Bel Fuse Inc.

And welcome to Belfast's second quarter 2023 earning call. As a reminder, this is beginning recorded. I would like now to turn the call over to Jean Marie Young, who is the third-party advisor. Please, go ahead, Jean.

Thank you, 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 law, 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 31st, 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 SEC filings are all available at the IR section of our website. Joining me on the call today is Dan Bernstein, President and CEO, Farouk Tawif, 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, Jean, and thank you all for joining our call today. We are very pleased to report our seventh consecutive quarter of year-over-year gross margin improvement. Our diversity of products and markets has served us well this year. Connectivity and power continue to lead the way this quarter and successfully offset the impacts felt within our magnetic group. We've been working in a challenging macro environment, and I couldn't be more proud of our global team for their unwavering discipline on margin improvement. On the backlog side, As expected, it continues to normalize. Importantly, the orders in our power plug continue to be strong from a margin perspective. I wanted to take a moment to acknowledge Catherine Desois and other former associates in the Czech Republic. As we announced in early June, Bell divested its non-core business in the Czech Republic to PEI Genesis, whom we had known for a long time as a distributor of our cinch products. Lastly, As announced in late June, we closed the sale of our former corporate headquarter building in Jersey City and moved to West Orange, New Jersey. We're able to sell the building for $5.3 million, resulting in a gain of $3.7 million, which is included in our second quarter results. This move made sense to the current market value of the property and lower annual operating expenses in our new location. With that, I'd like now to turn the call to Lynn to provide a financial update. Lynn?