P&F Industries (PFIN) 14 May 212021 Q1 Earnings call transcript

Company Profile

Participants

Richard Goodman	General Counsel
Richard Horowitz	Chairman, President & Chief Executive Officer
Joseph Molino	Chief Operating Officer & Chief Financial Officer
Andrew Shapiro	Lawndale Capital

Call transcript

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Operator

Good day, and welcome to the P&F Industries Inc. Q1 2021 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Richard Goodman, the Company's General Counsel. Please go ahead.

Richard Goodman

operator. you, Thank welcome call. and Industries quarter first Good to conference XXXX morning, P&F With Horowitz, Officer are Chief management us from today Richard Officer. and Molino, Financial Executive Joseph Chairman, Chief Chief Operating and Officer; and President

Securities expectations, under the as press to Before These of plans, the results credit we remind any differ related the are the and behalf in our capital our COVID-XX uncertainties, those statements periods the fluctuations of which patterns, forward-looking concentration, inventory abroad, reports recent but to for to adjustments by purchasing our statements materially debt by risks historical like other in estimates goodwill, facility, and in impairment cause the and on Exchange reports on and exposure prices, of and call global the by described on with performance information most strength including, XX-K, and including delays, the and today’s company's market company's the states system environment in Commission, you based credit regulatory limited various the energy economy and Form in forward-looking XX-Q release. well health risks today's unforeseen covenants other outlook, and debt acceptance as that from filed future to or annual retail and discussed management, attacks, any crises, associated of products, risks and started, of of sourcing but in our changes customer outbreak our statements in and those and or long-lived quarterly among importation get including, could I'd expressed company acquisition the others, and to, company. actual to borrowing to those technology businesses, current report company's and the made service related assets disruption Form performance other on risks subject failures and from risks as future with uncertainties global requirements, filings upon and markets, public with overseas, compliance not described in

only I a date revise on morning, Good over which information, no Richard. result the speak call obligation new of the or made, update forward-looking or as would company statements to of like and Forward-looking statements, otherwise. Horowitz. are now turn the to as whether they future with Richard publicly any that, And developments to undertakes

Richard Horowitz

and Thank well doing all I Hope Good Rich, you. results. joining our as under difficult first discuss XXXX in continuingly hope these everybody. the thank morning all for world. quarter circumstances well. of you us and morning, morning Good you this all to are

underway, help which are of global diligently deadly rollout, still control the will pandemic. Although disease, harsh effects get working to vaccine we this is this past the

the better last questions. following be today, In company's results March Our to your year. items, we release thoughts here to the time balance first and would which please to related of operations note same of released company's quarter discussions operations, includes cash release always direct that the statements statements XX, I've with of I those and and families. to the order XXXX, of this of call, COVID-XX XXXX purpose was earlier there the and of attention you affected are I many compare the use would to company's by should prayers of flows how like two period to today, press as mindful sheets a believe and do. answer like of everyone's We all conference this make

of and this procedure, will answering done entertaining aware call. questions to that we our scope will results move only please restate not questions be in any with become be is we we has what answer company's morning. operations And any this secondly, directly happy management and conference to the you that the release. insist this And we'd question-and-answer adhere practice financial be standard go session, beyond not morning's must has and QX. have to calls, be of condition We questions this in anybody that, will pertinent relating already a for that several Operator? as directly Firstly, to

Operator

Lawndale with Instructions] [Operator first Andrew question ahead. from Our Capital. go Shapiro Please

Andrew Shapiro

I into where ramping out thank of we as back with pandemic. questions, then out several things come asked jump you. here back a up the few stand to queue. have kind we Hi, the understand and Trying of

For conduct any the the yet? that to customers current up with quarter able to up first all end on was the to company point prospective March, of visits for site of

Richard Horowitz

Boeing, We a they in it many our personal in way. really doing company, especially we have started had but visits, some with gear and anywhere just very near but, is not like, as would more in northeast, as limited the which

not much, little we've and I lot. but a there, bit really So, here got mean, not a Andrew,

Andrew Shapiro

my I'm quarter. vaccine starting sure to first the the only you've So trying results, make those of availability near to up March quarter you pace get had really wide this because your if heard end question of reported end the you the I'm to visits, clearly, able understand to been the not of and

so And ramp quarter? the until first maybe so the after end or? of of place months discussing? last start these fully they visits even taking after And like only, people vaccinated the the you're weren't few Did up site

Richard Horowitz

to wrong. in that’s been can But not the in I mean, healthier to majority not going has The second the if much. timing quarter me a say it. first I'm it's of little Joe for me correct it the exact quarter, partially think of I'm

Joseph Molino

continental And would Okay. customers I that, any and at all. able travel visit to been Europe, in say Europe, we've not

Andrew Shapiro

independent the but like that. first quarters but things here. of you PPP million, pretty new sounds any benefits that the what opening loan? if rebound first quarters application is start company That reflected And In I'm the sales And wondering of And what if that, to exactly $X were understood, of much month the up of did its see the forgiveness? just effects for I the was are getting rebound status to submit its of activity. it forgiveness

Richard Horowitz

details, manner we changed. there I you Joe said as it conference submitted it, nothing's timely, let at give submitted but been more timely We and it's we will our and to guess, to you ahead, wall in last a in reach can and And or going for Joe, properly, we've it's to the But I'm for more color. talking out to go tried like days give And them. most part. XX more. a call

Joseph Molino

the day or completed they one was the we're the February. But And that SBA loans, to was there not at which on for when, then XX you required on as January. point, both when we probably indicated we we're instance, depending questionnaire. point not application have was our sure completed, started and were the basically told, read have but a at end be was will. verse done submitted past they done we're follow not instances early the In first to of which the clock at in We questionnaire that the deadline if the when have

Andrew Shapiro

X-K you the statement, release for the have size the to notification forgiveness quarter’s second see of announcing issuing Right light the in receive that formal all have to you in loan? be earnings should it of this a the results of of wait the income until way press now we Would would impact and the to August this?

Joseph Molino

I But is to certainly event. required, whatever but. We'll would Rich do on refer that. significant it's a

Richard Horowitz

unless definitely will that. will would consider but do that. definitely think we we'll we I something can't tell Of it. be But course, we I And tell do consider it can't lawyers us would that we you would

Andrew Shapiro

kept inside. such have that prohibit disclosure; material don't lawyers private of the Usually I kind

have I to back the back the come on I'll other questions Okay. queue. but me out please into operations,

Operator

Instructions] please to And go Shapiro, we ahead. again Andrew [Operator will go

Andrew Shapiro

the And sure it with light financial you the for or feeling or in of I'm you too. get and workforce but engineers again, up have are an your the do more vaccinated any considering of marketing I'm Do of travel employees workforce shot incentives your And thanks. vaccinated? picking and estimate fully one by presently them vaccinated? to this, Salesforce, doing percentage about concerned about comfortable Great, way, bonus

Richard Horowitz

Joe, you answer can that.

Joseph Molino

in perfect location, regard. that trying probably depending as increase that to or have incentivize half you much more. possible. at But I information on know, But would and looking as at say that, that we're don't We are we

in So it's that has But to regard few we as are policy because trying get have weeks, terms considering of our our everyone high in yet, options been formal full we that had a opportunity. last only really don't as percentages possible.

Andrew Shapiro

to you the and be the more It have were the when way back efforts to reverting your things efficient spread been all meaningful spread there and minimize able stated advent seems certain you the being the difference ways reconfigured the past Were workforce like that in had vaccinated that all. were still maintain that of done from there you things. would not being or the and side, and and be the hindrances shifts special manufacturing or certain And to was that floors when productive? that more a work that other? one to productivity reduced you've there order you on encountered of older Or in or you is risks

Richard Horowitz

Joe?

Joseph Molino

Yeah.

isn't there you our distance probably You is Andrew, of machines, between were on there actually to any meaningful know, impact if you toward floor. the one that enough facilities,

result other terms much of there effect. do, there a little certain we bit really but a more the things of As production, and we are protocols, in isn't clean

a is space office the tighter. Now, little

we people So I impact office. we're accept days that what every or to deliver day would and and say need location, on do our not no the had it ability orders to orders still day. are working on depending alternating every in But

vaccines the don't subsequent much done that have to anticipate that to the on have, ability vaccine function. people effect I going to and availability going is getting So our

Andrew Shapiro

lines Florida tools enjoying spray if extent year-on-year With to increases or automotive certainly aftermarket are have pneumatic what tooling? retail year-on-year seen other company's to any, you while gun in increases, the of respect

Richard Horowitz

changed. one really that's the dramatically That's

The in to But I the market, up guns there's other very the and stuff spray continue very, normal is hot be a down. think within demand. those

Joseph Molino

not Yeah, was to shut schools we're recall, there trucks were channel, garages, seeing That or that as the is seeing a was tools, that And was an are may in main wouldn't Amazon an again, trucks reverse. on overall other were channel. say which and there the the starting distribution tools. certainly when a around may it's to was the you other completely. being we in time time driven down there regard I revisiting with increase the and But increase automotive such obviously

tropics fueling some start -- [ph]. But if will customers AIRCAT in Amazon sure, growth overall and year-on-year. to XXX% not the we're will buying So return AIRCAT recede to in the those an growth which growth overall growth, from there's is of

Andrew Shapiro

Okay? is P&F. release, types and introduced cordless which you perspective, you the range referenced provide tools applications our for time might by products the its color these automotive developing And models in company in of can further the of which press be non in

Joseph Molino

there there could And what duty a or and and are industrial automotive, things applications, repair, applications. industrial, be is which call automotive, work, gas, that. truck could run of aerospace duty heavy like could a several oil several, industries management infrastructure So be number heavy heavy one construction, I'll be across

going we're several down So, paths.

going tech hard in year we impact. a But, [ph]. was thinking cordless to along we're we're tool as quickly say don't actually under you are can. a on moving a working a And date. we're that that in meaningful So cordless development. have as automotive, production, have this Pneumatic I tool high we an on we still We're we're these that time working tools QX; know, to have But and hopeful in it's

Andrew Shapiro

associated Might of development some proprietary the here? in asset some develop IP is And it's with and there the P&F these developing tools, have it?

Joseph Molino

would the most know I expensive. using for or the don't The I battery technology development part of we're shelf, that. off say, answer battery the tech. someone else's to extremely is

the wheel. we not So, to decided reinvent

Andrew Shapiro

traditionally there this on in aerospace aerospace the of but in there? the seasonality the over sticking sub-segment And In generation progression Florida and revenue aerospace, jumping quarterly any side. Pneumatic is in Florida of Okay. Pneumatic,

Richard Horowitz

Joe?

Joseph Molino

I in historically, in aerospace the would although say a generally, there definitely back no, half is of slowdown December.

that, of industry-typical the In aerospace fact, in we typically that, I is see would I in manufacturer and week so. also seasonality. slowdowns but December of But closed orders general it is think call sort than every even before I that sure almost that not don't last other think

Andrew Shapiro

this levels? of Okay. to Because this prior what we do Is declines few the seeing? to versus aerospace pandemic QX And decline to visibility, any, the if the anniversary to there decline anniversary year XXXX. when revenue or moreover see full we any pandemic, on that months QX a March revenue partial year-over-year in have stabilization [ph] a aerospace, Or you expect then with simply you're of March visibility already in it XXXX of on call saw might respect you we'll quarters? see for sub-segment's revenue obviously, next

Richard Horowitz

information Every or different rely right Boeing. they're doing. week, and Andrew, specifically from in us to anything of get They nothing really they're that? I don't Joe, anything what wouldn't people, you to they're add consequence But have telling about. anything talking our we changes aerospace know want now, seen any regard. that we on

Joseph Molino

Yes, I agree.

it the QX XXXX, much was pretty I in think that of bottom.

anniversary of quarter the So, bottom. this we're is in, is now the

Richard Horowitz

They don't give us the things later. on. insight give dates don't are going they totally date, insight. different but a date be a to think month and they give going then our And they to to us they Yes, most that customers, give unrelated what's us as of first big us

go we don't We know just with what into us our either. So, really ahead they any don't business. because they tell put value

Andrew Shapiro

just question. the of I'm wondering the you nature Okay, understood if

did. Joe think I I get it.

Okay.

the in acquisition. Hy-Tech gear PTG and particular Regarding and products

the of kind the understand business you so, at forward? integration the book into your acquisitions PTG this explanation revenue of and the explain products gear And the and better the of of year-over-year going can timing case on also quarter? on in some is the lines that color So, or PTG kind Hy-Tech, reported why decline of provide sight business the

Richard Horowitz

Yes. let are Very, Joe actually. bookings our I'll very good. Well, -- good

Joe, good the don't We why have you backlog. a discuss comparison?

Joseph Molino

the we acquisitions. XXXX, year at travel had customers couldn't were this result QX freely quarter ago, of as all a new of and really QX travel gained business, PTG The could we the hard all. that a we going we at

that as orders, that we're question. regard. So, on although, generate our significant make that answers said impact we I a to had ability earlier, starting to hope in progress some your

Richard Horowitz

answered we Which before. Yes. Yes.

Andrew Shapiro

Okay, more. I have

Let come back and out me back.

Richard Horowitz

Andrew, there's nobody else.

Andrew Shapiro

No then. All continue I'll one right, else?

Richard Horowitz

anybody Why will and else afterwards? come don't you continue till on end the Thanks.

Andrew Shapiro

to Well, I'd hate allow them to sleep.

Richard Horowitz

else okay. else ahead. There's nobody Nobody on call. on It's Go the the call.

Andrew Shapiro

how offset carry future All tax to available much company's as right. NOL forwards income? the Approximately

Richard Horowitz

Joe?

Joseph Molino

between somewhere for and million memory If million government back $X.X time year. the serves, check we this anticipating are a [ph] some from $X.XX later

people yell is for are call an at NOL, though that NOL. the it will my So, I tax that exact... me gonna the calling But

Andrew Shapiro

you That's of the of no when and year and can over all do we've to this last available for accounted prior look tax a you kind refund substantial have are a generated there back, profitability? so. of where paid those that taxes losses some of saying for returns the losses been And shield is course company or

Joseph Molino

on That any close somebody up. is believe what while we telling darn That's recollection. I'm will having But check we're you. that be my not shields to the I that call. will

Andrew Shapiro

Good.

Richard Horowitz

All tell what... right, I'll you

Joseph Molino

law the the go -- way a But to I all were able that changed bit. we think back little

had the don't we sizable XXXX go to going going any the building. due back the sale think in were forward. to we gain think point where But to to there's that shields I able of I be

to will extent, have carry losses to those XXXX, So, that. forwards. and have someone the confirm that is in going we to But check be

Andrew Shapiro

also taxable, nice. And That the not guidance, in. forgiveness to IRS PPP which is Right. is according the comes loan

Joseph Molino

That correct. is

Richard Horowitz

correct. That's

Andrew Shapiro

and that visibility we year think businesses et numbers And coming building see and scope was remind all businesses, to got those around of that and right. got gear vaccinations, order Can the hit put I elaborate acquired and -- the to now and to at you All pandemics, the stream us on of acquisition gear everything cetera, kind strategic of and what you're books the too. what coming the or you paid to exciting of then synergies of thrown can't benefits the this moving both good, over, you're I acquisition, and expect thought be will was time that so Okay, mass the out closed from as acquired. now those was evaluate and and the expected on was pandemic out this window. its compare benefits from synergies the about had With strategic to you maybe revenue the again beginning recall of guess travel, your in some maybe you businesses up. that should buy and the again it. of which

Richard Horowitz

Joe. Alright,

You can…

Joseph Molino

Yes.

workforce the activity what that on was of taking Andrew, know, You acquired had the a that was essentially manpower. we increase call I'll an with benefit in efficient capable

XX revenue. So generate between shop, space to less had where that in space total to in probably up were that other half had required going numbers businesses I'm we already of the the $X and have employees acquired and we make our needed these only may using. words, they the Inside space obviously, million

give period actually be frankly we we're But but some that at in can't we we with at as change number, to $X.X that a with modest no businesses people increasing grow growth a time, personnel, up up. to without tell revenue we'll bring and had, runway you'll grow where revenue we going and for need continued. what go or of more here traditional some a we'll get can't as function But then of you the and bit more I course had hit in-line as I the our change So, what business step growth, a really do going more absorption of efficient more to million got level the using another overhead. we've any from you acquired we some revenue ramp be won't we we need margin little the to to but an I more revenue, in will people. are the to overhead more exact can if point, And there have have have start in we're lot if minimal of million some because $X employees. machinery that's in say see to

Andrew Shapiro

XX you question, all it sudden, with gives We a on seconds and the excited. guys What and acquisition clarify been be all takeaway to Yes. going why on a seen, this. have the wall us we're And made then to that all of a we viewer having hit of tell that to excitement you to you further about acquisition to and anything, all return and and the good all seem have if elevator to return to is a this in an wasn't this spend good cause wanted investment. excited

Joseph Molino

I would in return those about greater say runway of increasing material, said, in again, equipment and space. two to there's personnel magical because just None of are going costs a have revenue reasons. as some I and One, getting more nothing outside we change.

more probably but even old the than we for be different customers the our available of what's years getting front customer are is Second, have that we're took is customers within and that, on that to current encouraging It's in more current a on rate very and produced then not them that that hit high. business a is capabilities getting related our high. to customer manufacturing, extremely

get So, front we can that business. of a we're get as customer, we in confident will

So, me... those three things give

Richard Horowitz

the will have a very on, see add customer that just a Joe we go good And further that just very as -- us, when score we a we hit having potential rate. to said, get do to are on

good a and helped in broader terms it's our Punxsutawney base absorption a and of horizontal [ph]. is integration Hy-Tech customer itself So, for very and getting lot it

Andrew Shapiro

press I in reference, appreciate made and the You release. it

on each that mentioning hadn't But time But is this the would agenda the for you not reinstated. of Specifically get like dividend Board that at any it sounds now before. that it? to that time now meeting. a assessment there the it's an it item and that agenda that will correct do a been get will dividend future time reinstated? in be Is Is foreseeable

Richard Horowitz

discussed But think single every calls, beginning during board it. what every of foreseeable you what time the we've we future meeting even we've every and think had the know it; of the and don't I discussed Andrew, board board we pandemic, future. foreseeable meeting is

for the and it's the it We've will say and no to than when I make always have different do And it disclosures all do we the it's So, we discuss will and dividend. a before. if to us to want that. to numbers been have you, dividend but continue to can have is nearly be necessary the discussing company we there

Andrew Shapiro

Right.

Richard Horowitz

and it another answered I do. has And you'd if [ph]? want don't continually analyze we ask way your you know you or that question it, to as the want part

Andrew Shapiro

Well, partially. it's

wanted the you me you If what tell entirely. that felt the future, question foreseeable answer was would then to

Richard Horowitz

don't dividend, you'll we'll do you And will When I like keep can't posted. know. know I there's everybody that. else a know.

Andrew Shapiro

at priorities cetera. in pre-post-pandemic? to you we you model calls seeing valuations are of Not life's were looking? that capital here, that of looking and status but industrial, down a eyes automotive, et work the who On have focus now where a for quicker us is? pre-pandemic, Yes. they've fit you gone looking don't usually tool businesses, is pandemic? very you What's that the before looking probably your previous succession through within aerospace, their opportunities post-pandemic, where company's update owners which Are their and lot a flying come plan, have monetize are acquisition actively now? allocation Can process your Are that

Richard Horowitz

Go All Joe. right. ahead,

Joseph Molino

We're actively looking.

Richard Horowitz

We're always looking.

Joseph Molino

changed. really It

people and I this well be should just we there have thinking selling. well, pandemic think, are I of that went that -- about sense maybe through

got going of now. improve to wait things want little 'Well, bottom sell seeing look I the not from till out might force things at I'm we're But saying, there, we're far think to looking bit'. countervailing people I and we're at and you've we're the them. that not right a to

Richard Horowitz

and so we that. level because level be expect there saying actively at for lot are at we A we but people we're still, not But, of be we will acquisitions. paid pre-pandemic, were And doing back looking are that before to one always again.

Andrew Shapiro

were mind will you start gotten when any you to to excited could to them Have Okay. tools the be in to take and presented? and from Airbus they in had indication present fact that as at visits all

Richard Horowitz

Airbus do but we got here great is bit you, just email last any not remind week. your I'll to little of ours, essentially not We Andrew, customer a not a now. value. Yes. and there,

So, I'm of you just reminding that.

Andrew Shapiro

this Well, them. in front of want them you you get why because Yes. is tools to had put

Richard Horowitz

we starts we essentially. doors, no a That's open We big but But are And every It's what hope they attention because do soon will, a there. immediate and not gratification. open paying to door Europe, to big at in absolutely like there. just like we that, company there's in Airbus day. The as their they're go it company like Boeing.

So, they're we that definitely up but with have it's expectations that, our to our but on point, manage to not radar, Andrew.

Andrew Shapiro

Okay. And you spoke... pre-COVID,

Joseph Molino

We're months able Boeing. away from being get into to

Richard Horowitz

Right.

Andrew Shapiro

up Okay, Pre-COVID you well, quarters concrete spoke of go Florida lead way. quarters. to in Pneumatics, beginning But marry the a before be after in with aerospace, any times long it saw could and Hy-Tech's bigger the initiatives, resources you market results. that's better Jiffy's aerospace to than several

resources the what better-position guys to to initiatives reduced for does quarters and several done once you have COVID, activity, aerospace up the you? again, these market those During marry of up open

Richard Horowitz

We and if add positioned anything positioned want we've are Joe, positioned to you I that. way in when when the be good and opens to don't know more continue a we been to market up. that

Joseph Molino

that so Well, serve could they our we efforts resources on the the we're P&F's have product tools their are salesperson, tricks, I bag European as of mean combining full we're suite of aerospace. in of -- coordinating all that development,

we've what done. that's So,

with for that compliment when will and complete Boeing. we're So, tools full a Airbus visit, of we ready arrive P&F can a development have on we to

Richard Horowitz

been for As we we I there. time both. and continue said, to be When comes, well-positioned very have we'll the be

Andrew Shapiro

calculations. made one press current no mention any even for number the used the EPS or of outstanding Your shares release

the to current go XX-K So, of. some is provide Can off diluted all more we us fully you kind count? share of share, prior have outstanding

Richard Horowitz

Joe?

Joseph Molino

that have don't data. I

Richard Horowitz

can get that that we Andrew. you, to get can We

Andrew Shapiro

and up catch the you can. if That also Okay. NOL

Joseph Molino

Q just filed, when it published we know, would hours. XX go I is say between you the as and difference just material you'll Andrew, there, data in have before -- that no on, there's the and is information last

Andrew Shapiro

XX-Q Yes. possible ever for it you by this to in Is the of guys the way call? advance file

Joseph Molino

the the the informed the it Board preferred order in We've we conversations that it. with is attorney. had do do express to that we've those been But will it and we lawyers, higher to

Andrew Shapiro

Yes.

Okay.

lot them. come a up you then because questions and of Just can answer

And and QX XXXX. in this mentioned Hy-Tech higher moving and charge much charge? XXXX. cogs quarter that a flows gross quarter's in at through prior obsolete the release and an increase an You than is margin. non-recurring impacts bucket And the amount was slow charge over years during there first is of this What it that was amount this was an type prior And feel you of of year? the how inventory

Joseph Molino

is our have it's of being subjective doing. feel number. model a not with well, don't of inventory I front the -- kind the we material. way one I don't activity in starts what I remember it works me. level. thing have just that It have But don't particularly that you reserve like an to remember, the

needs again, equal, things needs initial it's can where you to as Activities kind That's up, start. reserve dry we by to imagine, activity. of down, reserve go other the up. So, to activity because as our being starts grow driven

we that as we unavoidable amount levels it the of a increase or then pandemic to as a relation of reverse. enter the those is the there, tools recession, mathematically So, as inventory increased same reserves, reserves the a recession out we in and activity come

yes, your I'm it sure it's temporary. But question, all would imagine temporary. to So, some not is answer of I

Andrew Shapiro

a has profits. on our does gross it impact So, momentum

than growth reduced, out, profit profit a and providing only the the further it's come is gross because same the even the things as gross we As are charges in now headwind we're slow. experiencing

Joseph Molino

correct. That's

Andrew Shapiro

Okay.

Joseph Molino

start start with a all and down want special a think it's to some then at and then but judgment, and where With we circumstances by of But drill again, do you I don't families formula. That's in tools individual we calculation. look we further whatnot. we

Andrew Shapiro

success Magnum on Force items Yes. a call had engineered any calls worthy solutions pandemic Are impact air you any there a wondering products pass? slowdown is come or at product tools. mentioned new was meaningful has clouded of that Or such was that? industrial a to for the or Also, just particular in acceptance of any games if ATP line prior out? all industries And there economic of your of of OEM I in and particular,

Richard Horowitz

Joe?

Joseph Molino

happy it We've the off XX say, have especially seems would base. the reception very end fairly and last Force that taken with days, a few been wide to with a have really Magnum I user customers in

I say new some success yes, So, meeting would with that we're offering.

Andrew Shapiro

area? call whether other have from any And solutions out In the engineered you OEM there or things areas or products industries any is elaboration? particular or

Joseph Molino

I say... would No.

Richard Horowitz

because Not to we people haven't be to again. get really able see

Joseph Molino

Yes, a a of with as The little result. a been same we PTG. have issue there holding that's pattern bit

Andrew Shapiro

And via any visibility? going otherwise doing if idea any you how really you've which Amazon difficulties the have with route, well. Or overseas, any, been have is Okay. of do much, having product have Amazon AIRCAT the would you distribution? the Do were where said you

Richard Horowitz

think Not Joe, have visibility? have any the I do don't minors visibility we any [ph]. with that. we

Joseph Molino

If is none of to I to No, going it say either. my would not I were overseas. knowledge guess,

Andrew Shapiro

of well. greater Well, Europe right. just opportunity when for I a this All as it poses, Okay. guess, comes out

Richard Horowitz

Okay.

Andrew Shapiro

you. Thank think I back out. I it. that's will

Joseph Molino

is the may advantage There state Virginia. of answer you further is carry-backs. have of NOL NOL. not we of just opportunity carry-backs. fairly have that no for of questions, Andrew, we taken may in Most state large as to the one And full federal your or recall, a

and generating start will open be profits, help up those us. able subsidiary So, a unless not there to we

Andrew Shapiro

those you Yes, the federal can't generating been are utilize side, you've being losses those. can't The already. compensated for of late, you

Joseph Molino

correct. Yes,

Andrew Shapiro

flow, Okay. that's better. Well, for cash

profits future fully-taxed... will Our be

Richard Horowitz

your time. Thank you, Andrew. for Thanks

Andrew Shapiro

for ...except that loan. PPP

Richard Horowitz

your for time, Right. Thank Andrew. you

Operator

to [Operator conference in queue, for I further you. final And company turn the Thank the any back no will remarks. with Instructions] questions

Richard Horowitz

We for year. good a going all, on with today. the forward those with we'll very that you, call that to to things Thank country. being soon. road they we're us a look well, the are world Thank the Operator. and have speak We're everybody, Stay year on the and optimistic good continue because you,

Operator

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