Good day, and welcome to the Sypris Solutions, Inc. Conference Call. Today's call is being recorded. At this time, for opening remarks, I would like to turn the call over to the President and Chief Executive Officer, Mr. Jeffrey Gill. Please go ahead.

Thank you, Grant, and good morning, everyone. Tony Allen and I would like to welcome you to this call this morning. The purpose of which is to review the company's financial results for the fourth quarter and full year 2020. For those of you who have access to our PowerPoint presentation this morning, please advance to Slide 2 now. We always begin these calls with a note that some of what we might discuss here today may include projections and other forward-looking statements. No assurance can be given that these projections and statements will be achieved, and actual results could differ materially from those projected as a result of several factors. These factors are included in the company's filings with the Securities and Exchange Commission. And in compliance with Regulation G, you can access our website at sypris.com to review the definitions of any non-GAAP financial measures that may be discussed during this call. With these qualifications in mind, we'd now like to proceed with the business discussion. Please advance to Slide 3. I will lead you through the first half of our presentation this morning, starting with an overview of the highlights for the year to be followed by an update on the outlook for each of our primary markets. Tony will then provide you with a more detailed review of our financial results for the quarter and year. But before we get started, I'd like to take just a moment to thank our employees and their families for their support and dedication during this past year. 2020 was a year unlike any other. Presenting unique physical, psychological and personal concerns for everyone. The unwavering commitment of our people enabled our company, not only to meet the needs of our customers, but to do so while increasing its margins,…

Thanks, Jeff, and good morning, everyone. I'd like to discuss with you some of the highlights of our fourth quarter financial results. Please advance to Slide 12. Q4 consolidated revenue was $20.6 million, a decrease of 4.7% from the fourth quarter of last year. The reduction from the prior year was primarily driven by lower energy sales for Sypris Technologies as short-term demand in this market continued to be impacted by uncertainties related to the COVID-19 pandemic, partially offsetting the decline during Q4 were increased sales into the commercial vehicle market, consistent with the levels reported for Q3 and about 2.5x that reported for Q2 during the low point for the pandemic. Revenue for the Electronics segment in Q4 was in line with the prior year, closing out 2020 with a 41.3% increase over the full year 2019. Consolidated gross margin was essentially flat to 12.4% compared to Q4 of 2019. Gross margin for Sypris Technologies was 12.7% during Q4, down 270 basis points from the prior year, reflecting the decline in revenue and a change in mix due to the lower energy product sales. Gross margin for Sypris Electronics of 11.9% improved 370 basis points from the prior year. Our consolidated SG&A expense was $2.7 million for Q4. And a decrease of 21.7% or $750,000 from the prior year. The decrease in Q4 SG&A primarily reflects actions by management to reduce discretionary spend in response to the COVID-19 pandemic. Cost reduction actions include reduced hiring activities, reduced compensation for our CEO and certain other senior leadership and corporate personnel and suspended fees paid to our Board of Directors. Lower travel-related spend and reductions in other areas of controllable costs. With lower revenue and gross profit for the quarter, we fell short of our profit goal at the operating income…

Thank you, Tony. We are looking forward to a year of double-digit growth, expanding margins and increased profitability. And please note, we certainly appreciate your continued interest in our business. Thank you, and have a good day.

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.