Welcome to the First Quarter 2016 Tandy Leather Factory Earnings Conference Call. [Operator Instructions]. I would now like to introduce your first speaker for today, Shannon Greene, CEO. Ma'am, you may begin.

Thank you. Welcome to our first quarter 2016 earnings conference call. I'm Shannon Greene, Interim CEO and Mark Angus, our Interim President is joining me today will be available for questions at the end of the call. Before we get started I remind you that the earnings release and related SEC filings are available on our Investor Relations section of our website and a replay of this webcast will be available later today. I will remind everyone that there maybe forward-looking statements on the call today statements would include words like expect, believe, anticipate, plan, intend, target or words with similar meanings and are based on our beliefs and expectations and are subject to certain risks and uncertainties that may cause actual results to differ materially from our forward-looking statements about those results. These risks are detailed in our various filings with the SEC such as the most recent Form 10-K and 10-Q as well as the news releases and other communications. We do not undertake to update or revise any forward-looking statements which speak only as of the time they are made. We are off to a fairly good start in 2016, all the sales are slightly behind our internal target, gross profit margin improved over last year's first quarter suggesting that product mix is more normal than last year. Expenses increased less than 1% but that’s still faster than sales so we have some work to do there. Our inventory is in good shape and we ended the quarter with a solid net cash balance. Our debt borrowings are solely to support our stock buyback plan that is currently in place. Since August of last year we have purchased a little more than 1 million shares at an average price of $7.04. Our interpretation of our sales results…

Thank you for participating in our earnings conference call today. We look forward to speaking with you again next quarter. Have a great day.