Good day, ladies and gentlemen, and welcome to Raven Industries’ F2Q 2013 Earnings Conference Call. (Operator instructions.) As a reminder, this conference call is being recorded. I would now like to turn the conference over to Mr. Thom Iacarella, Chief Financial Officer. Sir, you may begin.

Thank you, Operator. Joining me on today’s call is Dan Rykhus, Raven’s President and Chief Executive Officer. Before we begin we’d like to remind participants that the information contained in this call is current only as of today, August 21, 2012. The company assumes no obligation to update any statements including forward-looking statements. Statements that are not historical facts are forward-looking statements and subject to the Safe Harbor disclaimer in today’s press release. With that, I would now like to introduce Dan for a strategic look at Raven’s F2Q.

Thanks, Thom, and welcome everyone to our first F2Q conference call. I’ll start off with an overview of our performance then talk about each of our divisions in more detail, and finally speak to our expectations going forward. Thom will then provide you with a look at our financials, including a discussion of margins and the balance sheet. After that we’ll open up the call for your questions. Let’s begin with our F2Q performance. The top line trends we saw in F1Q continued in F2Q with sales rising 13% to $101.7 million from the record $90.3 million in the prior year period. Revenue growth was driven by strength in the Engineered Films and Applied Technology Divisions, along with the addition of Vista Research revenues in Aerostar. We continue to benefit from favorable market dynamics in agriculture and energy and we’re leveraging these trends to drive revenue gains in Engineered Films and Applied Technology. Sales in these divisions continued at a record pace in F2Q. Even though a difficult federal spending environment existed and negatively impacted Aerostar’s performance we delivered a strong first half. The ability to do so once again highlights Raven’s diversified model. We remain steadfast in our commitments, helping customers solve great challenges in the areas of hunger, safety, environmental protection, and energy independence. As customer needs evolve and market dynamics vary, we embrace change and have the flexibility to shift our operational focus and innovative drive to succeed as a business. Our ability to meet these challenges and aggressively expand and pursue new opportunities requires important capital investments. During F2Q we spent $15.5 million to support our ambitious F2013 product and growth strategy. Despite these investments we were still able to deliver a solid performance and Thom will talk more about our research & development and SG&A…

Thanks, Dan. Hopefully all of you had a chance to review this morning’s release. I will discuss our balance sheet changes and operating margins in more depth, and then as Dan said we’ll take questions. First the balance sheet: at quarter end we had $44.1 million of cash and investments. While that’s down $2.9 million from last April it’s still very strong, $18.3 million more than the January 31 balance. We’ve been able to sustain our cash position despite investments in production capacity, research & development, and Vista Research. We paid $12 million to purchase Vista and paid off their short-term borrowing immediately after closing in January. First half operating cash flows were $44.5 million compared to $26.2 million last year. The $18 million increase was driven by improved working capital utilization relative to sales growth and our higher profits in the first half. Inventories were relatively unchanged from the previous July. With sales up 13% over last year’s F2Q inventory turns have actually improved slightly over the last three months. Accounts receivable was up $6.6 million over last July and DSO has been consistent with last year, reflecting higher sales levels. Our current ratio was 4.23 versus 4.04 in F2012. Our balance sheet and cash flows from operations provide a strong source for investment funding and dividend growth. Now I’ll cover capital spending. As we’ve indicated previously we expect capital spending to increase as we continued to invest in our businesses’ growth and it rose by about $6 million in the first half of the year. In F1Q we invested in expanding our Engineered Films footprint as well as our corporate facility’s renovation project in Sioux Falls. We also started building out our state of the art research center for Applied Technology in Austin, Texas. These projects continue and…

Thank you. (Operator instructions.) Our first question comes from Andrea James of Dougherty & Company. Andrea James – Dougherty & Company: Good morning and thank you for taking my questions. For Engineered Films, can you talk a little bit about the energy market? If you were to isolate the energy market contribution to that segment is that trending up or down year-over-year?

The total concentration in energy is trending down and that is as I said in my comments that’s a good sign as far as we’re concerned. We were approaching a 50% concentration in that segment, and even though we’re showing growth in energy still we were able to reduce it as an overall component. It’s somewhere in the low 40%’s right now I believe and that’s good as long as we’re growing geo membrane, ag and industrial to lower that concentration. Andrea James – Dougherty & Company: Thanks for that clarification there. And then can you talk about the Goodrich customer? It’s a major customer and do you think the United Technologies acquisition will affect their reliance on you guys as a manufacturer?

Our business with Goodrich has been declining and that’s been a planned event over a multi-year schedule, and so they’re looking to reduce their dependence on us. We’ve become a pretty large supplier in their electronic controls business so I don’t think it has anything to do with an acquisition but more of a choice to be less reliant on us. So our challenge has been to replace that EMS business and we’ve been busy growing with our other existing customers as well as onboarding a few new customers that we’re looking forward to.

Thank you. Our next question comes from Andrew O’Connor with Harris Investments. Andrew O’Connor – Harris Investments : Good morning, guys, thanks for taking my questions. I wanted to know can you further characterize Raven’s relationship or collaboration with Monsanto?

I can give you a little bit more insight. For the last several years we have been working with Monsanto to explore different planter-related control systems and software development tools to help Monsanto deliver a more prescriptive seeding value proposition to their farmers. And really this is a continuation of that relationship, and as they take a more active role in the precision ag space we’re fortunate and feel strongly about our relationship with Monsanto that we’ve invested in. And I can’t give you a lot more detail beyond that except to tell you that their long-term goal, to double food production on the acres that we have with less inputs, clearly aligns with our goals as a corporation. And we know that that’s a fundamental driver for agriculture and we know that technology will play a very important part in this necessity for our society to produce twice as much food over the next 35 years off a shrinking number of acres. Andrew O’Connor – Harris Investments : Sure. So at this point can you speak to goals and timing to achieve goals with Monsanto?

I think I’ve given about as much detail as I’m able to at this point. Andrew O’Connor – Harris Investments : Okay, and then further to this I wanted to know if you could expand on your comment that the company is continuing to cultivate and deepen relationships with its key OEM partners. How should I interpret that? Thanks again.

Sure. We’ve had a long relationship with AGCO and Case primarily related to their agricultural sprayer businesses and we continue to develop technologies that make their sprayers competitive in the marketplace. And the take rates on the various technologies that we deliver to that segment for those two companies continues to grow. Our relationship with Deere I’ve talked about over the last year or two, a couple years I guess, where we are developing technologies for Deere that fill gaps for their product lines. Where they’re not interested in internal development they’re looking to a few technology partners to fill those gaps so we’ve developed a variety of products – one steering-related product that we’ve had very good success with over the last couple quarters. And we expect to be able to continue to have those kinds of opportunities going forward. So it’s not a comprehensive product line that we’ll be delivering to Deere; it’s more opportunities here and there. But with their channel strength that they have those opportunities can be pretty fruitful for us.

Thank you. (Operator instructions.) We have a question from Andrea James from Dougherty & Company. Andrea James – Dougherty & Company: Hi, thanks for taking my follow-up. From a modeling standpoint, when you applied the certain percentage of Electronics Systems’ revenue and cost did you equally do that both years or did you have to go back and kind of look at which products were sold last year – so it wasn’t a 75%/25% split for last year’s number? Does that make sense?

I’m going to let Thom handle any of the disaggregation model-building questions today. Go ahead, Thom.

Sure. Yeah, that’s fine. What we’ve done is we’ve actually segregated. We’re not doing just a straight percentage split but we are actually taking a look at the various product lines and where they’re served from, and using that to help us break down the difference between the years. So we’re trying to have an apples-to-apples comparison here, so for instance our EMS business related to Aerostar we said was around $13.2 million and it was about $12.4 million a year ago, and we’ve tried to associate the profits with that as well. Andrea James – Dougherty & Company: Got it, thank you. And can you expand a little bit more about the $6 million Vista win and just kind of what that symbolizes? I mean you talked about it a little bit but I was just wondering if you could go into more detail about what the DOD is looking for help with there in the application.

Sure, I can give a little bit more detail. So this is one of the DOD branches and they are evaluating and helping to refine the Vista Research radar algorithms with us to optimize them for their applications. This contract represents both unit sales as well as ongoing engineering and product development funding, and some test and evaluation funding. It’s critical to us because it gives us opportunity to continue to refine and demonstrate and establish strength in this technology in the marketplace with one of our key customers going forward.

Thank you. Our next question comes from Andrew O’Connor with Harris Investments. Andrew O’Connor – Harris Investments : Thanks for the follow-on. Thom, I wanted to ask what is CAPEX for F2013 and are you able to take a shot at or hazard a guess at CAPEX in F2014? Thanks again.

Sure, well we’ve been talking about the $35 million that we’ve budgeted and I think that’s probably a pretty accurate number. We’ve got a lot of projects in the works. If we were going to look forward into the future we think that that’s a pace that is probably comparable to what we’d see for the next year or two.

Thank you. I would like to hand the conference back over to Mr. Dan Rykhus for closing remarks.

Sure. Thank you again for taking time to join us on today’s call. We are encouraged by our F2Q performance in ATD and Engineered Films and we remain focused on leveraging our market position, technology and differentiated products to build sales and income. Moreover we’re continuing to invest for the long term, expanding our base of fixed assets and building our portfolio of product lines. We look forward to updating you on our progress in the future and thanks for joining us.