Good afternoon, and welcome to the Systemax Third Quarter Conference Call. All participants will be in listen-only mode. [Operator Instructions]. I would now like to turn the conference over to Mike Smargiassi. Please go ahead.

Thank you, Austin, and welcome to the Systemax third quarter 2016 earnings call. Today’s call will include formal remarks from Larry Reinhold, President and Chief Executive Officer. We will not be hosting a live Q&A session at the end of today’s call. If you should have any questions on third quarter results, please contact Brainerd Communicators or Systemax. Contact details can be found in the press release issued today and at www.systemax.com. Today’s discussion may contain certain forward-looking statements. It should be understood that actual results could differ materially from those projected due to a number of factors, including those described under the forward-looking statements caption and the company’s annual report on Form 10-K and quarterly reports on Form 10-Q. I would like to highlight the non-GAAP metrics that are included in today’s press release. The company believes that by presenting the entire North American Technology Products Group and Misco Germany as discontinued operation, as well excluding certain recurring and non-recurring adjustments from comparable GAAP measures, investors have an additional meaningful measurement of the company’s performance. As a result, this call will include a discussion of certain non-GAAP financial measures. The company has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in today’s press release. The press release is available on the company’s Web site and has been filed with the SEC in a Form 8-K. This call is the property of and is copyrighted by Systemax Inc. I will now turn the call over to Mr. Larry Reinhold.

Thanks, Mike. Good afternoon, everyone, and thank you for joining us today. In the quarter, we made further progress in streamlining our company, optimizing our operations and strengthening our competitive position, all of which are focused on driving long-term growth and margin performance. Industrial extended its record of revenue growth to 27 consecutive quarters, as we saw strong performance in categories such as HVAC, material handling, and storage. We continue to outperform the overall market, and in the past five years have more than doubled industrial size and scope of operations, and the vast majority of that growth has been organic. While the business is well positioned from a strategic standpoint, its rapid expansion has resulted in many of the growing pains we are currently managing through. These are essentially good problems to have but they take time to fully address. As I have noted on past calls, we have been making focused investments in both capital and staff to improve industrial’s operations, and these costs will continue to impact our near-term bottom line performance. As these efforts take hold, we expect to see margin expansion as we benefit from the efficiencies and increased order volume. We remain pleased with the initial results of these efforts and have continued to strengthen our sales capabilities adding more than 30 new sales representatives in the quarter, and almost 10% increase in our outbound sales force. These additional sales members will ramp over the next year and allow us to better serve our customers and to better capitalize on the significant lead generation of our e-commerce platform. The rollout in optimization of our new warehouse management and distribution system is ongoing, and we have implemented the new system in five of the six North America distribution centers. As we implement the new system…

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.