Greetings and welcome to Nortech Third Quarter 2018 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, today’s conference is being recorded. I would now like to turn the conference over to, Connie Beck, Vice President and CFO. Please go ahead, Ms. Beck.

Thank you, Rob. Good morning and welcome to Nortech Systems’ third quarter 2018 conference call. I am Connie Beck, Vice President and CFO, and with me is our President and CEO, Rich Wasielewski. I’m going to start today’s call by going over our financial results, which we released yesterday afternoon. Then, I will turn it over to Rich for additional comments on the third quarter, our markets and industry, and company development. Then, we’ll open it up for questions. Before we continue, please note that the statements made during this call and Q&A session maybe forward-looking regarding expected revenue, earnings, future opportunities and other Company expectations. These estimates, plans and other forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied on this call. These risks include those that are detailed in our most recent Annual Report in Form 10-K and maybe amended or supplemented. The statements made during this call are based upon information known to Nortech as of the date and time of this call. We assume no obligation to update the information in today’s call. You can find Nortech’s complete Safe Harbor statements in our SEC filings. Looking at our third quarter results. Our net sales of $29.6 million reflects $1.9 million of additional revenue recognized due to our adoption of new FASB accounting standards this fiscal year. On a pro forma basis, to remove the impact of this accounting change, third quarter sales were $27.7 million. Sequentially, this is up $700,000 or 3% from the second quarter of 2018. Our net sales in the third quarter of 2017 were $28.3 million. Looking at our three core markets year-over-year and sequentially. Our industrial sales decreased 4% from the prior year period and were down 5%…

Thanks, Connie, and good morning, everyone. Last year, during our third quarter 2017 conference call, we discussed how several key medical customers had built up their on-hand inventory from an overaggressive forecast and how it would impact our year-end and the beginning of 2018. Now, fast-forward, this year, we’re in a more advantageous position. Our overall medical background -- backlog ending the third quarter of 2018 is up 63% year-over-year compared to last year when it was down 36%. The prior year inventory situation is behind us and we’ve recovered nicely here in the back half of 2018. We entered our fourth quarter with $27.7 million in total 90-day backlog, which is double-digit percentagewise, up both year-over-year and sequentially, led by the improvement in the medical orders. We’re encouraged by the quarterly performance and continued profit improvements. For the last seven quarters, our results have lagged, but the last two quarters were outpacing our industry and the economy. Our customers remain optimistic and confident due to the current industry trends and the strong economy. Our capital equipment industrial customers can detract with the U.S. economy, which both posted a 3.5% GDP growth in the third quarter. The country is on pace for the strongest annual GDP in 13 years. Another helpful trend is the medtech companies are expected to attract $9.1 billion in venture funding, according to Silicon Valley Bank, which would match last year’s record high. Large medical OEMs are leading the way this year, while private capital investing is slightly down. And the defense industry, it’s having one of its best years in recent memory, as reported by Washington Post and other news outlets. The defense budget has grown significantly with all of the top five defense contractors posting healthy Q3 results. With all these favorable indicators, there…

Thank you. We’ll now be conducting a question-and-answer session. [Operator Instructions] Thank you. Our first question comes from the line of Sheldon Grodsky with Grodsky Associates. Please proceed with your question.

It’s nice to see a quarter where you don’t have to make excuses about why the results didn’t come in. This is the best quarter we’ve had in the long time. I just wanted to ask a quick question. It appears that you’ve done some buying back of your shares. How many shares did you buy back in the quarter?

Just -- Connie, it’s 20…

It’s couple of thousand -- give me a moment.

Just a second -- Connie, I’ll look it up. She’s got it.

Just over 8,600 shares in the quarter.

8,600 in the quarter? And do you have the number for the first nine months?

I don’t have that at my fingertips. But, we did exhaust, the first plan was -- it expired in July 31st, and we did exhaust the whole $250,000 available for that plan. So…

So, roughly 55,000 to 60,000 shares at about $4 a share.

[Operator Instructions]. Thank you. At this time, there are no additional questions. I will turn the floor back to Rich Wasielewski for closing comments.

If there are no other further questions, we’ll conclude this call. Thanks for joining us today and your interest in Nortech. We look forward to updating you in the future. To you all and all Nortech’s stakeholders, have a great day and best wishes for an awesome holiday season.

This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.