Flexsteel Industries Inc. (NASDAQ:FLXS) Q1 2020 Earnings Conference Call - Final Transcript
Oct 29, 2019 • 09:00 am ET
Good morning and welcome to the Flexsteel Industries First Quarter of Fiscal Year 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Donni Case, Investor Relations for Flexsteel Industries. Please go ahead.
Thank you and welcome to today's call to discuss Flexsteel Industries' first quarter of fiscal year 2020 financial results. Our earnings release, which we issued after market close yesterday, Monday, October 28th is available on the Investor Relations section of our website, www.flexsteel.com under News and Events. I'm here today with Jerry Ditmer, Chief Executive Officer; and Marcus Hamilton, Chief Financial Officer. On today's call, management will provide prepared remarks and then we will 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 by the use of the 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, management 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 contains 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'd like to turn the call over to Jerry Dittmer. Jerry?
Good morning, and thank you for joining us today. Since our fourth quarter and fiscal 2019 year-end call, we have been busy executing the restructuring plan that we set forth last April to drive transformation and business simplification. During the first quarter of fiscal year 2020, we continued to make progress on all fronts. That said, the only material event to report in quarter one was the completed sale of the Riverside, California facility and other capital assets for net proceeds of $18.9 million. This monetization was a timely and important capital infusion that we will use to continue driving Flexsteel's transformation.
As I mentioned on our last call, we have been very successful in attracting top talent to our organization for mission-critical positions across the company. This quarter, we have also strengthened our Board of Directors, and I am very pleased to welcome two new members who have impressive credentials in major areas of importance to us. Charlie Eitel has served as CEO, COO and Chairman