Mind Technology, Inc Q1 FY2027 Earnings Call

Greetings, and welcome to the Mind Technology First Quarter 2027 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ken Denard, Investor Relations. Thank you, sir. You may begin.

Mr. Operator, good morning and welcome to the MIND Technology Fiscal 2027 First Quarter Earnings Conference Call. We appreciate all of you joining us today. With me are Rob Capps, President and Chief Executive Officer, and Mark Cox, Vice President and Chief Financial Officer. Before I turn the call over to Rob, I have a few items to cover. If you'd like to listen to a replay of today's call, it'll be available via 90 days, via webcast, by going to the Investor Relations section of the company's website at mine-technology.com or via Instant Replay feature until June 18th. Information on how to access the replay was provided in yesterday's earnings. Information on this call speaks only as of today, Thursday, June 11th, 2026, and therefore you are advised the time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading. Before we begin, let me remind you that certain statements made by management during this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties, and other factors, many of which the company is unable to predict or control that may cause the company's actual future results or performance to materially differ from any future results or performance expressed or implied by these statements. These risks and uncertainties include the risk factors disclosed by the company from time to time in its filings with the SEC, including the standard report on Form 10-K for the year ended January 31, 2026. Furthermore, as we start this call, please refer to the statement regarding four liquid statements incorporated in our press release issued yesterday. And please note that the contents of our conference call this morning are covered by these statements. And now that behind me, I'd like to turn the call over to Rob Kapps.

Okay, thanks, Ken, and thank you all for joining us today. It's only been eight weeks since we last talked, and not much has fundamentally changed. There's not been a sea change in the market or a business. but much of what I say today will sound pretty familiar. Our results for the first quarter were essentially in line with our expectations and once again reflect the positive adjusted EBITDA. During the quarter, we were able to deliver the remaining orders that slipped past our fiscal year end. As usual, I'll touch on our results for the first quarter and provide an update on the current market environment. Mark will then provide a more detailed review of our financials, And I'll return to raffling some remarks about our outlook. I think the near-term market can best be described as uncertain with less visibility than normal. There's a great deal of uncertainty in the world in terms of economics, politics, and security. As you'd expect, this causes companies and governments to be cautious in committing to exploration and survey projects. As a result, our customers are reluctant to commit to equipment purchases, most notably larger system orders. The current conflict in the Middle East and the changing perceptions of its resolution exacerbate this uncertainty. The longer term outlook, however, is much more positive, and there are definite signs of recovery. I'll talk more about this later. Our backlog of firm orders as of April 30, 2026 was approximately $7.6 million, compared to $13.9 million as of January 31, 2026, and $21 million as of April 30, 2025. As expected, we delivered certain orders that were unable to shift prior to the end of fiscal 2026. This coupled with a protracted customer decision making contributed to a backlog decline. Additionally, as we approach the summer months, I want to remind you that in a normal environment, new orders don't always arrive at a constant rate throughout the year. Variance in order flow is commonplace and not a cause for concern. Macro uncertainty has magnified these policies as customers iron out their operational plans. However, we maintain our belief that long-term outlook in the marine exploration and survey industry is very positive, and an uptick in activity is inevitable. I thought of our backlog, which is defined as orders for which we have a purchase order or signed contract in hand. Pipeline of potential orders remain solid, and it's several times greater than our firm We are continuing to pursue certain significant projects. a few of which total $10 million or more each. Some of these opportunities involve new vessels for governmental organizations and require successful bidders to provide security bonds, something we are now capable of doing. We've taken actions in recent months to strengthen our positioning and make ourselves more competitive bidders. This provides us with optimism as we work to convert these opportunities into firm orders in coming periods. Now, turning to our results, green technology product revenues from the first quarter, fiscal 2027, were approximately $9.7 million. Revenue was flat sufficiently and improved from last year's first quarter. We once again produced positive adjusted EBITDA of approximately $800,000 compared to $1.1 million in the fourth quarter and a loss of $179,000 in last year's first quarter. Our aftermarket activities are providing a stable and recurring revenue stream that is supporting our overall results. This component of our business is becoming increasingly important and representing about 6% of our revenues in the first quarter. As a reminder, this aftermarket activity consists of spare parts, repairs, service, and other support activities. While this business is influenced to some degree by the general activity level within the industry, it is more recurring in nature than orders for new systems. Customers might be slow to purchase new systems, but their existing equipment will need maintenance to keep operating. This benefits mine since expenditures for aftermarket activity are generally operating costs as opposed to capital expenditures. As our installed base of CMAP products continues to expand, with it comes the prospect for increased aftermarket activity. I'm pleased with the resilience of our results in the face of widespread uncertainty, and our aftermarket activity continues to be an important contributor to our consistency. I firmly believe MIND is well positioned to capitalize on opportunities in future periods to stimulate water flow and generate sustainable results. Now I'll let Mark watch us do our first quarter financial results in a bit more detail.

Thanks, Rob, and good morning, everyone. Revenues for marine technology product sales totaled approximately $9.7 million for the quarter. As Rob mentioned, our first quarter results benefited from approximately $4 million of orders that slipped out of fiscal 2026. We also continue to see strong aftermarket activity that provides a solid foundation of recurring revenue. This activity supports our overall results and serves as a buffer in times of reduced large system order volume. The first quarter gross profit was approximately $4.1 million. This represents a gross profit margin of 42% for the quarter, which was in line with the same period a year ago. The sustained margin strength was supported by product mix and reflects a greater contribution of spare parts and other aftermarket activity that generate favorable margins. We expect our cost structure optimization efforts and greater production efficiencies to help us maintain favorable margins in future periods. Our general and administrative expenses were approximately $3.5 million for the first quarter, fiscal 2027. This was up both sequentially and when compared to the same quarter a year ago. Sequential and year-over-year increases are primarily due to higher incentive compensation and stock-based compensation, with the latter being a non-cash item. Our research and development expense for the first quarter was approximately $310,000, which was down both sequentially and compared to the first quarter of fiscal 2026. Consistent with prior periods, these costs were largely directed toward the development and enhancement of our streamer systems and source controller offerings. Operating income for the first quarter was approximately $14,000, compared to an operating including a loss of approximately $658,000 in the first quarter of Fiscal 2026. First quarter adjusted EBITDA was approximately $811,000 compared to an adjusted EBITDA loss of $179,000 in the same quarter a year ago. Net loss for the first quarter was approximately $411,000 after income tax expense of $476,000. As a reminder, our income tax expense results primarily from our operations in Singapore. As of April 30, 2026, we had significant working capital of approximately $37.8 million, including $17.7 million of cash on hand. The company continues to maintain a clean, debt-free balance sheet with a simplified capital structure. We expect our solid foundation, significant liquidity, and operational flexibility will allow us to pursue opportunities in the coming quarters to enhance stockholder value. I'll now pass it back over to Rob for some concluding comments.

Thanks, Mark. As I mentioned at the outset, macro uncertainty and geopolitical turbulence are causing customers to delay order commitments regardless of industry or end use. This is challenging our near-term visibility, and it is likely we will see some softness in our results. However, there are signs of recovery, and the longer-term outlook continues to be very positive. Conflict in the Middle East has served as a sobering reminder of how important energy security is for countries around the world. As some have speculated, the St. 4MU's blockade triggered what may be the largest oil supply shock in history. We believe this bodes well for additional orders in future periods, its geopolitical instability, and long-term supply concerns will drive exploration activity in other parts of the world. There is an immediate need to replenish lost production and secure reliable energy supplies. Another near-term dynamic that has the potential to drive incremental activity is the rapid increase in oil prices. Now, this goes somewhat hand-in-hand with the need for energy security, that we find that customers are often more motivated to launch large programs when the economics are compelling. While we anticipate our customers ramping operations in the coming months to capture the benefits of an attractive pricing backdrop, we haven't yet seen the orders associated with this activity. Some of our customers have reported increasing backlogs, which is a very positive sign. We also know that several industry commentators are predicting a resurgence in exploration and survey activity, something that we're monitoring very closely. The underlying dynamics within the marine technology industry remain intact, and our long-term pipeline of opportunities continues to be very positive. Our prospects are plentiful, and there are emerging opportunities to capitalize on new areas of focus within the market. Uncertainty has clouded visibility for the past several months, but we remain in well-positioned for the future. I'm confident that any near-term softness will dissipate in the coming months as markets stabilize and volatility becomes less severe. As a result of our efforts in recent years, mine is nimble and operating efficiently. This positions us to more readily weather the storms that have historically challenged our business. Rather than sit idly by as customers hit pause, we continue to innovate and expand our capabilities to address new opportunities. This gives us a competitive edge to capture orders and meet evolving needs in coming months. Our customers are constantly looking to get ahead of the curve, operate more efficiently to solve new problems, and they want to partner with suppliers to do the same. By turning to our outlook, current visibility continues to indicate that our results for fiscal 2027 to be down when compared to fiscal 2026. Despite this view, we believe this will still be a positive year for mine. As I noted on our last call, it will be difficult to replicate the system order volume that we've enjoyed over the past two years, given our recent customer discussions and the prevailing uncertainty. However, we expect to be cash flow positive for the year, even with lower revenue. And our growing aftermarket business will provide us with a substantial stream of recurring revenue to buoy our results. Further, we have meaningful cash on hand to make strategic moves and position the business for the future. As we've previously discussed, we continue to be aware of the challenges and limitations of being a small public company. Although we are uniquely positioned with a simple capital structure and a debt-free balance sheet, there is a need to add scale and enhance stockholder value. We are actively pursuing opportunities. There are a few different ways we can achieve the desired scale. We can execute identified organic growth opportunities, we can acquire assets or businesses that are similar to our existing business, or we can combine with other organizations. We continue to identify and evaluate such opportunities. Fortunately, we have ample liquidity to carry out a transaction should the right opportunity arise. However, we will not jeopardize the immense progress that we made in mind to chase an opportunity that doesn't fit what we do. Preserving and enhancing stockholder value will always be our primary focus. While we are motivated, we intend to be very disciplined in our approach to capital allocation, playing the expected return with the cost of capital. Outside of strategic mergers and acquisitions, our capital allocation framework consists of investments in organic growth, such as expanding existing product lines and strategic alliances with industry partners. Each of these represents a tool we can use to generate or strengthen returns. We can draw on any one of these, or a combination thereof, as market conditions permit, and the return on investment meets our threshold for value creation. In summary, we have a differentiated approach, testing class of your products, and a unique aftermarket business that will continue to support our financial results for years to come. We're focused on innovating, expanding our capabilities, adding scale, and partnering with customers that appreciate our technology. As these customers prepare for increased activity, we're planning to be ready to meet that demand. We're taking meaningful steps to strengthen the company, establishing a resilient platform on a solid foundation. Going forward, we will keep building on that foundation, improving our standing within the market, and stripping our competitive advantage, all of which we believe will propel mine into the next phase of growth. Our liquidity will prove advantageous as we expand, and we intend to deploy this capitalist strategically to pursue new, attractive opportunities to meet the evolving needs of our customers. As we execute these priorities, our focus remains as it always has on driving sustainable, long-term value for our stockholders. And with that, Operator, I think we can open the call up for some questions.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Tyson Bauer with KC Capital. Please proceed with your question.

Good morning, gentlemen. Look, you had an increase of $4 million on accounts receiver G2. Should we anticipate that your cash balance should be above $20 million by the time we have the next earnings call?

I'm not going to predict an exact amount, but I would expect us to start to convert receivables and inventory into cash. So I would expect us to generate cash for the year. So where it hits, I'm not going to predict, but conceptually, you're in the right direction there.

But we're in a solid position of more than $2 a share in cash.

Yep. I think that's fair to say. I mean, working capital is, what, $37 million, and that's a solid working capital number.

Which is, yeah, 40.

Primarily, time is that, actually. If you look year over year, the overall amount is not going to be that different. It's just a matter of where it hit in the period is the bigger factor.

In fact, SG&A ongoing level to recede. Are you going to maintain this level?

I think we'll see it come down some. Typically, the first quarter has got higher just because of year-end activities, you know, audits, things like that. So I would expect it to see that coming down a bit.

Okay. Are you willing to, at least in general, describe the composition, your backlog of the 7.6?

It's a variety of things. There's no huge systems in there at this point. So it's mostly, you know, smaller things. You know, some new orders, some new system activity, but, you know, some of the smaller size as well as, you know, aftermarket activity. You know, timing, you know, I think we'll see most of that, certainly this year. I can't tell you how it popped in my head if it's sold next quarter or something next, but, you know, obviously we have lots of book and bill business as well. So there's lots going on there. So it's just – it's a mixed bag.

So we walk into this fiscal second quarter with approximately $5 million recurring, some minor add-ons to there. We don't have landed in Q1. So Q2 should be – That's probably right.

I mean, that can change. You know, we still have, you know, six weeks to go and lots of things can happen, but that's probably right. It's hard to say, Tyson. It kind of depends on the nature of the order. Some things, you know, we can have enough visibility. We can start building before we have the order in hand. We've done some of that in the past. You know, some things, you know, turn more quickly than others. It just depends what the orders are. So, I think, you know, I don't think we hit that situation until, you know, much later in the year. and probably not until we get into the fourth quarter, frankly, or going into the fourth quarter. The short answer is no. There's really no governmental deadlines, things of that nature, no hurdles we have to get over from a testing or demonstration standpoint. It's more just going through the process. These are larger projects which involve more than just our equipment, so they move at their own pace sometimes, and sometimes we're not the we're kind of the tail being wagged sometimes given that the size of our kit compared to the overall project so it's just a matter of these things going through their process it's not an easy answer that we are certainly partnered with others for other parts of the kit but typically we are dealing directly with the the principal if you will and not going to an integrator or another integrator. We typically are the integrator for these projects as relates to our equipment.

So you somewhat control your own destiny in that regard?

Yeah, yeah. In that regard, yes. But again, these are larger projects so there are other aspects to it that can have impact on schedule.

A lot of comments about the Middle East. You do do a lot of business with European contractors, activity in Asia, whether it's time to renewable, offshore.

Well, I think we are seeing activity there is the short answer. But there is marginal activity that's in the Middle East area that's being impacted. But I think the overall uncertainty politically and economically is causing people to be cautious in committing exploration dollars or capital dollars anywhere in the world. You don't know what the energy pricing environment is going to be. You don't know what the security environment is going to be. So I think that just causes overall uncertainty and therefore overall caution all over the world, not just as it relates directly to the new leaps.

Customers in Europe, especially.

Well, I think, you know, they are, have been cautious, as everyone else has been, in making commitments this year and the last several months. I think they are very encouraged in what they're seeing in the future. I don't see that they're quite ready to pull the trigger on things and start to expand capacity, but that's something we hope to see. So I think, you know, as my remarks said, you know, people have been cautious given the uncertainty, that, you know, they all, I believe, are feeling fairly optimistic about the future based on what they're seeing from their customers and what they're seeing from their backlogs.

My question for me is, what are you hoping to accomplish or to see to show you after Q2 is over and hopefully you're providing for the second half of the year?

I mean, obviously, you know, we start to see order flow will be important, but, you know, I want to caution to everyone, you know, time is uncertain. And just because we don't get the order, you know, by a certain date doesn't mean things are permanently different. But I think looking for order flow, you know, we continue to look for opportunities to expand our offerings. So that's something we are very actively pursuing right now. So those are the sort of things that we're looking at. But, again, timing is uncertain on lots of these things. Yeah.

Our next question comes from the line of Ross Taylor with ARS Investment Partners. Please proceed with your question.

Thank you. Ross? On these new areas, these, you know, $10 million plus potential contracts, what are the end markets that are being served?

Typically, these are quasi-governmental agencies who are building vessels or equipping vessels for a variety of scientific and exploration purposes. So it's not directly energy-related necessarily, although there's an aspect of that. But there are all sorts of other things they look to do, you know, VC mining, hydrogen epic survey work, things of that nature.

But the customers are generally governments, not corporations for these big contracts?

Yeah, at least quasi-governmental, that's correct. Okay.

And how many of them are ex-US, outside the U.S.?

I'd say all of them are.

All of them are. And how many do you have, do you think? Is it two? Is it four?

It's a small handful. I don't want you to say it for some competitive reasons, but it's a small handful.

Okay. And you said obviously you indicated that it would be some draw on, you know, the balance sheet or the working capital side because of the need to secure, provide security for these deals. How much is that going to end up being? If you have a $10 million deal, how much do you have to put up from your side to – because you're basically going to, I assume, buy some form of bond on that.

That's correct, and we put that facility in place with the HSBC recently so we can do it, you know, in that manner. We don't have to post-cash collateral at that point. But, you know, it varies based on the contract, but you were talking about a couple million bucks maybe.

Okay, so if you have two, three, four of these, obviously, it will, you know, it will, would we see that as an impact on cash or would not be, wouldn't be, would not be an impact? Should not be an impact on cash.

Not very distinct facilities should not be.

Yeah. So in looking at this situation, it does seem a little odd in many ways. I mean, the Chinese have aggressively been mapping pretty much everything inside every island chain they can find off their shores. It would seem that the U.S. and our allies need to do the same. So hopefully this will get going. When you see this, what kind of – have you built inventory at this stage? Is there inventory on the balance sheet for any of these potential deals?

To some degree, yes, but not a great deal. I mean, we haven't been building a large system to spec, but there are components that we tend to – in the stock. Because some of these components are also part of our aftermarket business. So things we sell as spare parts, you know, we also are parts of new builds. So we can kind of pursue both at the same time. But it's not as though we've built a large system that's sitting on the shelf. So there is some lead time involved.

Okay. And you expanded your facility, I think, fiscally, certainly, down in Texas. How is demand for that at this stage?

That is starting to ramp up. So we're starting to see improved results there, improved activity, and we think that will continue to increase. So we're pretty optimistic about that. You know, it's not going to be, you know, $30 million a year, but it can be meaningful for us.

And with that, as you see that move forward, would that change right now, the $5, $5.5 million per quarter you're doing on kind of maintenance and repair? Should we expect to see that, you know, because I think of that as a base and this new additional capacity being on top of that, is that a correct way to see that?

That's a good way to see that. That's exactly right. That should be fairly recurring and fairly predictable. That's why we're encouraged by that.

So what we can see is in here is that as we push forward, even if you're not getting new orders, that you should see the maintenance and repair part of your business move forward and grow.

That's correct.

Okay.

You talked a lot about the various and sundry options you have to scale up the company. What kind of financial hurdles, benchmarks are you having in place for making that decision? Are you, you know, is it something that needs to be, you know, additive to earnings, additive to free cash flow? Either DAW needs to have a 20%, 15%, whatever. I mean, have you actually laid down, you talk about having a discipline with it. Have you laid down metrics, and if so, what are some of those metrics?

Yeah, I don't want to get too specific at this point, but we certainly want – anything we do, we want to be accretive, without a doubt. And there's some non-financial metrics that we want to look at as well, which really involve risk around a transaction. We want to make sure something that we understand that can manage well. So just because we see something that, you know, on a spreadsheet has some great metrics, great returns, that doesn't mean there's not risk involved in that. So that's the other aspect we're trying to evaluate in these various opportunities.

Okay. And when you're looking, what do you feel mine's core competency is? And, therefore, when you're looking at these deals, how are you seeing the reach of them?

Sure.

So, obviously, we have some specific products that are some unique technology that we can add other things to. So, the ability to, in a very economic way, add additional products, additional capability is a strength of ours. we have ability to build things very effectively very efficiently through our facilities both here in the US and in Asia and I think that gives us an advantage in taking in other additional products that perhaps we can build more efficiently and therefore garner more margin so I think that's our to our core competencies and we do have some unique technology that we think we can build from as well. So I think those are the key aspects of us.

Okay. And I would be remiss if I didn't note that you issued stock at $11, and currently your stock is selling, you know, in the, basically at $5. At some point in there, it would be hard to ignore the fact that you have a chance to actually buy back some of what you issued to reduce the resolution and still leave a fair amount of cash on the balance sheet.

Yeah, that's true. As we've said before, you know, we put that in place to give this opportunity, and if that's, you know, we think that's the best use of our capital at a certain point in time, point in time, that's what we'll do. But obviously, I'm not going to predict or indicate what our intentions are, but that is an option for us.

Okay. And just generally, when you're looking at going back to your potential order book, how many of these are kind of new prospects or new uses and how many of them are, as Tyson was referring, to kind of repeat buyers?

I'm thinking through. They are a combination. I'm pausing because I'm thinking through the list.

There certainly are some new customers in this list as well as some repeat customers who are expanding capacity. and okay well it's obviously we're in a period of struggle but as Tyson noted that your current working capital at about four dollars a share puts very little value on the business so hopefully we'll be able to get some of this stuff turned around in the near future and get some value reattached to it okay thank you very much good for us our next question comes from line of Howard with Fairhold Capital please receive your question good morning and And thanks for taking my call.

So a quick question on the income taxes. The $476,000 seem like a huge number. I understand it's international, but is that an aberration? Is there a way of getting that down, or what's the cause of that?

Well, we are profitable overseas in Singapore primarily. So we pay taxes in Singapore. We have losses in the U.S. that we can't apply against that. So basically, you have taxable income that's not sheltered by an untaxable losses, if you will. So that's the reason for that. You know, there are some things that we are doing to try to mitigate that. But fundamentally, as long as we're making money there and not making money here, we're going to see that sort of aberration. Now, one thing we are doing is trying to generate more income in the U.S. through our repair activities in our Texas facility. And that will help reduce the appearance of that because we will start to generate, you know, taxable income in the U.S., which we'll be able to shelter from our existing law spirit forwards.

Wow. I mean, obviously, there's a lot of ways to shelter that. When it's a controlled subsidiary, you shouldn't be having that much income in a subsidiary when the parent isn't making that much. But is there any action to kind of minimize that?

Because that is a huge number based on last quarter. so there are limitations of what you do your transfer pricing rules between all the countries so there are some limitations as to how aggressive you can be but that's something I look at on the continuous basis but we figure that's a going number I mean if we do the same number and revenue next quarter it's gonna be the same amount of income taxes well how is this it's hard to predict because it depends exactly what revenue hits in a particular quarter so that can certainly could be a bit more it could be that less it just it can vary because you're on the margin right now so a small change can have a big

percentage impact okay so on backlog and in fire quarters you gave us an update if there were any material contracts since the quarter end so is there been any new material orders added to the backlog since April 30th not material or we would have said so, no. Okay.

And then it's nothing large.

Right. So is the backlog, can you give us any update on the backlog at the end of May or to, you know, in the length of last week from that $7.6 million level?

Yeah, I really don't want to get into that. But again, if we have a significant, you know, change in backlog, we'll announce that. But other than that, I don't want you too specific.

And then the stock repurchase plan. Obviously, you haven't filed your 10-Q, and I would request that you do that at the same time as you do your press release going forward so we can get all the details to be able to ask these questions, but I'm assuming that you have not purchased any shares under the stock of your purchase plan to date?

That's correct.

Okay, so my last question then, and kind of that last question I got to this, I mean, the $40 million net tangible book value and really the working capital primarily from well, actually, primarily from really well-timing the ATM stock sale, $4.40 a share per share, $4.40. That leaves only at today's price basically $0.50 or $0.60 per share of residual value on the market value. Is the company looking at the opposite because you're talking about maximizing stockholder value as in you guys acquiring something else? Why isn't it the maximizing stockholder value of either buying your stock or having someone buying this and giving us the value for this business rather than basically one quarter price-to-sales ratio?

That's an option. That certainly isn't an option that we're looking at. And that's the reason we put the buyback program in place, so we'd have that option. Again, I don't want to tell you about what our intentions are or what we may or may not do because it's a function of other factors as well, but that is certainly an option for us.

Okay, so then finally, at what point in time in the future do we look at this, this isn't working, we need to do something different, more of an aggressive change? Is it the end of this year?

I think we've got a long runway there. I think there's enough progress and enough opportunity. I think we've got a long way to go on that.

Okay. Well, thanks for taking the questions.

This concludes our question and answer session. I would now like to turn the floor back over to Mr. Kapps for closing comments.

Okay, thanks, everyone, for joining us this morning. I look forward to talking to you again in a few weeks, a few months, for our second quarter results.

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.