Park Electrochemical Corp.(PKE) 首席执行官 Brian Shore 在 2020年 第一季度业绩 - 收益电话会议记录

Park Electrochemical Corp. (NYSE:PKE) Q1 2020 Results Conference Call July 11, 2019 11:00 AM ET

Park Electrochemical Corp.(纽约证券交易所代码:[PKE])2020年第一季度业绩电话会议2019年7月11日美国东部时间上午11:00

公司参与者

Brian Shore - Chairman and Chief Executive Officer
Matt Farabaugh - Chief Financial Officer

  • Brian Shore - 董事长兼首席执行官
  • Matt Farabaugh - 首席财务官

电话会议参与者

Christopher Hillary - Roubaix
Brad Evans - Heartland

  • 克里斯托弗希拉里 - 鲁贝
  • 布拉德埃文斯 - 中心地带

会议主持员

Good morning. My name is Kathrin, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Park Electrochemical Corporation's First Quarter Fiscal Year 2020 Earnings Release Conference Call and Investor Prostration. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session [Operator Instructions].
At this time, I will turn today's call over to Mr. Brian Shore, Chairman and Chief Executive Officer. Mr. Shore, you may begin your conference.

早上好。 我的名字是凯瑟琳,今天我将成为你的会议运营商。 在这个时候,我想欢迎大家参加Park Electrochemical Corporation的2020财年第一季度财报发布会电话会议和投资者介绍会。 所有线路都已静音以防止任何背景噪音。 在发言者的发言之后,会有一个问答环节[操作员说明]。

在这个时候,我将把今天的电话转给董事长兼首席执行官Brian Shore先生。 Shore先生,您可以开始您的会议。

Brian Shore

Thank you, operator. This is Brian. Welcome everybody to our first quarter conference call. With me as usual is Matt Farabaugh, our CFO. There is a presentation. I hope you all have access before we go to that presentation. After we're done with that, we'll be happy answer your questions.
And all I want to point out that these are also a supplemental data, financial data, which is attached to the presentation as Appendix 1. The presentation is smaller and shorter than our last quarter's presentation, because it's only been two months since, less than two months actually, it's the last quarter presentation. So we don't want to just put redundant information in here. Although, there's lot to cover so we're going to try to hustle through it, even though it's only 10 pages, there is a quite a few points for us to hit.
So let me get started on Slide 2, that's our Forward-Looking Disclaimer. And if you have any questions about that, just let us know. Why don't we just move right into Slide 3? And, Matt, can you help us with Slide three, please?

谢谢运营商。这是布莱恩。欢迎大家参加我们的第一季度电话会议。和往常一样,我的首席财务官是Matt Farabaugh。有一个演讲。我希望在我们进行演示之前你们都可以访问。完成后,我们很乐意回答您的问题。

而且我想指出的是,这些也是一份补充数据,财务数据,附在附录1的演示文稿中。演示文稿比我们上一季度的演示文稿更小更短,因为它只用了两个月,不到实际上是两个月,这是最后一季的演示。所以我们不想在这里放置冗余信息。虽然,有很多内容需要覆盖,所以我们将尝试通过它,尽管它只有10页,但我们还有很多要点。

让我开始使用幻灯片2,这是我们的前瞻性免责声明。如果您对此有任何疑问,请告诉我们。为什么我们不直接进入幻灯片3?而且,马特,你能用幻灯片三来帮助我们吗?

马特法拉博

Sure, Brian. The Slide 3 shows our reconciliation of EPS from GAAP to special items. And there is only one special item in the quarter and it went through our tax operation line, it had one penny impact. So you can see our earnings before special items of $0.14 is a penny greater than our net earnings from continuing operations on a GAAP basis.
The tax item here, the tax impact of canceled stock options relates to options for employees of the electronics business that we sold AGC back in December. The employees had a few months to exercise any stock options that they had outstanding. And at the end of that period, anything that was left unexercised cancelled and that did in fact happen. Some of the options went unexercised and they did cancel. And as a result, Park lost a tax deduction related to those unexercised items that would have otherwise gotten I think have been exercised.
We also show on the slide the top five customers for the quarter. And those top five customers are AAE Aerospace, AAR Corp, TKNAerospace, Middle River Aerostructure Systems, including its subcontractors and NORDAM Group. I should say that those customers are in alphabetical order. And I do want to point out that Middle River Aerostructure Systems was recently sold by GE to ST Engineering Aerospace. So that used to be a GE related company now it's ST Engineering Aerospace.

当然,布莱恩。幻灯片3显示了我们将EPS从GAAP与特殊项目进行对帐。本季度只有一个特殊项目,它通过我们的税务运营线,它有一分钱的影响。因此,在0.14美元的特殊项目之前,您可以看到我们的收益比按GAAP计算的持续运营的净收益高一分钱。

这里的税项,取消股票期权的税收影响与我们在12月份出售AGC的电子业务员工的选择有关。员工们有几个月的时间来行使他们未完成的任何股票期权。在那个时期结束时,任何未经执行的事情都会被取消,事实上确实发生了。有些选项没有实施,他们确实取消了。因此,帕克失去了与那些本来应该得到的未经处理的项目相关的税收减免。

我们还在幻灯片上显示了本季度的前五大客户。这五大客户分别是AAE Aerospace,AAR Corp,TKNAerospace,Middle River Aerostructure Systems,包括其分包商和NORDAM Group。我应该说那些客户是按字母顺序排列的。我想指出,中河航空结构系统最近由GE出售给ST Engineering Aerospace。因此,它曾经是GE相关公司,现在是ST工程航空航天公司。

Brian Shore

Okay, thank you, Matt. So why don't we just keep moving. We'll try to hustle along here. Slide 4 is our results for Q1 with the prior quarter comparisons. I want to point out that we're trying to focus more on sales, gross, margin, EBITDA and EPS in net, because of the interest and taxes really tend to skew the numbers quite a bit.
In Q1, tax rate was higher than Q4. Interest income was lower than Q4. But if you look at the EBITDA numbers and the gross margin numbers, they're more apples-to-apples. So let's talk about Q1 as compared to what we indicated what focus we gave you when we did our fourth quarter call on May 17. We estimated sales of $14.25 million to $15.25 million, and so sales end up being [$14.950 million] that came within the range.
We also estimated EBITDA of $3.4 million to $3.8 million. So the EBITDA for Q1 was $3 million to 3.72 million. Well, that round to $3.4 million. But that doesn't really tell whole story, because when we do -- when we give you these estimates, we have an internal number which is not a range of course. And what we do and we discussed this last time, our internal number is going to be at the middle of that range. So we're not going to give you a lower range so we can beat it. We're telling you what you think is going to happen to the best of our ability.
So really we are looking for $3.6 million in the sense, because you see $3.4 million to $3.8 million up to the midpoint of $3.6 million. So we were about 20,000 to 25,000 short in our EBITDA in Q1 from what we thought we're going to do. And so we have down the pages, Slide 4, factors which affected our Q1 EBITDA by training up 20 the third shift. So we talk about the third shift brining the third shift during our last call, because this is so strong and so demanding. But we were really just training the third shift in Q1 are now working. But during the training period, it's really costs, because they are not working yet and that do not really release the factory lines.
And we do have a pretty extensive training, the skill level for the operators in the factory floor quite high. And so it's really important that the operators are trained effectively and completely. So that we don't have any mishaps, we don't have any issues with quality, or safety, or anything like that. This is not like just going to work in the assembly lines. These three lines are very complicated and it's important that the guys are -- and some gals are trained carefully and completely.
Next item outside testing costs incurred to meet demanding production schedules. What's going on here? See the thing is it's impacting the demanding production schedule. One of our -- these are testing equipment went down in the lab and normally, we would just make things work. We have two or three of these units for a couple of weeks while the unit went down over a period. But our schedules -- and our production schedules are so demanding that we didn't think it will be a good idea, because as we waited a couple of weeks, we will never catch up by the time that that piece of equipment it was mechanical tester gauge came back on the line, we would be behind and we never catch up.

好的,谢谢你,马特。那么我们为什么不继续前进呢?我们会试着在这里匆匆忙忙。幻灯片4是我们在Q1与前一季度比较的结果。我想指出,我们正试图更多地关注销售额,毛利润,毛利润,EBITDA和净值,因为利息和税收确实倾向于使数字偏差很大。

第一季度,税率高于第四季度。利息收入低于第四季度。但是,如果你看一下EBITDA数字和毛利率数字,他们就会更加狡猾。因此,让我们谈谈第一季度,与我们在5月17日进行第四季度电话会议时所表达的重点相比。我们估计销售额为1425万美元至1525万美元,因此销售额最终达到[1490.5万美元]范围。

我们还估计EBITDA为340万美元至380万美元。因此,第一季度的EBITDA为300万美元至372万美元。好吧,那轮到340万美元。但这并不能说明整个故事,因为当我们这样做时 - 当我们给你这些估计时,我们有一个内部数字,当然不是一个范围。我们做了什么,上次我们讨论过这个问题,我们的内部数字将会处于该范围的中间位置。所以我们不会给你一个较低的范围,所以我们可以击败它。我们告诉你,你认为最好的能力将会发生什么。

所以我们真的在寻找360万美元,因为你看到340万美元到380万美元,直到360万美元的中点。因此,我们在第一季度的EBITDA约为20,000至25,000,这与我们认为的情况相同。因此,我们通过向第三班培训20次来减少影响我们的Q1 EBITDA的因素。所以我们谈到在我们上一次电话会议期间第三次转移的第三次转变,因为这是如此强大和如此苛刻。但我们真的只是训练第一季的第三班现在正在运作。但是在培训期间,它确实是成本,因为它们还没有工作,并没有真正释放出厂线。

我们的培训非常广泛,工厂的操作员技能水平相当高。因此,对操作员进行有效且完整的培训非常重要。因此,我们没有任何意外,我们在质量,安全性或类似问题上没有任何问题。这不仅仅是在装配线上工作。这三条线非常复杂,重要的是这些家伙 - 并且一些女孩经过仔细而完整的训练。

下一项测试成本,以满足苛刻的生产计划。这里发生了什么?看到它正在影响严苛的生产计划。我们中的一个 - 这些测试设备在实验室中失效了,通常,我们只是让事情有效。我们有两个或三个这样的单位几个星期,而该单位在一段时间内下降。但是我们的时间表 - 以及我们的生产计划非常苛刻,以至于我们认为这不是一个好主意,因为我们等了几个星期,我们永远不会赶上它那机械设备的时候测试仪仪表回来了,我们会落后,我们永远不会赶上。

So we decided to use outside services, which are very expensive in order to keep up outside testing services, which we were able to do and that's approved and qualified. But it's a significant expense when we have to do something like that. And again, it relates to demanding production schedule we felt we have no choice. We felt we couldn't just hang in there for a couple of weeks, because we get behind with our customers and then we wouldn't catch up. And that was not -- we didn't think that would be a good idea. That's not how we look at our business when we make a commitment to our customers, we intend to keep it.
So we also had GE9X program manufacturing trials and development expenses, so we're still working on the development for GE9X. And then film adhesives, that's film adhesives manufacturing trials, we've spoken about film adhesives. The film adhesives product was a joint development effort based upon excellent agreement between Middle River and Aerostructure Systems, that's a new name and Park. That product is fully developed in terms of formulation. We're still doing the manufacturing trials and there're expenses involved with the manufacturing trials.
So these expenses just goes right through the P&L, we don't capitalize or anything like that. And all those four items had an impact on our Q1 EBITDA. There are other items which are not necessarily here, but those ones, I thought you might be most interested in.
So let's keep hustling along here. Why don't we move to Slide 5, and this is on the slide. So let's see we can cover it fairly completely. So we have our forecast for Q2 and Q3 here. And we have -- I just want to mention, I forgot to mention this. Can we go back to Slide 4 for a second? Notice that the gross margin numbers also lower than Q4, for Q1, 32.1%. That's probably because the revenues are down, I mean also apart from Q4 but also because of these other factors that I mentioned, which include -- there are other factors here or additional factors rather, which we didn't mention. But these four factors were all going to have impacts upon our gross margins.
So let's go back to Slide 5 and pick up the discussion. So here's a forecast for Q2 and Q3. And we have the comparative of prior four quarters or five quarters, I guess five quarters, just for reference. So let's see. Let's just start with what we indicated about Q4 during our last -- we indicated during our Q4 conference call regarding Q2, which we provided a forecast for Q2 during our Q4 conference call. And we said $15 million to $16 million. So we brought it down to $14.5 million to $15.5 million. So you can see that we've worked the number down a little bit and obviously, you have to ask why.
And also, I want to mention just so you know, because I think you should have the full perspective here that to get to work Q2 number, we need to book and ship another $1 million. Now, that's not alarming amount, it's not that unusual, but it's still something that has to get done. So it's not just book, its book and ship. So we'll book a lot more during the quarter than in second quarter, but these are bookings which we have to turn to shipments before the end of quarter in order for them -- those shipments, those bookings rather turn to revenue so we can hit our number.

因此,我们决定使用外部服务,这些服务非常昂贵,以便保持外部测试服务,我们能够做到这一点并获得批准和合格。但是,当我们必须做这样的事情时,这是一笔巨大的开支。而且,它与要求严格的生产计划有关,我们认为我们别无选择。我们觉得我们不能只停留在那里几个星期,因为我们落后于我们的客户,然后我们就赶不上了。那不是 - 我们认为这不是一个好主意。当我们向客户做出承诺时,我们不会看待我们的业务,我们打算保留它。

所以我们还有GE9X程序制造试验和开发费用,所以我们仍在为GE9X开发。然后是薄膜粘合剂,这是薄膜粘合剂制造试验,我们谈到了薄膜粘合剂。薄膜粘合剂产品是一项联合开发工作,基于Middle River和Aerostructure Systems之间的良好协议,这是一个新名称和Park。该产品在配方方面得到充分发展。我们仍在进行制造试验,制造试验涉及费用。

因此,这些费用直接通过损益表,我们没有资本化或类似的东西。所有这四项都对我们的第一季度EBITDA产生了影响。还有其他项目不一定在这里,但那些,我认为你可能最感兴趣。

所以,让我们继续在这里匆匆忙忙。我们为什么不转到幻灯片5,这是幻灯片。所以让我们看看我们可以完全覆盖它。所以我们在这里预测Q2和Q3。我们有 - 我只想提一下,我忘了提这个。我们可以回到第4张幻灯片吗?请注意,毛利率也低于Q4,第一季度为32.1%。这可能是因为收入下降,我的意思是除了第四季度之外,还因为我提到的其他因素,包括 - 这里有其他因素或其他因素,我们没有提及。但这四个因素都会对我们的毛利率产生影响。

那么让我们回到幻灯片5并进行讨论。所以这是对Q2和Q3的预测。我们有前四个季度或五个季度的比较,我猜五个季度,仅供参考。所以让我们看看。让我们从上一次关于Q4的内容开始 - 我们在第四季度的Q4电话会议上表示,我们在Q4电话会议期间提供了Q2的预测。我们说1500万到1600万美元。因此我们将其降至1450万美元至1550万美元。所以你可以看到我们已经将这个数字降低了一点,显然,你必须问为什么。

而且,我想提一下你知道,因为我认为你应该有充分的观点,为了开始工作Q2号码,我们需要另外预订和运送100万美元。现在,这并不是惊人的数量,它并不是那么不寻常,但它仍然需要完成。所以这不仅仅是书,它的书和船。因此,我们会在本季度预订比第二季度更多的预订,但这些预订我们必须在季度结束之前转向发货 - 为了他们 - 那些发货,那些预订转而收入,所以我们可以打了我们的号码。

So again, what are we doing, I said $14.5 million to $15.5 million. Well, that $1 million gets to $15 million. We need to book and ship another $1 million to get to $15 million and that's right at the midpoint of range. We talked about this last time. We think it's a thing to play these games where we give you the safe number so we can beat it. No, we're telling you what we think is going to happen. And sometimes we're going to be right, sometimes we're going to be wrong. But we're not providing any pushes for ourselves or make it easy for us to be heroes and come in and beat numbers, we don't do that. So we tell you something. We tell you what we believe. Otherwise, we're not going to tell it. And what we believe is that for Q2 we're looking about $15 million. So we give you that range of the bracket of $14.5 million to $15.5 million.
So what do we to this side, the slide is backwards because we're talking top line, let's go on Slide 5, the third arrow item, because that really is the item that deals with the top line and the forecasting in top line. So factors affecting predictability and short-term forecast, pretty important stuff here. Again, we were talking in this case. We reduced our Q2 sales forecast by $0.5 million in terms of the high end -- the low end and the high end of the range.
Two major things to consider and they're pretty important. First, all of our major jet engine company programs, meaning our GE programs, are ramping or in development except the Boeing 777A. That's a smaller program, we love the Boeing 777X, it's my favorite airplane ever. And it's a steady state. So as you go, everything else, every other program is ramping or in development. What does that mean? It means that it makes it very difficult for the customer to do effective inventory and production management, because we're constantly hitting, trying to hit a moving target. And the customer doesn't order through the forecast. Here we have a short-term long-term forecast, so they're going to order based upon your inventory management. So we have these ups and downs that are not exactly predictable at time. So that's going to cause our forecast to be not always as accurate as it likely to be our top line forecast.
The other factor, which is really important and this is something you just read in the news with aerospace or the aerospace industry, it's not just from us. The supply chain is under severe stress right now, because the industry is so strong. But the problem that the flyers are having trouble keeping up. If you know people that are head of supply chain or sourcing people at big aerospace companies, I know some of them. They're really having a very rough time. They are struggling very badly and they spend all their time out their chasing suppliers, because the supplier is not able to keep up. So that's a big factor here. And let me explain why. That's not us, in that part, we don't do that thing. We meet our commitments or dye trying.
In our fourth quarter we explained how we had a very demanding situation, but we met our commitments. I think most of our -- most other companies in the aerospace industry would have said, look, it's just too much, we'll do our best but we're just not going to be able to get there for you. And that's kind of the story. So we're I think maybe a little bit of an exception. But why does it affect the forecasting?

再说一遍,我们在做什么,我说1450万美元到1550万美元。好吧,100万美元到1500万美元。我们需要另外预订和运送100万美元,以达到1500万美元,而这正好在范围的中点。我们上次谈到过这个问题。我们认为玩这些游戏是我们给你的安全号码所以我们可以击败它。不,我们告诉你我们认为会发生什么。有时候我们会做对,有时候我们会出错。但我们并没有为自己提供任何推动力,也没有让我们成为英雄,进入并击败数字,我们不这样做。所以我们告诉你一些事情。我们告诉你我们的信仰。否则,我们不会告诉它。而我们认为,对于第二季度我们看起来大约需要1500万美元。因此,我们为您提供1450万美元至1550万美元的支架范围。

那么我们在这方面做什么,幻灯片是向后的,因为我们正在谈论顶线,让我们继续第五个箭头项目幻灯片5,因为这真的是处理顶线和顶线预测的项目。因此,影响可预测性和短期预测的因素非常重要。在这种情况下,我们再次谈论。我们将第二季度的销售预测下调了50万美元 - 高端 - 低端和高端。

要考虑的两件大事,它们非常重要。首先,除了波音777A之外,我们所有的主要喷气发动机公司计划,即我们的GE计划,正在崛起或正在开发中。这是一个较小的项目,我们喜欢波音777X,这是我最喜欢的飞机。这是一个稳定的状态。所以,当你走的时候,其他一切,其他所有的计划都在不断发展或正在发展中。那是什么意思?这意味着它使客户很难进行有效的库存和生产管理,因为我们不断地打击,试图击中一个移动的目标。并且客户没有通过预测订购。这里我们有一个短期的长期预测,因此他们将根据您的库存管理进行订购。所以我们有这些起伏不定的时间。因此,这将导致我们的预测并不总是像我们的顶线预测一样准确。

另一个因素非常重要,这是你刚刚在航空航天或航空航天业的新闻中看到的,它不仅仅来自我们。供应链目前面临严峻的压力,因为该行业如此强大。但传单难以跟上的问题。如果你认识那些供应链主管或在大型航空航天公司寻找人员的人,我就会了解其中的一些。他们真的非常艰难。他们正在苦苦挣扎,他们把所有的时间花在追逐供应商上,因为供应商无法跟上。所以这是一个很重要的因素。让我解释一下原因。那不是我们,在那部分,我们不做那件事。我们履行承诺或染色。

在我们的第四季度,我们解释了我们如何处理非常苛刻的情况,但我们履行了承诺。我想我们大多数 - 航空航天业的其他大多数公司都会说,看起来,它太多了,我们会尽力而为,但我们无法为您提供服务。这就是故事。所以我认为可能有点例外。但为什么它会影响预测呢?

Because here's the thing, whether we can meet the forecast or not and we always will or trying. If the other suppliers to the same OEM, let's say, who are supplying other components are behind and the OEM can't source those components, there's no reason for the OEM to stock up and park material, because it's just going to sit there in a freezer, while they're waiting for the other components to come in. So they can do their production that can produce the parts, or the engine components, or whatever it is the OEM is doing.
So that's an important factor and it's not predictable so well, especially in the short term basis by our customers' OEM, because they're struggling every day to get product from their suppliers. And it's a real battle. If you live in the industry, you'll hear a lot about it. So it's hard for our customers and OEMs to really predict their production levels, because they don't know what they're going to get in terms of component support. They know what they need, they know what their other suppliers have committed to but the commitment and delivery are not necessarily aligned.
So, the result of these two factors which are most important will be that our sales from quarter-to-quarter revenues will be some herky-jerky, not so smooth from quarter-to-quarter. Long-term prospects, that's something else. And I think that's something really to watch for long term prospects. The quarter-to-quarter stuff, my feeling is we need to filter that out a little bit. I think you know that we're very committed to making money every quarter. We take that very seriously. And it's important to us. We know, we hear other company CEOs complaining about the short term focus of the investment community, but we don't complain about that. We think it's a good thing. As long as we don't lose sight of the long-term objectives as well, we think that quarter-to-quarter pressure is good, good for us. It's going to hold us, keeps us honest and it keeps us accountable.
But having said that, the top line is going to be bouncing around a little bit herky-jerky, as I said, because of these factors. So like I said, we did this, we're doing this Slide 5 little bit backwards. Now, let's talk about the EBITDA portion of it, because when we did our Q4 conference call, we gave you the forecast for Q2 EBITDA of $3.5 million to $4 million, so we brought it down to $3.1 million to $3.7 million. And obviously, part of that is because the top line forecast is coming down as well. But there're these other factors. And some of them are similar to the factors that we just enunciated for, enumerated rather for Q1, what other factors that will affect Q2 EBITDA.
Outside testing costs related to that, the new product and that sound familiar. But this is not because there's a problem with a tester or piece of equipment. This is because we've been doing this. We've had a product which is fully developed in terms of form. We have formulation, as we've said. But in order to produce a product, we need to develop data. We need to provide data with a product. And this has gotten brought down, because we just haven't been able to squeeze in development with the production demands. So we decided to do, even if those cost us $80,000 this quarter is to form out the testings for the data development for this product to an outside supplier.

因为这就是我们是否可以满足预测,我们总是会或尝试。如果同一OEM的其他供应商,比如说供应其他组件的供应商落伍而且OEM无法采购这些组件,那么OEM就没有理由存货和停放材料,因为它只会坐在那里他们正在等待其他组件进入冷冻柜。因此他们可以进行生产,生产零件,或发动机组件,或OEM正在做的任何事情。

因此,这是一个重要的因素,而且不可预测,特别是在短期内我们的客户的OEM,因为他们每天都在努力从供应商那里获得产品。这是一场真正的战斗。如果你住在这个行业,你会听到很多关于它的信息。因此,我们的客户和OEM很难真正预测他们的生产水平,因为他们不知道他们在组件支持方面会得到什么。他们知道他们需要什么,他们知道他们的其他供应商承诺了什么,但承诺和交付不一定是一致的。

因此,这两个最重要的因素的结果将是我们的季度收入销售将是一些不稳定的,不是那么顺利的季度。长期前景,这是另一回事。而且我认为这是值得关注的长期前景。季度到季度的东西,我的感觉是我们需要过滤掉一点点。我想你知道我们非常致力于每季度赚钱。我们非常重视这一点。这对我们很重要。我们知道,我们听到其他公司的首席执行官抱怨投资界的短期关注,但我们并没有抱怨。我们认为这是件好事。只要我们不忽视长期目标,我们认为季度压力是好的,对我们有利。它会占据我们,让我们保持诚实,这让我们负起责任。

但话说回来,正如我所说的那样,由于这些因素,最重要的是将会有点笨拙。就像我说的那样,我们这样做了,我们正在向后滑动这个幻灯片5。现在,让我们谈谈它的EBITDA部分,因为当我们进行Q4电话会议时,我们给出了第二季度EBITDA为350万美元到400万美元的预测,因此我们将其降至310万美元至370万美元。显然,部分原因是顶线预测也在下降。但还有其他这些因素。其中一些与我们刚刚阐述的因素相似,列举的是Q1,还有哪些因素会影响第二季度EBITDA。

与之相关的外部测试成本,新产品和那听起来很熟悉。但这并不是因为测试仪或设备存在问题。这是因为我们一直这样做。我们有一种在形式上完全发展的产品。正如我们所说,我们有制定。但是为了生产产品,我们需要开发数据。我们需要提供产品数据。这已经被打倒了,因为我们根本无法按照生产需求来挤压开发。因此,我们决定这样做,即使本季度花费80,000美元用于向外部供应商提供此产品数据开发的测试。

Second one, GE9X program manufactured trials development expenses. Third one, Film Adhesive manufacturing trials and development expenses those continue from Q1 and they'll be a factor for Q2. And then special personnel costs, these are things like like stay bonuses and this is -- we're still somewhat transitioning from legacy company in terms of personnel. We're most of way there but there is still some cost that will be lingering. And there's something called one company reorganization cost. So we'll describe what we mean one company later on in the presentation, but those costs will impact Q2 and maybe Q3 as well.
When we get to the Q2 conference call, we'll give you more information about Q3. This one we really want to focus on Q2. And then the middle arrow item, legacy costs expected to continue through Q3. I think at one point we indicated maybe couple quarters ago that we thought the legacy costs would end by the in the second quarter. Right now, it's something like it's probably going to be pushed through the end of the third quarter. So we're not doing a great job there. We're probably one quarter behind.
Okay, that's Slide 5, like I said, a lot going on Slide 5. Slide 6, okay, let's go to Slide 6. This relates to GE Aviation programs. Now you've seen this slide before. The reason we're including in this presentation though is because there's some changes, which I want to bring to your attention. First of all, on the bottom left, we list the different programs and GE Aviation programs. We had two; one is A321 Neo; the other one is Comac ARJ. Now, both of those programs were already on but why we add them. Because as far as A321 Neo is concerned, we used to in the prior version of this slide, the item was -- we have the A320 Neo. And we intended that the A321 was part of the A320 family, if you will. So it was included. But many investors have asked us about A321 so we spell it out. Yes, the A321 program we're on that too, that's a leap on a engine that's our program.
Comac ARJ, we haven't mentioned that in our slide presentation before but that program is ramping. So we thought we'd mention it. That has a CF34-10A GE engine. As far as these programs are concerned, as I mentioned in the prior page in prior slide. The first one, the program we love, the 727A, that's a steady state as you go program. A320, A321 Neo, those are ramping pretty hard. Comac 919 still in development. Comac ARJ, that's our ramping. And the global 7500 and Passport 20 engine is ramping. So again, quite difficult for production and inventory management with all those programs are ranting and/or in development, because it's a big moving target, lots of them.
Let's go to the top right of this slide and what's new in there. The top right we just want to mention that we explained. This is not the -- this is for the Passport 20 large primary structure and at this point, let me explain what it is. This is not included in the 13-year LTA, which is referenced that's the first arrow item on the top left of the page, this is a GE program. Now, I know this could be a little confusing. But if you look at the bottom left, you see the PAS 420 to Bombardier Global 7500 listed. So the sales, the materials for the sales are under 13-year LTA but this other component, because those in the sales are the MRAS programs that's covered by the 13-year LTA. But there's other component, that's part of GE and that's not covered by the LTA at this time. So I just wanted to explain that and I probably made it more confusing, but I did my best.

第二,GE9X计划制造试验开发费用。第三,电影胶粘剂制造试验和开发费用从第一季度开始,它们将成为第二季度的一个因素。然后是特殊的人员成本,这些就像保持奖金一样,这就是 - 我们在人员方面仍然有些从传统公司转型。我们大部分都在那里,但仍有一些费用会挥之不去。而且有一种叫做公司重组成本的东西。因此,我们将在演示文稿中描述一家公司的意思,但这些成本将影响第二季度和第三季度。

当我们参加第二季度电话会议时,我们将为您提供有关Q3的更多信息。这个我们真的想关注Q2。然后是中间箭头项目,遗留成本预计将持续到第三季度。我想有一次我们可能在几个季度之前表示我们认为遗留成本会在第二季度结束。现在,它可能会推迟到第三季度末。所以我们在那里做得并不好。我们可能落后了四分之一。

好的,就像我说的那样幻灯片5,幻灯片5中有很多内容。幻灯片6,好的,我们去幻灯片6.这与GE航空项目有关。现在你已经看过这张幻灯片。我们在这个演示文稿中包含的原因是因为有一些变化,我想引起你的注意。首先,在左下角,我们列出了不同的计划和GE航空计划。我们有两个;一个是A321 Neo;另一个是Comac ARJ。现在,这两个程序已经开启,但我们为什么要添加它们。因为就A321 Neo而言,我们曾经在本幻灯片的先前版本中使用过,项目是 - 我们有A320 Neo。我们打算让A321成为A320系列的一部分,如果你愿意的话。所以它被包括在内。但是很多投资者都向我们询问了A321,所以我们拼出来了。是的,我们也参与了A321计划,这是我们计划引擎的一次飞跃。

Comac ARJ,我们之前没有在幻灯片演示文稿中提到过,但该计划正在崛起。所以我们以为我们会提到它。那有一个CF34-10A GE发动机。就这些程序而言,正如我之前幻灯片中的前一页所述。第一个,我们喜欢的程序,727A,这是一个稳定的状态,你去的程序。 A320,A321 Neo,这些都很难。 Comac 919仍处于开发阶段。 Comac ARJ,这是我们的崛起。全球7500和Passport 20引擎正在崛起。因此,生产和库存管理相当困难,所有这些程序都是咆哮和/或正在开发中,因为它是一个很大的移动目标,很多。

让我们来看看这张幻灯片的右上角以及那里的新内容。右上角我们只想提一下我们解释过的。这不是 - 这是Passport 20大型主要结构,在这一点上,让我解释一下它是什么。这不包括在13年的LTA中,它被引用为页面左上角的第一个箭头项目,这是一个GE计划。现在,我知道这可能有点令人困惑。但是如果你看左下方,你会看到PAS 420到庞巴迪全球7500上市。因此,销售,销售材料低于13年的LTA,但这是另一个组成部分,因为销售中的那些是13年LTA所涵盖的MRAS计划。但还有其他组成部分,这是GE的一部分,目前LTA尚未涵盖这一部分。所以我只是想解释一下,我可能让它更令人困惑,但我尽了最大努力。

The other item that's new, which is the last item on the right side. I think we previously referred to this for the GE9X engine as a critical structure. But MRAS recently announced and went public with the fact that this is something called containment wrap. This is containment for the fan case, which is very critical. Fan case has to have absolute containment of the fan blades. So it's a very critical structure and this is what we've been working on.
This is also a GE program so it's not part of the 13-year LTA with Middle River. The other thing I want to mention, which was announced by MRAS is that's an AFP program. And they also announced that the A320, A321 Neo sales are partly AFP programs. Remember AFP, we talked about this in prior presentations. It's something -- it's a process that we worked on, we developed. We helped GE or MRAS developer process and they help us develop our product. AFP would've made a fiber placement, most people believe it's a very important technology for manufacturing composite structures in the future.
Let's go to Slide 7. Slide 7, this is a new slide and this is done by Ben. So its non-sequitur or doesn't really follow the rest of our presentation. But I just thought since its new, you might like to see it. I think it's very interesting. No surprise with jet engines being such a large component, space and rocket nozzles to the bottom of page. That's mostly rocket nozzles right now. But we're optimistic that we have some good things coming with space. One top of the page, drones and urban air mobility, that's mostly drones. But we're working on some urban and air mobility programs, we feel good about those as well.
So let's just keep moving along here. We have two pages of recent developments. Let's go to Slide 8. Just a couple of little updates here and more of the acquisition program, we talked about this in our fourth quarter conference call. So we won't go into detail except that we're continuing to do reach outs of the target companies. Security analyst coverage for Park. So, still hopeful. We've been talking to analysts. These are Aerospace specialists. But it's not a done deal until it's a done deal. I guess we'll find out if it's a done deal when you will when the report comes out.
One thing that I think helps us a little bit is that with all the consolidation in the Aerospace industry, some of the aerospace analysts have a little bit of bandwidth available and looking for other companies to cover. And I think Park is an ideal company for them to cover. From some perspectives we're small, I get it. But we're an interesting company in terms of whether an aerospace analysts might be interested in, because I think a lot of things that affect the whole industry going to affect us as well, maybe we're almost even and partly a leading indicator, I don't know, maybe that's just an arrogant thing to say it, but it's the way some people look at us.
Let's keep going, major expansion in Newton, Kansas. So, last time we spoke during our fourth quarter call, I think I mentioned that we're waiting for the FAA approval. We hope that'll be the end of this month. We expect and hope for it to be end of the month that's government agency, so whenever can be sure.

另一个是新项目,它是右侧的最后一项。我认为我们之前曾将GE9X发动机称为关键结构。但是MRAS最近公布并公开了这个叫做收容包装的事实。这是风扇箱的遏制,这是非常关键的。风扇箱必须绝对密封风扇叶片。所以这是一个非常关键的结构,这就是我们一直在努力的结果。

这也是GE计划,因此它不属于Middle River的13年LTA。我想提到的另一件事是由MRAS宣布的,这是一个AFP计划。他们还宣布A320,A321 Neo的销售部分是AFP计划。记得法新社,我们在之前的演讲中谈过这个问题。这是我们开发的一个过程。我们帮助GE或MRAS开发人员处理,他们帮助我们开发产品。法新社将进行纤维铺设,大多数人认为这是未来制造复合材料结构的一项非常重要的技术。

让我们转到幻灯片7.幻灯片7,这是一张新幻灯片,由Ben完成。所以它的非推论或者并不真正遵循我们的其他演示文稿。但我想,既然它是新的,你可能会喜欢看到它。我觉得这很有意思。毫不奇怪,喷气发动机是如此大的组件,空间和火箭喷嘴到页面底部。那现在主要是火箭喷嘴。但我们乐观地认为,我们有一些好东西随着空间而来。页面顶部,无人机和城市空中机动,主要是无人机。但我们正在制定一些城市和空中交通项目,我们也对这些项目感到满意。

所以,让我们继续前进。我们有两页最近的发展。让我们转到幻灯片8.这里只是几个小小的更新以及更多的收购计划,我们在第四季度的电话会议上谈到了这一点。所以我们不会详细说明,除非我们继续与目标公司联系。 Park的安全分析师报道。所以,仍然充满希望。我们一直在与分析师交谈。这些是航空航天专家。但这不是一个完成的交易,直到它完成交易。我想我们会在报告出来的时候发现它是否已完成。

我认为有一点可以帮助我们的是,随着航空航天业的整合,一些航空航天分析师可以获得一些带宽,并寻找其他公司。而且我认为Park是一个理想的公司供他们使用。从某些角度来看,我们很小,我明白了。但就航空航天分析师是否对此感兴趣而言,我们是一家有趣的公司,因为我认为影响整个行业的很多事情也会对我们产生影响,也许我们几乎是部分领先指标,我不知道,也许这只是一个傲慢的说法,但这是一些人看待我们的方式。

让我们继续前进,堪萨斯州牛顿的重大扩张。所以,上次我们在第四季度电话会议上发言时,我想我提到我们正在等待美国联邦航空局的批准。我们希望这将是本月底。我们期望并希望它能够成为政府机构月末,所以无论什么时候都能确定。

The expansion should be complete by June-ish of next year. June-ish, I don't say June, June-ish. We still want to give ourselves a little room. Then there's three to six months of trials and about six to nine months of qualifications with a major customer. We supply two years out from now, or when the plant will be in production that's give or take, plus or minus or approximately two years.
Name change, this is something we talked about during our fourth quarter call. But here we're telling you what we're proposing, as a name. This is in our proxy statements. Jury knows about it. The vote so far is a landslide. This is the changing of our name is subject to shareholder approval. And so far, the shareholders have voted very much in favor of that. So, thank you shareholders who voted so far.
So couple of comments. We probably will keep at least for now our PKE ticker symbol. We could change that, but we probably hold on to that just for the time being and see what happens. The change is the bittersweet thing for me. Park was founded in 1954. I know you've heard these stories many times. The first thing we spot the nameplate though. And then in 1960, before we went public, the name was changed to Park Electrochemical Corp. So we've been Park Electrochemical since 1960, that's a lot a lot, a lot of years. And it's a bittersweet thing for me any way to change the name to Park Aerospace.
And it makes all sense right and it's completely the right thing to do for us, we think. But it's little bit hard to let go of Park Electrochemical. The most important thing for me, though, is that we as a company do not forget and lose touch with the founder's spirit, the people that started the company and did everything they did to create the company that at least to start the process creating the company that we have today, because it's all odds. We covered that before. So I won't go into any more about the history. These you probably heard about enough of that from me.
Next item, Park will be one company. So, this is a little bit of a new thing that we decided is this that after the name change is approved, we hope it will be and it becomes official. We're going to merge the two units, the two entities into one. We have Park Electrochemical, which is the public company, parent company entity. And then we have our operating subsidiary called Park Aerospace Technologies Corp, we call PATC. So PATC will be merged to the Park. At that point, they'll be one company and it'll be called Park Aerospace Corp.
And we think it's a really good idea. The separation doesn't make any sense to us anymore. We really want to look it at as one company. We'll have a small office in New York but the main location obviously is in Kansas. And we want everybody in the company to think of themselves as one company, not thinking themselves as, well in Melbourne or in Kansas, it doesn't really matter. What matters is we all work for the same company and we all need to pulling together.
There also are some cost redundancies of course by having two separate entities. But mostly, I think the reason was the cultural advantage of having one company. So that'll be interesting. Let's see how that works out.

扩张应该在明年6月完成。六月,我不说六月,六月。我们仍然想给自己一点空间。然后是三到六个月的试验和大约六到九个月的主要客户资格。我们供应两年后,或者当工厂将投入生产时,加或减,或大约两年。

姓名更改,这是我们在第四季度电话会议中谈到的内容。但在这里,我们告诉你我们提出的建议,作为名称。这是在我们的代理声明中。陪审团知道这件事。到目前为止,投票结果是压倒性的。这是我们名称的更改需经股东批准。到目前为止,股东们已经投票赞成这一点。所以,感谢迄今为止投票的股东。

所以几条评论。我们可能至少会保留我们的PKE股票代码。我们可以改变这一点,但我们可能暂时坚持这一点,看看会发生什么。改变对我来说是苦乐参半的事情。 Park成立于1954年。我知道你多次听过这些故事。我们首先发现了铭牌。然后在1960年,在我们上市之前,这个名字改为Park Electrochemical公司。所以我们自1960年以来一直是Park Electrochemical,这很多年,很多年。对于我来说,任何将名称更改为Park Aerospace的方式对我来说都是苦乐参半的事情。

我们认为,这一切都是正确的,对我们来说这是完全正确的事情。但放弃Park Electrochemical有点困难。然而,对我来说最重要的是,作为一家公司,我们不会忘记并失去与创始人的精神,创立公司的人以及他们为创建公司所做的一切,至少开始创建公司的过程。我们今天拥有的公司,因为它的可能性很大。我们之前已经介绍过了所以我不再讨论历史了。你可能从我这里听说过这些。

下一个项目,Park将成为一家公司。所以,这是一个新的东西,我们决定这是在名称变更批准后,我们​​希望它将成为正式。我们将两个单元合并,两个实体合二为一。我们有Park Electrochemical,这是上市公司,母公司实体。然后我们将我们的运营子公司称为Park Aerospace Technologies Corp,我们称之为PATC。所以PATC将合并到公园。那时,他们将成为一家公司,它将被称为Park Aerospace Corp.

我们认为这是一个非常好的主意。分离对我们来说没有任何意义。我们真的希望将其视为一家公司。我们在纽约有一个小办公室,但主要位置显然是在堪萨斯州。我们希望公司里的每个人都把自己想象成一家公司,不要把自己看作是在墨尔本或堪萨斯州,这并不重要。重要的是我们都为同一家公司工作,我们都需要齐心协力。

当然,通过拥有两个独立的实体,也存在一些成本冗余。但大多数情况下,我认为原因在于拥有一家公司的文化优势。所以这会很有趣。让我们看看它是如何运作的。

Next item is un-sequitur. But I think I've mentioned before that's a little frustrating for us that we're on programs or getting our programs and we really can't be too specific, because the customer OEM hasn't given us permission to use their names. Well, Kratos gave us permission. Thank you very much, Kratos. So we're going public in writing that we're on Kratos programs for the target and tactical unmanned aerial systems, basically you and I would call drones. And then including the Valkyrie, which is a new tactical drone that they're coming out with now. So we're design SMA [throughput] supplier for those tactical and target drones, target and tactical drones, including the Valkyrie, which is nice.
Now, there's been lot of news. Kratos is a public company. There've been a lot of news about these programs. But I don't think it's appropriate for me to do Kratos' disclosures. So you could look that stuff up yourself. But there's lot of exciting things going on from what I can tell at Kratos and is very much a privilege for Park to be involved.
Next thing, here's an example we're absolutely can't give you any more details. A major private space program, we received our first PO. This could be very exciting but it's still early, we'll see. But receiving the first PO is obviously a big step. And we hope at some point we'll be authorized to give you more information about it. But it's, let's just say, it's a pretty exciting opportunity for Park.
Slide 9, okay, some interesting stuff from the Paris Air Show, very impactful to Park. First of all, CFM is a JV between GE and Safran. CFM is a company that makes the LEAP engines. The LEAP-1A engine, that's a program we're on. We're also in LEAP-1C, which is the Comac 919 program but that's in development, as we said. The LEAP-1A that goes on the Airbus A320/A321 Neo programs. So CFM announced orders and commitments for more than 1,150 LEAP-1A engines that's our program. That's a big deal. That's a lot of orders at the Paris Air Show.
And then there's a company -- next check item, company called IndiGo. They announced that ordered 560 LEAP-1A engines for A320 Neo and A321 Neo aircraft. That's the largest engine order in the history of the world, and that's our program. So again, very nice and good news for Park. And another thing that's good news for Park also at the Paris Air Show, Airbus announced the A321XLR. And there's a picture of it to your right.
This is part of the A320 family, I guess. It's not clear at this point to me anyway about all the design issues. But one thing has been made clear to me by people who are in a position to know and make these commitments, that's a Park program is an incremental, I don't know, could be. In other words, this is just going to be taking away from the A320/A321 and so customers that otherwise would have ordered A320/A321 or the XLR maybe, maybe not, because the XLR has capabilities which are different than the A320/A321. So it may tap into a different customer different in market. So in other words, the XLR could be incremental business for Park. It's early to say. It's really wonderful to be in the program. But it's too early to say I think whether and to what extent this incremental business for us.

下一个项目是不成功的。但我想我之前已经提到,对我们来说有点令人沮丧的是我们正在开发程序或获取我们的程序而且我们真的不能太具体,因为客户OEM没有允许我们使用他们的名字。好吧,奎托斯给了我们许可。非常感谢,克瑞托斯。因此,我们正在以书面形式公开我们正在使用目标和战术无人机系统的Kratos程序,基本上你和我都会称无人机。然后包括Valkyrie,这是他们现在正在推出的新型战术无人机。因此,我们为那些战术和目标无人机,目标和战术无人机设计SMA [吞吐量]供应商,包括Valkyrie,这很不错。

现在,有很多新闻。 Kratos是一家上市公司。这些节目有很多新闻。但我不认为克瑞托斯的披露是合适的。所以你可以自己看看那些东西。但是从Kratos可以看到的内容中有很多令人兴奋的事情,并且Park非常荣幸能够参与其中。

接下来,这是一个例子,我们绝对不能给你更多的细节。作为一个主要的私人太空计划,我们收到了第一个PO。这可能非常令人兴奋,但现在还很早,我们会看到。但收到第一个PO显然是一大步。我们希望在某些时候我们有权向您提供有关它的更多信息。但是,我们只是说,这对Park来说是一个非常令人兴奋的机会。

幻灯片9,好吧,来自巴黎航空展的一些有趣的东西,对Park非常有影响力。首先,CFM是GE和赛峰之间的合资企业。 CFM是一家生产LEAP引擎的公司。 LEAP-1A发动机,这是我们正在进行的一项计划。正如我们所说,我们也在LEAP-1C,这是Comac 919计划,但正在开发中。搭载空客A320 / A321 Neo程序的LEAP-1A。因此,CFM宣布订购和承诺超过1,150台LEAP-1A发动机,这是我们的计划。这是一个大问题。这是巴黎航空展的大量订单。

然后有一家公司 - 下一个检查项目,名为IndiGo的公司。他们宣布为A320 Neo和A321 Neo飞机订购了560架LEAP-1A发动机。这是世界历史上最大的发动机订单,这就是我们的计划。对于Park来说,这又是一个非常好的好消息。另外一件事对Park来说也是个好消息,在巴黎航展上,空中客车宣布了A321XLR。在你的右边有一张照片。

我想这是A320系列的一部分。至少在这一点上我还不清楚所有的设计问题。但是,有能力知道并做出这些承诺的人已经向我明确了一件事,那就是Park计划是一个增量,我不知道,可能是。换句话说,这只是将取消A320 / A321,因此,否则可能订购A320 / A321或XLR的客户可能不会,因为XLR具有与A320 / A321不同的功能。因此,它可以吸引不同的市场客户。换句话说,XLR可能是Park的增量业务。现在说还早。参加该计划真的太棒了。但现在说我认为这种增量业务是否以及在何种程度上对我们来说还为时过早。

It's our impression but also based upon the news coming out of Paris that in terms of the A320 family. Remember the A320 shares the CFM LEAP-1A engine and another private engine that LEAP-1A appeared much better -- got much more of the share of the new A320 orders. Again, very good news for Park.
So just one last thing with the 737 Max impact and how that might impact Park through the A320, these were single aisle, the big single-aisle competitors. When problems first came up with the Max, I was asked by a lot of people that's going to be a benefit for Park. It will help Park. And I guess my reaction and first of all, we don't -- we hope Boeing solves the problem. We don't wish them any ill of course. We wish them best. But I also say that probably not, because I felt that well this problem be solved quickly three months down the road, we won't be talking anymore. Obviously, I was wrong about that. And now it's just my opinion and I have no way to prove it. Just my opinion that A320/A320 family may actually take some share from the 737 Max over long term, because of the continuing problems.
Now, I think some people thought, well, why doesn't Airbus increase their production schedule immediately. And the fact that there might be a market need for this one thing but the other thing is can the airplane be produced. And it goes back to that point about the supply chain. Supply chain is already struggling, keeping up with a ramp of the A320 family. So they increase production, it's not really realistic in the short term maybe long term it might be. One thing I know is that if Airbus does decide to increase production, we'll be there for them. We will not be one of those suppliers that causes to be a problem for them to ramp up.
So that's it, that's the end of our presentation. And the last Slide is our thank you slide. Operator, I think we're ready for questions now.

这是我们的印象,但也基于巴黎的消息,就A320系列而言。请记住,A320共享CFM LEAP-1A发动机和LEAP-1A出现的另一个私人发动机 - 获得了更多新A320订单的份额。再一次,Park的好消息。

因此,737 Max影响最后一件事以及如何通过A320影响Park,这些都是单通道,是单通道的大竞争对手。当问题首次出现在Max时,很多人都会问我这对Park来说是个好处。它会帮助帕克。我想我的反应,首先,我们没有 - 我们希望波音解决这个问题。我们当然不希望他们生病。我们祝他们最好。但我也说这可能不是,因为我觉得这个问题很快就会在三个月后迅速解决,我们不会再说了。显然,我错了。现在只是我的意见,我无法证明这一点。我认为,由于持续出现问题,A320 / A320系列实际上可能长期从737 Max获得一些份额。

现在,我想有些人认为,为什么空中客车不会立即增加生产计划。事实上,市场需要这一件事,但另一件事是飞机可以生产。关于供应链,它可以追溯到这一点。供应链已经在挣扎,跟上A320系列的崛起。因此,他们增加了产量,短期内可能并不真实,也可能是长期。我知道的一件事是,如果空中客车公司决定增加产量,我们将会为他们提供服务。我们不会成为那些导致他们成为问题的供应商之一。

就是这样,这就是我们演示的结束。最后一张幻灯片是我们的谢谢幻灯片。接线员,我想我们现在已经准备好接受问题了。

问答环节

Thank you [Operator Instructions]. And we have a question from Christopher Hillary with Roubaix. Your line is open.

谢谢[操作员说明]。 我们有一个克里斯托弗希拉里和鲁贝的问题。 你的线是开放的。

克里斯托弗希拉里

Actually guys on the call you seem to be optimistic that you were going to able to find some additional business acquisitions to add-on tech-ons. I think you discussed some of it with your business partners pulling you in certain directions so they thought you could be of help to them. Is there any update on that?

实际上,在电话会议上,你似乎乐观地认为你能够找到一些额外的业务收购来附加技术。 我想你和你的商业伙伴讨论了一些问题,因为他们认为你可以帮助他们。 有没有更新?

Brian Shore

Yes, we do want to go through the whole thing again, because we get redundant. But I guess we mentioned the fact that we're continuing to reach out. Now, that's exactly what is going on, just what you talked about the customers and OEMs. There're a couple of them that we're with that are pointing us in the direction they think we should be focused on. And they've been helping us by giving us names. So that's really the basis for reach out program. It's not just random. As we explained last time, we're not just chasing after bankers that have processes and that thing.
We're focused on certain components, certain products that are provided to aerospace manufacturing companies. And this is based upon input we receive from -- as we spoke about last time, customers OEMs and what are we asking them what were they telling us. First thing, these are areas we'd like help in. We're not happy exactly with the supply chain in these areas as we explained last time. The last thing we want to hear is yes, we have five great suppliers of that product and the question for us is what are we going to bring to the table. So we're looking for areas that's the "Hit 'em Where They Ain't" philosophy or strategy, looking for areas where our key customers and them OEMs are sayings they are not feeling good about supplies in those areas. Although, those components are critical for aircraft manufacturing.

是的,我们确实希望再次完成整个过程,因为我们会变得多余。但我想我们提到了我们继续伸出援手的事实。现在,这正是正在发生的事情,正是您所谈论的客户和OEM。其中有几个我们正在指出我们认为我们应该关注的方向。他们一直在给我们起名字来帮助我们。所以这才是实现计划的基础。这不仅仅是随机的。正如我们上次解释的那样,我们不只是追逐那些拥有流程和那个东西的银行家。

我们专注于某些组件,某些产品提供给航空航天制造公司。这是基于我们收到的输入 - 正如我们上次谈到的那样,客户OEM以及我们询问他们他们告诉我们的内容。首先,这些是我们需要帮助的领域。正如我们上次解释的那样,我们对这些领域的供应链并不满意。我们想听到的最后一件事是肯定的,我们有五个伟大的产品供应商,我们的问题是我们将要提出的问题。所以我们正在寻找那些“他们不在哪里”的理念或战略领域,寻找我们的主要客户和他们的原始设备制造商对他们在这些领域的供应感觉不太好的说法。虽然这些组件对飞机制造至关重要。

克里斯托弗希拉里

And then just one other question, maybe just you've been able to do a pretty impressive degree of profitability at your revenue run rate. Is there more color or context you might share? And how you've been able to accomplish that at this stage in the company's life cycle as aerospace composite manufacturer?

然后只是另一个问题,也许只是你已经能够以你的收入运行率做出相当可观的盈利程度。 您可能分享更多颜色或背景吗? 您是如何在公司生命周期的现阶段作为航空航天复合材料制造商实现这一目标的?

Brian Shore

Well, thank you for that question. We don't pat ourselves in the back pretty much about how profitable we are, we think we need to be more profitable. I don't know let me think -- let me share a little couple things which even might give you some perspective though. So, we're really focused on being more of what we call a niche company. We're not interested in getting on some large program by being aggressive on pricing. We're always looking for something unique or something different, something special.
We lose business all the time, because we were asked to quote it and our quote just is not where it needs to be, and we'll be told by the customer. These are usually not our real good customers. With MRAS we've relationship, for other customers, well, your 20% too high. And our answer is well, sorry, we did the math and this is what we think is required. So we end up taking business, normally it's because the customer has a need and they realize the value we bring to the table. And it requires a real discipline.
Now, we could grow our top-line a lot faster. But the question for us is how sustainable is that for our future? Because what we have is low price. We're getting a program based on the price. First of all, the margins are not going to be very nice, so you're not going to like them. And secondly, how do we protect that program? There's always somebody out here offering lower price, it doesn't matter how low you go. We learned this stuff with electronics actually, being electronics business for all the years. That's a rough and tumble business no matter how low you go. If you have nothing special to offer, somebody out there is always going to find a way to go lower. And then how do you defend yourself? All you have is your price. So that's one thing.
The other thing is that we are very focused on our bottom-line, very focused on our expenses and our costs. We take everything personally, every cent that's spent. It is something that is we view pretty carefully. We understand but we believe it's our job to deliver profits for our investors. And we don't feel bad about that, we don't complaint about it. Your other CEOs complaint about all the short-term orientation. I think it's good, because it keeps us honest, it keeps us accountable.
Now, it's bad if we don't have any focus in a long-term. That's where the problem is. But I think you'd have to say, well, we certainly have been guilty of that after what we did in last 10 years to reinvent our whole company to transform our company from electronics to aerospace. We certainly have focus in the long-term. But the short-term, the spending, something we spend a lot of time thinking about and we take it very personally. So those are two things you might want to think about to help you with answering that question. Although, I wanted to go back to the first point is that we certainly not pat priding ourselves in the back about how much money we're making, because we think we need to make more.

好的,谢谢你的提问。我们不会在后面拍拍我们自己的利润,我们认为我们需要更有利可图。我不知道让我想到 - 让我分享一些甚至可能会给你一些看法的事情。所以,我们真正专注于更多地成为我们所谓的利基公司。我们对通过积极定价来实现一些大型计划并不感兴趣。我们一直在寻找独特或不同的东西,特别的东西。

我们一直在失去业务,因为我们被要求引用它,而我们的报价并不是它需要的地方,我们会告诉客户。这些通常不是我们真正的好客户。对于其他客户,我们与MRAS建立了良好关系,您的20%过高。我们的答案很好,对不起,我们做了数学计算,这就是我们认为需要的。因此,我们最终开展业务,通常是因为客户有需求,他们意识到我们带来的价值。它需要一个真正的纪律。

现在,我们可以更快地增加我们的收入。但对我们来说,问题是我们的未来是多么可持续?因为我们所拥有的是低价。我们正在根据价格获得一个程序。首先,利润率不会很好,所以你不会喜欢它们。其次,我们如何保护该计划?总有人在这里提供更低的价格,无论你走多远都没关系。我们实际上用电子技术学到了这些东西,多年来一直是电子行业。无论你走多远,这都是一个艰难而惨淡的业务。如果你没有什么特别的东西可以提供,那里的人总会找到一种降低的方法。然后你如何为自己辩护?你所拥有的就是你的价格。这是一回事。

另一件事是我们非常关注我们的底线,非常关注我们的开支和成本。我们把所有的一切都花在个人身上。这是我们非常仔细地看待的东西。我们理解,但我们认为为我们的投资者提供利润是我们的工作。我们对此并不感到沮丧,我们不会抱怨它。您的其他CEO对所有短期方向抱怨。我认为这很好,因为它让我们诚实,它让我们负责。

现在,如果我们没有长期关注,那就太糟糕了。这就是问题所在。但我认为你不得不说,在我们过去10年里为了将公司从电子产品转变为航空航天业以来彻底改造整个公司之后,我们肯定已经犯了这个罪。我们当然一直关注长远。但短期,支出,我们花了很多时间思考,我们非常个人。所以这些是你可能想要考虑的两件事,以帮助你回答这个问题。虽然,我想回到第一点,我们当然不会因为我们认为我们需要赚更多钱而在背后骄傲地说我们赚了多少钱。

克里斯托弗希拉里

Is there any idea that by being a somewhat newer Company you've been able to create a more efficient footprint given you're obligated to cost in this market or this footprint?

是否有任何想法,作为一个更新的公司,你已经能够创造一个更有效的足迹,因为你有义务在这个市场或这个足迹中花费?

Brian Shore

Well, that's a good question and I don't know the answer. I hear people that have told me those things like we're not a big company like some of our competitors that have lots of corporate infrastructure. But of course, I'm not purview to their operating numbers and your insights, story about their P&L and their costs. But I guess it's a good point. And we are focused on being lean. And we're not looking to just add costs, so to speak, they also had that thing.
So we're already in cost so we are bringing our R&D operation to setting up R&D operations in Kansas. So that's some costs recurring at this time. But we try to be real careful about how we spend our money. And we need to be focused on is it something that really makes sense for Park. The fact that maybe everybody else does it is not a good enough answer. So there may be truth on that, I just don't know for sure, because I think maybe that would be compared to others. And that's where I'm not sure, I don't make that comparison.

嗯,这是一个很好的问题,我不知道答案。 我听到那些告诉我的事情,比如我们不像一些拥有大量企业基础设施的竞争对手那样的大公司。 但当然,我不是关于他们的经营数据和您的见解,关于他们的损益和成本的故事。 但我想这是一个好点。 我们专注于精益求精。 我们并不只是想增加成本,可以说,他们也有这样的事情。

所以我们已经付出了成本,所以我们将研发业务带到堪萨斯州开展研发业务。 因此,此时会再次出现一些费用。 但我们试着真正小心我们如何花钱。 我们需要关注的是它对Park来说真的有意义。 可能其他人都这样做的事实并不是一个足够好的答案。 所以可能有事实,我只是不确定,因为我认为可能会与其他人相提并论。 这就是我不确定的地方,我没有进行那种比较。

会议主持员

Thank you [Operator Instructions]. We have a question from Brad Evans with Heartland. Your line is open.

谢谢[操作员说明]。 我们有一个来自Brad Evans和Heartland的问题。 你的线是开放的。

布拉德埃文斯

Good morning, gentlemen. Thank you for taking the question. And thanks again for a very informative presentation and lots of valuable information in it. So, thank you for that. Brian, I could be mistaken there but I just noticed in the list of customers, the large customers you highlighted. I don't recall seeing [R-Corp] in that list before. And I was hoping maybe you could maybe expand on how that relationship has evolved. And exactly what the nature of that relationship as it relates to what you're providing to them?

先生们,早上好。 谢谢你提出这个问题。 再次感谢信息丰富的演示文稿和大量有价值的信息。 非常感谢你的帮忙。 Brian,我可能会在那里弄错,但我刚刚在客户列表中注意到了您突出显示的大客户。 我不记得之前在那个名单中看过[R-Corp]。 而且我希望也许你可以扩展这种关系如何演变。 究竟这种关系的本质与你提供给他们的东西有什么关系?

Brian Shore

So anyhow, it's been a large customer of Park for a long time. And other thing is that some other customers maybe six or seven and they move up and down. I thought that they've been a top five before, but I can't say that for sure. But there's nothing special going on that I can point to with them, they have been a significant customer for many, many years. So, I don't have any special news at this time.

无论如何,它长期以来一直是Park的大客户。 另一方面,其他一些客户可能是六七个,他们上下移动。 我以为他们以前一直是前五,但我不能肯定地说。 但是我没有什么特别的意义可以指出他们,他们多年来一直是重要的客户。 所以,我现在没有任何特别的消息。

布拉德埃文斯

But that would be supporting an aftermarket application, correct?

但这将支持售后市场申请,对吗?

Brian Shore

There are couple of different programs that we work with and are on. So I'm not sure it's only aftermarket, I'm not sure about that. And I don't think so actually.

有几个不同的程序,我们合作和正在使用。 所以我不确定它只是售后市场,我不确定。 我实际上并不这么认为。

布拉德埃文斯

And then could you just talk -- and I know we've spoken like two months ago. But I'd appreciate perhaps if you could just give us some qualitative description of how the pipeline of new business opportunities has evolved in the last two or three months? Thank you.

然后你可以说 - 我知道我们两个月前就说过了。 但是,如果你能给我们一些关于新商业机会在过去两三个月内如何发展的定性描述,我也许会感激不尽? 谢谢。

Brian Shore

I know it's always -- seems to be a good question, it's asked often. So this is a subjective answer. I think that you're looking for. I think it feels pretty good. We mentioned a couple of new opportunities. And we did mention our recent developments, opportunity private in space. As I said before, it's a little frustrating, because most of these things we're not really at liberty to discuss with any detail at all. But I think it feels pretty good. Just my sense is qualitative. It's not based upon an objective analysis or hard data analysis but it feels pretty good.
Personally, I seen pretty much everything that comes our way in terms of new opportunities, new quotes. And we, just like yesterday, we got something we didn't see coming. And I was glad to see that. I don't know exactly how this works, how the dynamic works. But I think part of it, Brad, is there's little momentum that's built, and you put a lot of work in and maybe you don't see the results. Then two or three years later, things just start to come your way but I sense that thing is happening. But again, that's subjective. As I mentioned, I think I see most everything that comes our way. So again a subjective sense about what customers we're dealing with, what programs, what's new, what's just legacy, what's follow-on.
And, another thing I'll just add and I thought, I'm sure you don't read too much on this is that we are in a way Park is emerging as an aerospace company. We're changing our name. We sold electronics business in December. I noticed that there's a lot of these news items that I guess people do about public companies are somewhat silly. And in many cases, we're still referred to as electronics business when they describe us. So, maybe it'll take a little while for people to figure out that we're an aerospace company. But I think the sale of electronics was a big deal and made a big impact in terms of our perception as being an aerospace company. And I think that only will help and maybe add to the momentum that I feel we are seeing now.

我知道它总是 - 似乎是一个很好的问题,经常被问到。所以这是一个主观的答案。我想你正在寻找。我觉得感觉还不错。我们提到了一些新的机会。我们确实提到了我们最近的发展,在太空私人机会。正如我之前所说,这有点令人沮丧,因为大多数这些事情我们根本无法自由地讨论任何细节。但我认为感觉非常好。只是我的感觉是定性的。它不是基于客观分析或硬数据分析,但感觉非常好。

就个人而言,我看到了几乎所有在新机会,新报价方面出现的问题。就像昨天一样,我们得到了一些我们看不到的东西。我很高兴看到这一点。我不确切知道它是如何工作的,动态是如何工作的。但我认为其中的一部分,布拉德,是没有建立的动力,你投入了大量的工作,也许你没有看到结果。然后两三年后,事情才刚刚开始,但我觉得事情正在发生。但同样,这是主观的。正如我所提到的,我认为我看到了大部分来自我们的方式。因此,再次主观地了解我们正在处理的客户,什么计划,什么是新的,什么是遗产,什么是后续的。

另外,我想补充一点,我想,我相信你不会读太多关于我们在某种程度上正在成为一家航空航天公司。我们正在改变我们的名字。我们在12月份销售电子产品。我注意到有很多这些新闻,我猜人们对上市公司的看法有点傻。在许多情况下,我们在描述我们时仍被称为电子商务。所以,也许人们花一点时间才能发现我们是一家航空航天公司。但我认为电子产品的销售是一件大事,对我们作为一家航空航天公司的看法产生了重大影响。而且我认为这只会有所帮助,也许会增加我现在看到的动力。

布拉德埃文斯

And then my last question was -- thanks for that new data point as it relates to the commercial space opportunities. Is there any update that you can provide as it relates to the VTOL market, or the air taxi market that you referenced last quarter?

然后我的最后一个问题是 - 感谢与商业空间机会相关的新数据点。 您是否有任何与VTOL市场或您上季度参考的空中出租车市场相关的更新?

Brian Shore

Yes. So, it's in Ben's pie chart. It's something that we are working on. There's a lot of news about it. And it seems to be the hot topic of the day. But we are working in that area. We're pursuing it. There is a program. It's an important program that I think we're on. And I think I told you, maybe I did it last quarter that was pulled back for redesign. But we feel optimistic that we'll continue to participate in that program. We think it will come out in it's a resigned fashion.
So, it's something we hear a lot about certainly these days. It's in the news everywhere. So like when these new things come out, just my impression is that not every one of them is going to hit. It's like sexy and current and not every one of them will hit, but there's so much going on there, they're actually more than just fluff to it in my opinion.

是。 所以,这是在Ben的饼图中。 这是我们正在努力的事情。 关于它的消息很多。 这似乎是当天的热门话题。 但我们正在那个领域工作。 我们正在追求它。 有一个程序。 这是一个重要的计划,我认为我们正在进行。 而且我想我告诉过你,也许我上个季度做了这件事,因为重新设计了。 但我们感到乐观的是,我们将继续参与该计划。 我们认为它会以一种辞职的方式出现。

所以,这些日子我们肯定听到了很多。 到处都是新闻。 所以当这些新事物出现时,我的印象就是不是每个人都会受到打击。 它就像性感和时尚,而不是每个人都会受到打击,但是那里有很多东西,在我看来,它们实际上不仅仅是它的毛茸茸。

会议主持员

Thank you. And I am showing no further questions at this time. I'd like to turn the call back to Mr. Brian Shore for any closing remarks.

谢谢。 我现在没有再问任何问题了。 我想把电话转回Brian Shore先生的任何结束语。

Brian Shore

Thank you. This is Brian. Thank you all for listening in the summer time. So I appreciate your time and thank you for listening to our presentation. And have a really great summer. Please call us if you have any follow up questions, and we'll talk to you later. Have a great day. Thank you. Thanks again.

谢谢。 这是布莱恩。 谢谢大家在夏天的时候听。 所以我感谢您的时间,感谢您收听我们的演讲。 并度过一个非常美好的夏天。 如果您有任何后续问题,请致电我们,我们稍后会与您联系。 祝你有美好的一天。 谢谢。 再次感谢。

会议主持员

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. You may all disconnect. Everyone, have a great day.

女士们,先生们,谢谢你们参加今天的会议。 这就结束了今天的计划。 你可能都断开了。 每个人,都有美好的一天。

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