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Financial  Transcript

Jason Niswonger:

Good morning.  We would like to thank you for joining us today for Installed Building Products Fourth Quarter and Full-Year 2015 Earnings Conference Call.  Earlier today, we issued a press release on our financial results for the fourth quarter which can be found in the Investor Relations section on our website.  On today’s call, Management’s prepared remarks and answers to your questions contain forward-looking statements within the meaning of the Federal Securities Laws.  These forward-looking statements includes the demand for our services, expansion of our national footprint, our ability to capitalize on the new home construction recovery, our ability to strengthen our market position, our ability to pursue value enhancing acquisitions, our ability to improve profitability, and expectations for demand for our services for the remainder of 2016.  Forward-looking statements may generally be identified by the use of words such as anticipate, believe, expect, contend, plan, and will, or in each case, their negative or variations or comparable terminology.  These forward-looking statements include all matters than are historical fact.  By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. 
Any forward-looking statements made by Management during the call is not a guarantee of future performance, and actual results may differ materially from those expressed in or suggested by the forward-looking statements as a result of various factors including without limitation the risk factors discussed in the Risk Factors section of the Company’s annual report on Form 10K for the year ended December 31, 2014 as (inaudible) may be updated from time to time in our subsequent filings with the Securities and Exchange Commission.  Any forward-looking statement made by Management on this call speaks only as of the date hereof.  New risks and uncertainties come up from time to time and it is impossible for the Company to predict these events or how they may effect it.  The Company has no obligation and does not intend to update any forward-looking statements after the date hereof except as required by Federal Securities Laws.  In addition, Management uses certain non-GAAP financial measures on this call such as Adjusted EBITDA and adjusted net income from continuing operation.  You can find a reconciliation from such measures to the nearest GAAP equivalent in the Company’s earnings release which is available on our website.

This morning’s conference call is hosted by Jeff Edwards, our Chairman and Chief Executive Officer; and Michael Miller, our Chief Financial Officer.  I will now turn the call over to Jeff.

Jeff Edwards:

Thanks Jason.  Good morning to everyone joining us on today’s call.  I’m happy to have the opportunity to talk to all of you today about our strong fourth quarter and impressive close to 2015.  I will start today’s call with some highlights and then, as usual, turn the call over to Michael Miller, IBP’s CFO, who will discuss our results in more detail before we take your questions. 

Things are going very well here at IBP.  We had a phenomenal fourth quarter, delivering the highest quarterly sales figure in the Company’s history while continuing to grow the business with three successful acquisitions.  The fourth quarter was a perfect example of just how well the business performed in 2015.  It was a strong year for IBP.  We completed acquisitions with more than $100 million in trailing 12 month revenues and our existing operations achieved strong year-over-year growth, ending the year with record revenues and earnings.  The positive momentum we experienced throughout 2015 was a direct result of delivering on our growth strategy, improvements in the residential housing market, the hard work of our local branch operation, and the benefits we are achieving from our well-established and efficient platform.  I’m very pleased with the Team we have in place and where we are headed at the start of 2016.  

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