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

[机器翻译] 电话会议 · 2019年07月12日 · 28 次阅读

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


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


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


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。




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.



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.



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。


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?


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。



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.






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。


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.


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。


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。



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.



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.



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。


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。




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。


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.


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。


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。






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?


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。


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。


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。


But that would be supporting an aftermarket application, correct?


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。


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。




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。


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。


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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