Synalloy Corporation

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Sinaloa's financial results for the first quarter ended March 31, 2021. Joining us today are Sinaloa's interim president and CEO, Chris Sutter, CFO, Sally Cunningham, and the company's outside investor relations advisor, Cody Cree. Following their remarks, we'll open the call for your questions. Before we go further, I would like to turn the call over to Mr. Cree as he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Cody, please go ahead.

Thank you, Alexander. Good afternoon, and thank you all for joining our conference call to discuss Sinaloa's first quarter 2021 financial results. Before we continue, we would like to remind all participants that the discussion today may contain certain forward-looking statements pursuant to the safe harbor provisions of the federal securities laws. These statements are based on information currently available to us and are subject to various risks and uncertainties that could cause actual results to differ materially. Sinaloa advises all of those listening to this call to review the latest 10Q and 10K posted on its website for a summary of these risks and uncertainties Sinaloa does not undertake the responsibility to update any forward-looking statements. Further, the discussion today may include non-GAAP measures. In accordance with Regulation G, the company has reconciled these amounts back to the closest GAAP-based measurement. These reconciliations can be found in the earnings press release issued earlier today and posted on the investor section of the company's website at www.sinaloa.com. Please note that this call is available for replay via a webcast link that is also posted on the investor section of the company's website. With that, I'd like to turn the call over to the interim president and CEO of Sinaloa, Chris Hutter. Chris?

Thank you, Cody. Good afternoon, everyone, and thank you for joining today's call. I hope you have all continued to stay safe and well during what we hope to be the latter part of the COVID-19 pandemic. I want to start off by reiterating what an honor it is to be leading the team here at Sinaloa. We have an exciting journey ahead of us, and I am proud of the incremental progress we have made during the first quarter, while reinforcing my confidence in our ability to succeed over the long haul. Specifically, with respect to Q1, our net sales came in modestly above expectations with sequential increases across all of Sinaloa's business segments. We also recognized improvements in profitability due to our continued efforts to implement more effective cost controls and to reduce inefficiencies in our operating model. The work has only just begun, but I'm pleased that we are reporting substantial year-over-year improvement to adjusted EBITDA and our adjusted EBITDA margin. Perhaps most significant, however, was the company's positive net income in the first quarter, representing Sinaloa's first profitable quarter on a GAAP basis since the fourth quarter of 2018. We were certainly helped by a strong operating environment as customer demand for our metals products continues to be robust and surcharges are contributing to profitability. We are working to improve our throughput in order to meet the demand, and we will continue to diligently refine processes and manage costs so that we can minimize the volatility in our earnings caused by fluctuations in input costs. Q1 also saw meaningful improvements to the company's available liquidity given the refinancing of a revolving credit facility in January. Not only did we up-size the available credit of the facility, increasing our access to additional revolving credit should we elect to use it, but we secured more favorable terms, reduced costs, and less restrictive financial covenants. I am very proud of all the hard work we've put in since starting the year, and our efforts are beginning to be seen in the company's operational and financial positioning. Both will be essential to successfully position the company to achieve long-term profitable growth. I'll dive deeper into each of our segments in a moment. But first, I'd like to turn the call over to our CFO, Sally Cunningham, who will walk you through our first quarter financial results in more detail. Sally, over to you.