Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems Fourth Quarter and Full Year 2014 Results Conference Call. All participants are present in listen-only-mode. Following the management's formal presentation instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded. You should have all received by now the company's press release. If you have not received it, please contact Elbit's Investor Relations team at GK Investor Relations or view it the News section of the company's website, www.elbitsystems.com. I would now like to hand over the call to Mr. Kenny Green of GK Investor Relations. Kenny, please go ahead.

Thank you, operator. Thank you and good day to everybody. On behalf of all the investors, I would like to thank Elbit Systems management for hosting this call. Joining us on the call today are Mr. Bezhalel Machlis, Elbit's President and CEO; and Mr. Yossi Gaspar, Elbit's Systems Chief Financial Officer. Yossi will begin by providing a discussion of the financial results for the full year and fourth quarter of 2014, followed by Butzi, who will talk about some of the significant events during the quarter and beyond. We will then turn over the call for the question-and-answer session. Before we begin, I'd like to point out that the Safe Harbor statement in the company's press release issued earlier today also refers to the content of this conference call. And with that, I would like to turn over the call to Yossi. Yossi, please go ahead.

Thank you, Kenny. Hello, everyone, and thank you for joining us today. As we do every quarter, we will provide you with both our regular GAAP financial data, as well as certain supplemental non-GAAP information. You can find all the detailed information in today's press release. Overall we are pleased with our performance in 2014 and in the fourth quarter in particular, marking continues growth in revenues and backlog, which position us well for 2015. I will now highlight and discuss some of the key figures and trends. Our fourth quarter of 2014, revenues were $850.3 million, an increase of 4.8% compared with $811.5 million reported in the fourth quarter of 2013. I know that our fourth quarter revenues like last year was seasonally the strongest of the year. For 2014 as whole, we reported revenues of $2.96 billion, a slight increase over the $2.93 billion reported in 2013. In terms of revenue breakdown across our areas of operations in the quarter, C4ISR was 36%, airborne systems 37%, land systems 13%, electro-optics was 10% and the rest was 4%. Compared with the first quarter of last year from the overall mix, we saw an increase in airborne systems and a slight decrease in electro-optics. For 2014 as a whole, airborne systems and C4ISR grew as a portion of the overall revenue mix, while land systems and electro-optics were lower. In terms of geographic breakdown for the fourth quarter, Israel was 17% of our revenues, North America, 25, Europe 18, Asia Pacific was 22%, Latin America 17% and the rest of the world was 1%. Compared to the fourth quarter of last year, our target growth regions of Asia-Pacific and Latin America grew strongly. Revenues from Israel was lower due to lower orders of electro-optics, communication and regular equipments, also the…

Thank you, Yossi. Our 2014 result continues to demonstrate a strong and steady business. Our top line and margin profile was similar with those of last year and we have been happy with the stability in our financials, especially in the whole world where defense budget was shrinking This has been particularly true in the European and North American defense markets, which typically made up more than half of our revenues in the past. Our backlog however has been telling a growth story over the past few quarters diligently, consistent quarter-over-quarter increases. This is a good indication of our potential to grow, while providing us with increased revenue visibility into the coming years. The strong growth in backlog of over 30% compared with end of 2014 provides a solid start for 2015 and now those policies offset. In our fourth quarter guidance for the resurgence in defense activities in the two regions which we target overall, it is the long-term concession, mainly Asia-Pacific and Latin America. Beyond this, the industry in the global economic landscape, combined with general global macroeconomic improvement have led to a better recurrent trend in advance. In 2014, global defense spending proved to have bottomed up. The recurrent safety group for patterning studies acuminate that global defense budget actually grew by 112% in 2014, driving – driven by primary – by Asian economics. In addition, we have proposed 2016 European defense budget of course to increase over 2015. In particular, we still have this trend and have especially been selected in Asia Pacific and international market in that of defense study included. Our growth in backlog continues to be driven by our online opening businesses. In Asia, in the fourth quarter we are still account for $85 million over 3 year, most of which were for…

I would like to thank all our employees for their continued hard work. To everyone on the call, thank you for joining us today and for the continued support and interest in our company. Have a good day, and good-bye.