Crown Crafts, Inc.

Good day and welcome to the Crown Crafts Inc. first quarter fiscal year 2025 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to John Beisler, Investor Relations. Please go ahead.

Thank you, Dave, and good morning, everyone. We appreciate you joining us for the Crown Crafts First Quarter Fiscal 2025 Conference Call. Joining me this morning are Crown Crafts President and CEO, Lydia Elliott, and the company's CFO, Craig Demarest. Crown Crafts issued a press release yesterday afternoon regarding their first quarter 2025 financial results. A copy of this release is available on the company's website, crowncrafts.com. The company's form 10Q was also filed yesterday. During today's call, the company will make certain forward-looking statements, and actual results may differ materially from those expressed or implied. These statements are subject to risks and uncertainties that may be beyond Crown Crafts control. The company is under no obligation to update these statements. For more information about the company's risk factors and other uncertainties, please refer to the company's filings with the Securities and Exchange Commission. Finally, I would like to remind you today's call is being recorded, and a replay will be available through the company's investor relations page. Now I'd like to turn the call over to President and CEO, Olivia Elliott.

Thank you, John. Good morning, everyone. Our first quarter fiscal 25 results were impacted by the prolonged inflationary pressures facing consumers, limiting their discretionary income. Excluding the costs related to the closure of our UK subsidiary and acquisition-related costs, our performance for the quarter was generally break-even. The most recent consumer survey provided a mixed outlook, with consumers feeling slightly more confident about near-term prospects with concerns about inflation, the job market, and a potential recession ahead. There is growing sentiment about potential rate cuts from the Fed in the remainder of the year and into 2025, which would bring some measure of relief to consumers through lower credit card interest rates, which impact our lower-income customers the most. We did see some encouraging developments in the quarter, including the performance of our betting business and the reduction of our debt levels with cash provided by operations. Finally, we purchased the assets of Baby Boom Consumer Products last month. This is a very exciting opportunity for the company, and I will speak more about this later in the call. With that, I'd like to turn it over to Craig to cover the financials in more detail.