Question-and-Answer Session
Operator
(Operator Instructions)
Your first question is from the line of David Gremmels with Thomas Weisel Partners. Please proceed sir.
David Gremmels - Thomas Weisel Partners
Thanks, good morning. The press release characterizes the opportunity pipeline as being the best since ’05. I suspect some of this is bearing some of your internal R&D bearing some fruit, but I assume a lot of it is just increased customer program activity. So can you comment on what’s changing in the market? And are we looking at specific large opportunities, or just lots of small ones, out into ’08?
Terry Collins
I’ll take that, David. Certainly, one of the things that happened at the end of ’05 was the ACS program being terminated. It actually stopped work at the end of ’05. And what we’re seeing is the airborne reconnaissance programs with the Army and Navy being expanded at this point in time, or reinitiated, which will have both spiral upgrades and new platform replacement programs.
So those are large programs that we’re pursuing that we think that we’re in a strong position to capture that. We’ve got a role on the EP-3 right now, we’re competing for some pieces on the guardrail, and we’re still strategizing on our team relationships for the larger platform competitions.
Beyond that, we have been very much more active as a company in trying to pursue other initiatives. For example, with the acquisition of SDRC, there are some very large programs that are being pursued. Kerry, I believe, mentioned the common range instrumentation system, the [Chris] program, where we’re teamed with a company that’s a multi-hundred million-dollar program. We were on the GD team that just won the Keds competition, and so we think that there’s some opportunity for growth there.
We’re pursuing some torpedo programs, to provide electronics into the torpedo systems. We are looking at a significant number of other programs that are pretty large. We’re able to leverage certainly some of the key capabilities from our acquisitions, through coherence of combat operations center and the ground mobile gateway, as well as some airborne modifications to allow us to modify C130s to provide capability as well.
So it’s a pretty broad set. We talked about the gimbal with UAVs, and that could be a very large program. So, it’s not concentrated in any one particular area.
David Gremmels - Thomas Weisel Partners
Okay, that’s great. So, along these lines, your book-to-bill target for ’07 was 1.2 times, you did a little better. Would you care to share a target for ’08?
Terry Collins
Our target for ’08 is 1.2. We want to do that every year. And if we can get better, we’ll do better.
David Gremmels - Thomas Weisel Partners
And with respect to either that target or your revenue and earnings guidance, is there anything big and binary that’s assumed in that guidance, or would there be potential upside from things like that?
Terry Collins
There is nothing that we think is really high risk that is required to achieve those number.
David Gremmels - Thomas Weisel Partners
Great. And then just one quick housekeeping question, how much backlog came with Coherent?
Vic Sellier
David, this is Vic. We haven’t reported that, and part of the reason we aren’t reporting that is that immediately upon the acquisition of Coherent, we began the process of integrating them into the company fully. So, we don’t think it is meaningful. Certainly, we don’t think it’s meaningful to break that backlog out separately, because we aren’t going to be tracking it separately. We don’t manage it that way.
Certainly when we set our guidance for the year, we took that into consideration. If you remember at the end of the third quarter, we announced that we were in the process of considering the acquisition of a small, private company, which was Coherent. So when we set our guidance and our expectations of 1.2 to 1, and they absolutely brought something to the table. It’s included in our backlog number that we summarized, but we haven’t reported and don’t intend to report it out separately.
David Gremmels - Thomas Weisel Partners
Okay, well then, of the orders number in the quarter, does that include all the backlog that came with Coherent, or just the orders booked by Coherent subsequent to the close of the acquisition.
Vic Sellier
The latter. We added whatever backlog they had into our backlog number, but the bookings number is only our bookings number for Argon plus the bookings that occurred at Coherent subsequent to the acquisition.
David Gremmels - Thomas Weisel Partners
Okay, very good, thank you.
Operator
Your next question comes from the line of Brian Gesuale of Raymond James. Please proceed.
Brian Gesuale - Raymond James
Hey guys, nice job on the quarter here. I wanted to dig into backlog a little bit. One, how much do you think that is shippable over the next 12 months, presumably that’s more than the funded backlog number. And then maybe a follow-up to that would be, Vic, you gave some good stats on components and changes in backlog, did you actually give the fixed price amount of work that’s currently in backlog?
Vic Sellier
I did not.
Brian Gesuale - Raymond James
Would you please?
Vic Sellier
We haven’t reported that, Brian, and I don’t think we’re prepared to report that now. I think, though, I tried to give you some indication by saying that we continue to see that the fixed price work for ’08 may actually be a little bit lower than the fixed price content in ’07.
But, long term, we expect that to cycle back. But in ’08, the fixed price content is going to be lower than in ’07. That’s our current plan.
Brian Gesuale - Raymond James
Okay, terrific, and the shippable amount this year, from that backlog, that you kind of expect? This kind of goes to visibility, how much of that?
Vic Sellier
I guess the comment I’d make on that is, given that the higher proportional content of cost plus type work that’s in our backlog, that tends to be labor driven, and it tends to take a little bit longer to move that into revenue, than historically we have seen on our fixed price work.
Materials can tend to flow into revenue in bigger chunks, and a little bit faster than the labor generated revenue. So whereas historically I would say we moved backlog into revenue in a 12 to 18 month period, this may be swinging out a little bit longer than that.
Brian Gesuale - Raymond James
Okay, that’s helpful. One other thing you mentioned that goes along with the change in composition in backlog or fixed price work. It looks like the seasonality that we had seen a year or 12 to 18 months ago has kind of changed. Q4 tended to be a monster quarter and then Q1, significantly down. I guess given the composition of work and the cost plus type stuff kind of smoothing things out, plus the fact that your funded backlog is actually up sequentially, is that a seasonal trend kind of changing over time here?
Terry Collins
I believe that it is sort of in between. I believe that seasonally we still have an issue with the Q1, particularly because of the way we manage our year and that our Q1 has a week and a half fewer days in it, and that we give off in the particular year from the Friday before Christmas though New Years, as well as Thanksgiving and the day after, so we don’t have nearly as many work days in the Q1, and that we also, even though we have a backlog there are some issues with some of the backlog on when we start work and order material that, it takes, the suppliers don’t deliver as well either in that quarter.
Brian Gesuale - Raymond James
Okay.
Terry Collins
I think the Q1 will continue to show our seasonal fluctuations.
Brian Gesuale - Raymond James
Okay, terrific Terry. And just my last question, can you guys talk a little bit to gross profit? I guess with the change in contract mix plus with the impairment that you took this quarter, what would be a pretty decent target to think about for next year on the gross line?
Terry Collins
Who wants it?
Unidentified Company Representative
Talking at the EBITDA level, which I think is what we would like to get everybody kind of thinking about, because we’re starting to focus on that, somewhat normalize the flow through our books of non-cash expenses related to acquisitions and investments and the amortization expenses associated with those intangibles. We are certainly seeing at the EBITDA level margins that we could anticipate in the 12 to15% level, and I think that’s a fair expectation for all of us to forecast towards.
Brian Gesuale - Raymond James
Okay. Thanks a lot guys.
Operator
You’re next question comes from the line of Steven Levenson with Steifel Nicolaus, please proceed sir.
Steven Levenson – Steifel Nicolaus
Thank you, good morning everybody.
Just in relation to the C increment F situation can you tell us when you think it will move from development to production and shipment and what the variance is in the margins, or the difference in the margins?
Terry Collins
Certainly the margins that we currently have are in the very low single digits. We currently expect the government to go into a low rate initial production at the end of ’09.
Steven Levenson – Steifel Nicolaus
At the end of ’09, okay. And the margin?
Terry Collins
We won’t get an order until the end of ’09 and so we won’t see revenue from that until 2010.
Steven Levenson – Steifel Nicolaus
Okay, but the margins presumable will be?
Terry Collins
And the margins and the fixed price jobs will be negotiated sole source, so they should be in the low teens.
Steven Levenson – Steifel Nicolaus
Okay
Terry Collins
I mean the single, above 10 but less than 15, so somewhere in that range.
Steven Levenson – Steifel Nicolaus
Okay, thanks. Recently you announced an agreement with OrcCom, and I guess the gear is very similar but the customer is a little bit different than traditional, can you tell us a little bit more about that, and if you’ve included anything from that arrangement in your guidance for fiscal ’08?
Kerry Rowe
I’ll take that one.
Terry Collins
I’ll give that one to Kerry.
Kerry Rowe
Thanks Steven. The [Eye bar] opportunity is obviously our entrée into the commercial telemetric market, and we actually did our first commercial demonstration of that capability last year. Our intent is to be an end to end value added reseller, our initial markers are focused on the DOD, as well as the heavy equipment OEMs, and we’ve partnered with a company called Hydac International, and you may know that they are a world leader in hydraulic and oil filtration conditioning, monitoring throughout the world. In essence what we intend to do I work with them on our initial foray, in terms of the amount of revenue that’s in our ’08 budget all up, it’s pretty much minimal, marginal if any, and that’s pretty much it.
Steven Levenson – Steifel Nicolaus
Okay. Thank you. Lastly, I know you’re on a vast majority of what you do you’re the prime contractor. You mentioned teaming, what do you see as the opportunities for teaming going forward? Do you thin it’ll get bigger, do you think your revenue would be growing a little faster if did a little bit more teaming? And how do you view the situation?
Terry Collins
Well, I believe that where we are right now, we will be teaming with some of the large primes at a much higher rate than we have over the last year because of the kinds of programs. Certainly as we pursue ACS and EPX we’ll be subbing to someone who can supply airplanes, we’re not an airplane supplier. I believe in some of the, as we’re a subcontractor to GD on KEDS, we also on the gimbal work we’re a subcontractor to the aircraft supplier, or to another company. We also have some opportunities with a number of the large primes in pursuit of tactical communications programs that we are in the process of negotiating. So we’ve got a pretty broad set of programs. We’re gone in size and take, and have been a prime contractor. There are some of these programs which are very large, which are in the hundreds of millions or billions of dollar kind of programs which we think in order to get a position we need to be a subcontractor, so we’ll be doing that.
Steven Levenson – Steifel Nicolaus
Okay, thanks. And on the teaming, how do you see that impacting margins? Are they better, do you have less risk? Just a general comment please.
Terry Collins
In general they’re about the same.
Steven Levenson – Steifel Nicolaus
Great, thanks very much. Looking forward to (inaudible).
Operator
You’re next question comes from the line of Michael Lewis with BB&T Capital, please proceed sir.
Michael Lewis – BB&T Capital
Good morning everyone. Well two quick comments and a question. Well first of all I think that this has really been the best conference call that this company has conducted ever since combining with Sensytech and Argon Engineering for sure. And second of all?
Kerry Rowe
Why didn’t you wait for me to leave to say that?
Michael Lewis – BB&T Capital
No, it was a real solid presentation. Second, with regard to Vic, good luck on the move to the other part of the business, but also, thank you for that real in-depth discussion on what’s cause in mix shifts and how Argon has continued to focus on providing that full service of life cycle product development. I thought that’s very helpful, and I think it’s going to help with investors understanding how the business works here. So with that said, I just had one more question for you Terry. Now that Coherent is behind Argon, and we’ve seen some great success diversifying the business away from Navy concentration, but some of the recent acquisitions in other targeted areas have been somewhat less, they’ve been somewhat of an underperforming business for you. I guess that where I’m going, do you think that focusing back on Navy opportunities in the acquisition market, specifically there’s a lot of companies here in northern Virginia area doing war gaming and modeling and simulation, areas that are targeted to grow in the double digit growth areas in the next few years. Is this an area that you think that you might want to move into longer term?
Terry Collins
Certainly anything that supports the C5 ISR area at our current time, we will take a serious look at. And what we’re looking for are quality companies with technology that can create some synergy, and so we’re looking at that. We’re also looking at companies that have significant work in the intel agencies as well.
Michael Lewis – BB&T Capital
Okay, and then just one more question for Aaron and then I’ll get out of the way. You said that you’re going to see about $1 million in additional amortization expense savings as a result of these write downs.
Aaron Daniels
That’s correct.
Michael Lewis – BB&T Capital
Okay. And so does that look like GNA rate gong out into ’08 between say 6.5 and 7.5% of sales, if you look at it that way?
Aaron Daniels
We really aren’t guiding on the GNA specifically, but I will tell you that the million dollar savings is actually a savings against the cost of revenue line.
Michael Lewis – BB&T Capital
Okay, I’ll make that adjustment then.
Aaron Daniels
Sure.
Michael Lewis – BB&T Capital
Okay, thanks guys.
Operator
You’re next question comes from the line of Chris Donaghey of SunTrust Robinson Humphrey, please proceed sir.
Chris Donaghey – SunTrust Robinson Humphrey
Hi, good morning guys.
Terry Collins
Good morning Chris.
Chris Donaghey – SunTrust Robinson Humphrey
Terry, first of all on the FY ’08 guidance, if we excluded CSI and from the acquisition press releases is about a $30 million trailing 12 month contribution. The ’08 guidance certainly would seem conservative on the heels of a 1.2 book to bill ratio. So could you just provide some commentary about your confidence in the guidance going forward into 2008?
Terry Collins
Yeah Chris, as I tried to talk a little bit about it in the conference call that we are a little big concerned about the FY ’08 budget and timing of the budgets and the ward of contracts this year. And that in FY ’06 we got out in front of the power curve facing a lot of our forecast on bookings that were going to happen during the year, particularly that had to happen in the first six months of the year for us to generate revenue during the year, so having misguidanced for the last two years in a row we wanted to not be on that curve, and so there are things that could go wrong and so we want to be able to make sure we’re successful in doing what we said we’re going to do.
Chris Donaghey – SunTrust Robinson Humphrey
That’s very good to hear. You’re talking about the timing of the ’08 budget. Is there an expectation that there’s going to be a significant contribution potentially from the supplemental given that the ’08 base line budget has already been approved?
Terry Collins
Well there are issues like in the counter ID area that we’re, they’re seems to be budget problems, and so the supplemental is a potential piece as well. We ended up getting $23 million last year in the booking that we got in the Q4 on the C increment E program was in the supplemental.
Chris Donaghey – SunTrust Robinson Humphrey
Okay, great, and second with the ID. You mentioned the transceiver when, is that as a prime under the Three Program?
Terry Collins
The prime is a technology development initiative under the S&T part.
Chris Donaghey – SunTrust Robinson Humphrey
Okay. And? (Chris and Terry speaking simultaneously)
Terry Collins
(Chris and Terry speaking simultaneously) ?announced an award on Crew 3, 1, and 2.
Chris Donaghey – SunTrust Robinson Humphrey
Right. And then last question on the EP3 work, you talked about, I think Kerry talked about how the EP3 work was alight house based system as well. How close is this new sensor for EP3 to what you were originally developing for ACS?
Kerry Rowe
It’s certainly leverages ACS Chris, its taken account a lot of the work we did on apertures and RXD front ends, as well as the tasking side of the multi end work that we were doing for ACS. Our intent, Chris, here is to take EP3, take the spiral upgrades that are planned for EP3, continue to look for other opportunities on the platform, leverage those into the army and the guard rail mod work that’s taking place, and then have both of those efforts culminate on the army side the ACS and on the navy side the EPX. And as Terry talked about earlier, there will likely be some small bridge contracts that take place on both the army and navy side, leading to the big development work in terms of the sensor work, the antiaircraft work for both of those programs. And we intend to be part of both of those activities leading to the big potentially R&D work on both sides.
Chris Donaghey – SunTrust Robinson Humphrey
Okay, great. And just, I haven’t heard any additional information on this recently. ACS, is it still expected to be a single prime, or have they made any decisions in that regard, or could the sensor be broken out as a separate prime initiative?
Kerry Rowe
Right now, both the army and the navy are very strong advocates of competition and plan to compete both. I think terry and I would both tell you that there still is the opportunity to potentially divorce the platform, meaning the aircraft from the sensor work, but that has not been determined yet.
Chris Donaghey – SunTrust Robinson Humphrey
Okay, great, and good job on the quarter guys.
Operator
Your next question comes from the line of Myles Walton with CIBC World Markets, please proceed sir.
Myles Walton – CIBC World Markets
Thanks good morning.
Terry Collins
I was wondering, maybe Vic or Aaron commenting on cash flow outlook for ’08, and also looked like there was some pickup on CapEx in the quarter. I’m just curious for this current quarter what that was allocated towards and what the expectation is going into ’08?
Aaron Daniels
Sure. In terms of the cash flow, I think we’re seeing, typically we see a kind of low Q1 and then we pick up as the quarters go on, and I don’t see a reason why that trend wouldn’t continue. We do see a strong cash flow over the year. The, we will continue to see some additional heavier spending on the CapEx side and I think that that is to answer the question, both questions with one answer. A lot of that is related to some of the development work that we’re doing in conjunction with some of our sea programs, which is a little bit of a change from us in the past, and represents a fairly substantial piece of work.
Myles Walton – CIBC World Markets
So given you’re accepting more of the capital responsibilities, presumably you have better margin potential or volume potential off the program, is that a fair assumption?
Aaron Daniels
I think the volume potential is certainly there, it certainly was, and one of the prior questions had to do with Increment F and moving that into production. We believe absolutely that our investment miles in some of the capital capability has positioned us extremely well to migrate into production on a program like Increment F, and we look for other opportunities to do that. we, I think we’re seeing a trend within our customer community to, and we’ve spoken about this in passing in prior calls, of desire on the customers part these days to see a little bit more from the contractors bringing to the table something that they can kick tires with, on, and what you’re seeing is a reflection of that, and our responding to that.
Myles Walton – CIBC World Markets
Okay. So this run rate of $10 million would persist into next year, and in light of that would you still kind of be able to hit full conversion, net income to free cash flow?
Aaron Daniels
Yes, I think that would be accurate. The only other thing I would add, as Terry pointed out that as we look at both our repurchase plan and our more specifically our acquisition opportunities, something large on the acquisition front in particular, as you mentioned, would require us to possibly pull down some of the time.
Myles Walton – CIBC World Markets
Sure, understood. And then, you know the quarterly, I know you guys don’t give quarterly guidance and I’m not necessarily asking for it, but in terms of any color that you’d care to give just because the revenue in the last few years, you certainly haven’t established any obvious trend line. So I’m just curious, should we expect a 45/55 splits in terms of percentages front half back half or is there any other color you could provide us?
Terry Collins
I think the color I’d give, Myles, is that Q1 and Q2 will be on the lighter side as compared to the back end, I don’t know that I can comment to your 45-55 split, it is absolutely going to be back end loaded.
Myles Walton – CIBC World Markets
Okay, and then maybe one more. I think on the last conference call there was commentary that the backlog appeared to be moving into the fixed price direction. I think in the last quarter the bookings were between 70 and 75% fixed price. Were the bookings this quarter so heavily cost plus that it’s actually shifted the overall backlog? Or is it just a deeper look at what the existing backlog was and after evaluating that it looks like the fixed price mix is around the 50% line?
Terry Collins
My comment on that would be, we certainly on the airborne side, the bookings, we’re in a development phase on the airborne side, and those are tending to be on the cost plus side. The acquired businesses and in this I include coherent, has had a majority of their backlog and a majority of their business is cost plus. And then I’ll also say that part of this is a little bit deeper look into the makeup of the backlog and our better understanding of it.
Myles Walton – CIBC World Markets
And then last one, employee count at the end of the year, and also kind of your target going into next?
Terry Collins
I think we were at 970 at the end of the year, and I believe we’re planning to hire at a 10 to 15% increase on that over the year.
Myles Walton – CIBC World Markets
Okay, great, thank you.
Operator
Your next question comes from the line of Patrick McCarthy with FBR, please proceed sir.
Patrick McCarthy – FBR
Hi, good morning guys. Congratulations to everybody on your new rolls. A couple of quick questions for you, one, some of the new or newer programs that Kerry had mentioned. I was wondering if you could just, maybe relative to some of your traditional businesses give us a sense as to how those could potentially be, the OT test and some of the other ones.
Kerry Rowe
Certainly the OT tests, Patrick, since you brought that one up, is currently tens of million, tens of millions of dollars with an opportunity to be hundreds of millions of dollars. And as that grows into the Chris program that we talked about its certainly on that order, it’s a very, very key program for us. The ground mobile gateway and combat operations center and those types of things, again, have the opportunity in production to be tens of millions of dollars, so they are both very significant in that regard.
Patrick McCarthy – FBR
Okay, great. And then on your submarine work, as I recall, this year was going to be a relatively tough year for the sub work because of the comparisons. Is hat going to be picking up from here on out or are we still one more year away from that becoming another growth driver?
Kerry Rowe
I think, Patrick, it’s relatively, I won’t say a tough year, but it’s certainly not going to be a growth year, and probably flat. We’ll continue to do some LIC10 production in that, but beyond that, the onset is really on us at this point in time to evaluate and investigate additional platforms, both in the uninhabited platforms, as well as underwater platforms.
Terry Collins
There are some foreign opportunities that might arise.
Kerry Rowe
Correct, but certainly not on the order of the types of productions that we’ve had for the US.
Patrick McCarthy – FBR
Okay, and could you also, just while you’re talking about some foreign opportunities, the 25 C, if you look at that program, maybe more in the longer term as compared to the near term, what would you expect the split to be between domestic production and international production?
Kerry Rowe
I don’t know that we have that split here Patrick, but
Terry Collins
25%
Kerry Rowe
25% foreign is probably a reasonable estimate.
Patrick McCarthy – FBR
Okay, and then just from a more macro level, with a lot of the moving pieces, could you give us a general sense as to what your exposure is to each of the major services in the US, navy versus army?
Terry Collins
I think we’re about 60% navy and about 13% army. 10-Q will go out, or the 10-K will go out here shortly, but I believe it’s 61% navy and 13% army.
Kerry Rowe
And certainly the Coherent acquisition actually gives us a footprint in the air force that we didn’t have before. I don’t know if we have that quantified yet, but that will certainly help.
Patrick McCarthy – FBR
Okay, great. And then my final question. With the change over in the chief of naval operations there’s been a lot of talk about kind of a little bit of a changing mindset of what they are trying to accomplish. Do you see that impacting you at all, and maybe if you could just kind of place it with what you’re doing with the SSEE program as to whether they’re new or developing strategy is good or bad for that developing program?
Kerry Rowe
I believe that the strategy supports what we’re doing on the sea program and the ability to have network systems and that I do believe that there’s competition with money for ships.
Terry Collins
And Patrick, just to add a little more to that, certainly the big push here is on actual intelligence and where Increment E was primarily censor work, as you know Increment F now brings the back in and a lot of the tasking and dissemination and ties into DCGSN and other back end platforms.
Patrick McCarthy – FBR
Okay great. That’s very helpful, thank you.
Operator
You’re next question comes from the line of Matthew McCay with Jefferies & Company, please proceed.
Matthew McCay – Jefferies & Company
Great, good morning guys. Just one question, in the press release you talk about during fiscal ’08, you expect to invest in the senior management. I would love to get a little bit more color in terms of what areas you were looking to hire in the senior level and if you have a time line we might expect to hear of some senior management coming on.
Terry Collins
I guess I’m at a loss Matt, as to, maybe we have miss?
Matthew McCay – Jefferies & Company
You said strengthening of management team in fiscal 2008.
Terry Collins
I think one of the what we were talking about there is the fact that we’ve really added Aaron to the senior management team by making him the chief financial officer and
Aaron Daniels
There are no immediate plans to add to the team right now.
Terry Collins
Actually we are planning on adding a senior person here in the next couple of weeks, to add to our management team as well. Not in, we continue to hire people in the organization at all levels to support us. We are going to be bringing on a person to support government relations here soon, we are looking at senior program managers to bring on. We are not talking about adding anybody to the executive level.
Matthew McCay – Jefferies & Company
That’s helpful; I just wanted to get that clarified. Thank you very much.
Operator
And your last question comes as a follow up from David Gremmels with Thomas Weisel Partners, please go ahead.
David Gremmels – Thomas Weisel Partners
Yeah, thanks. Just one kind of more general follow up I guess, in thinking about M&A and obviously you’re still pursuing acquisitions despite some challenges with SDRC, just wondering what are the lessons learned as you look back on your prior acquisitions and what did you do differently on Coherent and what are you going to do different on future acquisitions?
Kerry Rowe
I believe what we did differently on Coherent was to spend a significantly larger effort in the due diligence process and the interview with customers and the planning associated with how we would be able to execute the programs after we did the acquisition, so I think it had to do with our thoroughness of trying to understand what they’re proposition was, and the integration piece.
David Gremmels – Thomas Weisel Partners
And just on the share buy back, did you buy back any more stock thus far in the December quarter?
Terry Collins
We have no, David, we have been in a black out, and so the buy back program was not a program based buy back, it was, we’re buying on the open market, so once we got into the blackout that was suspended.
David Gremmels – Thomas Weisel Partners
How much is remaining under your authorization?
Terry Collins
The authorization was to purchase up to two million shares, and we’ve purchased just over 540,000 shares if I’m not mistaken.
David Gremmels – Thomas Weisel Partners
Great, thanks a lot.
Operator
There are no further questions at this time.
Terry Collins
Thank you all very much.
Kerry Rowe
Is that it?
Terry Collins
I think that’s it. Thank you
Operator
Ladies and gentlemen, thank you for your participation in today’s conference, that concludes the presentation, you may now disconnect. Have a good day.
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