Luvu Brands Inc

Greetings, ladies and gentlemen, and welcome to Lou Vu Brands, Inc.' 's Fiscal 2022 First Quarter Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference call is being recorded. It is now my pleasure to introduce Ron Scott, the company's Chief Financial Officer. Mr. Scott, you may begin.

Thank you, Kate, and thank you to everyone who has joined us today for Lubu Brand's fiscal 2022 first quarter conference call. Joining me today is Louis Friedman, our founder, president, and chief executive officer. This morning, we filed our quarterly report on Form 10-Q for the three months ended September 30th, 2021, and issued an earnings release that highlighted the company's first quarter performance. There are a number of items that we look forward to discussing with you this morning, including Lubu Brand's financial results for the first quarter ended September 30, 2021, recent developments in Lubu Brand's operational activities, as well as the company's near-term plans for the future. At the conclusion of this call, we'll be answering questions during a brief Q&A session. Before we get started, I'd like to remind you that some of the information discussed today will include forward-looking statements regarding future events and our future financial performance. These include statements about our future expectations, financial projections, and our plans and prospects. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the company's filing with the SEC, which includes today's press release. You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of today, and we undertake no obligation to update them except as required by applicable law. Our discussion today will include non-GAAP financial measures including EBITDA and adjusted EBITDA. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. A reconciliation of the most directly comparable GAAP financial measure to such non-GAAP financial measures has been provided as supplemental financial information in our press release. Now, with that completed, I'd like to start the call with a few words from Lubu Brand's founder and CEO, Louis Friedman.

Louis? Good morning, and thank you, Ron, and thank you, everyone, for joining us this morning. We are pleased with our first quarter results. We have net sales of $6.2 million, an increase of 16% over the prior, first quarter, making our sixth consecutive quarter of profitability. During this first quarter, we took delivery of and installed a new fabric cutting production line that's been reducing our product lead times, improving quality, and lowering cutting costs. Since over 90% of our net sales are through e-commerce channels, this new equipment allows us to be more reactive with our just-in-time manufacturing, enabling us to deliver a wider variety of products to our customers in reduced lead times. For our foam-based products, our expanded roll compression equipment doubles our production capacity while helping to offset rising freight and delivery costs. We are fortunate to be a U.S. manufacturer. This has allowed us to avoid many of the supply chain and shipping container shortages faced by competitors relying on offshore manufacturing. I'll now turn the call over to Ron Scott, Luvu Brand's Chief Financial Officer, to summarize some of the financial highlights of the first quarter fiscal 2020. Ron, please go ahead.