Flexsteel Industries, Inc.

Good morning and welcome to the Flex Steel Industries third quarter fiscal year 2024 earnings conference call. All participants will be in a 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 your telephone keypad, And 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 Mike Ressler, Chief Financial Officer for Flex Steel Industries. Please go ahead.

Thank you and welcome to today's call to discuss Flex Steel Industries third quarter fiscal year 2024 financial results. Our earnings release, which we issued after market closed yesterday, April 29th, is available on the Investor Relations section of our website at www.flexfieldindustries.com under News and Events. I'm here today with Jerry Dittmer, Chief Executive Officer, and Derek Schmidt, President. On today's call, we will provide prepared remarks, and we will then open the call to your questions. Before we begin, I would like to remind you that the comments on today's call will include forward-looking statements. which can be identified using words such as estimate, anticipate, expect, and similar phrases. Forward-looking statements by their nature involve estimates, projections, goals, forecasts, and assumptions, and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Such risks and uncertainties include but are not limited to those that are described in our most recent annual report on Form 10-K as updated by our subsequent quarterly reports on Form 10-Q and other SEC filings as applicable. These forward-looking statements speak only as of the date of this conference call and should not be relied upon as predictions of future events. Additionally, we may refer to non-GAAP measures, which are intended to supplement but not substitute for the most directly comparable GAAP measures. The press release available on the website contain the financial and other quantitative information to be discussed today, as well as the reconciliation of the GAAP to non-GAAP measures. And with that, I'll turn the call over to Jerry Dittmer. Jerry?

Jerry Dittmer Good morning, and thank you for joining us today. I would like to start by acknowledging what was in our press release yesterday, that I will be retiring from my role as CEO at the end of fiscal year 2024. I am honored to have served in this role and work alongside an incredible group of hardworking and dedicated individuals here at FlexDeal. I am proud of the foundation we have built and confident in the organization's ability to continue achieving long-term profitable growth. I would also like to congratulate Derek Schmidt, who will assume the role of Chief Executive Officer upon my retirement. Derek is a well-accomplished leader and I am confident in his ability to continue driving results and executing on both our near-term and long-term strategies. With that, I am very pleased to share with you our third quarter fiscal year 2024 results. While headwinds from macroeconomic challenges persist in our industry, we continue to execute our strategic initiatives and deliver sales growth of 8.2% when compared to the prior year quarters. The increased sales along with our commitment to operational efficiency and prudent cost savings drove increased operating income when compared to the same quarter of the prior year, even with the addition of $2.6 million in restructuring costs related to the closure of our Dublin facility. While we expect the business environment in the near term to remain challenged, our team isn't deterred and remains intensely focused on continuing to properly grow our business throughout the remainder of fiscal year 2024 and the long term. I'll now turn the call over to Derek to discuss our results and an update on our growth initiative. I'll be back at the end of the call with some closing comments on what we see ahead.