Good morning, ladies and gentlemen, and welcome to the fourth quarter fiscal year 2020 earnings call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Chris Moulton. Sir, the floor is yours.

Thank you. 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 will 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. For more information regarding these risks and uncertainties, please refer to risk factors discussed in our Form 10-K we 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 will 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 fourth quarter and full year numbers on a Form 10-K this morning. And before John Sullivan reviews the detailed results with you, I just want to take a few minutes to reflect on the year. I'd like to begin once again by thanking each and every one of our people. Their resilience throughout 2020 was truly exemplary and their tireless work in protecting the health and safety of colleagues, ensuring a continuous operation of our facilities and serving our customers and giving back to communities deserves to be recognized. It is because of the exceptional people that we are able to overcome the challenges of 2020 and are now in a strong position. We're also proud of how we executed on each part of our strategy. We acted quickly to deliver results in the face of unprecedented turmoil. We strengthened our portfolio of businesses through several divestitures and 1 acquisition, and we preserved our balance sheet by generating exceptional cash flow from operations, which were used to accelerate our debt reduction. During the COVID-19 pandemic, we took 3 steps to continue our strategy of strengthening our portfolio of businesses. First, we acquired Hallink, based in Ontario, Canada. Hallink is a leading supplier of blow molds and change parts, predominantly serving the consumer packaged goods market. And we have already seen its complementary products and capabilities driving significant synergies that are creating value through shared know-how and strong relationships across an even broader customer base. Hallink is now part of Big 3 Precision Mold Services subsidiary and has been fully integrated into its operations. Second, in March, we combined our Eberhard Manufacturing and Illinois Lock Company…

Thank you, Gus. I'll focus on Eastern's results for the fourth quarter of 2020 as compared to the fourth quarter of 2019. Our full year results are available in today's 10-K filing and summarized in our earnings release. For the fourth quarter of 2020, net sales decreased 12% to $60.4 million from $68.7 million a year earlier. As Gus mentioned, we're now reporting across 2 segments: Engineered Solutions and Diversified Products. Sales decreased in the Engineering Solutions segment by 8% to $50.6 million in the fourth quarter from $54.7 million in the fourth quarter of 2019 due to lower demand for truck accessories, distribution products and automotive returnable packaging as a result of delays in new automotive launches, partially offset by the impact of new program launches and stronger sales of blow mold tooling and related services. Sales in the diversified segment decreased 30% to $9.9 million in the fourth quarter compared to $14 million in the fourth quarter of 2019 as a result of the sale of Canadian Commercial Vehicle in June of 2020, which reported sales in the fourth quarter of 2019 but not in the fourth quarter of 2020; and lower demand for mining products, industrial castings, commercial laundry products and printed circuit boards. Sale of new products contributed 4% to sales growth in the fourth quarter of '20 compared to 5% of sales growth from new products in the fourth quarter of 2019. New products in the quarter included various new truck mirrors, truck compression latch, cable lock and mirror cams. Gross margin as a percentage of net sales for the fourth quarter was 22% compared to 26% in the fourth quarter of 2019. The decrease reflects the combination of an escalation in raw material costs and a decline in facility utilization due to lower sales…

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

[Operator Instructions] There are no questions from the phone lines at this time.

Okay. And I'm not seeing any questions via the webcast. So with that, I'll turn the call over to Gus for closing remarks.

Thanks, Chris, and thanks, everyone, for joining us this morning. We're encouraged by the acceleration in demand for our products and services across many of our businesses, and the strength in our backlog at the end of the year and heading into 2021 indicates sustained growth for our businesses. We're off to a strong start in 2021. The value of our backlog of orders was $85 million at the end of fiscal 2020, and that compares to $71 million at the end of fiscal 2019. I would like to highlight that this is the company's highest ever level of backlog. The growth in backlog reflects a rebounding demand for truck accessories at Eberhard, the launch of new mirror programs for Class A trucks and strong demand for the services in our blow mold tooling business, including the acquisition of Hallink. At this time, there are many signs for optimism going into 2021 despite lingering uncertainty in demand, recovering supply chains and raw material volatility. Much of this uncertainty and disruption stems from the growth in demand and the impact of last year's measures to control the spread of COVID-19 still reverberating across global supply chains. We expect the transportation challenges and higher raw materials to linger through some time in the second quarter of this year. That said, we believe that our focus on our 3 core businesses, Big 3 Precision, Eberhard and Velvac, will translate into material sales, earnings and cash flow growth in 2021 and beyond. The markets that these core businesses are serving are experiencing transformational changes as a result of digitization, automation and more. And our position in these markets and our capabilities are unique, setting us up for success. Together, we believe these 3 core businesses will enable us to achieve our goal of becoming $100 million EBITDA company.

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

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