Good day ladies and gentleman and thank you for standing by. And welcome to the Tandy Leather Factory’s First Quarter 2013 Earnings Conference Call. At this time all participants are in a listen only mode. Later we will conduct a question-and-answer session, and instructions will follow at that time. (Operator Instruction) As a reminder, today's conference might be recorded. Now it's my pleasure to turn the floor over to Shannon Greene. Please go ahead.

Thank you. Good afternoon everyone and thank you for joining us for our first quarter 2013 earnings conference call. I am Shannon Greene, Chief Financial Officer of Tandy Leather Factory. Joining me on today’s call is Jon Thompson, our Chief Executive Officer, and Mark Angus, our Senior Vice President. Before we get started, I’d call your attention to the fact that these conversations will contain forward -looking statements to the extent we speak today of any future events or make other forward -looking statements. You are reminded that the inherent uncertainties of looking into the future, that there are risks at Tandy Leather Factory that could prevent these events from occurring in the manner foreseen. Please see our Form 10-K for 2012 for a discussion of some of these risks. Copies of these documents are available through the SEC’s EDGAR system and from our Investor Relations office. Also statements made today by us as management of Tandy Leather Factory are made as of this moment and we disclaim any duty to the update of those statements. We are generally pleased with the first quarter having achieved a strong sales gain and solid earnings, although earnings didn’t increase over last year’s first quarter. Gross margins, is holding fairly steady at 62%, down only 0.5% from the first quarter last year. Operating expenses while up $500,000 compared to last year's first quarter are trending below sales growth. As mentioned in the press release, $300,000 of the $500,000 increase is in advertising and marketing expenses, which we consider a good investment as it has a direct impact on our sales. Total cash is still about $7 million, even though we paid out almost $2 million and still manage our bonuses during the first quarter. Now, for the numbers from today’s press release. First…

Yes, the stores actually had a 1.6% (inaudible) gain, National Account was down 423,000 if I remember correctly. Yes, slow wind down of that should probably - we should be out of that by the end of the year I think. Steve Shaw - Sidoti & Company: And then the gross margin contraction, was that made up of pretty much the wholesale decline? Or was there a sales mix involved in there at all?

Generally seeking gross profit margin is affected by the mix of the products sold. The leather that we sell carries the lowest gross profit margins relative to the tools and buckles and all of that, which carries a much higher margin. So the slight decline in wholesale Leathercraft’s gross profit margin is certainly a – it’s product mix. If we sell other out the door in a quarter versus the prior or the matching quarter year before it pulls margin down a little bit, and with all the additional leather being carried in the stores that certainly [happened] [ph] a little bit. Steve Shaw - Sidoti & Company: The one store that you opened in the first quarter, did you guys say where that was?

We haven’t - first quarter of 2013, we haven’t opened one in 2013 yet. Steve Shaw - Sidoti & Company: I’m sorry. So the two, unprofitable stores are the international, there was no unprofitable domestic stores?

No, there are two domestic, two Tandy stores, but their total operating loss between the two of them for the first quarter was only $2000. So if you remember for prior quarters that’s quite a significant improvement. Steve Shaw - Sidoti & Company: Right.

The Australia store is very close to breakeven, I’ll be really surprised if he doesn’t hit it in the second quarter; Spain we still have some work to do but it’s getting there. (Inaudible) factory stores are profitable and the UK stores have been profitable for a while.

Thank you sir. (Operator Instructions) And Ms. Greene I'm showing no additional questioners on the phone queue. I’d like to turn the program back over to you for any additional or closing remarks.

Thank you. I appreciate your time today. I would also like to remind everyone about our 2013 Annual Meeting of Stockholders to be held on June 6 here in Fort Worth. Please consider yourselves invited. We are going to hold the meeting in our new flagship store which opens here in a couple of weeks. It's definitely worth seeing even if the stockholders meeting isn’t of particular interest to you. So I encourage you to attend if you can. On behalf of Jon Thompson, and Mark Angus, and the entire company, thank you for your participation in today's call. Have a good afternoon.

Thank you ma’am. And again ladies and gentlemen, this does conclude today’s conference. Thank you for your participation and have a wonderful day.