Culp, Inc.

Good day, everyone, and welcome to CULT's first quarter 2021 earnings conference call. A quick reminder that today's call is being recorded. At this time for our opening morning introduction, we would like to turn the call over to Ms. Drew Anderson. Please go ahead.

Thank you. Good morning, and welcome to the CULT conference call to review the company's results for the first quarter of fiscal 2021. As we start, let me state that this morning's call will contain forward-looking statements about the business financial condition, and prospects of the company. Forward-looking statements are statements that include projections, expectations, or beliefs about future events or results, or otherwise are not statements of historical fact. The actual performance of the company could differ materially from that indicated by the forward-looking statements because of various risks and uncertainties. These risks and uncertainties are described in our regular SEC filings, including the company's most recent filings on Form 10-K and Form 10-Q. You are cautioned not to place undue reliance on forward-looking statements made today, and each statement speaks only as of today. We undertake no obligation to update or to revise forward-looking statements. In addition, during this call, the company will be discussing non-GAAP financial measurements. A reconciliation of these non-GAAP financial measurements to the most directly comparable GAAP financial measurement is included in either the tables to the press release included as an exhibit to the company's 8K file yesterday and posted on the company's website at cult.com or in the slide presentation with supporting summary financial information that is also available on the company's website as part of the webcast of today's call. With respect to certain forward-looking income tax information, the comparable gap in reconciling information is not available without unreasonable effort. and its significance is similar to the significance of the historical income tax rate information, which is available in the slide presentation with supporting summary financial information that is also on the company's website as part of the webcast of today's call. With that, I will now turn the call over to Yves Culp, President and Chief Executive Officer of Culp. Please go ahead, sir.

Thank you, Drew, and good morning, and thanks to everyone for joining us today. I would like to welcome you to the quarterly conference call with analysts and investors. With me on the call today are Ken Bowling, our chief financial officer, and Boyd Chumley, president of our mattress status business. We'll begin the call with some brief comments, and Ken will then review the financial results for the quarter. I will then update you on the strategic actions in each of our operating segments. After that, Ken will review our second quarter fiscal 2021 business outlook. We will then be happy to take your questions. As we continue to navigate our way through these uncertain times, we've remained focused on the health and safety of our employees, customers, suppliers, and the communities we serve. I'm incredibly thankful for our team's hard work, agility, and commitment to safety, and I'm proud of our leadership team for adapting and efficiently managing through this challenging environment. We are pleased that both of our mattress fabrics and upholstery fabric segments saw better than expected increases in orders and shipments during the quarter, particularly during the last eight weeks. We are especially pleased with the strong sequential improvement compared with the end of the fourth quarter, going from a significant pre-tax loss to profitability. We believe these trends are primarily being driven by a surge of consumer focus on the home environment and overall comfort. leading to an increased proportion of discretionary spending moving towards home furnishings. Although the ongoing impact and duration of the COVID-19 pandemic is unknown, we are cautiously optimistic that business will continue its solid return in the second quarter of fiscal 2021. We are confident that our product-driven strategy, strong management team, and solid financial position will enable us to capture market share as we continue to demonstrate the resilience and strategic advantage of our global platform and stable supply chain. Our balance sheet remains strong, as evidenced by a significantly improved liquidity as compared to pre-pandemic levels at the end of fiscal 2020 third quarter. We are also pleased to have maintained our quarterly dividend throughout this period of disruption. We have now maintained and increased our annual dividend for eight consecutive fiscal years, reinforcing our confidence in the company's future and our commitment to generating value for our shareholders. We are excited about the continued sequential improvement we expect for the second quarter and look forward to the opportunities ahead in fiscal 2021. I'll now turn the call over to Kim, who will review financial results for the quarter.