Ethan Allen Interiors Inc.

Good afternoon and welcome to the Ethan Allen Fiscal 2023 Fourth Quarter Analyst Conference Call. A question and answer session will follow the prepared remarks. If anyone should require operator assistance, please press star zero on your telephone keypad. Please note this conference is being recorded. It is now my pleasure to introduce your host, Matt McNulty, Senior Vice President, Chief Financial Officer and Treasurer. Thank you. You may begin.

Thank you, Daryl. Good afternoon and thank you for joining us today to discuss Ethan Allen's fiscal 2023 and fourth quarter results. With me today is Farouk Kathwari, our chairman, president, and CEO. Mr. Kathwari will open and close our prepared remarks while I will speak to our financial performance midway through. After our prepared remarks, we will then open the call for your questions. Before we begin, I'd like to remind the audience that this call is being recorded and webcast live under the news and events tab on the investor relations page of our ethanallen.com website. There you will find a copy of our press release, which contains reconciliations of non-GAAP financial measures referred to in this release and on this call. A replay of today's call will also be made available via phone and on our website. Our comments today may include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a complete review of those risks. The company assumes no obligation to update or revise any forward-looking matters discussed during this call. With that, I'm pleased to now turn the call over to Mr. Cathwari.

Thanks, Matt. Thank you for participating in our fiscal 2023 and fourth quarter financial and operating results. As we reported, we had strong financial results for our fiscal year and fourth quarter ended June 30, 2023. For the year, sales of $791.4 million, gross margin of 60.7%, adjusted operating income of $133.5 million, which is 16.9% of sales, and adjusted earnings per share of $4.03 compared to $3.93 in the previous year. Our fiscal fourth quarter was also strong, with adjusted operating income of of $30.6 million for an operating margin of 16.3%. We have continued to generate strong cash, and as of June 30, 2023, had cash and investments of $172.7 million and no debt. We are also pleased that yesterday our Board approved a regular quarterly cash dividend of $36 cents per share and a special cash dividend of 50 cents per share, both payable August 31st. As expected, the focus and very high demand of consumers on the home during the COVID-19 pandemic has moderated. We are well positioned to continue our progress. After Matt provides a brief overview of our financial results, I will provide an overview of our focus to continue our strong operating and financial results. Matt?