Q2 2020 Consolidated Water Co Ltd Earnings Call
20.
Joining us today is chief Executive Officer, Salt water Mr., Rick Mctaggart.
The company's Chief Financial Officer, Mr., David Sasnett.
Following their remarks was open the call to your question.
Before we conclude todays call I'll provide some important caution regarding forward looking statements made by management in the call.
I like to remind everyone that today's call is being recorded.
Well, we made available for telecom replay by instructions in last Friday's press release, which is available and they were Buster relations section of the company's website.
I like the thermal coal over the holiday water CEO Mr. Rick Mctaggart. Please go ahead.
Thank you Nick and good morning, everyone. Thanks for joining us on today's call.
During the second quarter, our core water production and distribution and manufacturing operations remained stable and profitable although reduce production levels due to the impact of the cobot 19 pandemic.
[laughter] cloud arc financial condition and liquidity to remain strong with cash balances totaling $35 million.
In Q2, our service segment revenue was up by more than 3.3 billion due to the contribution from pur water our new the majority owned subsidiary that we acquired in the fourth quarter of last year.
For perform better than we expected in the first happened this year given the current market conditions created by the pandemic.
During the quarter Burke was awarded two new contracts unsecured for contract renewals for operating and maintaining advanced water treatment plants in California.
We continue to see attractive opportunities for park in a very active market.
Hurts management team is extremely talented and motivated and when we were presented with the opportunity in early August to increase our ownership in Peru received it and boosted our ownership.
The 1% to 61%.
Provide additional information on perks growth opportunities later after David discusses our financial results.
As it's been the case with most businesses.
He cobot 19 pandemic adversely impacted all of our segments to varying degrees during the quarter.
Volume of water sold by our retail segment, and consequently, retail revenue dropped by approximately 16% last quarter compared to previous years quarter.
Due to the temporary suspension of tourism and the Cayman Islands, resulting from the government actions to close the country in order to mitigate the spread of the covert 19 pandemic.
Although the Bahamas tourism industry in economy has been severely hurt by the cobot 19 pandemic, our water production volumes remained stable in the Bahamas, because our plants primarily served the general population.
Bulk segment Rabbie revenue generated in the Bahamas, and the Cayman Islands declined in the second quarter compared to last year for non coded related reason, which David will explain.
Even though the cobot 19 as impacted our business looking beyond the pandemic.
Our products and services remain public health and economic imperative for the communities we serve.
Customer still need turnkey and affordable sources are drinking water from our desalination plants and wastewater still must be treated to the high standards for environmentally responsible disposal or reuse.
Consolidated water remains well positioned financially technically and operationally to address it needs of the communities, we serve well will serve in the future.
Before I go further I'd like to turn the call over to David Our CFO, who will take us through the financial details for the quarter.
Afterwards, I'll return to talk a little more about or operational activity and outlook for the remainder of the year David.
Thanks, Rick I'm good morning, everyone.
As Rick mentioned, our second quarter was impacted significantly by a recently cancel Mexico pride, Jack and by the code that 19 pandemic.
Rick will discuss the recent developments in Mexico, and just a moment.
Aspects of the remainder of all results our revenue in the second quarter increased 4% to 19.1 million compared to last year solely due to the addition of 3.4 million in revenue from park.
The incremental part revenue was partially offset by revenue decreases of 1 billion in the retail segment.
1.1 million, our bulk 70.
511000 in the manufacturing segments.
Our retail revenue decline because of a 16% decrease in the volume water sold due to the lack of tourism on Grand Cayman that resulted from the closing of all Cayman Islands <unk> airports seaports in March 2020 response to the code that 19 pandemic.
Decreased and bulk water revenue was primarily due to lower energy cost in the Bahamas, which correspondently decrease the energy pass through component of our rates.
But revenue also decreased due to the lower rate they came into effect in July 2019, well the north side Waterworks plant under our new contract for this plant will the water authority came in.
The decrease in manufacturing revenue was due to a lower number of active projects.
Our gross profit for to Q2 was 7.3 billion or 38.3% of total revenue.
Down, 3% from 7.6 million or 41.3% of total revenue.
And the same quarter last year.
The second quarter 2020.
Net loss attributable to consolidated water shareholders was 1.1 million.
Or seven cents per basic and fully diluted share. This compares to net income of 2.5 million or 16 cents per basic and fully diluted share the same period last year.
The decrease in our net income was principally due to the 3 million dollar impairment loss that we recorded for the rights are ways, we had acquired for the Mexican projects.
Turning to our balance sheet, our accounts receivable balances related to our Bahamas business amounted to 19.9 million as of June Thirtyth 2020.
Compared to 18.4 million as of December 30, Onest 2019.
We believe the Bahamas government ability to pay a timely manner has been impacted by cobot 19. However, we're continuing to work with a bahamian governance to collect these receivables.
Historically, our Bahama subsidiary has experienced Lazing collected gets accounts receivables, but the water and sewerage Corporation in the Bahamas and these slides occur.
He held discussions in meetings with representatives of the Bahamas government.
As a result payment schedules are developed for delinquent accounts receivable.
All previous still delinquent accounts receivable for the Bahamas.
Eventually paid in full.
Based upon this payment history, we have never ever been required to provide an allowance for doubtful accounts for any of our accounts receivables for our business in a Thomas despite the periodic accumulation of significant delinquent balances.
As a June Thirtyth 2020, we had not provided an allowance for doubtful accounts for accounts receivable business in the Bahamas, and it's important to note.
Honest government made a payment of $4 million on these receivables in the month of July.
At June Thirtyth, 2020, our cash and cash equivalents totaled 35 million.
Our projected aquatic requirements for the balance of 2020 include capital expenditures for existing operations of about 1 million.
And about 1.3 million for dividends payable.
And it's important to recognize that we spent $900000 in August acquired the additional 10% ownership in park.
I believe our cash position and available funds provided us with the sufficient liquidity we need.
The meetings as we go for it.
This wraps up my brief discussion.
Our financial results for the quarter now I'd like to turn the call back over to Rick.
Thanks, David [noise].
On June 29, we received notification that the state of Baja California, Mexico had terminated our contract for the construction and operation of the desalination plant and aqueduct in Rosarito Mexico.
Quite frankly, we were shocked and tremendously disappointed.
With the state's decision to terminate a project they would have provided a job proof and natural disaster resistant drinking water supply to more than two and half million people in the region.
A project that we believed until we receive determination letter that the state supported and intended to complete.
Like most other countries in the World Mexico's economy has been damaged by the cobot 19 pandemic as well as other factors, which we believe has reduced the state's revenue sources.
Furthermore, the recent devaluation of the peso has made the project more expensive and this factored into the state's decision to cancel we understand.
At this point and it is uncertain how much if any the bar developmental costs and investments, we can recoup or how long any such recruitment will take.
Your vigorously pursuing all legal remedies in courses of action available under the contract and applicable law with respect to collection of these I'm out.
Now turning to our business in the Cayman Islands.
Our operations on Grand Cayman continue to be adversely affected by Qubic 19, preventative measures, which were enacted by the government back in March.
As a result of these measures taken tourism and the Cayman Islands is temporarily ceased.
And economic activity and Grand Cayman has slowed dramatically.
Preventative measures taken by the came in arms government in response to the pandemic did not commenced lack a latter half the March and that's affected our retail sales primarily in the second quarter.
A retail sales volume for the first six months declined only by 3% compared to that same period last year.
Oh retail sales volume for the second quarter was 16% less than that for the same quarter last year.
We also so bulk water.
In Grand Cayman to the government owned water utility, which in turn provides us water to areas that are more residential and less tourist related.
Consequently, our bulk water volumes sold in Grand Cayman were relatively stable compared to the same periods last year similar to our Bahamas business.
In May 2020, Cayman Islands government start duty fees relaxation of this shelter in place restrictions to local level.
Most recently the government designated October 1st 2020 is the plan date for the phase reopening of the Cayman Islands borders. Although this date is subject to re assessment at this time.
At the time in October.
We expect that our retail segment revenue and cash flows will continue to be materially adversely impacted until such time as tourism and the economy in the Cayman Islands recovers from the impact.
Exited the cobot 19 pandemic.
For our business in the Bahamas.
Tourist travel to new Providence Island, where we operate has been suspended and economic activity in the Bahamas has slowed dramatically as a result included 19.
In may the Bahamian government relax some of the shelter in place regulations, but then reinstated the regulations effective.
I guess for through August 19th at least.
In July the government enacted the limited reopening of the Bahamas to air travel, but then reinstated travel restrictions again shortly thereafter due to the increase in cobot 19 cases.
Well the world is focused on defeating the global pandemic.
Well challenges with water availability in shortages continue to grow and you saw nation and water reuse continue to present, the best solutions for many areas around the world.
Today, nearly 90 million cubic meters of water is being produced daily by more than 18500, the desalination plants in operation globally.
These plants are providing drinking water to more than 300 million people.
As we look to expand geographic reach beyond our current areas of operation. Our mission remains focused on providing water services those areas of the world, where the supply of naturally occurring potable water is scarce.
In particularly areas were reverse osmosis technology is economically and environmentally feasible.
Historically, we focused on seawater desalination projects in the Caribbean, where government and private customers long ago embraced our design build own and operate project delivery model.
However, because of the extreme financial streams.
Caused by the Cobot 19 pandemic.
We believe that many state and local governments in the United States will find our project delivery model well suited to expand and improve vital who water services for these cash strapped communities.
In addition to the growing demand for potable water water management challenges are also increasing the opportunity for wastewater treatment and reuse projects.
Our acquisition of Perk, which is based in southern California.
Represented a major step toward addressing this growth market and its many emerging opportunities.
Similar to our existing approach provides their customers with the comprehensive solution for deploying or upgrading their water infrastructure.
They develop design and build state of the arc facilities for both water and wastewater recycling then provide ongoing operational and management services keep these facilities operating at peak performance.
Since perks founding and 1998. It is completed and continues to support numerous water infrastructure projects, including new facilities facility upgrades short and long term cooperation services and asset management in agent engagement.
This they won numerous industry awards, recognizing their innovative designs and highly efficient project delivery model.
The president per generates most of its revenue from one m. operations and maintenance contracts for water treatment and reviews facilities owned by third parties.
Given the challenging market conditions brought on by Qubic 19 performed better in the first half for the year than we expected perks secured.
I mentioned earlier, two new going I'm contracts effective April as well as for contract extensions in the first half the year.
We expect perks to new own in contracts will add revenues of approximately 1.7 million and that could happen this year.
Works growth potential is largely due to its excellent product and service offerings and its strong presence in the southwestern United States for water supplies are increasingly under stress.
Rick has been highly complimentary to our existing business and overall mission supporting our pursuit of water reuse projects and other emerging opportunities with a comprehensive suite of solutions for improving water infrastructure.
It also provides us a solid platform upon which to expand to North America, our core business of designing constructing an operating desalination plants.
Given these compelling growth factors.
Earlier this week, we acquired an additional 10% in PERC from another shareholder EUR 900000, raising our ownership to 61%.
Overall consolidated water continues to be well position to successfully navigate these uncertain and turbulent times.
Next to a strong balance sheet and well established growth strategy that brought us PERC and as we anticipate other successful future acquisitions.
Looking beyond the pandemic, we expect the growth drivers inherent in our markets to persist over the long term, which bodes well for consolidated water and our efforts to enhance shareholder value over the years to come.
Now with that I'd like to open the call for questions Nick.
Well I'll begin the question answer session.
Asked the question.
You May press Star then one of the Touchtone phone.
You are using the speakerphone.
Please pick up your hands up before pressing the keys withdraw your question. Please press Star then too.
At this time, we'll pause momentarily to assemble the roster.
First question.
<unk>.
Jerry Sweeney Roth capital. Please go ahead.
Hey, good morning, Thanks for taking my call.
Sure.
Oh, that's kinda talk talk a little bit about park. Since it was you know some of the key point fee rave in your.
In your remarks, I'm, assuming that 1.7 million Oh in EM contracts that you're expecting to hit the second half 2020, I mean can we extrapolate that out to like 3.4 million.
On a full year basis.
Jerry This is David.
Well you could for those particular contracts FERC has a number of contracts that are up for renewal. This part of their business. So when you look forward trying to protect their revenues you want to assume that they'll get renewals of all existing contracts. Then you know that would be reasonable assumption, but.
We did add a risk factor in our 10-Q. This this quarter to point out. The fact that number. These these contracts expire over the course of the next few months I think the the deadline, we provided or the timeframe about it was July of 2021.
We are hopeful that they can get renewals of all those contracts there our renewal options in the contracts exercisable at the discretion of the customer so I mean.
Perks, Oh, what EMD business is fluid.
As of the renewal processes, but you know over the long term, we have continued to grow that business because perks proven to be a very good at bringing new contracts and also obtaining extensions of existing contracts, but I don't think it's fair just automatically extrapolate going forward I think it requires some a little less certain that.
Okay.
<unk>.
Taking a half a step back maybe I misinterpreted when I read the Q, but I thought for the press release.
I thought there is two new own m. contracts that you won.
Just recently had a value of 1.7 million in the second half of this year.
That's correct.
Just those two right, but how long is the average contract for park.
The average contract for park is it ranges anywhere from one to five years.
Okay.
So when you're protecting yeah, I think when you're projecting I want him revenue some of those contracts come up for renewal assuming that.
We get the bundles than revenue continue to grow and if everything else.
Remained the same though we renewed all the contracts you've gotten them more contracts to the impact to the new contracts would be incremental rather than we're talking about period of about well over 3 million close to 3.4 million.
Yeah that back to the Odom revenue.
Well that would my next question was.
On the on M. side, or I guess, that's in the services side, how much of that is oh them from park and how much of it is design build from perk.
I believe that's disclosed in our Q I'll take a look at real quick here.
Hi.
You look at I actually just curious if you look at the risk factor.
Yep.
The punch out exactly how much.
And then okay.
I will watch I would I Oh.
I haven't here in front of me, but Oh.
I'm, not exactly which games like range before the end of the years well Jerry I mean, it all depends on when the design. It said that could change the mix before you ended the year depending on the.
Design build work.
So.
How many and I had the number here for you here I forgot three months ended perk. So an m. revenue was 2.5 million.
For the six months entity was 4.1 billion that's their own EM revenue.
I apologize I.
Did not be I've read everything except the risk factors.
Okay.
I apologize on that front I was just go through.
That's helpful. So and then maybe switching gears to the the revenue on on the.
On the de Sal business the came in and the Bahamas. So obviously they came into the Bahamas or shut down for tourism.
You know it is this a decent run rate on on revenue or volumes in this sort of covered world, where there isn't tourism.
And then Conversely, I know historically, there's also been some seasonality of tourism has picked up but it does that change because the weather gets a little color potentially and there isn't though tourism.
Just trying to see how we look at the revenue from that.
The waterside from that perspective.
Jerry the other big factor.
Yep, Okay energy right.
Gerardo, Yes go ahead right.
So the first half of the years typically our biggest a sales.
In the retail business because of the it's drier conditions and tourism is up so.
You know the 16% drop we saw in the second quarter I think thats fairly indicative of what we should expect through the end of this year.
You know the.
You know historically rainfall has also.
Pack the the sales slightly up from time to time, but you know the 16% change because the hotels are close I'd say, that's a pretty.
That's pretty consistent way to look at it in the retail segment going forward just to remind you the bulk segments were not.
Adversely impacted on volume sales because a coup that it was other things, which again you can roll forward because they were.
Basically one time events you know the contract changes in key man.
And then me a the electricity rates. If you think electricity was going to continue to be love them.
You know.
That's gonna be the impact on the sales going forward.
Got it I shouldn't delineated I understood bulk with.
Yes, it did not have covered in fact this morning.
Let me just Jerry let me I point out at traditional things are the energy energy pass through or it doesn't have a huge impact on margins. So you should keep that in mine.
And the other thing is don't discount the impact of rainfall.
Well really throttle Grand Cayman, you know that.
Out of necessity the existing population would have to use more water and we have seen significant fluctuations in the volume of water.
Used in times of excessive rainfall that and doing droughts. So I think the 16% decrease gives you a good indication of how much of the water we sell.
So I beach relates to tourism, but it's not an absolute number.
Absolutely.
Hi crush.
Got it.
And then third question I'll jump back in line, Mexico costs, they were down this quarter, but.
Obviously, it disappointment that rosarito.
Coming through how do we look at these costs how do they.
Running down for the second half of this year into next year. I mean, you had some lease cost that I know you terminated I think there were 26000 every other month or 13000 a month.
You have probably some salaries there you probably have some third party costs associated with the legal mouth.
Any type of guidance she can provide on where some of those costs could go.
The next two to four quarters.
So gerry on a on the lease just to clarify we said that we expect to terminate it or to transfer to the state.
So we haven't terminated wants to see if the lease yet.
On the cost side I mean, you know the running cost for the business obviously.
Tapering down we still have.
Out there that are dealing with the claim so I wouldn't expect you know a huge.
Change in those numbers.
At least until we get.
Our arms around how the state's going to fuel our claim.
And then we'll obviously have some legal costs or.
Going forward to too.
You know tried to recoup our our money there and to defend the claim so.
You know I.
Hey, they're going to be lower but.
Really can't see how much I mean, if this is a prolonged.
Legal exercise it could.
You know it could take more time to get it resolved.
Got it and then on the claims front. It was my understanding that you had some.
At least a contract.
I'm ability to recoup costs and I believe at least on assets, but it was worth or an opportunity.
<unk>.
And I'll have pants as potentially but.
With or is there an opportunity to recoup some cost not only on the asset investment side, but also sort of on the.
Manpower type of and human capital component invested in the project.
Yeah, I mean, the the contract and the law gives us the right to do.
To recoup all of our costs related to the development of the project.
And the the assets that we purchased a to execute the project so.
I mean, that's where we intend to do.
But as we mentioned in the.
And the Q I mean weve.
Done some.
The legal challenges are the timetable to submit you know the tally of these costs and that was successful so gives us a little more time to.
To get everything in order and get it a in the correct.
You know official formats that the state wants for the submission so.
We're moving forward with.
Finalizing our numbers and finalizing the.
Submission to the state and you know we will let everybody know.
When that goes in and with the with the reactions are in due course.
Got it.
I I appreciate it.
Pretty solid quarter I think.
Considering the circumstances so.
But I'll jump back in queue. Thank you.
All right.
[laughter].
Thank you again, if you have a question. Please press Star then one.
Our next question, so Michael Gaugler Janney Montgomery Scott. Please go ahead.
Good morning, everyone.
Hey, Mike how are you.
Oh.
Question on came in in general.
The government, indicating that a tourism probably.
Well probably be sees through year end, and and then kind of as a follow up.
How are the finances on came in with tourism down for such a prolonged period I mean, just the government.
I continue to have the ability to pay it spills.
Yeah. So your guess is as good as mine on when they're going to actually open back up Mike.
You know they've said October 1st subject to review at the time.
And you know they did said September 1st and then as I got closer they changed it so.
I don't know, they're really very concerned about bringing the virus back into the country. You know they've been buyers free for I don't know three or four weeks now no cases.
So I don't know what they're going to do I mean, I hope that day.
The opening backup by the end of the year.
And then it'll be up to the tourist decide whether they want to go through the screening procedures that <unk> you know most countries are requiring a to travel now so.
From the standpoint of their financial position.
I think came in as a you know one in one of the better positions around the world I mean they.
He had been had much debt historically, so I think there.
They're doing a borrowing or I don't remember how many million it is right now.
They're going through competitive process to borrow some money to keep things moving along but.
We certainly have a good credit rating and.
You know they don't have much debt.
So I would expect him to to be able to whether this quite well in over the medium term.
Okay.
That's all I had gentlemen, thank you.
All right Mike.
Thank you again, if you have a question. Please press Star then one.
Next question comes from John Bair acts and wealth advisors. Please go ahead.
Thank you good morning reckon David.
Well when it John.
Two questions.
Your.
Information about PERC seems to be.
They are geographically focused on the southwest. So my question is.
Wondering whether.
They operate.
In other parts of the country is their expansion potential there or do they have operations.
Outside of the southwest and secondly on that.
Do they do any international work or are there any opportunities there that they're either actively involved in or looking to do.
Yes, so [noise] John at present they don't.
Uh huh projects active projects.
<unk> operations outside of the southwest so they primarily California, Arizona, Utah.
We are we've combined or business development teams, obviously with the acquisition.
So they are working with US looking at project in Florida, and also major project with the some partners up in Oregon. So.
Those projects would be.
No.
Definitely good projects and PERC is well qualified to do them. So that's one of the things that they leverage off with us on you know having exposure to different markets and we expect their business to grow into these markets in the future.
What about a big states like Texas or.
Okay.
Certainly water needs.
Badly in those areas as well.
They haven't.
No not and not at the moment, but again, we we've been following projects in Texas for a number of years on the de south side.
So the combination of the business development teams I think will pay dividends.
Some of these other states, we don't do anything in Oklahoma, I'm, not aware of anything up there, but certainly, Texas, Florida, California, Arizona.
Oregon and those are the areas that the business development team is most focused on at the moment.
Okay, Great and then.
Question a is.
With the rest read a project how long.
<unk>.
I had a phrase this actually but how long do you try to pursue this is there any time clock ticking on what you have to to do to to get resolution.
You have any sense, if there is any possibility that it'd be resurrected and that the.
The.
Come back to the table and say, let's go ahead and pursue it.
Well I said the economic situation there is tough but.
A lot of potential water for.
There are folks down there that isn't going to be available. So.
Just curious I mean, obviously you know my my opinion is it you know the big mistake would they did I mean just from a.
[laughter] technical standpoint, but.
That doesn't hold much water right now.
They could come back to as I have no idea what.
What they have in mind, a you know what what the reaction will be when we present the claim.
But obviously the driver here was that the economic conditions had changed in the region and it didn't make you know what they called US and termination letters of the project was not.
Financially feasible so.
It's kind of.
<unk>.
It's hard to say, John but I mean, we'll work with them. However, they want it being my my main goal is to try to recover our costs and an hour investment.
Cost at the moment and if anything else you other opportunity presents itself then we'll certainly look at it.
Is there any proprietary information at that.
That that.
In other words, they've had access to maybe design plans or anything like that that they could.
Kind of.
Utilize on their own if they decided to try to.
Build that project themselves at this point as or is there anything.
Those lines or.
Well I mean, we did a lot of work or just developing the the intake a strategy you know the ocean intake lease you know in the power plants I you know.
The permitting all that was done you know for that particular sites. So.
You know unless you're going to do the large plant like was envision with Star project I mean, I don't know they too.
To be able to use any of that though so oh my goal is really to Ah to recover the cost in developing those permits and that you know that site plan for for the intake structures. The actual designs of the plan we never.
We never have got far enough, where we were presenting any of those for approval to the to the state. So you don't have access to any of that information.
Okay, Okay all right.
Very disappointing and hopefully they'll have an a personal that shapes their minds and you can proceed on but not going to hold my breath on that one so all right. Thank you very much like the rest here.
Thanks, John Yep.
This concludes our question and answer session.
I like to turn the conference back over to Mr., Rick Mctaggart for any closing remarks. Please go ahead.
Yeah. Thank you Nick I'd, just like to again, thank everybody for.
Dialing in today and I wish you all the best and we'll talk to you again I.
I guess and November.
Take care.
Stay safe.
Thank you, ladies and gentlemen, now before we conclude today's call I'd like to private companies think harbor statement.
The includes cautions regarding forward looking statements made during today's call.
The information that we have provided in this call include forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.
Included but not limited to statements regarding the company's future was revenue future plans.
Active expectation in advance assumptions and estimates.
Forward looking statements can be identified by the use of words or phrases.
He containing the words believe estimate project intend expect should will or similar expressions.
Site statements that are not historical facts are based on the company's current expectations beliefs assumptions estimates forecasts and projections for its business and the industry end markets really is to its business.
Any forward looking statements made during this conference call are not guarantees of future performance and involve certain risks uncertainties and assumptions, which are difficult to predict.
Actual outcomes and results may differ materially from what has expressed in such forward looking statements.
Certain factors.
Which may affect these actual outcomes and results include our but not limited to continue acceptance of the company's projects and services in the marketplace.
Changes in its relationship with the government so the jurisdictions in which it operates.
The outcome of negotiated with the came in government regarding in a new retail license agreement.
The future financial performance, a little bit subsidiaries, the manufacturing water treatment related systems and projects and provide the design engineering management operating and other services applicable to commercial municipal and industrial water production.
The collection of its delinquent accounts receivables in the Bahamas, its ability to integrate and profitably operate recently acquired subsidiaries P.E. RC Water Corporation.
The possible adverse impact of the cobot 19 bars on the company's business.
And various other risks as detailed in the company's periodic reports with the Securities Exchange Commission.
For more information about risks and uncertainties associated with the company's business. Please refer to the management's discussion and analysts still financial conditions and results of operations.
And risk factor section of the company's FCC volumes.
<unk>, but not limited to with the annual report on the form 10-K in quarterly reports for form 10-Q.
Any forward looking statements made during the conference call speaks as of today's date.
Company expressly disclaims any obligations are undertaking update or revise any forward looking statements made during the conference call to reflect any changes in its expectations with regard to or any changes in its advance conditions or circumstances, which any forward looking statement is based except that's where it may be.
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Please refer to the todays earnings release for dial in replay instructions available by the company's website at Www Dot CW C O dotcom.
Thank you for attending today's presentation. This concludes the conference call you may now disconnect.