Kadant Inc. (KAI) Earnings Call Transcript & Summary

Good day, everyone, and welcome to the Kadant Inc. 2025 Annual Meeting of Shareholders. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Jonathan Painter. Sir, the floor is yours.

Thank you. Hello, I'm Jonathan Painter, Chairman of the Board of Directors. Good afternoon, everyone, and thanks for joining us today. I now call to order the 2025 Annual Meeting of the Stockholders of Kadant Inc. First, I'd like to introduce our directors who are with us today. We have Jack Albertine; Tom Leonard; Rebecca Martinez O'Mara; Jeff Powell, who's also our President and CEO. Next, I'd like to introduce the other members of our management team who are present or participating in today's call: Mike McKenney, EVP, CFO, and Assistant Secretary; Stacy Krause, SVP, General Counsel and Secretary; Deborah Selwood, SVP and Chief Accounting Officer; Peter Flynn, SVP; Michael Colwell, SVP; Thomas Andrew Blanchard, VP; Tom Martin, VP, Tax; Orrin Bean, Treasurer; Ryan DeSisto, Assistant General Counsel. Also here with us today is Andrew Jacober, representing KPMG, our independent registered accounting firm, and he's available to answer any questions you may have regarding our audited financial statements. Stacy Krause has been appointed the inspector of the election for the annual meeting and will now report on the meeting procedures, the quorum and present the voting results. Stacy?

Mr. Chairman, a quorum is present for the transaction of business at today's annual meeting. In addition, voting at today's meeting will be by proxy. However, if anyone present holds their shares directly in record name has not voted their shares and would like to do so now, please raise your hand, and we will provide you with a proxy card. Or if you are participating virtually, please take a moment now to cast your vote through the online voting platform by clicking the Vote My Shares button. I will now pause for a moment to address any final votes. [Voting]

Seeing no hands and having enabled final online votes to be cast, I now declare that the polls for voting are closed. Four items of business have been presented for the consideration of stockholders at this meeting. Proposal 1, election of directors. The first proposal was the election of 2 directors constituting the entire class of directors to be elected for a 3-year term expiring at the 2028 Annual Meeting of Stockholders. The directors nominated for reelection are Jonathan W. Painter and Jeffrey L. Powell. Mr. Chairman, the tally of the proxy shows that a majority of the votes cast by the shareholders entitled to vote at this meeting were in favor of the election of the nominees and the nominees have been elected. Proposal 2, say-on-pay. The second proposal was to approve by a non-binding advisory vote the following resolution, also known as say-on-pay. Resolve that the compensation paid to our named executive officers as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the compensation discussion and analysis, the compensation tables and any related material disclosed in our proxy statement is hereby approved. Mr. Chairman, the tally of the proxy shows that a majority of the votes cast by the shareholders entitled to vote at this meeting were in favor of the approval of the adoption of this resolution and the proposal is approved. Proposal 3, grant of RSUs to our non-employee directors. The third proposal was to approve a grant of restricted stock units to our non-employee directors under our 2006 amended and restated equity incentive plan as amended. Mr. Chairman, the tally of the proxy shows that the majority of the votes cast by the shareholders entitled to vote at this meeting were in favor of the approval of the grant of restricted stock units to our non-employee directors and the proposal is approved. Proposal 4, ratification of the selection of auditors. Our fourth and final item of business was the ratification of the selection of KPMG LLP as our independent registered accounting firm for the 2025 fiscal year. Mr. Chairman, the tally of the proxy shows that a majority of the votes cast by the shareholders entitled to vote at this meeting were in favor of the ratification of the selection of our auditor and the proposal is approved. Mr. Chairman, this completes my voting report and concludes the business portion of our annual meeting. At this time, I want to pause and address questions from stockholders. There are no questions to address at this time. Thank you. Operator, I'll turn the call back over to you to conclude the meeting.

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.