Welcome to Genie Energy's Fourth Quarter and Full Year 2014 Earnings Conference Call. [Operator Instructions]. In its presentation Genie Energy’s management team will discuss financial and operational results for the three and 12 months ended December 31, 2014. Any forward-looking statements made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include but are not limited to specific risks and uncertainties discussed in the reports that Genie Energy files periodically with the SEC. Genie Energy assumes no obligation, either to update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast. Please note that the Genie Energy earnings release is available on the investor relations page of the Genie Corporation website www.genie.com. The earnings release has also been filed on a Form 8-K with the SEC. Please note this event is being recorded. I will now like to turn the conference over to Geoff Rochwarger, Genie Energy's Vice Chairman and CEO of IDT Energy. Please go ahead Mr. Rochwarger.

Thank you, operator. On behalf of our management team, including our Chairman and CEO, Howard Jonas, I thank you for joining us for Genie Energy's fourth quarter and full year 2014 earnings conference call. This morning I will provide you with an operational update. First for Genie oil & gas and then I will touch upon some significant operational development at Genie Retail before Avi discusses the quarter and full year financial results. Overall this quarter was highlighted by the exciting developments at our Afek subsidary and by the steady progress we have been making in returning Genie Retail to growth mode after a year of careful investment and recovery from the impact of last winter's polar vortex. Afek our subisdary operating under an Oil and Gas exploratory license in Northern Israel won another major victory in December when the high court of justice in Israel dismissed the suit challenging our drilling permit. The court found that our exploratory drilling program pose no risks to either public health or safety and lifted the injunction that had prevented us from commencing drilling. The moment the injunction was lifted we set to work to finish the preparations at our first drilling location in the Southern Golan Heights and accelerated preparations to prepare, transport and deploy the rig. On February 17, after completing the extensive site preparation work we spudded the first well. Since then drilling continues and we expect to reach the depth at which we may encounter the target resource soon. Nevertheless we may not have sufficient definitive data to provide investors with meaningful results until late summer or fall. Keep in mind that any single well provides a very limited number of data points and we will likely to have to analyze and compare core samples from several wells at…

Thank you, Geoff and thanks to everyone for joining us this morning. My remarks cover our financial results for the fourth quarter and full year 2014, the 3 and 12 month period ended December 31, 2014, except where I indicate otherwise all comparisons in my remarks are to the results for the corresponding periods in 2013. Our financial results for the fourth quarter reflect a strong performance on sales of electricity tampered by difficult conditions in the natural gas markets that Geoff mentioned and continued investment in growth initiatives at both Genie Retail and at our Afek exploration project in Northern Israel. Genie Retail accounted for all of Genie's revenue, cost of goods sold and gross profit as it has in all prior quarters. Genie Retail's revenue was $49.7 million in the fourth quarter compared to $67.1 million in the year ago quarter. For the full year revenue was $275 million compared to $279.2 million. Electricity revenue comprised 73.8% of the total revenue this quarter contributing $36.7 million, a 26.7% decrease from the 50.1 million in sales during the year ago quarter. We increased average revenue per kilowatt hour sold by 11.9% but this increase was offset by a 34.4% decrease in kilowatt hours sold reflecting the net reduction in our electric meter base and a disproportionate loss of higher than average consumption meters following last winter's polar vortex. In addition many of our gross meter adds have been in relatively low consumption areas notably in the ComEd territory in Illinois because of these two factors kilowatt hour sold decreased 34.4% compared to the year ago quarter. For the full year this story is much the same. Electricity revenue totaled 214.5 million or 78% of total revenues, slight decreases compared to 2013 when electricity sales totaled $216.7 million and 77.6%…

This concludes our question and answer session and conference call. Thank you for attending today's presentation. You may now disconnect.