage those of you with questions following our call today to follow-up directly with either me, Aaron Kuehne, or Cody Slach. We would also encourage you to attend our Annual Shareholders meeting in New York City on Friday, December 11. We issued a press release on October 9 that outlines the specifics of the meeting including RSVP instructions. Our remarks this morning are organized in three primary areas. I will firstly review the past by highlighting the journey we have been on since May 2010 acquisition of Black Diamond Equipments and some of the strategic objectives that we established. Second, provide some color on our strategic process that we have just concluded. And thirdly, focus on our future, specifically our plans to keep the Black Diamond equipment and PIEPS businesses, and to redeploy our capital into potentially diversifying assets. Black Diamond, Inc. is currently structured as a publicly traded holding company. Currently, Black Diamond Equipments and PIEPS are the…

Thank you, Warren and good afternoon everyone. I first joined Black Diamond Equipment in 1994 and have held the positions of Planning Coordinator, Director of Planning, Purchasing and Logistics, Director of Operations, VP of Operations and Chief Operating Officer during my career here. I’m honored and committed to lead the reformation of Black Diamond Equipment as one has described it. To get there, Black Diamond equipment would no longer service as an outdoor platform. As a result, the reduction in force has already occurred for both open and filled positions in North America and is underway in other parts of the organization. We are also moving forward with the plan to restructure our European business reducing overhead complexity and structural risk. Tim Bantle, our former Head of Black Diamond Equipment is moving to Europe and will be leading this business for the brand. We are continuing to develop our apparel effort but actively staying back the category to a naturally organic rate of growth so that it can achieve profitability at industry appropriate margin. Our mission is to grow Black Diamond Equipment and to continue to develop the number one climbing brand in the world albeit at a different tempo with the long term goal of expanding in a climbing category which has historically grown at mid-single digit rate. Our business center of gravity will reside within hard goods with a continuing focus on new product development. Regionally, our consolidated North American business continues to be strong to as a third quarter at a very solid first half driven by growth in our foundational product categories of climbing mountain to the largest and most important retailers. We continue to drive double digit direct to consumer growth in the quarter. In fact, this emerging channel continues to be our fastest growing…

Thank you, Mark, and good afternoon everyone. The reported results we issued in today's press release are from continuing operation excluding the result of POC for both the three months and nine months period ended September 30. Sales in the third quarter of 2015 decreased 11% to $39.3 million compared to $44.1 million from the same year ago quarter. The decrease was driven by the weakening of foreign currency against the U.S. dollar and softer product volume in parts of Europe and Japan. Due to the recent volatile foreign exchange markets, third quarter sales were negatively impacted by approximately 550 basis point or $2.4 million. So on a constant currency basis, Q3 sales only decreased 5%. Consolidated gross margin in the third quarter decreased 340 basis points to 36% compared to 39.4% in the same period last year. This was in spite of 375 basis point headwind from foreign currency. So on a constant currency basis gross margin would have been a healthy 39.8% an increase of approximately 40 basis points. The constant currency improvement was due to a favorable mix of higher margin products and channel mix reflects the margin enhancing initiative contained in our strategic pivot. Third quarter SG&A which excludes restructuring, merger and integration and transaction cost declined 11% to $14.2 million due to the actions outlined in our strategic pivot, the real alignment of redundant operating platform resources following the sale of Gregory as well as general optimization efforts across to organization. During Q3 we incurred restriction charges of $696,000 related to the continued realignment of resources associated with the repatriation of manufacturing activities from Asia to the U.S. and the reformation of Black Diamond equipment. During the third quarter, you will notice that we increased evaluation amounts on our NOLs by $49.2 million. This does…

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