Bel Fuse Inc.

Good morning, and welcome to the Belfuze first quarter 2023 earnings call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please signal an operator by pressing star and then zero on your telephone keypad. As a reminder, this call is being recorded. I would now like to turn it over to Jean Marie Young with three-part advisors. Please go ahead, Jean.

Thank you, Chris, and good morning, everyone. Before we begin, I'd like to remind everyone that during today's conference call, we will make statements relating to our business that will be considered forward-looking statements under federal securities laws, such as statements regarding the company's expected operating and financial performance for future periods, including guidance for future periods in 2023. These statements are based on the company's current expectations and reflect the company's views only as of today and should not be considered representative of the company's views as of any subsequent date. The company disclaims any obligation to update any forward-looking statements or outlook. Actual results for future periods may differ materially from those projected by these forward-looking statements due to a number of risks, uncertainties, and other factors. These material risks are summarized in the press release that we issued after market closed yesterday. Additional information about the material risks and other important factors that could potentially impact our financial performance and cause actual results to differ materially from our expectations is discussed in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K for the fiscal year ended December 31, 2022, and our quarterly reports and other documents that we have filed or may file with the SEC from time to time. We may also discuss non-GAAP results during this call, and reconciliations of our GAAP results to non-GAAP results have been included in our press release. Our press release and our FCC filings are all available at the IR section of our website. Joining me on the call today is Dan Bernstein, President and CEO, Fruit to Be CFO, and Lynn Hutkin, Vice President of Financial Reporting and Investor Relations. With that, I'd like to turn the call over to Dan. Dan?

Thank you, Gene, and thank you all for joining us on the call today. We are extremely pleased to have another successful quarter of improved sales and profitability. This was our best first quarter in the history of our company and was the result of the efforts of all Bell Associates. Looking at each of our product groups individually, our power group posted a record high in sales this quarter, representing almost half of Bell's consolidated sales, High demand for our front-end board-mounted power products were the largest drivers. Sales of our e-mobility products remained strong and helped us offset the declines seen in circuit protection sales. Our connectivity solution group had a significant rebound this quarter with record sales and restored margin profile. In 2022, faced with a rapid increase by aerospace customers, did result in higher inefficiencies both in manufacturing and and military costs. We are now well positioned to fully support our current and growing needs of our commercial and military customers in this segment. From our magnetic group, 2023 is a year of transition. As announced last year, two of our major production sites in China are in the process of moving into one combined site. This move impacts approximately a third of our magnetic business. The move is being handled in stages with the final stage scheduled to be completed during the third quarter. The current slowdown in demand from our magnetic customers as they work through inventory on hand is good timing and allows us to more fully focus on this transition. This segment will be well positioned from a production efficiency standpoint once customer demand returns. Also part of our magnetic group is our signal transformer business, which was a financial turnaround story last year. We're happy to report signals of progress that continue with sales growth of 8% and almost double their gross margin percentage as compared to Q1-22. Overall, we are extremely pleased with our progress to date and are excited about the road ahead. I would like now to turn over the call over to Lynn to provide financial updates.