Good day ladies and gentlemen and welcome to your Eastern Company Second Quarter Fiscal Year 2020 Earnings Conference Call. [Operator Instructions] At this time, it is my pleasure to turn the floor over to; Chris Moulton, Head of Corporate Development. Sir the floor is yours.

Good morning and thank you everyone for joining us today. Speaking today will be Eastern's President and CEO, Gus Vlak; and our CFO John Sullivan. After that we'll open the call for questions. Please note that some of the information you will hear during our discussion today will consist of forward-looking statements about the company's future financial performance and business prospects including without limitation statements regarding revenue, gross margin, operating expenses, other income and expense taxes and business outlook. These forward-looking statements are subject to risks and uncertainties that could cause actual results or trends to differ significantly from those projected in these forward-looking statements. These risks include, but are not limited to the effects of the COVID-19 pandemic and the measures being taken to limit the spread of COVID-19. For more information regarding these risks and uncertainties please refer to risk factors discussed in our Form 10-Q filed yesterday. In addition during today's call we will discuss non-GAAP financial measures that we believe are useful as supplemental measures of Eastern's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. With that I'll turn the call over to Gus for opening remarks.

Thanks Chris and good morning to those of you who have joined us on the phone and those participating via the web. We released Eastern's second quarter results last week and the full Form 10-Q yesterday afternoon. I would first like to take a moment to thank our employees around the world once again for their continued hard work, incredible resiliency and dedication during what continues to be a very uncertain time. The extraordinary people in our factories, warehouses and in their homes took a leap of faith and trusted that we could operate continuously safely and successfully. We're grateful for their continued commitment. To be sure we started this quarter with some significant challenges. Demand for our products across nearly all our businesses was severely impacted by the temporary closures of many of our largest customers. We added up all the days during which a customer was closed and during which we could not ship products to them. In total slightly more than 18 customers temporarily closed their doors. And together they were closed for more than 100 -- or 1500 days primarily in April and May of this year. But the scope depth and speed of our response to these challenges underscores the resilience of our business. We addressed the impact of customer closures by pivoting to opportunities. For example Big three Precision manufactured frames for emergency hospital beds that were deployed to field hospitals across the country. Big three Precision also ramped up sales to manufacturers of electric vehicles, while other customers remain closed. Our Security Products segment took advantage of growth in outdoor recreational equipment a market in which we've invested in recent years. The market for outdoor recreational products boomed during the second quarter as people looked for safe activities near home. For example domestic…

Thank you, Gus. My remarks this morning will focus on, Eastern's results for the second quarter of 2020. For the second quarter of 2020, net sales decreased 21% to $48.8 million from $61.4 million, in the second quarter of 2019. The decline in sales was primarily due to decisions made by many of our industrial and consumer goods customers to close operations in addition to a steep decline and demand for mining-related products driven by the COVID-19 pandemic. Net sales of existing products decreased 24% in the second quarter, compared to the second quarter of 2019. Price increases and new products contributed to a 3% increase in net sales, during the second quarter. New products included numerous mirror assemblies; compression latches, handle and finger pull assemblies, canopy lock assemblies and hospital Bed frames, for use in field hospitals established due to COVID-19. Sales in the Industrial Hardware segment decreased, 10% to $33.9 million in the second quarter, compared to the second quarter of 2019. Excluding Big three Precision sales decreased 42%, in the Industrial Hardware segment in the second quarter. Lower sales were primarily attributed to temporary customer closures, in April and May 2020. Many of the industrial transportation and consumer discretionary product manufacturers closed their facilities for more and more weeks during the quarter. Sales in the Security Products segment decreased 33% in the second quarter, compared to the second quarter of 2019. Lower sales were attributable to temporary customer closures as well as lower demand across the majority of the markets we serve, including distribution, industrial, vehicular, accessories and commercial laundry. Sales in the Metal Products segment decreased 48% in the second quarter, compared to second quarter of 2019. Mining products decreased 56% and sales of industrial casting products decreased 36%, as compared to second quarter of 2019.…

Thank you, John. Operator, I'd like to open the line for questions.

Thank you. The floor is now open for questions. [Operator Instructions] And I'm showing no questions from the phone lines at this time.

All right. And I'm not seeing anything as well through the webcast. So, with that, I'll turn the call over to Gus for closing remarks.

Thank you, Chris. We'd like to add that throughout this crisis, we have remained focused on our key COVID-19 pandemic priorities, which we shared have reviewed earlier this year, assuring the health and safety of our employees and maintaining business continuity and make sure the financial strength and stability, all while we're doing our part to help mitigate the impact of this virus. Our number one priority has been and continues to be the health and safety of our employees. We continue to take significant measures to protect our employees in our factories and our offices. We established a mandatory mapped policy, or taking people's temperature and enforce social distancing by modifying our facilities and production lines, that were necessary. We believe the focus on the health and safety of our employees has enabled us to regain stability in our business. We are clearly seeing bright spots, but we must remain vigilant and closely monitor conditions and developments across our businesses, with our customers and our supply chain. That said, I must say that we are more confident than ever in our strategy to deliver significant long-term shareholder value. Our businesses are resilient and are increasingly well positioned to execute as economic activity revamps. As I mentioned in our earnings release, once conditions normalize, understanding that it could take some time, given the uncertain nature of the COVID-19 pandemic, we believe that our earnings power will be robust. I believe that the pro forma earnings per share of $3.09, which we shared at the time of our acquisition of Big 3 Precision, remains appropriate for our company. The actions that we've taken recently and we will continue to take should strengthen our earnings power going forward. As always, please feel free to reach out to us with any questions you may have. Thank you.

Thanks Gus. With that, I'll hand the call back to the operator.

Thank you. That does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time and have a great day.