Gross profit for the fourth quarter decreased $3 million to $34 million, adjusted to LIFO reserve fluctuations in both quarters there was a gross profit decreased in the current period of about $8.4 million versus the fourth quarter of the prior fiscal year. Adjusted to LIFO, gross profit per pound in the current quarter is 13.3 cents; in the fourth quarter of the prior fiscal year adjusted gross profit per pound was 16.7 cents. Again that decline in gross profit per pound is primarily the result of our failure to pass through resin cost increases. For gross profit of fiscal 2014 decreased $32.6 million to $121.9 million, this includes a LIFO reserves increased in the current year, year to date period of $3.6 million as compared to LIFO reserves increase in the prior year’s fiscal period of $9.9 million. Adjusting for LIFO increases in both periods and an increase in depreciation expense of $3.1 million there was a gross profit decline in the current period of about $35 million versus the prior fiscal year. Again this gross profit decline is largely attributable to our failure to pass through resin cost increases. Adjusting for LIFO gross profit per pound for the current fiscal year is 13.2 cents. In the prior fiscal year adjusted gross profit per pound was 17.1 cents. The decline in gross profits in both the 2014 4th quarter and the current fiscal year results from reduced material margins and the inability to pass through customers, increased material cost and relatively small increases in manufacturing costs. Our 3rd and 4th quarter results were marginally helped by sales volume increases in those periods. But the overall volumes declined for the 2014 year is still having a negative effect on year to date results.
Operating expenses of fiscal 2014 were $113.9 million, a decrease of $7.2 million as compared to the prior fiscal year. The operating cost decrease in 2014 are primarily there to reduced share based compensation cost, associated with the company’s stock options and performance units combining with the absence of unusually high severance cost and inter plant transportation costs recorded in the prior year, partially [inaudible] fell also by a $2.1 million increase in bad debts expense evaded to account receivable which may not be collectable. During the year we recovered $2.1 million in business interruption expenses which were incurred prior year. That recovery was from business interruption insurance and we waited to the relocation of certain equipment from Montreal Canada to Bowling Green Kentucky. Fiscal 2014 interest expense increased $900,000 due to increased borrowings under our credit facility. Net loss of fiscal 2014 was $5.5 million or [inaudible] share as compared to net income of $10.7 million or a [inaudible] share of fiscal 2013. We run the company [inaudible] which was $46.1 million for 2014 as compared to $75.9 million in the prior fiscal year, we continued with this kind of program which is around $50 million at the current time. Capex for 2014 was $26.5 million and our capex forecast is expected to be in the area of $23 million for the year. We expect a 2015 volume increase of about 3%. Availability under our credit facilities currently is about $100 million with that thanks for your attention and we’re available to answer any question you put forward. Thank You.
Operator: At this time I would like to remind everyone if you like to ask a question please press * then number 1 on your telephone keypad. If your question has been answered and you wish to remove yourself from the queue press the pound key. We ask that you please pick up your handset to provide optimal sound quality. Your first question comes from line of Richard Kus of Jefferies.
Richard: Hey Guys. Good Morning. My first question is on the behavior of some of your customers. Have you found that as polyethylene prices have declined, these guys have been delaying purchases waiting for lower prices such that you know you guys while you are experiencing lower raw material cost you are not getting the full benefit margin?
