Thank you and welcome to the Systemax's second quarter 2017 earnings call. Today's call will include formal remarks from Larry Reinhold, President and Chief Executive Officer and Tex Clark, Vice President and Chief Financial 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 second quarter results, please contact Brainerd Communicators or Systemax. Contact details can be found on the press release issued today at www.systemax.com. Today's discussion may include 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 in 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, its divested European operations and Afligo, former rebates processing business as discontinued operations, as well as excluding certain recurring and nonrecurring adjustments from comparable GAAP measures, investors have an additional meaningful measurement of the company's performance. 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 their most directly comparable GAAP measures in today's press release. The press release is available on the company's website and will be filed with the SEC in the 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. Our consolidated continuing operations, which consists of our North American Industrial Products Group and our France technology value-added reseller businesses, delivered exceptional performance in the second quarter. On a GAAP basis, revenues reached $313 million, an increase of more than 8% on a constant currency average daily sales basis, with strong operating leverage, resulting in GAAP operating income of over $21 million and net income of $0.52 per diluted share from continuing operations. On a non-GAAP basis, revenues increased nearly 13% on a constant currency average daily sales basis with operating income of nearly $23 million and net income of $0.40 per diluted share from continuing operations, the reduction due to a normalized income tax rate. Let's first discuss the Industrial Products Group. Industrial surpassed $200 million in quarterly revenue for the first time in its history, generating an increase of nearly 12% on a constant currency average daily sales basis. Topline growth was once again among the best in the industry as we benefited from solid performance in core categories led by sales of stock products. We showed exceptionally strong operating leverage and improved execution across the business. Operating margin more than doubled from last year, in part due to favorable sales mix as our higher margin stock product offering comprised a larger percent of total sales. We also benefited from the investment in efficiency efforts of the past 18 months, which include inventory, freight, advertising and staffing optimization. Our industrial employees and management team have been the key to the success of these efforts and both our top and bottom line performance is a direct reflection of their hard work. I would note that we will continue to invest in sales and other business initiatives going…

Thank you Larry. I will address our segment financial performance in more detail. As mentioned previously, my comments will be primarily directed to non-GAAP results. In addition, revenue results now include an average daily sales metric to enhance comparability between periods. As noted on the earnings release issued today, we have changed the presentation of certain costs in our P&L to better align with Systemax's current MRO oriented peer group in North America. Historically, we had recorded the costs associated with operating our distribution centers as well as the cost of our purchasing and product development teams as a component of cost of goods sold. Today we have amended our presentation and reclassified this cost to within operating expenses under the P&L line item selling, distribution and administrative expenses. I would like to reiterate that this is simply a reclassified presentation of these expenses and not a restatement of any expense amount. This reclassification has been applied to both the current and prior periods. To enhance investors' understanding of this change, we have included supplemental historical tables in today's release for each of our segments as well for our consolidated results. All numbers discussed in today's call are reflective of this change. Turning to our results, second quarter consolidated revenue reflects double-digit topline growth in both Industrial and France on a constant currency average daily sales basis. Consolidated gross profit improved almost 20% year-over-year with margin expanding to 29.2% driven by an increased concentration of stocked product and the resulting freight performance within our Industrial Products Group, partially offset by a modest reduction in gross margin in France, primarily attributable to customer mix. Consolidated SD&A decreased on a percent of sales basis as we shared leverage across the business. Non-GAAP operating profit and margin increased to $22.8 million and 7.3%,…