Welcome everyone. My name is Deidra and I will be your conference operator today. At this time, I would like to welcome everyone to the Universal Corporation Third Quarter Fiscal Year Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to our host, Ms. Candace Formacek, Vice President and Treasurer. You may begin you call.

Thank you, Deidra, and thank you all for joining us today. George Freeman, our Chairman, President and CEO; and David Moore, our Chief Financial Officer are here with me today, and will join me in answering questions after these brief remarks. This call is being webcast live and will be available on our website and on telephone taped replay. It will remain on our website through May 6, 2018. Other than the replay, we have not authorized and disclaimed responsibility for any recording, replay or distribution of any transcription of this call. The call is copyrighted and may not be used without our permission. Before I begin to discuss our results, I caution you that we will be making forward-looking statements that are based on our current knowledge and some assumptions about the future and are representative as of today only. Actual results could differ materially from projected or estimated results, and we assume no obligation to update any forward-looking statements. For information on some of the factors that can affect our estimates, I urge you to read our 10-K for the year ended March 31, 2017, as well as our Form 10-Q for the third fiscal quarter of 2018. Such factors include, but are not limited to, customer-mandated timing of shipments, weather conditions, political and economic environment, government regulation and taxation, changes in currency, industry consolidation and evolution and changes in market structure or sources. Finally, some of the information I have for you today is based on unaudited allocations and is subject to reclassification. In an effort to provide useful information to investors, our comments today may include non-GAAP financial measures. For details on these measures, including reconciliations to the most comparable GAAP measures, please refer to our current earnings press release. As expected, our earnings from operations…

[Operator Instructions] And we do have a question from Ann Gurkin.

I wanted to start I was looking out in fiscal '19. If there is anything else you can help me with customer orders. Have you gained any new business increased market share? I know you've talked about the crop in Brazil anything about SG&A? How should we think about that for fiscal '19? Anything you can share will be helpful?

Ann, it's a little early I think for a very extensive outlook and hopefully we'll maybe have a bit more for you next quarter. We have said before and I think reiterated that we do believe that we're continuing to increase share in certain places. And that's certainly a part of why we believe that we're going to have better volumes next year. Of course a lot of that's depends upon crops that are not yet out of the ground, so you know it is early. I think we've talked about SG&A before. We did see a benefit this year versus last. A lot of it was on currency and of course that's quite difficult to predict. Our range has stayed in a fairly narrow line in SG&A over the last couple of years. And I would just point you to look at that and what we've seen so far this year compared with some estimates next year. Hopefully that helps.

And then moving back to this year, the Oriental numbers were and part due to the gains on sales of asset. Can you just breakout that number or comment on how just the underlying Oriental JV business is doing in terms of recovery?

Well, I think from what we said, we're not really breaking out the pieces of that. It is clear that there were other benefit that we saw in the sale volumes that were achieved there although there are typically frequent currency movements that you'll see in the Turkish lira, which can affect one year and another depending upon where they hit into the inventory balances. So, there was an offset with that leaving the gain on sales as more of the driver of that piece of business.

In terms of cash, you have a share repurchase program out there. Are you at a point where you feel comfortable maybe using some of that cash to buy back stock? Or can you comment at all on that?

Well, I can't comment on the specifics of that, but we do keep a program outstanding each year in order for us to take advantage of opportunities that we see to make sure that we reduced some of the shares that are distributed internally. And so that just continues to be our practice.

Okay. Maybe update on the leaf industry in Zimbabwe and the outlook for the crop there, farmer relations, pricing...

Ann, it's really too early to talk about the African crops. The crop there is expected to be bigger, and the country has been very quiet and things have been going very, very well subsequent to Mugabe's resignation. Whether that continues, we all hope so, but it's too early to talk about the quality of the crop. The markets haven't opened so, we don’t have a good feel for pricing at this point. We will know more at the end of the next quarter.

And then Candace, do you a worldwide uncommitted leaf number?

Yes, I do. The worldwide, this is an up data of 10:31, 93 million kilos.

And we have no further questions at this time.

Thank you, Didra, and thank you all for joining us on our call today. Good bye.

This does conclude today’s conference call. You may now disconnect.