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Deep Down (DPDW)

Participants
Ron Smith President & CEO
Charles Njuguna CFO
Walter Schenker MAZ Partners
Chris Doucet Doucet Asset Management
Richard Deutsche National Securities Corporation
Gene Riley Private Investor
Call transcript
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Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Deep Down's full-year 2018 conference call. [Operator Instructions].

As a reminder, this call is being recorded today, Tuesday, April 16, 2018. to release forward-looking filed published SEC. related in is with disclaimer press the last detailed Deep statements Down's included the A night and is DeepDownInc.com, Company's It on request. upon website, available also or the today's website. non-GAAP of press the and in used A call on reconciliation included our measures is and press in release on release our which as of the Listeners are undue place only to reliance on made. speak cautioned not these forward-looking statements, date or statements circumstances no undertakes to any to obligation reflect forward-looking events the Deep Down also after of revise made. date its I this call At to over to would time like turn CEO the Ron Smith.

Ron Smith

morning, welcome conference Thank everyone, you. full-year and our XXXX Good and to fourth-quarter call.

of Our equipment XXXX. our expenditure customers initiation of and, XXXX our with industry. subsea and our offshore offshore of the despite the services customers and by outside coupled of in in we most we our rebound of related the and of this with strong expect $XX our orders, for complete closed factors slower to results pauses, backlog capital year. was prevailing in results operate, inquiry, in is million volatility there largely a caution the control, of our The we changing XXXX. Notwithstanding where regions XXXX demand activity the out projects for directly which government in regulations some These affected new reflect to

in international services gas deepwater oil aimed initiatives integrated installation customers, companies, remainder lower Latin foreign have with in including the and costs. given of exploration so for of large production and of Gulf significant production. on where projects, along incentivizing operations a capital rebound of are national government increasingly new made has leads Africa, have policies was deepwater and prices the customer. These our strengthening to been XXXX in XXXX, in installation a Mexico. Despite US side operational also orders progress the of notably by We this independent Globally, and investments work for and and project oil associated Asia of and signing off new in surge there initiated. spending supporting America. $X.X has Substantial exploration investing the containing Gulf support at Mexico, renewed The end opportunities deepwater over the been operators, renewed both advancing for and appetite creatively, the far and business slated installation subsequently Gulf regions, million much exploration that is services competitive expertise services of our demand Deep and the equipment our The at flying are the activity XXXX, higher think for activity while to primarily prices. is oil solve competition at Down move new specialized for advantage we of offshore challenges. quickly, and bulk of In ability deepwater this March, Mexico engineering US and prices and increase positive complex for for and solutions the that announced rise offer in of production confidence while we equipment internationally, the will recent

strategy of Our advantage level the take anticipated offerings our markets, these to offshore and of to key players is in communicate activity. heightened differential

to to international expect subject we example, regulatory year, an local this operational final As be new one fully location in approvals.

of remains that can Directors. review our are or this maximize confirm possible we and our shareholder of value progress, play changes a unable review the alternatives we governance, in Turning strategic process, outcomes role the to duration on comment while to to did of in corporate to recent Board

on and of also Warner Budrunas Mary Deep closing, are Independent and morning, difficult of Deep believe the pleased Down of seek benefiting to like Directors, Down. this exploration service thank Neal Douglas by for in Founder Founder in David Dallas; companies is predict Goldman. is expertise corporate the Board addition stronger which Down, flow of experience, Randy as he to members and Neal Company, and while performance runs operators been Effective performance support is financial their forward First Manager basis, top of to additional to as Neal the to the David well we experiences. new bring New bottom Goldman major former Neal of Portfolio deploy supporters for firm. a cash from ours. greatly and valuable aided of small would Portfolio all, our two Capital, large a David to long-time in balance their Deep we firmly Capital Management, vast I announce XXXX asset-management and of and with the have and and shareholders look Both special on while quarterly Manager positioned years Jamaka sheets. In particular we it's and are David strong York-based from projects situations long-term such

balance the For well remain mentioned Charles. Charles? EBITDA delivering And as to and call confident improved these over for as reasons, XXXX. modified with in of the income I'll that, above, net those we now turn

Charles Njuguna

XXXX highlights Ron. XXXX. morning, call. results, and will to million my from compared we open our for specific providing with remarks Good $XX.X joining you up on you, will in perspective Revenues and $XX.X million Thank today's decreased thank then XXXX questions. I for focus it on financial in

as expense, margin of slower-than-expected as compared compared and in regards resulting in revenues XX% our lower equipment-rental to XXXX as to a our charge XXXX, mentioned, was in primarily well impairment of XXXX, nonrecurring results commencement full-year margin the due XXXX, experienced operating overhead energy in and within depreciation $X.X projects balance XXXX. overhead, market to million, to recorded of larger and service higher impacted disruptions expense. a in revenues related the the million new was operating $X.X rebound of which and $XXX,XXX full-year XXXX, absorption Ron in of asset-impairment from as to by XXXX procurement asset proportion lower to as impacted the expenses As in activity months the With expenses Gross an of pricing our as XXXX a some compared were by well were XX% recorded final decreased to XXXX. the volatility

business been in and going our The few $X.X operating to charge, would gross adjust performed strategic fair of asset-impairment was expenses million in commodity years, prices, assets value depreciation the recent XXXX margin $X.X Reflecting in with impairment, current to focus forward. XX%. Deep past XXXX. our compared have the on of their volatility core rose Down's long-lived a million the to Excluding carrying over in amount light operating results certain

$X.X XXXX $X.X effects operating $X.X declined million to our XXXX. XX% the charge of primarily million rightsizing was due XXXX, we or and the we measures in cost-containment compared with workforce expenses XX% XX% in-house. were of compared our XXXX of projects including revenues, the SG&A impairment revenues when had Excluding administrative benefits general enacted to the expenses million for total of to or total XXXX. in Selling, The to in decrease in match

consolidated negative net impairment XXXX. our gross XXXX a reported modified functions revenues and to positive fully XXXX. was XXXX a $X.XX our a administrative by corporate non-GAAP Deep share, difference again is again and Modified primary in headquarters $X.X lower loss impact which relocating $X.X loss facility. per million of margins net a EBITDA and EBITDA of XXXX measures, all the a is in corporate compared net in compared per also We was into discussed million increase or for $XXX,XXX due of in asset the shutting lower to compared revenues The The EBITDA, to $X.XX the loss operating to Down million our XXXX. or in due and down to of operations earlier. $X.X modified share

to and $XX.X capital structure, a our Down our shareholder's strong working receivables million, balance short-term investments of million million $X.XX million. financial including $X and share. of turning December Now or at with approximately stands per of remains sheet Deep $X.X equity cash as common in Total capital $X of XX, position and

future more and is sheet business balance sufficient capital expenses working opportunities. our Our meet execute to on than

studying optimized assets the turn XXXX to concludes March sale of enhance on mostly continuously over will non-core XX XXXX. Q&A. and our We our our and I the today. structure at We cost today, operator the That the the year have on prior of expiration is authorized March execute of this to effort As shares program of an to the are Down XX,XXX Joelle? million prepared common we $X to the back in liquidity. our remarks now receivables program business additional to call XXX,XXX an pursuant in plan to XXXX stock begin increased in repurchased Deep on actually million. for XXXX. XX, to of repurchase fourth full our the XXXX, of XXXX, of accounts $X.X the believe repurchased point our quarter shares

Operator

[Operator Instructions].

first from Walter Our comes question with Partners. Schenker MAZ

now is Your line open.

Walter Schenker

multiple give had on this, and with can if I if what prospects to written and other with sort more that, of written and were any of what do current all could color you assets Actually a have Carousels I morning. point questions, time. us at the with, always down equipment off And like as was the we To of what have some much taking it start I'm part Good start carrying too that of smile, seems some fact related if we cut on you value part the in so because also down? were me the of Carousels, types Carousels?

Ron Smith

be my to is good get to that friend, and how the you from know don't you, first caller. always it's it Walter, hear I

dial. All must the right. be on You quick

questions get that questions. answer let's your fantastic, So it. think Walter's I Charles, are so into

Charles Njuguna

record I sound can have is Asia So, our to the on we to we We Brazil, on a but guy like one Gulf, in right do we hate sales one discussing carousels, and Carousels. the opportunities, other in dotted right sale Far we the line until temper of going -- of one another our we're something now, East our have, have broken the signed opportunities say in a here expectations. couple think the

Ron Smith

How that, did you like Walter?

Walter Schenker

given the until Actually even money if sign, history-- you they get --

Charles Njuguna

true. is That

Ron Smith

talking long-term to interesting, I'd when down too, is, guys Carousels your is What to write going it, I that assume we great that on will has are been a down. just we that for even years, guy hoping down been have particular and here if the they're there, a a well, we've and would been client the not we recognize answer so been it's Carousel opportunity do written for down And But some these written sell case for not sale, Carousel. either. to -- usage was Carousel a be one quite more. -- few to be to they goes And this the this -- it's other from a other get going job is that's their revenue. one not and this this, we have facility as Carousel, now question, this actually if there here at The and speak.

So, you about his why don't question written what has down? been answer other

Charles Njuguna

down last few the Yes. The assets which we years. have that assets over written have been built been

downturn assets. we our During we our looking beyond the gas looking expertise to of and started core oil record, and had automated into or more started track expand the

our we our The looking also assets, analysis projections are to are thought little point built A&M on this working recent carrying and we we was forward assign value, And students, And verified to needed are that the there cash that part were to in assets provide any not bit. objectively to able the at those and for going just we as be at not areas. business. we'd to assets Texas had of had able performance There and and point, project on our at therefore objectively able But those to the drones and impairment of expand be going value this cash analysis, impairment I'll but some auditable. So or expound of expansion which into the strategic of the are be performance, our started we flows our we had at do can some to forward. ROV sponsorship an assets. we that that a instance, review certain flows carrying going which time

we down So wrote assets. the

-- any write did pumps those. revenue As assets far that generate our down basis, an ongoing our of as it, we the our Carousels are of not driving on any

Walter Schenker

at And the the are Or value future? basically may some have you down gone? point assets write they in did

Ron Smith

wanting watching to are some was business sold because whole Charles want didn't really to by are when I've thing, built. I I of to got being this chuckle process, what expand we absolutely whole side people that they've through looking assets that impaired, actually the the that pain need in at, close actually and the they that

to receiving has a at been looking on that that equipment value. I'm impaired maximum return potentially So, zero

half are should just one that, impaired. never of been about the they excited So, have items. prove me to is that But those

are they gone. So not

Walter Schenker

and the making XX-XX but XX, is through of of of a cost on general I'll the us last reduced given and adjusted just given the -- series call been One middle your projection, December forward? April, could see questions has without you else structure months, just not over sense, give who how much of through going some

Ron Smith

a That's answer And most I'm that. very Walter. Charles question, going let good of to

Charles Njuguna

our see structure-- cost We

Walter Schenker

some answer workforce, standpoint. Charles. even you, right want sized you've you You've okay, right overhead you've a back well, some made -- from is fine, to cut on governance yes, people the the sized more changes But quote, costs,

to taken the going be to your however out if making, a cut of you've have I'm just of much a as general it, sense -- you've some sense without business. get you on been as enumerate, ongoing again, profitable costs an basis, how forward how seem I can ought some would more want if would it costs. revenues, trying on -- or you answer to much sense, you forecast. indicated So like

Ron Smith

performance versa, first really to report team first of one. have in have. excited chew the you've has warming kind in managers wanted teams think assistant chance last managers see – has the We double the our our already know the And I'm worked the I we watch the to team want and but to place. up, who chewing. out had this the want behind, last with months field I'm round has that at Because bit have to kind quarter; that been to that to in that I with we got in this I I on this chew have we've revenue how rightsizing of and talk need you vice for a even this worked quarter. field, out we in in and few this had team well. been

-- with accurate appropriate right-sizing So been and real I'm forward. has the going thinking and

the will you that be So will going math simple it Charles I has answer is, profitable think whether be. but more to forward,

Charles Njuguna

and lot when says to could more with could it the workforce-- do Yes, a we just double, clarify, Ron means we

Ron Smith

more. said; I do what a could That's we lot

Charles Njuguna

projecting our But that doubling does not mean we are XXXX. revenues in

as fact better has said, sit today our being expect we do XXXX. constant, that XX, where However, on we been to of in April significantly

in We expect be our and they to on few the reporting year in will year than year before higher do QX, quarter that. better where will last first in high, before XXXX be than XXXX. weeks and revenues the And were the will a here be probably we fairly

tracks all and our we performance right we as our a So improvement the at forward. are in Ron maintain looking upon and go and I discipline keep fair people to on our

Walter Schenker

thank Okay, you. thank still you I'm you are Charles, But disappointed commuting. and,

Ron Smith

compliment. a as that take I'll

Walter Schenker

the wouldn't commuting actually Charles had Company Well, be Possibly. anymore. then if been sold

Charles Njuguna

Thanks I appreciate the Walter, concern.

Operator

from Doucet Doucet Management. Asset with comes question Chris next Our

Your open. is line now

Chris Doucet

-- basic call questions. thanks I have my few the for for call. Thanks taking a

be in first expect you The do is, the question to guys EPS-positive Company XXXX?

Charles Njuguna

Chris. morning, Good

where all we of are being expecting that, sit As factors we currently today, constant.

Chris Doucet

comments than, to been market in in -- how you be least a orders. XXXX? or to you I reason haven't EPS-positive year, we years and we've any I gone to we turns hope the row asked to tell the listened EPS-positive hope back The your calls And and -- plan we seem particular last since XXXX your is, question around comments for year before XXXX. -- every years, in about never I see hear how and you EPS-negative at how I've me Can in exactly six the couple get be plan in and anything other a

Charles Njuguna

Yes.

July, One our the back of strategic are in things we evaluating we announced that alternatives.

approached -- to for by various that Group GulfStar did previous too the able market. worked We details, into can't where few reasons, strategic with folks where get formal been we was gone very more we disciplined. off we've and helped based feedback that who at a that, running we it that initiation on working take can And how tracks are, say go us the calls who've the the through one on have While, a of people the of positive a process, can say many we by at had us. get look we've

we discipline governance, highly I this in being us think while our we yet, in an announced operate we of corporate the additional changes to EPS-negative. very will about terms level recent changes profitable point, a your finding of and last Thursday end in space morning, for and provide up ways

XXXX shy more perspective. we breakeven that being top-line our spending on have on did of just it context, SG&A cost our was then to For and relative numbers structures, the an money. good we and We fairly in at could were market, side, where our were EPS some we how look

will we positive. quite at being EPS working bit that towards be of So looking and effort a spending

Ron Smith

the like mind. too, I In minute strategy my I our to that where and communicate offerings stated of our When to here advantage to my anticipated on revenues ago heightened go offshore in touch touch need of I you key side our a is this I'd also on if stated players these of level don't activity. that, markets, differential is just to up. talk take where

here We turn this and focusing these revenues. worked is these get have that long people for haven't to are we to built starting from it's work higher in that where is about starting a these And we markets, time. we are -- on us, players supporting machine key for a

like so that's then people amount we for that get up our work we do us giving revenue for them leading the got, we've be can that clients. part. going We when of to have with a big same to that get we And them produce

for that. question, we're for really while doing on do that people, So we things, other these Thanks to got Chris. we've are more more concentrating and

Chris Doucet

I and better Well, built believe a mousetrap. that you've

look million, I million, the numbers, $XX $XX at $XX $XX when it's million, million, million, even $XX XXXX, back to mean However, revenue I going $XX million.

that's not fairytale-type filler be guys Carousel So, of kind more talking and you business, plan the of things about to as growth opposite. a far instead to like how the I'd are as that's profitable that issues. just see

Another question, so--

Ron Smith

the our $X like over the cash Carousel actually boom, But, asking of glad have million these real. years that $XX million, that that. it's years, there's absolutely and Chris, in we to hopefully I'm Well, bank, got past. sells, said and for ones you been Carousel, We on that investors now the projects several Macondo, for built -- things zapped for ago those -- by pay

So, is that-- a fairytale it

Chris Doucet

do And Ron, husband EPS, part-time? negative a obviously, those kind in needs of million you I that so something spouses I went I years is compensation, year, to hole. a I appropriate plug think think since another needs cash think in of a mean the working obviously, and it's at especially of publicly mean one last it. lieu six traded least to Company down for $X And spouse company $XXX,XXX in question, receive

Ron Smith

I think not doing what over are for we do earning somewhere we beyond it we working what what is was is -- would if I appropriate are else. what and and

Chris Doucet

I was two like you I -- able on member -- is left the a Company and Douglas Board? the the the Board guess is you you Board two did have on you or left Who real putting Board, one high-quality by are, to on have Goldman, the the who who Board? Mr. the attract But outside fact way. the is Mr. Company. on that other testament on to now members the And Company is members commend

Ron Smith

our Carden, Board of Committee. Mark is the Chairman of who Audit and Chairman We've our got

and So four are three him Neal, that's completely that independent. and out with David of

So Board now independent we time. have for completely first the a

Chris Doucet

Thank Okay. queue. you. I'll step back in the

Operator

Our next an [indiscernible], question comes Investor. from

Unidentified Analyst

on here in that the Could I'm for curious what's you we progress know going with of me at write-offs and on put I there? tell what's -- in into dock. and we're the effort just construction the lot a going looking past, the

Ron Smith

The Did dock? you dock? say

Unidentified Analyst

Correct.

Ron Smith

the Charles? on going want dock. with you on that, Nothing is to Do dock. The build

Charles Njuguna

money the to just the and our facility, developed. dock, on spent to getting the not clarify, landlord place, and into the did. on were the the about dock on in to dock the we facility Gene, they have was actually of any discussions put get in landlords the never moved so banking onus that We we put

Ron to on this. funds we says just not want that the didn't so So we clarify when any of part the that's spend write-off. -- of it's it's of or part that's not write-off any that, nothing, not not We

Unidentified Analyst

-- I look Okay, of in this that? a general where SG&A? see I million in sales operating them do just year, see I that forward, do lease payments is at see question going Do then when roughly now $X.X or the a I cost

Charles Njuguna

facility? the For

Unidentified Analyst

obligations -- Well, when minimum, forward, $X.X roughly lease at future, I a $X.X look million, year. operating leases contractual million going

those pretty So are much fixed.

to out subtract want to want I variable, know I So what's if or which cost I them figure that I then SG&A in. sales, find of either bucket from do

Charles Njuguna

of million sales, in cost is facility. About of $X.X because relates to our production that that

Unidentified Analyst

the then SG&A? other and Okay, in

Charles Njuguna

Yes.

Unidentified Analyst

Okay, because I lease then that amortized were of going be You're about, point, to start SG&A? -- some where thing, will the the the new being, the another there? in some it's Or going of when is rights in be assets. going them. operating be right? to wrong that's to to comes will thing. some what, going amortizing XXX into have that am it And write and of but at ASC, that you're it -- that talking And Difficulty] of [Technical will up, I same be sales, then We cost

Charles Njuguna

correct. you No, Yes. are

$X.X heavily towards to component that. the to major the expect have of lease because $X.X operating somewhere million, weighted a We is of a sales, liability of cost asset use in of range and right of million

to on June years XXXX. through about the four have go of lease, We more

asset going towards to So weight cost that of that's use of right heavily our sales.

Unidentified Analyst

amortization actually I When of of use? that's operating Right, look it that's that okay, to year, what be this million at going lease is. next so right $X.XX

Charles Njuguna

Yes.

Unidentified Analyst

all I'm that glad I'm very you I understand thank set; now. much. good. Okay,

Operator

with National comes Deutsche Our next from question Securities. Richard

is line open. Your now

Richard Deutsche

having to laugh Thank but laughing. you taking for you much are about, glad call. guys aren't shareholders my I'm so the

to question, to the intend my do cash? Carousels, do what do if one first of to get on you sell the So, you with

Charles Njuguna

uses But have we've doing more that growth -- is also efforts One buybacks. into we've cash about we looked of the at, of some going additional obviously expansion talked back that an especially footprint when we talk able the being requiring develop of about local cash to of that. our being We international in able the some to do some and spend content. markets envision

One of the in the personal XX side places, these markets. things the of XX the of different been that's to the in to order required the on these continuous that just some we that to effort is traveling to in but is attention and found need we've some last flip as develop of months, establish places,

if large So are spend it. that did areas of those we have we cash, would two inflow

Richard Deutsche

mostly company? -- of the Okay, of kind a would why with couple public and advantages pieces one other any being maintaining you you for valuable anymore? question. Apparently what's public of or for as strategy a explain rationale a being a or equipment, service Can disadvantages company

Charles Njuguna

are for each at sorry silence. other, Ron and I looking the

to We and would he he's call, debate me boss. at and the take are trying who pointed the

like company, to still costs do takes from the we being necessary it's big struggle everything public do and small As company. effort with yes, a it the a since

ago, questions purchase a have projects, up. million When that we has risk couple public come as bidding years a order-- the $XX are we, our on mitigate helped being announced some management However, bigger us of

Ron Smith

thinking. was I what exactly That's

Charles Njuguna

questions really in roughly management willing part our easy to not we're order. to because up. to have of were regulatory use And that slightly one that's the money Through that's a answer more able frequently because we that up we process, will just or come why wisely, fly-by-night funds. such to maintain, we review get to year, the this frequently public, customer going additional give was the end. have It's was being a their to at risk for that But big things to than one are their revenues we additional wanted discipline our doing defense folks reviewed. oversight. folks them of us not we're at misuse purchase There's that's not strategic that's -- of project a ended And the the we understand an assure we

forward go will the and will we that quite be as point So with a be Board had a in, new discussion that stepping bit.

Richard Deutsche

your appreciate you, Okay, answers. thank I

Operator

Our comes from next with [indiscernible] Financial. AG question

open. is line now Your

Unidentified Analyst

come I've got questions. it about guess in a and this like minute, for service put on I'm XX%. of how this that you've you had from that additional year have to from previously back the you've thoughts $XX $XX guess I XX% came the to to I'm previous get -- revenue that $X margin net revenues down your of the for on and it backlog? gross much kind is get million million, of to couple backlog got kind or kind to in to backlog. loss order of trying slide a of really lower your looks work, on up you closer -- you've a curious kind kind a and about I just a Is the of bunch margin backlog eradicated. margin I'm of in that And million wondering it gross is of what in need -- of margin do higher gross sense

Ron Smith

the Well, to was hit big asset really the margin due impairment. on gross you know, the

million You ahead bat, take you that that want margin Charles? gross boom, drops to go and off elaborate, $X right the down. Do off

Charles Njuguna

higher the of the as a as bit have do margin backlog, quite we far in [indiscernible] Yes, backlog. so the

We that it. on fairly is decent also which we'll products have margins does building not have be service work, it but

ago, new technical a he about it's minutes when the talk that up, few accounting the what we -- Just mentioned, question of XXX the the about backing ASC -- the is, part be question, new our that in of for our we million presenting our statements. $X.X we about how lease to a facility, But standard talked a going leases the back about will financial have we add anything relatively and up you impacts is lower the that when we gross in so revenues prefabricated so cost million $X.X on and before buildings off year revenues, some for the sales, here. of have right range, million that's we therefore, we fixed add And bat our of some or margin, have we it. eaten so That's in have the $X else.

as on our to revenues. the is So, going because range absorption wider we increase of fixed, a number relatively is be that revenues,

backlog, because look than million better To number for backlog forward up we higher what that us is and well, on And service it are that spread we will or towards, gives QX SG&A towards in just more because we touch that as discipline $XX the doing comfort we've a of So, is some side, especially a and revenues forward. ended lot able confidence work our look as orders absorption, maintaining increased our expect out. to do it's instance, margins. some us going we larger to XXXX, historically project of we with better therefore with have, on which there not but

Ron Smith

But, are margins always heavy service less. quarters lump service where a up, drive the is -- and margins will But greatest. are sum the is little

Unidentified Analyst

the right do, bringing forward. the entrepreneurial Mr. Goldman's and little in are These might going that over I and that they Mr. things somebody Well, difficult see different a real moving be the easy I it's note but also pleased were a And over Douglas in Company. to bit had a a think perhaps set you that to changes, is think Mr. manager know brought company viewpoints wanted but for Mr. some be swallow, Douglas' move to that of little very type and to open-mindedness shareholders and have small for the are last I we an testament all the and Goldman, background for to bit to changes here. made I right. of never several and Okay, here bringing on

just guys wanted I So you kudos having in to and to medicine for bring taken give some the ahead get their guys advice. and go

Ron Smith

Thank you.

Operator

Instructions]. [Operator

next from Investor. Private comes Riley question with Our Gene

Your line is now open.

Gene Riley

the asking How right? much two how if because a do they're a actually was follow-up a to And much is is bat, company? public to the you going buy This being I'm spend year money that's save right you, callers someone from ago. off reason

Charles Njuguna

year the in expenses. a different about spend we public-company Yes, $XXX,XXX or $XXX,XXX

Gene Riley

very Thank you much.

Operator

call now not I you. at Thank this further closing I'm to for Smith time. Ron remarks. to any like the over would showing questions back turn any

Ron Smith

want XXXX joining hard to to for all we working pledge sure we've want had. best are is I to all call. us the year I make this And to thank ever you that that very on you

you I of our you reporting will want see all to quarter. So thank in first couple just Bye. and for a we weeks here

Operator

gentlemen, may program, conference. and you day. today's and today's disconnect. conclude in Everyone wonderful participating you This a Ladies have for all does thank