Q2 2020 Dawson Geophysical Co Earnings Call
[music].
Good day more quickly Dawson Geophysicals second quarter 2020 results Conference call. As a reminder, today's conference is being recorded.
Payments made by management during this call with respect to forecast estimates or other expectations regarding future events, which provide any information other than historical facts may constitute forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995 do forward looking statements are based on management's current expectations and include known and unknown risks.
Certainties and other factors many of which the company is unable to predict or control that may cause the company's actual future results or performance to materially differ from any future results.
Performance expressed or implied by those statements. These risks and uncertainties include the risk factors disclosed the company from time to time and its filings with the FCC, including in the company's annual report on form 10-K filed with the FCC on March six 2020, and any subsequent quarterly reports on form 10-Q filed with the FCC. Furthermore, as we start this call.
Please also refer to the statement regarding forward looking statements incorporated in the company's press release issued this morning and please note that the contents of the company's conference call. This morning is covered by those statements.
During this conference call management will make reference references to EBITDA, which is a non-GAAP financial measure a reconciliation of non-GAAP measure to the applicable GAAP measure can be found in the company's current earnings release, a copy of which is located on the company's website Www Dot Dawson three D. Dotcom. This call is scheduled for 30 minutes in the coming.
He will not provide any guidance I would now like to turn the call over to Steven jumper, Chairman President and CEO of Dawson Geophysical Company. Please go ahead Sir.
Well. Thank you Tim Good morning, and welcome to Dawson Geophysical Company second quarter 2020 earnings and operations Conference call and Hussein You said my name is Steve Jones, with Chairman President and CEO The company.
Joining me on the call you in broader executive Vice President and Chief Financial Officer.
Before we start the call just few items to cover you would like to listen to a replay of todays call. It will be available via webcast I go under the Investor Relations section of the company's website at Www Dot Dawson three D. dotcom.
Nobody should were border on this call speak only as of today Thursday July Thirtyth 2020, and therefore, you're advised that time sensitive information may no longer be accurate as of this time was really replay listening.
Turning to our preliminary second quarter in six months ended June 30, 2020 financial results.
Second quarter ended June 30, 2020, the company reported revenues of 29.5 million compared to 24.1 billion for the quarter ended June 32019.
For the second quarter 2020, the company reported net income of 1.5 million or six screens per common share compared to a net loss was 11.2 million or 49 cents loss per common share for the second quarter 2019.
The company reported positive EBITDA of 5.8 million for the quarter ended June 30, 2020 compared to negative EBITDA of 6.1 billion for the quarter ended June 32000 magazine for the six month ended June 30, 2020, the company reported revenues of 68.5 million compared to 75.
2 million for the six month ended June 30, 29 acting.
For the six months ended June 30, 2020, the company reported net income of 2.5 million or 11 cents per common share compared to a net loss of 11.4 million or 49 cents loss per common share for the six month ended June 30, 29 and.
The kept reported positive EBITDA of 11.6 million for six months ended June 30, 2020 compared to negative EBITDA of 111000 for six months ended June 30, 2019, our second quarter results were favorably impacted by the continued operation is too large channel count cruise.
I'd say that were partially offset by the redeployment.
Small channel accounted for one of previously completed projects as described in our first quarter earnings really in severance costs of approximately 1.4 million associated with staff reductions that were announced in April the company anticipate annual savings of approximately 4.3 from such reduction I went out perfectly.
Protocols, and Jim Bretaa, who will review the financial results.
I will then return to some final remarks, and our outlook into the third and fourth quarters of 2020, Jim.
Thank you Stephen good morning.
Revenues for the second quarter of 20 to 20 were 29.5 million an increase of approximately 23% compared to 24.1 million for the quarter ended June 30, 29 Gee.
As stated in our earnings release issued this morning, our second quarter results were favorably impacted by the continued operation of two large channel Tom cruise in the U.S. or were partially offset by the redeployment of the small channel count grew on a previously completed Croucher has described in our first quarter earnings release and service cost.
Approximately one point fourmillion associated with staff reductions that were announced in April.
The company anticipate your annual savings of approximately <unk> point threemillion from such reductions.
Cost of services in the second quarter 2020 were 19.7 million a decrease of 23% compared to 25.3 million in the same quarter 29 team.
General and administrative expenses.
Were 4.3 million in the second quarter 20 to 28 decrease or 50.6% compared to 5 million in the second quarter 20, United too.
Depreciation and amortization expense and the second quarter 220.
It was 4.4 million a decrease of 72.7%.
Compared to 5.3 million in the same quarter 20, United team.
Net income for the second quarter 2020 was 1.5 million restrictions for share compared to a net loss of 11.2 million or 49 cents loss per share in the second quarter of 29 team.
Income tax expense was negligible during the second quarter 2020, compared to an income tax benefit of 121000 during the second quarter 2000 or gene.
We've been talking to second quarter of 2020 was 5.8 million compared to negative EBITDA of 6.1 million in the same period of 29 gene.
And EBITDA reconciliation is provided in our earnings release issued this morning.
Now I will highlight some results for the six months ended June Thirtyth 2020.
Revenues for the six months ended June 30, 2020, or 68.5 million a decrease of approximately 9% compared to 75.2 million for the six months ended June 30, 20, United team.
How's the services for the first half of 2020 was 48.7 million a decrease of approximately 26%.
Expense for the six months ended June 30th 2020.
Nine $3 million a decrease of 18 six per cent compared to 11 49 in the same period a year ago.
Net income for the six months ended June 30th 2020.
That's two 5 million or 11 cents per common sure.
Compared to a net loss of 11 4 million or 49% of Los were common sure and the six months ended June 30th 2019.
<unk> for the first six months of 2020 was 11 $6 million <unk>.
Compared to negative either.
Of 111000, the same period of 2019.
And even though I reconciliation was provided in our earnings release issued this morning.
And now for some balance sheet items are balance sheet continues to remain strong.
June 30th 2020, we have that including obligations under financing leases a approximately one $6 million.
In short term investments are 36 $8 million.
Our current ratio was six two to one.
And working capital was approximately 58 3 million.
And with that I'll turn to call back to Steve for some comments on our operations well. Thank you Jim while our second quarter and six months. The results were positive they're continue to be significant challenges for the oil and gas industry overall energy market.
On July 15th overnight organization over the next 40 temporary then its allies collectively now that OPEC club.
Announced that OPEC plus will eat production cuts from nine 7 million barrels per day to eight 3 million barrels per day net.
Potentially placing greater pressure on oil prices.
In addition to <unk> the number of Kobe 19 cases being reported both the United States and globally make further limit economic activity and restrict worldwide travel.
Buying these factors could result, when a further decrease a demand for oil and gas production.
Placing greater Australia, and our clients spending levels.
Already many exploits in production companies have reduced their capital budgets about 30 to 50 present, resulting in a reduction the number of wellbeing grill, the corresponding decrease the number of well to be grilled and completed by our clients.
And negatively impacted demand for our services.
Despite today challenges is there are signs of improvement oil prices have rebounded from their April of and are currently trading in the $40 per barrel range. A total of 238 permanent to drill wells in the U S was approved during the month of June.
15% month over Mount increase in several independent oil and gas producers announced their intentions to increase.
Presence in both the Permian basin embark an oil shale.
Based on current the rapidly changing information the company anticipate continued operation of one moderate sized channel count for channel camp cruise through the end of 2020, and the U S with possible period with world utilization and limited activity in Canada, given the current market environment big companies visible.
Build it beyond the fourth quarter of limited.
Request for proposals continue to be slow. However, the company has several requests for projects in late 2020 that may require a second crew in the fourth quarter and several requests for projects in 2021.
As I mentioned earlier capital expenditure for the second quarter and first six months of 2020 were 359002 7 million, respectively, primarily for maintenance capital items, and Jim mentioned or balance sheet remains strong with 58 $3 million working capital as of June 30th.
2020 company is notes table and financial financially leases totally one $6 million as of gained 32020.
In response to the code with 19 pandemic and its impact on our people. We continue to follow recommend CDC guidelines, including but not limited too.
Social distancing hygiene recommendation small group limits enhanced work from home guideline minimized office hours in certain regions and periodic townhall telephone conferences.
Date employees and their families on the company practices and protocol would continue to provide additional flexibility work from home for those with preexisting health.
Concerns childcare issue.
Italy and home residents or other general concerns at the current level, we have implemented policy to eliminate large group gatherings provide additional vehicles reduce the number of people.
For a vehicle traveling to and from project Caucasian increase utilization of radio communications secured ample safe daily water supply increased flexibility housing flexibility and relaxed field schedules to allow for individual me.
Most of our day to day operations consists of small oftentimes individual isolated work burgers.
And components and while the challenges we say today, our historic there by no means unfamiliar.
Awesome Geophysical of members of our team throughout our company 61 to your history with an experienced several downturn setbacks.
Which require us reboots, our crew count limit are expanding and maintaining that closed down the balance sheet.
Even in today's low price environment, they're strong case of seismic is the expiration in production company.
Part of an effort goodbye.
And the most cost efficient manner seismic data mid solutions at Dawson's supervisor uniquely suited to help E&P companies achieve that goal.
I think all of our hardworking our employees are valued Cheryl clients and shareholders, where continued commitment and support challenging time.
And the that's the theory, Yeah, I believe we were ready to take questions.
Thank you if you'd like the signal for question at this time. Please press star one on your telephone keypad and if you are you seeing a speaker phone. Please make sure that can meet function as turned off so about your signal to reach our equipment again that star one signal and I'll go first John Protract I've researched investments.
Yes, congratulations on the very excellent quarter and controlling costs.
It's really mindblowing congratulations to the both of them.
I'm happy to see what you've been able to do in terms of the operating dolphin.
And you talked about the fact that new contact a lot of our clients that kind of continuing basis.
I'm looking at all you haven't seen a lot of.
Feeling.
I'm going to be doing something in it.
Quarters.
It takes the difference between talking about it and how they're talking about it and actually making a contract.
It sounds like a positive shift in terms of your clients.
Most of what you're talking about.
J, we're having a little bit of a difficult time hearing you.
But I will attempt to answer the question is I think I understood. It I appreciate your comments early on the other way.
I believe your question revolves around our conversation with our clients and what we believe there activity levels to be at the end of the year.
Whether whether or not these conversations.
Leading the contracts and.
There's a lot packed into that question, there's quite a bit of speculation packed into it but I'll try to answer the question.
Best we can we are continuing to have contact with our client base.
In today's world and we're not you make in our company you're our industry you I think this is.
A typical of.
Things going on all around the country and the economy.
Communication is a little bit difficult externally and internally within some of our clients.
With a lot of work at home.
Policies with.
Furloughs being used for personnel.
Cut backs.
It's a moving target sometimes as to how.
And when you can communicate with folks and so I think our folks are doing a fantastic job was staying on top of things.
I think if there are seismic projects as a general rule out there that.
To.
We talked about certainly and.
Lower 48 in Canada, I believe we're getting a chance to look at.
Half conversation on those projects, there's always a few out there with peer group pier competitors that have longstanding relationships with certain companies that we may not see and we certainly have some of those ourselves, but I think we get a solid look at anything might be happening.
Here again.
Just a little bit pass midway through the year, there's been a tremendous amount of budget cut back on.
E&P side, what we don't know and I think what leads into some of this this.
Discussion as to whether or not conversation of projects turns into reality, we don't know what's going to happen on the back half of the year with our our E&P clients budgets.
Don't know if there's going to be a budget exhaustion scenario at the end of the year or if there'll be a budget surplus and I think the E&P companies are being very cautious on their spending levels and keeping some of those things close to the vet so to speak.
But we are seeing some proposals.
And we mentioned in the press release.
Request are certainly slow.
They're not.
Robust by any stretch of imagination.
But there is some conversation.
We have limited visibility beyond Q4, and as we said.
Release, we anticipate.
One crew.
Working through the end of the year, there's a scenario where there could be periods of low utilization for that one crew there could be some time in issues that not requires second Peru, and so it's really.
It's very difficult to speculate on a go forward basis.
What the actual demand levels will look like.
With regard to the multi climbed groups.
There are certainly some.
Projects being talked about on the Muslims client side.
And is we've mentioned in the multi client.
Client base has been a big part of our operation here, particularly in the last couple of years.
Historically, but as a percentage they've been a much higher percentage of our work certainly in the last.
Couple of years.
They have a little bit of a compounded issue in that they are working within their own capital budget constraints with regards to how much risk they're willing to take on a project.
In conjunction with having to rely on budget.
Levels within their underwriting tolerant days, which would be the N teams and so.
It appears as though the month icon group is.
Watching their dollars closely disliked E&P, which is kind of a compound issue for us.
I will close this answer here and I'm sure everybody's well aware I answer your questions and lengthy manner tried to be at your insurance.
And.
But the the.
We have seen it recently some some proposals unencumbered patients that are more direct with E&P.
Some project so they've been pushed back until next year that were scheduled for 2020.
Earlier this year.
New outlined that we're taking a look at direct for Ian fees and so.
Beginning to see a very sly not meaningful I would say.
Slide increase in direct requests from E&P and so I hope that answered your question gay.
If it didn't answer that one and answered some question I think so I think what really came out to neighbors like I do research equity.
Fixed income is it it's so hard much harder to get something done and communicate with people what was the simple phone call before can be a very complex one look at someone's working from home or travelling or something of that nature, but it sounds like.
Even within that there's a sense that they're looking at doing additional projects at this point, but no firm commitment, but that's part of it just a communication lines that you have.
Correct, and there's nothing better than face to face communication and that's what we're.
Not just for that thing worldwide. That's that's what.
An issue that we're all having to deal with we have said this before.
Company, that's built on personal relationships and.
And the interaction and.
So we're having to.
Work around that we're still maintaining good solid communication with our current bags, but.
Hopefully we can get this thing straightened out here in the next couple of months.
It sounds like you're working very diligently anticipating issues one other thing there is.
A member of talk when I was talking with that cause years ago.
And you mentioned in today's Mewtwo, Frank case for seismic is E&P comfortable working harder than ever to identify optimal children.
Locations, most cost effective manner possible that basically says went away I need to get that.
The data you provide as a lot more detailed and better and people are willing to pay more for pay for that again, because they mountain not colwell.
The ZIP code on more optimally than I used to and a half of it.
Underlying demand for more of your data does that sort of a sense of what people asking for your data.
You know.
J.
I'm going to attack that from a couple of angle.
And.
<unk> tried to provide from our company's standpoint.
Is value to our client base.
In.
Value has to be recognized on the other side and I think we certainly went through a period the industry went through a period.
Sounds like industry went through a period and unconventional first particularly oil side came into play that quite frankly, they're were folks that G O like it added.
It was value in the data and I I don't think that was widespread but there was certainly some of that.
And.
Oil prices would overcome.
Take so to speak.
We have always said that.
When you get into a commodity prize constrained environment, and certainly $40 is way too constrained.
Know what that number needs to be but.
To loosen up some <unk> so to speak.
As as prices stabilized at some level and people begin to understand their cost cost structure.
I love the opinion and believe and I think I have.
We're starting to see this.
That.
Companies need to evaluate drilling location, whether they be convention or unconventional in place that wellbore strategically optimally as they possibly can in the data the information we're providing.
The industry today, certainly lends itself more to that particular immune conventionals and it did several years ago and so we are confident and believe that.
The majority of not higher of the E&P companies.
Our utilizing seismic information as part of their drilling and production in completion plan.
We have <unk>.
Talked in the past that we are that we've been working and concentrated areas of the permanent Delaware.
Opening up a little bit were.
Kind of extended where we work outside of the core areas. So to speak that you would've thought about a year or two ago.
But.
We have.
We do have large areas of core acreage covered with their current seismic data information. So when you listen to some of these companies that are called back into there.
And do a core area so to speak.
There's a tremendous number of drilled uncompleted out there that needs to be <unk>, there's some drilling locations that.
These guys can go too and so yes seismic data is a big part of what they do yes. It's being utilized currently you would think it will be in the future, but at the same time.
With the drastic slow down and drilling and Incompletions.
They're probably possibly could be a lag time between.
Pick up and.
<unk>.
Practically account.
So answer your question is G S.
We think it's it's a value add.
To the process and.
We think there will be.
And certainly the demand as slow as we said right now but.
Probably going to work through some grilled the location and some grilled uncompleted completions to be done going forward.
But it also sounds like you realize that this is the problem with maintaining a cruise and it looks like it done a lot of cost cutting.
Uh-huh control on costs and awesome I'll wait for all of it could develop but it's not just sorta waiting you've done.
Definitely a activity like.
Seven Francis and cut back inside with Telecom My compliments you too.
Cut back and making.
Mm.
Survivor, Thank you very much.
Thank you J with regard to that I think are.
Rover.
And every department has been a fantastic job on cost control.
But it's been difficult, it's been a very difficult environment or for everybody.
And for our company, but.
We as in the past are trying to be proactive and stay ahead of it and.
We're trying to not so.
They reacted to be proactive and how we're approaching the business.
And it sounds like you're doing great job and I. Thank you very much.
Alright, Great day Goodbye.
And for any other questions. Please signify pressing star one at this time against our one I'll pass for a moment.
And will go next time, I called and there'll be a K C D capital management.
Hey, if they have good morning, and congrats on the very good result.
Thanks Bye.
Could you expand on your openness her willingness our ability.
Four industry consolidation during that difficult period.
The seismic market.
Alright, good question.
I don't see.
Anything at this point that would be meaningful or beneficial.
For us.
Certainly we as we always have.
Continued look across the.
Space and.
Let's see see what's out there.
But I I I I don't see anything at this point Nye.
Imminent or that would be real meaningful for us.
Got it thanks, and apparently the cash balances a huge asset at a company.
And we're going through some really tough times here.
Can you talk about your thought.
Maybe the board as well on unallocated in that cash and the potential too.
Three purchase stock or or even pay a dividend.
Looks like you're kind of a whole company at at.
Zero price after taken out the cash that guy.
Certainly like we.
<unk> has discussions on a regular basis about the balance sheet and the cash position and the overall capital structure.
And I really can't Ah.
Comment mudge other than to say that Ah Board is <unk>.
[noise] comprised of a wide range of.
Experiences and backgrounds and some within the industry.
[noise] shareholder.
So some significant shareholder.
Ownership and then we've got.
Some very smart financial thoughts on our board as well and so our board take to hard look routinely.
An ongoing basis.
With regards to the business and the company.
Capital structure in cash position and we've always been a very conservative company going back to your earlier question that consolidation.
We have made the one transaction with P. D C, which we think has been very beneficial to both companies back in completed in 2015, and we have paid a dividend in the past and we certainly will take a look at them and all those considerations and concerns are.
Looked at at the board level, and we're just trying to make the.
And will continue to make decisions based on the best interest of.
Shareholders and the company as well so I appreciate your comment very much I know we've had this discussion in the past that.
I hope I've answered your question.
Alright, yeah, and thanks and.
Me asking the question is a testament to.
Ship of cash.
Yeah.
Thoughts are in general is.
Opening or starting a share repurchase program.
Eat anything, but could provide some optionality or flexibility.
To have that ready in case, there are chairs available at attractive prices going forward.
Just wanted to Atlanta, as well and.
Understood.
Thank you bye [noise].
You bet.
Thank you.
And our next question comes from Phil Kim private investors.
Alright, Thank you can't take him to call.
I'm trying to get a better understanding you open honest.
Okay are you interested in your company.
And I've noticed that.
Catholics in general has been money.
Shy and Derek Fisher some experience. So if you can kind of explaining how that works in relationship between the two Luckily it will just kept actually.
Oh, why why Paul how are you able to assist a hungry.
Okay I understand your depreciations.
Okay, well I I.
I apologize here again, we're having a little bit of phone.
She was I think but.
I think your questions.
We got orange too or.
<unk> well below our depreciation level and.
I think your question was how are we doing that.
Understand the question correctly, Sir I'm sorry.
Yeah, So I'm trying to understand kind of I guess put it's been paid what has maintenance cafe experiences both cats actually.
Hawaii, if if you had a witness cutbacks several now how is that it was sustainable nurses here I'm not sure I'll get depreciation expense.
So I'll try to answer the question.
We have been in a maintenance capital.
Level, probably for the last 18 months or so so to speak I think the last <unk>.
Non maintenance capital expenditure, we made would probably have been in late 18, we purchased some.
Legacy equipment off to use market that was complimentary and supplementary to our equipment base.
And so we hear this process and glanced 18 months to reduce capex spending this strictly maintenance capital items, which would be things like rolling stock Ah.
Batteries for example for recording equipment things that that.
Basically.
[noise] suffers from wear and tear during routine usage.
Having said that our equipment bases and really good shape. If you look at the recording equipment that we have in terms of current capacity.
In technology, we are in really strong physician we've got.
There are some recording equipment out there that that is being developed which is <unk>.
Basically repackaging are the same technology, so from an asset standpoint, both on the recording shot.
And on the sourcing side, we feel really good about our.
Base, and we think that we don't see anything on the horizon anytime.
That's coming out that would require.
US to have a large.
Replacement type capex band or upgrade.
Cat Capex fan.
You look back at the two legacy companies Dawson D C. Prior to the merger of 2015.
From the time period of about 2011 to probably 2000 late 13 14, something like that.
Both companies combined companies had spent close to $200 million and energy sources and the conversion from cable the cable assure cold equipment and so while I've recorded equipment is in the.
678 year range in terms of age.
It's it's what we would call in unbundled system in other words, they're they're listening device or the recording the rise in a battery all three that work together to create a channel.
We've been able to.
The recording devices stay really sturdy their state-of-the-art recording devices, there's not a new technology out there that will provide a better.
<unk> sample for.
So to speak, but we've been able to maintain through maintenance cat maintain both the battery power in the center shied, we've been able to do the same thing on the.
The vibrator show the energy suicide so.
We are spending well below the capex or the the appreciation level that is not.
Uncommon in our industry. If you look back at our company and I think the combined companies legacy companies overtime, we've gone through periods of.
Capex fan.
New equipment, and then we've had a pretty long run wood wood equipment basis. So we're very comfortable with our equipment bass as it stands and believe that maintenance capital requirements as well we'll have to me.
In the near future.
I appreciate that and try to say that.
According According illustrated cable.
It's been longer life.
Company did appreciate it for.
If that's the case.
What kind of pet.
What kind of what I'm sorry [laughter].
What kind of technology, a V C penny coming on the horizon.
Perhaps.
Decrease the value of the with the equipment.
Well.
That's a very good question.
If you look back Ah just a little bit of a small history lesson here there have been saying that had been progressing forward, particularly with regards to recording systems.
Energy sources over the years, I've gotten better with better hydraulics, and better electronics, Jean bigger but.
Counted probably reached the top side of what the.
Side of the.
Energy sources that can be used in the United States.
Bigger ones that can be used in the middle east but.
When you think about movement truck, even those kind of things will probably on the top.
From the sourcing standpoint, so we're comfortable there.
On the on the recording side, we've made changes from.
All of the air from analog the digital.
Two.
Telemetry Bae systems distributed systems to channel count the cable is all moving towards an increase of.
Of Ah channel camp.
And so there are several several different recording.
Systems out there we have been to pick a platform in 2011 that we stayed with.
That is cable has expanded has expanded ability on channel chaos scalability, so to speak the channel Campton move up or down you can move channels from one for the other and so.
Historically, we have saying things change through some level a downturn.
There's been a.
A different technology come forward, we're not saying that in this downturn this.
This downturn.
There is some work being done.
Out there with regards to.
Reporting systems.
That they're basically just repackaging Ah technology, they they vary a little bit in size, a very a little bit and <unk>.
And how data collected advantaged, but in terms of the actual data quality, there's not really been a big change now there there's some conversation potentially about.
Digital center in those cats to things that are used from time to time that we really don't see anything right now that.
We are concerned about that makes our equipment base obsolete so to speak.
We.
Sometimes.
When you look at the loss of an asset.
Depends you'll have been utilize has been maintained.
Spend a lot of time or maintenance and equipment location in N out.
A certain projects and so.
Our equipment is in good shape.
It may very well, they just give them the time.
Probably going to get a little more out of this equipment.
Reschedule, but we're very comfortable.
We are from the depreciation love as well as the.
Nice.
Alright, I appreciate that thank you for Ya.
Okay.
No. It's no further questions in Q I'd like to trying to call back over to Mister Steven jumper for any additional are closing remarks.
Well. Thank you should see I want to thank you everybody for taking time to listen and there are certain quotas six months 2020 call. We always appreciate the questions and the interest in the support.
Just to some is Todd.
This is very difficult time in our space as well as overall energy markets. There, obviously, we're facing some headwinds that.
We probably haven't seen.
In the past with regards to.
Demand.
Breakdown related slow down and economic activity as well as.
Supply issue, but.
It is a tough time all across the energy space.
The company will continue to respond to proactively continue to look at ways to cut costs and improve efficiencies and productivity.
Going forward and.
Will continue to protect and maintain the balance sheet as we have our 60 plus year history.
Once again I will thank all of our shareholders I'm going to think our client base in particular I want to thank our employee base, where they're diligent effort and continued hard work in a very difficult time. Thank you very much and we'll talk to you again in about 90 days. Thank you.
Does that conclude today's call. Thank you for your participation and you may not disconnect.
[music].
[music].
[music].
[music].