Universal Q4 2026 Earnings Report

Universal EPS Results

• Actual EPS: -$0.46
• Consensus EPS: $1.08
• Beat/Miss: Missed by -$1.54
• One Year Ago EPS: N/A

Universal Revenue Results

• Actual Revenue: $715.24 million
• Expected Revenue: $728.20 million
• Beat/Miss: Missed by -$12.96 million
• YoY Revenue Growth: N/A

Universal Announcement Details

• Quarter: Q4 2026
• Date: 5/28/2026
• Time: After Market Closes
• Conference Call Date: Friday, May 29, 2026
• Conference Call Time: 10:00AM ET

Universal (NYSE:UVV) (NYSE: UVV) is a global agribusiness company primarily engaged in the procurement, processing and sale of leaf tobacco. Headquartered in Richmond, Virginia, the company sources cured leaf tobacco from key growing regions in North and South America, Africa and Asia. Universal serves major multinational tobacco manufacturers by providing a full range of services including inventory management, quality control and logistics support to ensure a consistent and reliable supply of tobacco leaf.

In addition to its core leaf tobacco operations, Universal offers integrated supply-chain services that encompass warehousing, distribution and ingredient sourcing for smokeless and novel tobacco products. The company’s processing facilities employ proprietary grading and flavor-profiling techniques to meet the stringent specifications of its customers. Through regional offices and processing centers in Brazil, Malawi, Zimbabwe, Indonesia and Europe, Universal maintains close relationships with local growers and invests in agricultural extension programs aimed at improving crop yields and sustainable farming practices.

Founded in the early 20th century, Universal has grown through the development of global trading networks and long-term partnerships with tobacco growers and manufacturers. The company is led by a seasoned management team headquartered in Richmond, with a board of directors that brings deep experience in agribusiness, finance and international trade. Universal continues to expand its value-added services while maintaining a focus on quality assurance, operational efficiency and environmental stewardship across its worldwide operations.

Universal Q4 2026 Earnings Call Transcript

Key Takeaways

• Neutral Sentiment: Universal reported fiscal 2026 revenue of $2.9 billion, with fourth-quarter revenue up 2% year over year, but full-year operating income fell to $169 million due to weaker market conditions and non-cash charges.
• Negative Sentiment: The quarter and full year were hurt by a $41 million non-cash goodwill impairment at Shank’s and higher inventory write-downs in non-wrapper dark air-cured tobacco, which weighed heavily on earnings and margins.
• Negative Sentiment: Management said the ingredients segment continues to face industry headwinds, with Shank’s underperforming amid elevated costs and slower conversion of customer interest into revenue growth.
• Positive Sentiment: Executives said they are confident tobacco inventory will normalize during fiscal 2027, and that the company’s broad geographic footprint and customer relationships position it well to navigate oversupply in flue-cured and burley markets.
• Positive Sentiment: Universal reiterated its capital allocation priorities: invest in tobacco, support ingredients growth, maintain the dividend, and return excess capital via buybacks, while noting its 56th consecutive annual dividend increase.

Presentation

[Operator]

Thank you for standing by. My name is Jill and I'll be your conference operator today. At this time, I would like to welcome everyone to the Universal Corporation's fourth quarter fiscal year 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. I would now like to turn the conference over to Wushuang Ma, Vice President and Treasurer. You may begin.

[Wushuang Ma, VP and Treasurer at Universal]

Good morning, and thank you for joining us. With me today are Preston Wigner, our Chairman, President, and CEO, and Steve Diel, our recently appointed Chief Financial Officer. During the course of this call, we will be making forward-looking statements that are based on our current knowledge and some assumptions about the future. These are representative as of today only. Actual results, performance, or achievements could differ materially from the anticipated results, prospects, performance or achievements expressed or implied by such forward-looking statements. We assume no obligation to update any forward-looking statements except as required by law. For information on some of the risks and uncertainties related to these forward-looking statements, please refer to the reports we file with the SEC and under cautionary statements regarding forward-looking statements in our current earnings press release.

[Wushuang Ma, VP and Treasurer at Universal]

Finally, some of the information we have for you today may be based on unaudited allocations and may be subject to reclassification. Our comments today may also include certain non-GAAP financial measures. For details regarding these measures, including a reconciliation of these non-GAAP measures to the most comparable GAAP measures, please refer to our current earnings press release and other public materials. This call is being webcast live and will be available for replay on our website through August 29, 2026, and by telephones through June 12, 2026. This call is copyrighted and may not be used without our permission. Other than the referenced replay, we have not authorized and disclaim responsibility for any recording, replay, or distribution of any transcription of this call. I would like now to turn the call over to Preston.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

Thank you, Wush. Good morning, everyone, and thank you for joining us today. Our fiscal year 2026 performance reflected solid execution across much of our business, operating in a market environment that shifted meaningfully from the prior year. We saw oversupply in certain tobacco styles and continued market headwinds in our ingredients business, which impacted volumes and margins. Amidst these challenges, our teams around the globe demonstrated the resilience of our tobacco operations, and we continue to focus on the progress we are making to support the long-term growth of our ingredients operations. However, our financial results for the fourth quarter and fiscal year were impacted by a non-cash goodwill impairment related to our Universal Ingredients Shank's operation and by inventory write-downs primarily related to non-wrapper dark air-cured tobacco.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

We remain confident in our tobacco and ingredient strategies and the steps we have taken to adapt to current market conditions and position the business for the future. With more than 100 years of operating experience and a market-leading position, our leaf tobacco business has demonstrated its durability across market cycles. At the same time, we believe our ingredient strategy, which focuses on innovation and solution-based products, is well-aligned with customer needs and long-term value creation. We have invested over several years to build a scalable ingredients platform with necessary capacity and capabilities, and we believe the platform is well-positioned for future growth. Supporting both these priorities is our continued advancements in sustainability, which remains an increasingly important expectation across our global value chain. During the fourth fiscal quarter, Universal advanced from an A- to an A rating in the Carbon Disclosure Project's Supplier Engagement Assessment.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

In addition, we were recognized as a CDP Supplier Engagement Leader and named to CDP's Supplier Engagement A List, underscoring the strengths of our governance, emissions management, and collaboration with suppliers. Strong financial discipline and leadership are critical to executing across both our operating segments. In February, we announced the appointment of Steve Diel as our Chief Financial Officer, effective April 1. Steve has been with Universal since 2018 and has more than 25 years of experience across finance, corporate development, and business strategy. He is a trusted Universal leader with significant financial expertise, a deep understanding of our operations, and a proven record of strategic execution. With that, I'll now turn the call over to Steve to review our financial results in more detail.

[Steven S. Diel, CFO at Universal]

Thank you, Preston. Good morning, everyone. As Preston mentioned, during fiscal year 2026, our flue-cured and burley tobacco portfolio performed well, but results were significantly impacted by two areas of our businesses, which I'll discuss during a review of consolidated and segment results. For the fourth quarter, consolidated revenue was $715 million, up 2% from the same quarter of last year. For the full year, consolidated revenue was $2.9 billion, down slightly from the previous exceptional fiscal year. For the quarter, operating loss was $15 million, as compared to an operating income of $43 million for the same quarter of last year. For the full year, operating income was $169 million, down $64 million as compared to fiscal year 2025. Lower operating income was mainly driven by two areas.

[Steven S. Diel, CFO at Universal]

First, the Shank's business within our ingredient segment experienced lower profitability and recorded a $41 million non-cash goodwill impairment. I'll address both of these items in more detail later. Second, higher inventory write-downs in our non-wrapper dark air-cured tobacco business, combined with weaker performance. For the fourth quarter, net loss attributable to Universal was $43 million as compared to net income of $9 million for the same quarter of last year. For the full year, net income was $33 million, down from $95 million for fiscal year 2025. Lower net income was again mainly the result of the non-cash charges I just mentioned, as well as weaker performance at Shank's and our dark air-cured tobacco business. In terms of segment results, tobacco segment revenue was $632 million for the fourth quarter of fiscal 2026, up 3% versus the same quarter of last year.

[Steven S. Diel, CFO at Universal]

For the full year, revenue was $2.6 billion, down slightly as compared to fiscal year 2025. Segment operating income was $27 million for the fourth quarter of fiscal year 2026, as compared to $46 million for the same quarter of last year. For the full year, segment operating income was $212 million as compared to $240 million for fiscal year 2025. Lower segment operating income was mainly the result of lower profitability and higher inventory write-downs of non-wrapper dark air-cured tobaccos. Specifically, for fiscal year 2026, total inventory write-downs for our tobacco operations segment were $43 million as compared to $19 million during fiscal year 2025, and an average of $14 million across the five years from fiscal year 2021 through 2025. Now, turning to the ingredients operating segment.

[Steven S. Diel, CFO at Universal]

Segment revenue was $83 million for the fourth quarter of fiscal year 2026, as compared to $90 million for the same quarter of last year. For the full year, revenue was $348 million, up 3% as compared to fiscal year 2025. Segment operating income was $2 million for the fourth quarter of fiscal year 2026 as compared to $4 million for the same quarter of last year. For the full year, segment operating income was $3 million as compared to $12 million for fiscal year 2025. Despite significant industry headwinds, our FruitSmart and Silva businesses performed in line with expectations. Lower operating income for the segment was mainly the result of Shank's performance and driven by higher fixed and operating costs related to the recent growth investments as we build our new product pipeline. Regarding liquidity and capital structure.

[Steven S. Diel, CFO at Universal]

As of March 31, 2026, our net debt was $845 million, compared to $817 million at the same point last year. The increase was mainly the result of higher working capital usage associated with purchasing and selling a significantly larger tobacco crop. Our liquidity availability, which includes cash and availability under our committed and uncommitted credit lines, totaled over $1.2 billion. Now I'll briefly shift to an introduction as Universal's new CFO. As Preston mentioned, I joined Universal in 2018, coinciding with the company's rollout of the enhanced capital allocation strategy. Since then, I've been closely involved in developing and executing that strategy, including the formation of Universal Ingredients platform through three acquisitions and the continued investment in its commercial and operational capabilities.

[Steven S. Diel, CFO at Universal]

At the same time, I have led our financial planning and analysis function, supporting the company through a full supply-demand cycle in leaf tobacco, the complexities of COVID, and the evolving macroeconomic environment that followed. Because of these experiences, I have a clear perspective on both the durability of our core business and the importance of financial discipline as we invest in growth. I am greatly honored to take on the role of Chief Financial Officer. Universal combines a resilient market-leading leaf tobacco business with an adjacent ingredients platform that has a strong core product and customer base, expanding capabilities, and a long runway for growth. My priority is to deliver dependable free cash flow and balance sheet strength through disciplined capital allocation.

[Steven S. Diel, CFO at Universal]

This approach underpins our commitment to durable shareholder value across agricultural and economic cycles. Now, before I hand the call back to Preston, I would like to address the non-cash goodwill impairment related to Shank's. When we acquired Shank's in October of 2021, we recorded approximately $41 million of goodwill. In accordance with U.S. GAAP, this goodwill was assessed periodically, and no indications of impairment were identified prior to fiscal year 2026. Since acquiring the business, we have invested in growth, both in the form of capital expenditures to build new production capabilities and in commercial and R&D human capital. During fiscal 2026, market conditions pressured revenues and profitability for both core products and new product development.

[Steven S. Diel, CFO at Universal]

As a relatively new player in this space, converting customer interest into sustained revenue and margin growth can be a lengthy process, and as of March 31, 2026, we were behind in executing our commercial strategy amidst the market headwinds. In response, management, together with a third-party consultant, conducted a valuation analysis and concluded that a non-cash goodwill impairment was appropriate. To improve execution, we have recently implemented a leadership-level organizational realignment at Shank's. The focus is on strengthening commercial execution, improving facility utilization, and enhancing financial and operational efficiency. Strategically, Shank's remains a key component of our ingredients platform, given its underutilized capacity, technical capabilities, and role in supporting innovation and solutions-based offerings.

[Steven S. Diel, CFO at Universal]

As CFO, I will focus on strengthening the execution and financial discipline across the company, ensuring we convert strategic intent into financial performance, and on growing revenue and margins, controlling costs, and deploying capital effectively to support growth, both organically and through future accretive acquisition opportunities. I'll now turn the conversation back to Preston.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

Thank you, Steve. As we look ahead to fiscal year 2027, our leaf tobacco business brings over 100 years of experience operating through complex and evolving global environments. Combined with our broad geographic diversification and long-standing customer relationships, this positions us well to manage ongoing oversupply and current market dynamics. In ingredients, our strategy is centered on clean label, healthy, organic, and solution-based products and remains aligned with our customers' priorities. We will continue to support our customers as we work together to navigate the persistent market headwinds. Our ingredients focus remains on disciplined execution, including leveraging the investments we have made, strengthening commercial effectiveness, achieving operational efficiencies, and improving financial performance. We enter fiscal year 2027 focused on maximizing and optimizing our tobacco business, growing our ingredients business, and strengthening our company for the next 100 years.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

This strategic approach strengthens the durability of our business and positions us to navigate market cycles and volatility while continuing to deliver long-term value to our shareholders, like our recent announcement of our 56th consecutive annual dividend increase. Thank you again for joining us today. We will now open the call for questions.

[Operator]

Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you're listening via loudspeaker on your device, please remember to pick up your handset and remove yourself from mute before asking your question. Your first question comes from the line of Daniel Harriman of Sidoti. Your line is open.

[Daniel Harriman, Equity Research Analyst at Sidoti]

Thank you. Hey, guys. Good morning, Steve, congratulations on the new role. I'll start with two questions today. Then I'll get back into the queue. Preston, can you just talk about your confidence level that we'll get inventory normalization during fiscal 2027? I know uncommitted inventories were 27%, I believe. Then I wanted to see if there's any additional write-down risk in non-wrapper dark air-cured tobacco. Then if we set aside the impairment and the tobacco inventory write-downs, it appears that the overall business is operating at a high level. I was just wondering if you could speak about the underlying trends in flue-cured burley and the ingredients platform outside of Shank's and kind of what that tells you about the setup for fiscal year 2027. Thanks.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

All right. Thanks, Daniel. I'll start with the inventory. That inventory number we disclosed, that's as of March 31st, 2026. Leading into that, we've had some early days of buying, but buying in Brazil. Some of that is what we bought in Brazil. We've already seen movement from March 31st, just over the last two months. We're confident that we will be within our range for uncommitted inventory between 10% and 20% during the fiscal year. We'll have a much better update and a much better view of things for our first quarter call in a couple of months. At the moment, we're pleased where things are going, and like I said, we're confident we'll be within that range during the fiscal year.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

For the dark write-downs, we've taken those write-downs in particular in the fourth quarter through a thorough review of inventory on hand and market dynamics. All of that goes into the accounting side of how we evaluate and determine write-downs to take. That was a thorough review at the end of the fiscal year based on current market dynamics. Going into this year, we feel comfortable that inventory positions are good, that we're working closely with our customers to make sure we have the volumes and the quality in particular that they need of non-wrapper and of wrapper tobaccos, and we'll monitor it throughout the year. There's an accounting side to it where we always assess, no matter what the tobacco style, we assess our inventory positions and values through the accounting rules, and we'll continue to do that during the year.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

At the moment, given the extent of the fourth quarter write-downs, we're comfortable where we are right now with current market dynamics.

[Steven S. Diel, CFO at Universal]

Yeah, just to follow on from the accounting side of that, we record inventory at the lower of cost or what we estimate as net realizable value. That's where, as Preston said, we did a deep dive into our inventories in Q4 to come up with the estimates that we did. We feel good about going into this coming year.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

Yep. I think your other question is a little more about view of fiscal year 2027, and on both ingredients and the tobacco side in particular, flue-cured and burley. On the tobacco side, it's very early in the season for us. Markets are really just starting in Brazil. We are buying in Africa, and our footprint buying has started recently. The oversupply, which carries over from the transition this past fiscal year 2026, from undersupply to balance to oversupply all at one time, based on really large crops, feeds into this year, where we also see large crops really across the world, flue-cured and burley. Even though it's early days, we have a lot of experience with our strong local teams in managing crops in any type of market cycle, including oversupply.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

The key for us is our geographic footprint, where we can mitigate risks from one origin to another based on current conditions, our really broad portfolio of customers that require all the styles, flue-cured and burley, and all the origins where we are, and we're in all the strategic origins. Maybe most importantly, a lot of deep experience in knowing how to buy and how to buy the right grades at the right price. When we look at the undersupply years, there were places in the undersupply years where we were really forced, and the market was forced to pay really high prices for practically all grades because it was such an undersupply. In oversupply, we have more flexibility. We have access to the tobacco we need. The larger crops give us also some additional benefits like third-party processing because of larger crops being handled by others.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

We could be more, I'd say, more intentional, more strategic, and more efficient in how we buy. We know we're buying the right grades at the right prices, and then we can move them and try to protect margins with oversupply and with customers who have built up durations over the past few years with their large purchases. It's very important that we're buying correctly, but that we're also keeping in close contact with our customers. We know their demands, they know their needs, and we can plan accordingly. That will continue throughout the year. So far, that's been going well, and we are encouraged where we are despite lots of market dynamics. It's early, so we'll continue that good work. On the tobacco side, we feel good. We are experienced, and we're entering it with the right strategies.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

On the ingredients side, also encouraged. We're very happy with the strategy of ingredients, and with Shank's as an important part of that, as Steve had mentioned. We see inflationary pressures and some of the other market headwinds persisting into this year. We will continue to navigate those, and I think for things, example, like tariffs, I think we did a good job of navigating a lot of the direct impacts of tariffs this past year to minimize the costs that are going into our inventory and taking advantage of opportunities we had where maybe domestic sourcing gave us opportunities versus others who are sourcing overseas and paying those higher tariffs.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

With maybe more normalized tariffs this year, it'll also be fluid with tariffs, but if tariffs remain lower this year or even go away, I am optimistic that that will reduce some inflationary pressure that our customers feel with their own sales and products, and certainly on the tariff side, impacts on their business from tariffs that are more direct to them. That will give us opportunities to increase the volumes we would otherwise have sold to those customers this past year with those headwinds. With the increased volumes, focus on increased profitability and cost absorption. I'm happy with where we are, happy with our strategy. I'm really excited about what we're doing with Universal Ingredients and where it can go, and we're putting in the hard work, and we're absolutely committed to growing our ingredients business.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

In particular in Shank's, executing these initiatives so that we're operating as efficiently and as profitably as we can operate this year.

[Daniel Harriman, Equity Research Analyst at Sidoti]

Thanks, guys. I really appreciate it.

[Steven S. Diel, CFO at Universal]

Sure.

[Operator]

Again, if you have a question, please press star one on your telephone keypad to raise your hand and join the queue. We have a follow-up question from the line of Daniel Harriman of Sidoti. Please go ahead.

[Daniel Harriman, Equity Research Analyst at Sidoti]

Hey, guys. I'm back. I guess I'll follow up with one more if there are no other questions. Sorry about that.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

No, no problem.

[Daniel Harriman, Equity Research Analyst at Sidoti]

Steve, like I mentioned, congratulations on the role, and I understand that you're not at all new to Universal, and you're not new to financial management or really corporate development, but can you just remind us of the company's capital allocation priorities and how you see the balance breaking down in the coming year, maybe between the dividend leverage and then continued investment in ingredients?

[Steven S. Diel, CFO at Universal]

Sure. Thank you, Daniel. I really appreciate it. It's great to speak with you today. Yeah. Our capital allocation strategy, which we announced right around the time I joined the company in 2018, it really has four pillars. Strengthening and investing for growth in our leaf tobacco business, increasing our strong dividend, and exploring growth opportunities for our plant-based ingredients business, and then finally, returning excess capital through share repurchases. That strategy hasn't changed. It's still consistent. As far as the dividend goes, we are a strong cash-generating company, and our dividend payout ratio on our reported net income this year is over 100%. If you look back over the last five years on an adjusted net income basis, it's been below 75%. We feel really good about our positioning and our ability to continue to fund the dividend going forward.

[Steven S. Diel, CFO at Universal]

That said, our board certainly reviews, and management with the board reviews our capital allocation strategy regularly and could make decisions based on new information that comes along. But as we sit here now, we see no change. From the ingredients M&A strategy standpoint, no change there. We have not acquired any businesses since Shank's in 2021. We've invested in organic growth. We are now in the phase of realizing the returns on that investment and earning the right for future growth. As we pull through this current expansion at Shank's and get new volumes through that facility to really leverage the cost structure that we have in place and the R&D and commercial people that we put in place, that's our focus now. Once we achieve that, we will be back in and investing in new opportunities for growth.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

Daniel, if I can add on to that. In particular, the top of our priorities, which is investing in our tobacco business. We've got such a strong tobacco business. Even this year, if you take away the write-downs, primarily the non-wrapper dark air-cured write-downs, the rest of the business performed really well. Our tobacco business is so strong, we see lots of opportunities in terms of market share growth, volume growth, other opportunities for services that we see lots of opportunities to continue to invest in tobacco. At the same time, we're absolutely committed to investing in what we need to grow ingredients as well. Our capital allocation strategy hasn't changed. I don't see it changing because I think it's the right strategy for us to grow the company as a whole. Both sides really have good opportunities going forward.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

I'm really happy with the priorities that we have in continuing to invest in tobacco.

[Daniel Harriman, Equity Research Analyst at Sidoti]

Steve, seeing that you came to Universal at the beginning of the rollout with ingredients and where you are now, and you talked about this a little bit in the prepared remarks, could you just kind of talk us through what that experience has shown you and prepared you, and how you think you will use that in the CFO role? Maybe how you incorporate that view into the long-term value proposition of the ingredients platform that some other people like us may not have a view on.

[Steven S. Diel, CFO at Universal]

Yes. Coming into the role as a public company CFO, my number one priority is to maximize long-term shareholder value by driving profitable growth, securing strict regulatory compliance, and optimizing capital allocation. I think achieving that falls into four main categories, all that are underpinned by human capital management. First is on financial stewardship. I must continue to build on the strong culture that we have here at Universal around compliance, financial reporting, tax, audit, all the nuts and bolts of finance. Second is taking that to the next level around financial excellence. This is about continuous improvement, all the areas like budgeting, forecasting, capital structure optimization, tax strategies, cost management, capital decision-making. In order to do all of this, I need to make sure that we have the right people and the right systems and tools in place to achieve that.

[Steven S. Diel, CFO at Universal]

Third is around supporting Preston and the board on executing the strategy that we've decided upon and maximizing in the four areas that I just talked about, maximizing and optimizing tobacco, growing ingredients, strengthening for the future, and committing to the dividend. This includes not only ensuring that the strategy and vision flow through the finance organization, but partnering with the other resource groups and operations around the world to make that happen. That kind of brings it to the fourth and final category of telling the story around the strategy. Universal, I believe, is uniquely positioned in the agri-product space as a market-leading leaf tobacco processor. We have over 100 years of proven performance, combined with developing an ingredients business positioned for long-term growth and value creation. I'm excited to engage with potential investors and other external shareholders to tell that story.

[Operator]

With no further questions, that concludes our Q&A session. I will now turn the conference back over to Preston Wigner for closing remarks.

[Preston D. Wigner, Chairman, President, and CEO at Universal]

Thank you, Jill. Thank you for joining our call today. We look forward to speaking with you during our fiscal year 2027 first quarter call in the coming months.

[Operator]

This concludes today's conference call. You may now disconnect.

Participants

Executives

• Preston D. Wigner, Chairman, President, and CEO
• Steven S. Diel, CFO
• Wushuang Ma, VP and Treasurer

Analysts

• Daniel Harriman, Equity Research Analyst at Sidoti