Question-and-Answer Session
Operator
Thank you. (Operator instructions) Your first question is from the line of Alex Rygiel with FBR Capital Market.
Alex Rygiel – Friedman, Billings, Ramsey Group, Inc.
Thank you. Good morning gentlemen and nice quarter.
Frank T. MacInnis
Thank you Alex.
Alex Rygiel – Friedman, Billings, Ramsey Group, Inc.
Frank, two questions. First, if I remember correctly in the 2002 time period where you did have one or two disappointing quarters, a couple of the bigger catalysts were some underperforming contracts in the UK and some unfortunate contracts associated with an acquisition around that period of time as well. Can you discuss what is different with regards to your internal processes today than 2002 that gives you comfort that's surprises like that may not arise over the next coming year or two?
Frank T. MacInnis
Yes, Alex. I think the several changes in EMCOR has influenced the positive point of view that we take concerning our ability to ride out the current crisis however it shapes out. You know of course that we have made significant changes in senior operational management since 2002 and in particular the UK company which was a source of a very significant sharp losses during that period has been significantly changed not only downsized but also focused away from the large sized rail projects that were the source of significant issues in those days.
EMCOR today is a much larger, much better balanced, much more sophisticated and much better managed company than we were in 2002. I think in particular the management that has been in place since that time has focused on bidding discipline and importance of maintaining margins even at the expense of backlog as we have striven to create the balance in our revenue bases that was specifically designed to help us ride out a crisis very similar to what is currently transpiring. So in a nutshell, we're better managers, we're larger, we're richer, we're better balanced and we're much more ready for downturn of the cyclical type that we seem to be facing now.
Alex Rygiel – Friedman, Billings, Ramsey Group, Inc.
And seconday, as it relates to your activities in Las Vegas, could you I don't know, throw out a number approximately about how big that market is from a revenue standpoint today and maybe in the last trough cycle how small it had gotten at any point in time?
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