Good morning, ladies and gentlemen, and welcome to the CTI Industries Corporation announces Year-End and Fourth Quarter 2014 Financial Results Conference. This call is being recorded. This conference may contain forward-looking statements including statements regarding among other things, the company's business strategy and growth strategy. Expressions which identify forward-looking statements speak only as of the date the statement is made. These forward-looking statements are based largely on the company's expectations and are subject to a number of risks and uncertainties some of which cannot be predicted or quantified and are beyond their control. Future developments and actual results could differ materially from those set forth in contemplated by or underlying the forward-looking statements. In light of these risks and uncertainties there can be no assurance that the forward-looking information will prove to be accurate. At this time, I will now turn the conference over to Mr. Stephen Merrick, President. Please go ahead, sir.

Good morning, everyone, and welcome to our CTI Industries earnings conference call in which we will report on our results for the fourth quarter of 2014 and for the full year. I'm joined on the call today by Tim Patterson, our Chief Financial Officer. At the conclusion of our report, we will open the call for questions. Our earnings report was released first thing this morning, so that is available now. In 2014, we achieved record net sales of just under $58 million, the highest in our 39-year history. This came about because we continued to have growing sales in our consumer vacuum pouch and machine product line and in our novelty product lines of foil and latex balloons. And we also had some new sources of revenue in our new Candy Blossom and Candy Loon product lines and in direct to consumer sales of container products. Overall, sales increased by 3.2% from $56 million in 2013 to $57.8 million in 2014. In the consumer vacuum pouch and machine product line, sales increased by 4.5% over 2013 to $13.1 million. And in our novelty lines of foil and latex balloons, sales increased by 3.5% from $35.3 million in 2013 to $36.5 million in 2014. We also had some nice revenue increases in our international operations. In the U.K., our sales principally of novelty products increased by 22.9% reaching $2.5 million. And in our Europe, our sales increased by 59% reaching $1.6 million. In our category of other products which consist of some newer and growing product lines including Candy Blossoms and Candy Loons and direct to consumer sales and container products and some other items, sales increased by 7.6% to $3.4 million for the year. Net sales for the fourth quarter were $15,180,000, which was our strongest quarter of the…

Certainly. [Operator Instructions] And we will take our first question from [Vincent Gargano] [ph].

Good morning, gentlemen.

Good morning.

I just want to congratulate on a really good quarter, excellent turnaround from the first half of the year, just to appreciate your efforts. And hopefully you can continue into 2015 a strong year, things look really good, really good before.

Well, thanks very much Vince. We appreciate it. And I can tell you that we are working very hard to make that happen in 2015. We had a couple of quarters, the first two quarters of 2014 where we had some challenges both in terms of our operating costs and in terms of some other things in relation to returns from customers and some things like that. We feel that we have dealt with those things in the second half of 2014 and that we have resolved them. One of the things I was pleased to see if you look at our quarterly report, our total operating expenses in the fourth quarter were actually less than our operating expenses in the fourth quarter of 2013. And that is certainly one of the things that we have been working on to achieve so that we can achieve consistent profitability.

Right. And it seems like just a little bit effort goes a long way to the bottom-line with some few shares outstanding and good – decent revenue growth, but it seems like it hit the bottom-line pretty hard which is a positive thing and higher gross margins, which is always great to see. So again, great job and hopefully this is going to be a big year.

Thank you, sir. Appreciate it.

Thank you.

[Operator Instructions] And we will take our next question from Glen Hamilton of Bank of America.

Hey, gentlemen, quick question. You mentioned that the mezzanine debt might be retired in 2015, how do you propose to do that?

We don't have anything finalized at this point Glen in terms of our – of how we will accomplish that, but we are looking at a couple of options as you may have seen. We do have an effective S3 registration, which could result in the sale of some shares for the purpose of funding that – a portion at least for that pay-off.

And that would be great, I think if you were stock were $10, $20, $30 a share, I just – I personally hate to see additional shares being issued that to be so dilutive at this level. That just me personally saying that, I don't know what other choices you have though.

Well, we have to pick among the choices that are available to us and so that certainly one of the considerations.

Okay. Thank you.

Thank you.

[Operator Instructions] And that it appears, we have no further questions. I would like to turn it back over to our speakers for any additional or closing remarks.

Thank you very much everyone for participating in the call. We appreciate your interest and involvement. We are certainly pleased of the – to be able to report the results we had particularly for the second half of the year. And we are anxiously looking forward to a good 2015. Thanks very much and good day.

And that does conclude this conference. Thank you so much for participating.