Question-and-Answer Session
Operator
(Operator Instructions) And your first question comes from the line of Brett Hoselton with KeyBanc Capital Markets.
Brandon Ferrell - KeyBanc Capital Markets
Hey guys, this is Brandon.
John Corey
Good morning, Brandon. How are you?
Brandon Ferrell - KeyBanc Capital Markets
Good, how are you guys doing?
John Corey
Good.
Brandon Ferrell - KeyBanc Capital Markets
I wanted to touch on the Brazilian JV. I know, you guys said you couldn't comment on that, but it looks like you guys potentially maybe interested in creating some value there by reducing your ownership stake.
Just wondering, if that makes any strategic rationale sense to you and what your intentions might be, if you were to raise some cash?
John Corey
Brandon we cannot comment beyond what we have already issued in our press release related to PST.
Brandon Ferrell - KeyBanc Capital Markets
Well, just kind a touching on the idea of raising cash again, you guys do have a decent amount of cash on the balance sheet for a company of your size, any priorities in using that cash, we talking about funding growth or?
John Corey
We are evaluating a couple of things. I mean, as we have talked about in the past at some point in time we would like to go on and look at some acquisitions and we want to make sure that we have stabilized our operating position and our structure and with the move that we are making today and as those moves are completed we think we will have an opportunity to look at some acquisitions that might enhance our growth profile not only from a product perspective but also from expanding our market presence outside of North American markets.
George Strickler
And we have always said that our initial priority would be to continue to reduce our debt.
Brandon Ferrell - KeyBanc Capital Markets
Okay. Were there any operationally, any efficiencies like we saw in the second quarter that carried over into the third quarter in the UK and if so could you guys quantify that?
George Strickler
Well, we won't quantify it but the UK operation has continued to under perform and it did not improve that performance in the third quarter. We have started, we've changed the management team over there and we started to see some improvements.
But then really its a lot of work they needs to be completed to get that facility aligned and I think that was helped in the decision I said, this just doesn't have the cost profile or the volume commitment from customers in the future that would allow us to maintain that operation.
- To read the full transcript on Seeking Alpha, click here »
