Welcome to the Raven Industries third quarter 2010 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Leslie Loyet of the Financial Relations Board. Please go ahead.

I’d like to thank everyone for joining us today. Earlier in the day, we sent out a press release, outlining the results for the third quarter of fiscal 2010. If anyone has not received the release, please visit Raven’s website at www.ravenind.com to retrieve a copy. Joining us today from management of Raven Industries, we have Ron Moquist, President and Chief Executive Officer, Tom Iacarella, Vice President, Chief Financial Officer, and Dan Rykhus, Executive Vice President. Management will provide an overview of the quarter and then we’ll open the call up to your questions. Before we begin, we’d like to remind participants that the information contained in this call is current only as of the day of the call, November 19, 2009 and the company assumes no obligation to update any statements, including forward-looking statements made during this call. Statements made by the company that are not historical facts, are forward-looking statements that are subject to the Safe Harbor Disclaimer in today’s press release. At this point, I’d like to turn the call over to Ron for his opening comments. Please go ahead.

Okay thanks Leslie, and thank you all for joining our third quarter conference call. As Leslie mentioned we released our third quarter results this morning and you all should have received a copy of those. Overall I think Raven is performing at a high level and although I’m not at all bullish on the American economy and the prospects for a quick turnaround, I do feel that Raven has some unique opportunities to grow and be profitable in a bad economy and that’s because of our diversification and our ability to stay flexible and invest in those businesses that show the most promise and potential for growth. Last quarter I said that our third quarter might be the toughest on a year over year basis but not significantly worse then our first six months and that’s how it turned out. Sales were down 20% and net income was down 13% for the quarter and I think any time net income drops percentage wise less then the sales drop, you’re operating pretty efficiently. In manufacturing net income usually drops at least twice as much as the sales drop. This is my 37th conference call and I have two more to go before my retirement at the August, 2010 Raven Board Meeting and its clear to me that transparency and how we make the numbers and what’s in the balance sheet plus some insight as to how we’re thinking about our future prospects and performance make these calls worthwhile. Plus the Q&A is always the best part of the meeting. Analyst meetings used to be just that, for analysts. Now the audience is competitors, suppliers, customers, employees, shareholders, and anybody who just wants to listen in and I suppose that’s made these things a little more structured and cautious plus the effects…

(Operator Instructions) Your first question comes from the line of Jeff Evanson - Dougherty & Company Jeff Evanson - Dougherty & Company: Thanks for the candid commentary as always and the straightforward thinking in business management. Could you talk a little bit about how much Ranchview and SST could add to, how I guess Ranchview is the way to look at it, what that could add to revenues and expenses next year and then maybe chat a little bit about how SST is going to show up on the income statement, as to a minority interest line item.

As Ron mentioned we believe Ranchview will be accretive to earnings next year and to get there we expect that we’ll sell an additional $5 to $7 million in additional sales next year as a result of the Ranchview acquisition. Expenses are going to be minimal so we expect a strong profit contribution from Ranchview for next year. Jeff Evanson - Dougherty & Company: Should have the same seasonality as the rest of your ag related business right.

Yes. Jeff Evanson - Dougherty & Company: And how about SST.

SST is going to be a longer curve. We’re really going to realize our return on investment through the sale of additional field computers and we’ll expect to see some impact next year from that, but that’ll be harder to measure and a longer curve. It really, there’s a lot more additional intangible contributions from that investment as well. Jeff Evanson - Dougherty & Company: I think it might be helpful to just get your words on kind of the strategy here. May be some people understand it, may be some not so much. Obviously typical RTK signal needs to be delivered by a network of towers. This is a way to ride the cellular infrastructure so I’m assuming you think this can help drive adoption and lower subscription costs for your customers, is that kind of what you’re thinking here.

That’s true, I think Ron outlined the value propositions well. The up front base station cost and the Ranchview solution is substantially lower then the traditional RTK tower investment. The base lines are substantially longer and that allows for easier entry from a cost standpoint but also a simplicity of set up is much improved with this cellular approach. But the real, beyond that, we think that we’re going to sell a lot of our products as a result of those value propositions but beyond that, the fact that each cab ends up with a high speed modem in the cab really complements our overall information strategy as we go forward. That allows us to move that information back through our server and serve up the corrections but also be able to store and serve up other operational data that our users collect. Jeff Evanson - Dougherty & Company: A lot of expensibility there, that sounds good. And how about the accounting treatment for SST.

As Dan indicated the returns on SST as we see it certainly over the short-term will be in additional sales of our own products. And— Jeff Evanson - Dougherty & Company: But we have to break out a line item for a minority interest there or something.

Yes, but I don’t think that’s going to be a real significant item on our income statement going forward. It will not be a consolidated entity we don’t expect and it will essentially be an investment on our balance sheet and then we’ll get a percentage of their income running through our income statement essentially as a new line item or part of other income and expense. Jeff Evanson - Dougherty & Company: But that should be a very modest drag on operating income for the next fiscal year.

I don’t think it will have a major impact either way. Jeff Evanson - Dougherty & Company: And then very quickly on electronic systems, the supply chain issues, did that lead to any revenue miss in the quarter relative to your expectations.

Yes it did, I think the number was $2.4 million as I recall that got deferred because of delays and that $2.4 of course would have contributed additional margin. Jeff Evanson - Dougherty & Company: So its delayed, can you make it up in one quarter or is it gone for good.

Its not gone at all, no, we will make it up. Whether we make it up all in this month or not, we’ll certainly make it all up in the quarter.

I think that number is a little high, I think the actual revenue losses were more in the million dollar range related specifically to this issue.

Your next question comes from the line of John Rankin - Boranco Management

Two questions here, first of all maybe a little more discussion on the lack of share buyback. If I understood correctly there’ll be 40 million on the books. Is your focus going to be to prepare for a special distribution or do you want to keep the cash for acquisitions even though you said that you didn’t see anything on the horizon, I would think there have been times that Raven, the share price reflected a really good value. That would be the first question. Question number two, on your color on not terribly optimistic on the US economy, a pseudo competitor of yours shared that same lack of optimism and they made the statement that within five years 40% of their revenues would be in China. I wonder if has there been any thoughts around the table to attempt to penetrate the Asian market more then you are if indeed our domestic economy is going to be soft the next few years.

The first question on the stock buyback and we used to do stock buybacks at a different time under different conditions. My feeling is its not so much an issue of trying to guess what the value should be, that’s not my job as to guess value. I always look at it in terms of where’s the best place to deploy that cash and always its for internal investment if you have enough opportunities to invest internally. At this time, at this moment in time, we have more cash then we have opportunities and that’s unfortunate but that’s just the way it is and so we look at some of the other options. One is to keep the money on the balance sheet just to make sure that we’re always rock solid and there aren’t any glitches and so I don’t mind to have a little bit extra on the balance sheet. It gives us flexibility, it gives our customers and our suppliers a lot of confidence and then I think at some point if it builds up too high a level, we’ve done it before, we did it last year. I don’t mind paying a special dividend and with capital gains still at 15% I don’t suspect they’re going to stay there long, the way things are going. It might be a time to distribute that cash in the form of a special dividend. I’m not prepared to say that today but six months from now, a year from now, we certainly will be revisiting that whole subject. On the issue of China, contract electronics of course has no particular value to the Chinese. They do more contract and manufacturing then anybody in the world so that’s not going to work. Aerostar with their blimps and airships might have some interest. Agricultural will be the one that potentially could have the most interest but they’re right in the middle right now in China of aggregating land. Their land usage is so broken up and chopped up that I think I heard once that the average size of farmer’s holdings was less then one acre. Well you don’t use precision ag equipment when you’re farming like that, you’re using sticks and hoes and machetes and so until the Chinese figure out how to aggregate land into large farms and they’re doing that now, and they’re trying to put that together, until that’s complete there won’t be a place for our type of equipment. When that is complete then we’ll look to moving some of our ag equipment over there, but as of now we’re looking at Russia, we’re looking of course at Europe and East Europe. We’re looking at South America, Canada, Australia are very strong markets for us. And those are the places that we’re putting out attention now. China at some future date could be a possibility but it isn’t today. Its not on the radar for us as of today.

There appear to be no further questions at this time, I’d like to turn the call to Mr. Moquist for any additional or closing comments.