Good morning and thank you for participating in Tennant Company's Third Quarter Earnings Conference Call. This call is being recorded. If you do not wish to participate, you may disconnect at this time. After the speakers' remarks, there will be a question-and-answer session. (Operator instructions) We ask that you remain online for closing remarks by management after the question-and-answer session. Beginning today's meeting is Tom Paulson, Vice President and Chief Financial Officer for Tennant Company. Mr. Paulson, you may begin.

Thanks, Christopher. Good morning, everyone and welcome to Tennant Company's third quarter 2010 earnings conference call. I'm Tom Paulson, Vice President and Chief Financial Officer of Tennant Company. With me on the call today are Chris Killingstad, Tennant's President and CEO; Pat O'Neill our Treasurer and Karen Durant, our Corporate Controller. Our agenda today is to review Tennant's performance during the third quarter and our outlook for the remainder 2010. First, Chris will brief you on our operations and then I'll cover the financials. After that, we'll open up the call for your questions. Before we begin, please be advised that our remarks this morning and our answers to questions may contain forward-looking statements regarding the company's expectations of future performance. Such statements are subject to risks and uncertainties and our actual results may differ materially from those contained in the statements. These risks and uncertainties are described in today's news release and the documents we file with the Securities and Exchange Commission. We encourage you to review those documents, particularly our Safe Harbor statement for a description of the risks and uncertainties that may affect our results. Additionally, on this conference call, we will discuss non-GAAP measures that include or exclude special or nonrecurring items. For each non-GAAP measure, we’ll also provide the most directly comparable GAAP measure. Our release includes a reconciliation of these non-GAAP measures to our GAAP results. Our earnings release was issued this morning via business wire and is also posted on the Investor section of our website at www.tennantco.com. At this point, I'll turn the call over to Chris.

Thank you, Tom. And thanks to all of you for joining us this morning. Today, I will cover highlights of the 2010 third quarter and update you on a few of our strategic initiatives. We are very pleased with Tennant’s quarterly and year-to-date performance. As you saw in today's earnings announcement, the company has now posted three consecutive quarters of sequential sales and earnings gains. In addition, the business has reported three quarters in a row of double-digit organic sales growth, which excludes the impact of foreign currency. We are encouraged by these positive trends especially in light of this year’s pervasive economic uncertainties. As a result of Tennant’s strong sales and earnings through the first nine months we have increased our full year guidance for the third straight quarter. Taking a closer look at the company’s financial performance; net sales in third quarter rose 9.2% with our business marinating its strong growth in the Americas and in Asia, particularly in China and Australia. Notably, Tennant’s organic net sales grew approximately 11% in the third quarter and we also had double-digit organic growth of about 12% in both the first and second quarters of this year. Looking at Tennant’s sales, by geographic region, organic sales rose approximately 16% in the Americas and 29% in the Asia Pacific region. Contributing to these results with strong sales of rider scrubbers and sweepers to the industrial market and walk behind models for the commercial market. However, we saw organic sales decline nearly 6% in EMEA as weak economic conditions in Europe let to lower purchase of Tennant’s outdoor city cleaning equipment by municipal governments. Excluding the impact of city cleaning sales EMEA grew organically by about 4.5%. The quarter’s higher sales volume coupled with our continued emphasis on controlling and improving our cost…

Thank you, Chris. In my comments today, all references to earnings per share are on a fully diluted basis. Also, please note as I go through the results, I'll generally not comment on the year-to-date financials, as those were detailed in the earnings release. As Chris noted, we are pleased with the company's performance in the first nine months of this year, which represented a significant turnaround from a year ago. For the third quarter ended September 30, 2010, Tennant reported net earnings of $7.5 million or $0.39 per diluted share on third quarter net sales of $168.6 million. In the year-ago quarter, Tennant reported net earnings of $5.8 million or $0.31 per diluted share on net sales of $154.4 million. Turning now to more detailed review of the 2010 third quarter; Tennant's consolidated net sales of $168.6 million increased 9.2% over the prior year third quarter. For the 2010 third quarter, consolidated net sales were unfavorably affected foreign currency exchange impact of approximately 1.5%. Organic sales which excluded the foreign currency impact grew approximately 10.7%. The growth was primarily driven by sales of industrial equipment in the Americas and continued strong sales of scrubbers equipped with ec-water technology. Once again, we had year-over-year increases in large sweeper sales in the third quarter with growth in the first nine months of approximately 50%. We estimate this is still about 10% to 15% below the pre-recession level of large sweeper sales. But it is encouraging to have three consecutive quarters of year-over-year sales goal. As you may recall organic sales rose approximately 2% in the 2009 fourth quarter, which was the first quarter-over-quarter sales growth we posted since the third quarter of 2008. And now we have double-digit organic sales growth in the range of 11% to 12% in the past…

(Operator Instructions) Your first question comes from the line of Ted Kundtz from Needham. Your line is now open. Ted Kundtz – Needham & Company: Thanks, good morning everyone. Could you cover a little bit, maybe Chris you could talk a little bit about Europe or Tom, either one of you, just what you see there? You indicated that you except to still remain weak. Are you seeing any kind of a pick up over in Europe yet or is it still looking like the performance in the Q4 could be kind of equivalent to Q3?

We are basically saying that we anticipate performance in Q4 being similar to performance in Q3, we are not seeing any pick up. And if you look at the macroeconomic indicators, they are improving at all over the near future either. In a [Inaudible] most of the issues are in Europe and most of those issues are in Western Europe, are two biggest countries are the UK and France. And we anticipate that they will remain sluggish for the foreseeable future. Ted Kundtz – Needham & Company: Okay.

And I would just add one piece that we don’t fundamentally think we have any issues with our business. We want to make sure everybody recognizes. We feel it’s really economically-driven poor performance. But as Chris said, we do except similar performance in Q4 to Q3. Ted Kundtz – Needham & Company: Yes, that was my next question, whether you feel like you’re losing market share there and you don’t feel you are? Have you guys completed your market share study that you were working on and do you have any kind of update as to what your market share is globally?

Yes, we have not completed it yet Ted. We have gone a fair amount deeper than we’ve historically gone, so it’s taken us a bit longer than we would expect, but we certainly expect to be providing some insights into that next year as we release our full-year earnings. Ted Kundtz – Needham & Company: Okay. And your margin outlook was pretty much in the same range. What do you look for longer term in terms of gross margins? Do you feel that there is upside to those margins as you perhaps the mix changes all, but more favorably as it has towards the ec-water technology?

We are going to be cautious about not providing any forward-looking guidance at all at this point, but I would say we continue to expect to be able to manage our gross margins in that 42% to 43% range and we would hope that’s conservative and assuming we see continued revenue growth and return to a more normalized pricing environment without any big up tics in commodities, we might actually get some upside out of that, but I wouldn’t count on anything above 43% at the current time. Ted Kundtz – Needham: Okay, just on pricing, are you seeing any ability to raise prices to reflect some of these commodity ….

Not yet, not any major way. We still view it as a tough pricing environment we experienced. Our third quarter was really similar to the rest of the year, which it varies dramatically by geography, by product line, et cetera, but overall we saw less than a percent of pricing benefit across the world in the third quarter just like we saw in the fist half of the year. Ted Kundtz – Needham: Okay, great. Thank you.

(Operator Instructions) Your next question comes from the line of Joe Maxa from Dougherty & Company. Your line is now open. Joe Maxa - Dougherty & Company: Thank you. Tom, can you give us thoughts on the tax rate for next year given what you put in the press release here?

We are not prepared to do that Joe. I mean, I’ll give you a little bit of color and first I’ll remind you we did say it would be significantly positive, we will not incur any one-time cost to execute this, and we’ve talked about a tax range of today of 34 to 36, the lower end of that range assuming that the R&D tax credit gets reenacted as we execute this tax strategy assuming closure in Q4, we’ll see a meaningful reduction to our ongoing tax rate. So, we are really excited about implementing this change. We are not prepared to give any further specifics. We’ll get into a great detail when we release earnings for the full year. Joe Maxa - Dougherty & Company: Okay. I wanted to ask the traction from the newer products, the 500ZE and the Scrub-N-Go, if you can give us a little color?

Well, I would say that in both cases, the going has been slower than what we initially anticipated and our sense is most of that is driven by the economy. So, with the 500ZEs, we told you our city cleaning business in general is struggling because municipalities do not have the budgets to buy the traditional stuff, much less an innovative new product at a significant price premium like the 500ZE. We continue to test the product in multiple European cities, we have sold a handful of them and they are performing well, we believe strongly that this product is going to be very successful in the medium to long-term, but for the time being it is pretty much wait and see until the economy recovers. On the Scrub-N-Go, I think we told you in the last couple of quarters, it’s taking longer to get traction than what we would like, but both we and Ecolab are very bullish on this product medium term. We have approvals from McDonald’s, from Burger King and from Yum Brands. The franchisees that have a purchase to unit we’re seeing that many of them are beginning to purchase multiple units, which means its working. So I think it’s just a matter of time and I think as word of mouth spreads this product actually cleans really well and improves productivity, we are going to see this thing ramp up. It’s still not material to all results, so we are not divulging publicly exactly how many we sold so far. Joe Maxa - Dougherty & Company: Okay, thank you. And lastly, I know you have not given guidance for next year, but should we be thinking about -- are you seeing a typical seasonality? Would you expect Q4 to Q1 or do you increase in traction with ec-water can you explain that out a little bit?

We would expect that more of a general returned to normalized seasonality next year. I mean, the abnormalities we had this year was Q3 was above Q2 modestly, that’s unusual. I mean, and certainly a part of that was ec-water and the economic recovery, but for modeling purposes for now anyway, I would assume normal seasonality next year. Joe Maxa - Dougherty & Company: Right, okay, thanks guys.

And there are no further questions at this time.

Alright then, no further questions. Let me come with the closing remarks. So, we are very pleased with our financial performance in the third quarter and the first nine months of 2010. We made further progress across our operations that resulted in significant top and bottom-line gains. We also invested in new products that we believe will fuel Tennant's future revenue growth. We remain excited and committing to achieving our strategic vision to become a global leader in chemical-free cleaning. We believe that our strategic direction coupled with strong cost controls, improved operating efficiency and new products will further enhance Tennant's long-term value creation potential. Thank you for your time today and for your questions. We look forward to updating you on our 2010 full-year results in February. Bye, bye.