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Stanley Furniture (NASDAQ:STLY)

Q1 2013 Earnings Call

April 16, 2013 9:00 am ET

Executives

Micah S. Goldstein - Chief Financial Officer, Chief Operating Officer, Principal Accounting Officer, Secretary and Director

Glenn Charles Prillaman - Chief Executive Officer, President and Director

Analysts

Chad Bolen

John A. Baugh - Stifel, Nicolaus & Co., Inc., Research Division

Barry George Haimes - Sage Asset Management, LLC

Brad Hathaway

Operator

Greetings, and welcome to the Stanley Furniture First Quarter Operating Results. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Micah Goldstein, Chief Operating and Financial Officer for Stanley Furniture. Thank you. Mr. Goldstein, you may now begin.

Micah S. Goldstein

Thanks, Jesse. Good morning, everyone. Glenn and I appreciate you taking the time this morning to join us as we review the highlights of the first quarter.

During the call, we may make some forward-looking statements that are subject to risks and uncertainties. A discussion of factors that could cause actual results to differ materially from our expectations is contained in our SEC filings and the press release announcing these results. Any forward-looking statements we make speaks only as of today, and we undertake no obligation to update or revise those forward-looking statements to reflect events or circumstances after this morning's call.

Glenn?

Glenn Charles Prillaman

Good morning, and thank you for joining us. I'm pleased to share with you this morning that the plan to establish the Stanley and young brand -- the Young America brands as leaders in the premium segment and position each for growth is well underway. The major milestones of the plan have included several large and troublesome issues that I'm sure you're aware of from our previous calls. They have proven very disruptive to our sales over the past accounting periods. The good news is that we finally reached the time when completion of the plan is within our sights. And by the time we have our next call, we think we will have jumped the last 3 hurdles, but we certainly have some work still ahead of us to do.

I'd like to take you through what those last 3 hurdles are, we believe, and give you a little color on that. And then I'll touch on each brand and then turn things back over to Micah.

First, we are excited to host our current and what we believe should be many new customers at this week's High Point Spring Market. We're calling you from our new building here that has consolidated our showrooms and our office. Not totally opened yet, but Spring Market is upon us and we will open this week. The showroom is in a new location, as well as being a totally new aesthetic for our customer. And both the location and the showroom, itself, are designed to better serve our target customer who, like all customers today, are shopping for great value but who are also just as focused on how superior design drives consumers to purchase better goods. We think we entered this market more prepared to give customers what they want than at any time in several years. And the opening of our new showroom in the Las Vegas designs -- excuse me, Las Vegas Design Center earlier this year was a success and we expect more of the same this week.

Our second hurdle, and it is really another major step towards our company's future growth, and that is the opening of our new consolidated corporate office. It's conveniently housed, as I said, adjacent to the showroom here in downtown High Point. This move will be completed in this quarter, the second quarter. And with it, we launched a new outlook on our business as it's been almost 10 years since we've had everyone under one roof. We're extremely appreciative of the staff's efforts as we make this move. And here, I'm speaking of both our newest associates as well as those tenured associates moving with us. I'd also like to add that those associates that are not moving forward with us to High Point have helped us tremendously and continue to do so. This has truly been a team effort and the work getting done is monumental.

Thirdly, we look forward to better serving our customer through new information systems. These systems launch next month and are designed to provide more accurate and timely information surrounding the sale of our products. Being an easier company to do business with is something we've really focused on over the last couple of years, and we think information can truly become a competitive advantage in the field. It's been part of our vision as we transformed our company into a very customer-driven entity.

So we look forward to getting all 3 of these milestones behind us and continuing gaining momentum as an organization.

As for the most recent quarter, we are pleased with the sales results even though they were down slightly from the comparable quarter a year ago. I will remind you that a year ago, we did not yet have our Young America business model in place. We have since put that model in place around the middle of the fourth quarter of last year. And in the first quarter, we grew Young America sales sequentially with a meaningful increase, both orders and shipments I should add. This was the first quarter where we grew orders and shipments sequentially since the fourth quarter of 2010.

Despite the multiple forces working against us in Young America, our sales force and our associates in our factory continue to do a great job backing up their belief in our differentiated business model. And over the previous 3 quarters, we've replaced over 10,000 items of furniture on retail floors throughout the U.S. and worldwide. Young America now represents a better value at retail than ever. And the question is only: can we get enough customers willing to pay a premium for that value. Outside of operating an increasingly efficient factory, this is where our major area of focus lies and we have several growth initiatives underway for Young America. I look forward to keeping you well informed.

Regarding the Stanley brand. Our major areas of focus to grow the Stanley brand, they include continuing to improve the flow of product from Asia. This is something that really helps our customers immensely as they deal with an ever increasingly demanding consumer. We are going to focus on increasing the number of product placements at retail and we have several initiatives in place there. We are attracting new customers that understand how to reach a more affluent consumer and the showroom certainly has a lot to do with that, the new showroom. And lastly, we continue to develop increasingly desirable products at exceptional values. Those are really the 4 areas of focus with Stanley.

Now looking forward, taking a broader outlook for the sales at the total company level. As I've mentioned, we have several initiatives for growth in place. It is very difficult to predict the timing of the related results. And based on the fact that incoming order rates are currently lower than the rate at which we are shipping, it looks like it's going to be difficult to grow in the second quarter. However, both brands are positioned for growth and while it won't be easy without a change in that recent order rate, we still expect to be able to grow for the total year.

Those are my comments. Micah, let me have you take them through financial and operating results, and then you open it up for questions.

Micah S. Goldstein

Sounds good, thanks. All right, as Glenn just said and I think we also mentioned on our call in February, it is important, we believe, to look at both sequential and year-over-year numbers, and in particular, on Young America where the efforts we made to transform the brand last year were disruptive, not only in the factory but at retail as well.

So net sales for the quarter increased 11.4% sequentially to $26.1 million. For the first time in many quarters, both brands experienced double-digit sales growth. As Glenn mentioned in the press release and in his comments a moment ago, we did see a reduction in backlog on Stanley and we have multiple growth initiatives underway to boost momentum in its order rate. Comparing to the prior year period, which was our highest revenue quarter of 2012 and that was for both brands had the best quarter in the first quarter of last year, we saw an overall net sales decline of 2.7%.

Gross margin improved sequentially as we guided on the last call, and while it's down slightly from the previous year, this was driven solely by our decision to sell off prior-generation Young America inventory at a pretty steep discount. Without that discounting, gross margin would have improved year-over-year.

SG&A remains well managed given the emphasis we're placing on marketing Young America and rebranding Stanley. I continue to forecast a $5 million spend each quarter, and our team continues to manage their expenditures below that without sacrificing any of our strategic initiatives. We did record $260,000 of restructuring expenses in the first quarter and expect another $300,000 in Q2 for severance and relocation expenses surrounding the consolidation of our office and High Point showroom.

Our operating loss for the quarter was $1.2 million, which is a significant improvement over the fourth quarter and $200,000 behind last year's first quarter. Without the discounting I mentioned a moment ago, we would have seen an improvement over the prior year period. Accordingly, we should see improved operating results continue in Young America, and operating results in the second quarter on Stanley and for the total company will largely depend on incoming order rates for adult furniture over the next 2 months as our inventory position will allow us to benefit quickly from any increase.

As we guided on the year-end call, we expected to use cash in the first half of this year. The big drivers of our cash usage in the first quarter were a $3.1 million reduction in accounts payable, $2 million increase in accounts receivable, $2 million capital spend and an operating loss of $1.2 million. Capital spend was broken down between $400,000 in Robbinsville, which was really just a hangover from our investments that we made in the factory last year, final payments on equipment; $800,000 on leasehold improvements for our corporate office and showroom consolidation; and $800,000 on our systems initiative. Additionally, we purchased $400,000 of stock during the quarter at an average price of $4.47 a share.

In the second quarter, we expect to use about $1.3 million as we go live with our new systems in May, around $700,000 to complete the leasehold improvements with our new office and showroom and around $200,000 in Robbinsville. We do expect to see our inventory fall in the second quarter, how much will depend on what sales order rates do in the coming quarter. And this was really our first quarter where our inventory did not grow -- did grow slightly but it was relatively flat for the quarter, which is signaling the slowing down of product on its way from Asia and what we expect to be a decline in Q2 in inventories.

On the operation side, both brands performed as expected in the first quarter. Our Young America factory showed improved productivity while reducing labor and material costs compared to both the sequential and prior year quarter. Our factory initiatives have turned from reengineering product and modernizing the factory and putting in new equipment, the very tactical initiatives on quality and schedule attainment.

On Stanley, our initiatives remain focused solely on quality and service. We opened a quality lab in our Indonesian office during the first quarter and are focused on delivering all of our 2013 product introductions on time and complete to retail floors, which we did not do as well as we would have liked in the previous 2 years. Our sourcing team did a good job working with our vendors to manage through the government mandated wage increases in Indonesia early this year. And we continue to work hard on providing the right logistics solution to support each of our distribution channels.

Jesse, why don't we, at this point, go ahead and open the line for questions?

Question-and-Answer Session

Operator

[Operator Instructions] Our first question comes from the line of Budd Bugatch with Raymond James.

Chad Bolen

This is actually Chad filling in for Budd. I guess, first, Micah, when you talked about gross margin, you suggested that it would have been up year-over-year x the Young America discounting. I guess, 2 questions. One, has that completely run its course this point or do you expect that to persist a bit into 2Q? And then can you quantify for us specifically how much that bucket impacted gross margin?

Micah S. Goldstein

Yes, let me answer your second question first and that it's right around 1%. Our gross margins for the quarter would have been right at 14% had we not made that decision to move that product and it has largely played its course. There is a small amount that will run through in the second quarter, but I don't expect it to be significant. It may hurt us 0.25% or so in the second quarter, but it's largely behind us.

Chad Bolen

I guess, kind of following up on Glenn's comment. If volume is sort of flattish year-over-year in 2Q given that Young America discounting is a little bit less of a drag and I assume you're probably continuing to see productivity get better at Robbinsville, you did, I think, a 14.5% normalized gross margin in 2Q of last year. If volume's flat, what do you think is a reasonable expectation for gross margin in 2Q?

Micah S. Goldstein

Yes, it should be similar, Chad. I'd like to believe that it would go up. We are seeing some inflation and we're making some -- we are going to react to those inflationary pressures with a price increase that's going to take effect in this quarter. But it should be similar.

Chad Bolen

Okay. And I guess from an operating income perspective, could you take a stab at what you think the quarterly kind of revenue break-even level is now for Stanley and maybe a sense of how long you think it'll take you guys to get there?

Micah S. Goldstein

Yes, I still believe that we break even at -- assuming our mix of sales stays where it has been, that we need a quarterly rate somewhere around $30 million in revenue to break even. So we're at $26 million now. Young America, as Glenn said, is positioned very well. We did a great job with placement, the product's out there, the order rate and backlog remain healthy and the factory is getting more productive. So the real challenge is what's going to happen for demand for adult furniture and all of the initiatives that we've got underway to drive those orders and convert them into revenues. So I think that we're close on a -- it seems like a long way on a percentage basis, but it's not a lot of dollars and we're working hard to get there.

Chad Bolen

Okay. And in Glenn's comments, he talked about sort of sluggish order patterns really over the last few quarters. Can you give us a sense at all of sort of how order rates progressed through the quarter?

Glenn Charles Prillaman

Through the last quarter?

Chad Bolen

Yes, through Q1. Like sort of monthly trends or...

Glenn Charles Prillaman

Started out a little stronger than it ended-- in that-- I really don't have much color to add other than that. It's just we are seeing some of the middle price points and lower end price points and the industry start to gain some sales momentum -- or order rate momentum, I suppose, in speaking with our customers. But it hasn't yet crept up into our price points, but we think that's coming. When it's coming, I can't tell you. But I can tell you what we're working on and the initiatives we have in place. It's just difficult to predict the timing.

Operator

The next question comes from the line of John Baugh with Stifel.

John A. Baugh - Stifel, Nicolaus & Co., Inc., Research Division

I wonder if we could talk a little bit about what you view as your competitive advantages on the adult side in light of the fact that you're sourcing? And it sounds to me like you're moving up a little bit in price point. We certainly saw it in terms of the product, it looks beautiful. And how you are going to address attracting both your retail customers and your consumers to adapt a little bit higher price point, Stanley adult line?

Glenn Charles Prillaman

Thank you, John. This is Glenn. I know it may seem to you that we're moving up, but I can tell you for sure we are not moving up in price point. What's happened and what continues to remain in place is just the trend towards trading down in our industry. And what we have is several customers that we used to sell that have traded down and we have other customers that we still sell that are having a tougher time getting the consumer to pay our price points for furniture. But we have not really moved our prices at all. Now, as Micah said, we're having a price increase to cover the inflation that we saw overseas in the second quarter but that's our first increase since, what, Micah, 2009? Since before we closed the Stanleytown plant, which was ages ago. So what we have done to differentiate is we have, number one, continued to develop product that we think is far and away better than the competition's knockoffs. And we've got to make sure that product is well displayed, well represented through better marketing, better websites, better retail floor displays. And so that's one thing we're doing and certainly the idea is that our showrooms are giving our retailers, which, by the way, are already beginning -- now, this is a slow process, but some of the ideas that we showed retailers in Vegas are already beginning to be implemented at retail. That's one of the things we've got to do to differentiate. And there's -- we think there's plenty of business above us that the consumer will give to us, that our retailer will give to us until we get more customers that are not trading down. Another thing we're doing to differentiate on the Stanley side, as you mentioned, now that we're sourcing, you do have to have a different plan to differentiate and that is flowing goods from Asia. We have one of the best programs to flow a mix of goods directly from Asia to our customer in the industry and we just finished our first year of that program and we learned a lot. And we're going to make some adjustments here at market that we've been planning since the beginning of the year. We'll announce those and that will bring quite a bit of confidence in that program to the retailers that maybe have traded down and need to buy our products at a lower price and can do so by taking advantage of that logistics program on the Stanley side of the business. And look, logistics and product development are really the 2 things that we've constantly been focused on, on the Stanley side of the business and that's why I think we're beginning to gain some momentum. Now outside of that, there's one main thing that we've got to do and that's just instill a little confidence in the people that sell our products and I think we've been working on it so long that we forget nobody's really seen the new Stanley yet. There's been a Vegas market. But as you know, it's nowhere near the size of the High Point Market as far as attendance. And I think that when more customers see what we have to offer and the way we positioned our product in our showrooms, new websites, new photography, cataloging, marketing materials, but there's just a -- there's a long way to go. On top of that, when we launch these new systems and people can better see the stock availability in our domestic warehouse versus our Asia warehouse versus future cuttings, all of these things are very difficult to convey to our consumer right -- or to our customer, our retailer and designer right now because of antiquated systems and hence the spend there. So lots of initiatives to work on to differentiate on the Stanley side. We do think we can differentiate even though we do not own a factory.

John A. Baugh - Stifel, Nicolaus & Co., Inc., Research Division

And then if I could follow up on the cash flow. If we assume revenues were in the, say, high 20s and the EBIT is still a loss but maybe $0.5 million or so per quarter, is that kind of a cash flow breakeven, Micah, or is that still a use or slight source at that point?

Micah S. Goldstein

On an operating basis, our depreciation's around, call it, $2 million, $2.1 million a year. So yes. We -- at an operating basis, if we lost $0.5 million, we would be breakeven on a cash flow basis. You've got a -- and the few things that are out there that we still have to work through is that we've got to make all of the final payments for our office and showroom. We got to get our systems up and running, which we've disclosed what those costs will be. And then our decision on whether or not to buy stock could be a use of cash as well. A place where we'll generate cash is going to be from reduction in inventory. Our inventories still are too high given our level of sales and we're working hard. The best scenario would be for sales to go up enough to keep our inventories at the level where they are. But if that's not the case, we have got to drive those inventories down and turn them more frequently. So I think you'll see that be a source of cash in the coming quarters.

John A. Baugh - Stifel, Nicolaus & Co., Inc., Research Division

And Micah, what -- I'm not going to pin you down to a '14 CapEx number, but assuming you get all the showroom and headquarters and information systems expenditures largely behind you in '13, what is there left sort of an ongoing CapEx basis to spend?

Micah S. Goldstein

I think that we will need to spend -- as long as we're running a factory domestically with the money that we have invested in getting it current and where it is, that we will have to spend somewhere around $1 million a year to keep that factory in its current condition. We don't need to buy a lot of new equipment, but we've got to maintain the equipment that we have and keep the facilities current. So I think you're looking, I think, $1.5 million a year is probably a good number on an ongoing basis for the company once we get through these initiatives. It certainly should be equal to or less than depreciation.

John A. Baugh - Stifel, Nicolaus & Co., Inc., Research Division

Okay. And Glenn, you referenced the best value comment around the youth line. Refresh me what you've done with pricing, if anything, on that line and then the other things that would -- because there's more than just price that represent increased value.

Glenn Charles Prillaman

I'm glad you are willing to make that last comment, John. I need to get more retailers to make that comment, but -- now everyone is struggling right now. Our retailers are really working hard to attract and retain consumers and the consumers just -- they're challenged. They're challenged right now to buy premium furniture. What we've done in Young America to create the value to justify price is we have a differentiated story that you cannot get from any other brand. It's the safest furniture you can buy and we can prove it through the certifications that we have that others do not. Color and choice is something that we, far and away, exceed the customer's expectation on so we have that customization or personalization factor that the upper end consumer wants. We also make a product that is not a disposable product. You buy it when the child is a certain age, even before birth, as far as a crib might be concerned and you keep it and add to it all the way through the child's life on into college and that's something we call Built to Grow. And because of the quality of the product and the amount of selection we offer, you can add to one collection that you bought at a young age for many, many years. And then if there is any cache to the Made in USA side of our story, and some customers are willing to pay a slight premium for made in America, then that's something as well. But we don't hang our hat on that. It's really more about safety, color and choice and the longevity of the purchase. So that's why we think it's the best value available, but it is sold at a premium price. Now regarding pricing, we've done nothing to increase pricing over the last, I don't know, probably 2, 3 years. So the only thing we've done with pricing is actually take it down with a certain number of items we've decreased our prices to make them more attractive and that comes from efficiencies in the plant, but also coming from feedback from our retailers as to here's what the market will bring. So as I said, we do have what we believe is a great value. But the question remains, can we get enough consumers willing to pay that premium price for that value. I will also add, and I'd be remiss if I didn't, I said we replaced over 10,000 items of furniture on retail floors throughout the U.S. and worldwide just in the last 8 months. We did that because we totally changed the engineering behind our product and put in the most premium drawer guide system and drawer construction system that exist in the marketplace today and that's -- if you look at the way consumers interact with case goods on the retail floor, they go up and pull that drawer out and when they get the silent self-closing guide that we have now installed in our furniture, when they get that experience it tells them that they're dealing with a high-quality product. So as you see more and more retailers telling that story and that story working to grow those sales in those retailers, we just got to get more retailers to tell that story. How quickly we can do it is the question, John.

Operator

The next question comes from the line of Barry Haimes with Sage.

Barry George Haimes - Sage Asset Management, LLC

Had 3 questions. One is, you alluded a little bit to the Las Vegas show, but I wondered if you could give us a little feel anecdotally about how that went now that you're in the aftermath of it? Any new business relationships or expanded business relationships or people you're still talking to that could pick you up that didn't carry you before, that kind of thing? Second question, it sounds like from your -- the Stanley comment on orders that you think it's more the consumer that's -- and therefore it's an industry factor as opposed to Stanley-specific, just wanted to confirm that, that's what you guys think? And then third, could you talk a little bit about the systems cutover? When does that happen and how complex might that be or what steps are you taking to ensure that it goes relatively smoothly?

Glenn Charles Prillaman

This is Glenn, and thanks for the 3 questions. I'll start -- I'll go backwards. The systems cutover, as you can imagine, we're all very, very careful and concerned or acting with concern regarding the cutover. It is rare that you have an ERP system launched on time, on budget without any problems. We've only had one delay so far and we think we made the right decision in delaying the launch by about a month. That system should cut over here in the first part of May. And we're pretty confident that we've covered our bases there after going through numerous, numerous test pilots and numerous trials for backup plans. And just having more than the heads of the departments in our company involved, we have a lot of people involved that know how to manage our business and they've been involved for well over 18 months in this process. So we are confident that the switchover will go smoothly. And -- but I'll add, we haven't done this, we haven't had a systems upgrade since the '90s. So fortunately, we have some people here that were here during the '90s and we're working with a top tier vendor that has done this with companies large and small all over the world. Now regarding Stanley orders, I think that it's probably both a little bit self-inflicted and both a little bit industry-wide. I do think -- it's very difficult to get your hands on numbers of our direct competitors because they do not report. They also have upholstery, they're in other product categories and so if you boil it down to just upper end case goods, I don't know that the market has come back yet like it has at lower price points and that's kind of somewhat out of our control. Now what is with our control is for us to be able to justify price through the types of initiatives that I mentioned, which is improving the flow of product from Asia. As Micah said, we haven't done that as well as in the past, say, 4 or 5 quarters as we have this previous quarter and as we expect to do based on new initiatives in place in the coming quarters. We do have some product placement gains at retail that we think we're going to be able to achieve in the coming quarters for specific reasons, not just hope there but a real plan to do that. And we think these new showrooms and the new way that we are marketing our brand and what we believe is great design for the money, we think that's going to have a great effect on the premium brick-and-mortar channel as well as the interior designer and that's been our focus all along as we've repositioned the Stanley brand. Now Vegas Market, I'm glad you said anecdotal because anytime you're only about 3 or 4 months out of a market, you can point to certain specific examples of where you've gained the relationship you didn't have or where you've improved a longtime relationship with a customer and we do have examples of that. And as I said, we have the brand architecture that we introduced at Vegas in our showrooms already being implemented on a couple of retail floors and we're in the planning processes on that and the drawing processes. But outside of that, it has to do with the way the interior designer perceives our brand. And the interior designer does not work on a transactional basis. There may be a 12- to 18-month lag before an interior designer sees something she likes at Vegas or in High Point and then is involved in the job where she specs our products. So we know there is a bit of a lag in the design trade and in the brick-and-mortar channel. High Point's a heck of a lot bigger than Vegas. So a lot will be learned over the next 4 to 6 weeks and we look forward to keeping you informed on how the Stanley brand is transforming. It's a 90-year-old brand that-- whose relevance is really being put out of question or back on the map here as we go through Vegas and High Point. And Vegas was just a great experience and we got great feedback, so I think it's going to turn into orders. But the second quarter has got -- hasn't started off like we'd like, but we think we can turn it around and show growth for the year.

Operator

[Operator Instructions] Our next question comes from the line of Brad Hathaway with Far View Capital.

Brad Hathaway

Quick question for you on the accounts payable. Can you give a little more color on the decline into this quarter? It's obviously been a -- it was a bit more sizable than in most prior quarters.

Micah S. Goldstein

Yes, Brad, that was really just timing on income and goods from Asia that showed up at the end of the fourth quarter. We had a lot of product that showed up, ordered with the long lead times and the long -- the length of the supply chain. We had ordered pretty heavy in the second and the third quarter of last year anticipating demand that didn't materialize as well as we would like and that product showed up late part of the fourth quarter. And we pay all those bills in the early part of the first quarter, so it was just really just timing.

Brad Hathaway

Okay. So more kind of if you look back going forward, back to more normalized levels at some point in the next few quarters?

Micah S. Goldstein

Absolutely. Although it could go a little bit ditch-to-ditch because with orders light, we're ordering light and trying to reduce our inventory position.

Brad Hathaway

Understood, understood. And maybe could you walk me through kind of the thought process on the share buyback? I mean, how you think about how much to do or when to do it and kind of what's some of the restrictions are around that?

Micah S. Goldstein

Our board authorized this time last year a $5 million share buyback, and we've agreed on a price with the board at which we think is reasonable for management to transact below. And when shares become available and the price is reasonable, we've made some purchases. With the cash used that we had in this last quarter, it's likely that we'll slow that down a little bit right now and make sure that we get through these capital spends in this quarter and get our inventory rightsized. But we look at each transaction separately and make good decisions. We're in constant communication with our board on that and trying to add value long term for the shareholder.

Brad Hathaway

Great, I appreciate that. Did that share price that you mentioned, did that -- was that kind of set initially when you set the buyback or is that more of a dynamic each time you speak with the board, you change that around?

Micah S. Goldstein

It constantly changes based on where the market is.

Operator

It appears there are no further questions at this time. I would like to turn the floor back over to management for any closing comments.

Glenn Charles Prillaman

Thank you, Jesse, and thanks for everyone for joining us. As I've mentioned, we have several initiatives in place for growth and a few hurdles in front of us. A lot of work to do, but it's exciting to see the completion of the plan to restructure the company to really be much more customer driven and relevant in the marketplace. It's exciting to see the end of that in sight. So we look forward to keeping you posted on future calls. And I hope to see you at this week's High Point Market. Thank you, Jesse.

Operator

Thank you. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

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