Crown Crafts, Inc.

Welcome to the Crown Crafts, Inc. Fourth Quarter Fiscal Year 2021 Conference Call. Your host for today's call is Randall Chestnut, Chairman and CEO. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer section and instructions will follow at that time. Any reproduction of this call in whole or in part is not permitted without prior written authorization of Crown Crafts, Inc. As a reminder, this conference is being recorded today, June 9th, 2021. At this time, I'd like to turn the call over to Craig Demarest, Vice President and CFO, who will begin the call. Please go ahead.

Thank you, Cole. Welcome to the Crown Crafts Investor Conference call for the fourth quarter and full fiscal year 2021. With me today are Randall Chestnut, the company's Chief Executive Officer, and Olivia Elliott, our President and Chief Operating Officers. A telephone replay of this call will be available one hour after the end of the call through 4 p.m. Central Daylight Time on September 9th. Also, a web replay of this call will be available for 90 days and can be accessed by visiting our website at www.crowncrafts.com. Before we begin, I'd like to remind listeners of the cautionary language regarding forward-looking statements contained in the press release. that same language applies to comments made in today's conference call. I will now turn the call over to Randall.

Craig, thank you very much and good morning to everyone. And we'll do it a little bit different this time. I'll make a few housekeeping comments and a few general comments and Olivia and Craig will take it from there. First of all, I'd like to welcome, because this is the first time he's been on a conference call, Craig Demarest to our team. He joined the company in February as vice president and CFO. Also, Olivia, who is with us and has been with us for many years, was promoted to president and chief operating officer in January after 19 years with the company. I'll make a few remarks, then I'll turn it back over to Olivia and Craig to report on the operations. FY21, full year, excluding the impact of the closure of Carousel Designs was the best diluted earnings per share in over a decade. We will discuss the Carousel portion later in the call. Internet sales excluding Carousel were approximately 40% for both the fourth quarter and full year FY21. As we had reported and discussed in earlier calls, we continued operating our warehouse as many of our competitors moved to third party models many years ago, commonly known as 3PLs. By operating our own distribution center, we were able to drop ship direct to consumers for most of our large customers. This has helped us tremendously during the past year during the pandemic and the closure of a lot of stores. FY21 was a great year, and we're proud of the results. It's with great regret and disappointment that we announced earlier the closure of Carousel Designs effective May the 21st. Olivia and Craig will discuss the impact of this closure. For many of our shareholders who have been with us for a number of years, you know that we'll make the tough decisions to adjust our operations when it becomes necessary. And unfortunately, this was one of those. With that, Olivia, I'll turn it over to you.