Shannon L. Greene – Chief Financial Officer and Treasure Jon W. Thompson – Chief Executive Officer Mark J. Angus – Senior Vice President

Good day, ladies and gentlemen and welcome to Tandy Leather Factory’s Second Quarter 2014 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 be given at that time. (Operator Instructions) As a reminder, this conference is being recorded. I would now hand the conference over to Shannon Greene, Chief financial Officer. Please go ahead.

Thank you. Good morning and thank you for joining us for our second quarter 2014 earnings conference call. I am Shannon Greene, Chief Financial Officer of Tandy Leather Factory and I'm joined by Jon Thompson, our Chief Executive Officer and Mark Angus, our Senior Vice President. Before we get started, I will 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 of the inherent uncertainties of looking into the future that there are risks to Tandy Leather Factory that could prevent these events from occurring in the manner foreseen. Please see our Form 10-K for 2013 and subsequent forms 10-Q for a discussion of some of these risks. Copies of these documents are available to 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 those statements. We performed fairly well in the second quarter achieving a 4% sales increase and an 8% earnings increase compared to the second quarter of 2013. Gross profit margin for the quarter was 64.9% and operating income increased by 13%. We ended the quarter with $7.4 million in cash and $36 million in inventory. Total assets as June 30, increased $6.3 million from year end 2013 to $62.7 million. Now for the numbers from todays press release. Our second quarter consolidated sales increased to 4%, current quarter sales were $19.7 million compared to last year’s second quarter sales of $19 million. Wholesale Leathercraft sales were $6.5 million this quarter, down 4% from $6.7 million in the second quarter of last year. Same stores posted a 2%…

(Operator Instructions) We do have a question from the line of [indiscernible].

Hi, yes I just had a question. You are going to open two to three stores this year, do you have any preliminary estimate on your store openings next year, and that also for somebody who is not that familiar with your company, when you get these really good buys on leather, could you give me an idea of what you normally pay for leather and what is profitable so you decide to load up on it?

Right now we probably continue trying to open two to three stores a year. As part of price on leather, it varies, we know what the market is around the world since it’s a commodity, so we know what the value is and really cant give you an exact price. It’s just the normally I mean for instance a lot of times we might save 50% to 70% on tannery prices, so it’s a well worth or trying to buy it.

Well thanks. That’s very helpful.

Welcome.

Thank you. (Operator Instruction) and I see no further questions in the queue at this time.

Very good. On behalf of Jon Thompson, Mark Angus and myself thank you for your participation in today's call. Have a good day.

Thank you. Ladies and gentlemen, thank you for your participation in today's conference. This does conclude the program and you may now disconnect. Everyone have a good day.