Q4 2020 IT Tech Packaging Inc Earnings Call
Yeah.
Okay.
[music].
Hello, ladies and gentlemen, and welcome to participate in IC packaging and fourth quarter and it just full year 2020 earnings conference call and.
This time I would like to inform you that this conference is being reported and that all participants are in a listen only mode.
Joining us today are Mr. Zheng Lu I T tax packaging, chairman and Chief Executive Officer and.
MS Jing Hao, the Companys Chief Financial Officer.
And your marks from both and Mr. Lu and MS Hao will be delivered in English by interpreters.
Ivy Tech packaging announced its fourth quarter and fiscal year, 2020 financial results. While your press release yesterday, which can be found on the company's website at www Dot IV packaging Doxy and.
First Mr. Liu will brief you on the company key operational highlights over the fourth quarter and fiscal year 'twenty 'twenty and.
And that's how we'll review the company's financials and votes.
Before we start I would like to draw your attention to our safe Harbor statement.
Management's prepared remarks contain forward looking statements.
And the meaning of the Safe Harbor provisions of the private Securities Litigation Reform Act of 1995.
All statements other than statements of historical facts and its announcement are forward looking statements and.
Including but not limited to anticipated revenues from the corrugated medium fever.
He should paper offset printing paper and face mask business segment.
The actions and initiatives of it.
Current and potential competitors, the companys ability to introduce new products, the company's ability to implement capacity expansion market acceptance of new products.
General economic and business conditions.
Ability to attract or retain qualified senior management personnel and research and development South and other risks.
And the company's filings with the Securities and Exchange Commission.
These forward looking statements involve known and unknown risks and.
Uncertainties and are based on current expectation.
<unk> estimates and projections about the company and the industry.
The company undertakes no obligation to update forward looking statements to reflect subsequent or current events or circumstances or to changes and its expectation, except as maybe required by law.
Although the company believes it to expectations expressed and these forward looking statements.
And the bull it cannot assure you that this expectation will try it out to be correct and investors are cautioned that actual results may differ materially from the anticipated results.
There is a presentation document featuring management's prepared remarks, and it is now available for download and for the company's website at www dot ice and packaging dots yet.
Please note that there will be discussions on non-GAAP financial measure or EBITDA or earnings before interest taxes, depreciation and amortization leaf and refer to our press release for a complete reconciliation and Eddie talked to net income.
As a kind reminder, all numbers in our presentation are quoted and U S dollars and all comparisons refer to year over year comparisons unless otherwise stated.
I would now like to turn the call over it and as Lou Mr. Lou his comments it will be delivered and English by Dawn Cal from Evergreen Investor Relations and scalp. Please go ahead.
Oh, Thank you you're operating.
Everyone and.
Thanks for joining our fourth quarter and fiscal year, two plenty plenty earnings conference call.
During the fourth quarter, we continue to making improvements and the sales volume of tissue paper products and close with a slight decrease and so.
Sales have been people that for this quarter.
Our total revenue and slight decline of $3 four per cent to Turkey coupons five museum yourselves.
And we managed to grow sales from tissue paper products by 51 three per cent. So it tells a volume of 3165 comp for this quarter.
The average selling price of it going forward products for this quarter increased by five 6% from the third quarter and plenty plenty ore and minor growth compared to the same to last year.
We took it quake recovery from the impact caused by global outbreak of COVID-19 pandemic.
And growing revenues from sales of tissue paper regular and likely some tea products on production himself from tissue paper products and growing up steadily since the launch of P. M. H M. P. F. Nine in December 2018, and November 19.
Currently we're in the process to a price with physical face masks production license, which we expect to boost both ourselves and margins and very near future.
So on some inspection on our production facilities, but I thought it was delayed but and then it burns.
And we're expecting final review of results by local foods and truck new functions and Hubei Province.
We anticipate approval obtained license once irrelevant review works all finished.
Now I will turn on the call over to al and sample and you're seeing how who will review and comment on our fourth quarter financial results call comments will be delivered and English then our colleagues on this long journey and please go ahead.
Yeah.
Thank God it all along.
And I'm focusing on recall and that's on behalf of amendments and our summarized on financial well play a force bubble gum and candy.
And also our okay. Many searches specific cadets and lives are associated with it with various problems.
Yeah, and which products on the resiliency low ethane remember and system to go out to virtualize provided a slide number 18.
Now, let's look on financial performance for the fourth quarter of two and had plenty. Please turn to slide number seven.
One of the first quarter up 10, and 20 total revenue decreased three four and 4% to 32, four and 5 million due to the decrease in sales and volume of something and offset printing paper.
Turning to slide eight for the fourth quarter, Okay, and he pending with them through the segment, including both Regulus and he and lightweight CMP generated revenue of $24 9 million, representing 17, six 7% of the total revenue.
And 97.
7 million of revenue was from our readiness and pay products.
And the five point Timna works on lightweight 17.
And then secondly on the wall and slightly decreased by three four and the 4% in Q.
<unk> 7006 standard and a 27 pounds of wage $45 and 200, and it 10 pounds low regulus and team and the child without it and the 417 pounds for light weight CMP.
Average selling price or as people reckless and it.
Increased by four point of strength within the Q4 hundred and a third and fly per pound and ASP for lightweight 17, it was equal to 422 per pound.
Turning to slide nine for the fourth quarter of 2020.
Also the printing paper generated a revenue of $4 9 million.
And just by coupon and swimming and all 31, 9% with gloves and system here last few years it.
All subsequent and paper volume decreased by 24.4 per cent to 7800 and and 19th Whitestone.
And as people all set of putting and paper it decreased by nine 8% to kindred and 18 per pound.
Turning to slide not life 10 tissue paper products generated a revenue of 2.6 million increased it by rail appointed 9 million or 15, one points to 8% weighted resulted from sales of 2000 and hindered and they think lifestyle things you'll pay per.
That's the way it all safety, one pool, and the surplus and the inquiries and nasty of.
837 per pound.
And increase of 22.4%.
Turning to slide 11, where it.
<unk>.
445002, things I'll say smoke and generated a revenue of one point and one 4 million from selling price metrics for the fourth quarter of 2020 like remember Charles summarizes net changes in our revenue mix.
For the fourth quarter of 'twenty 'twenty total cost of sales increased by three point and I've got a millen two and.
And one seven.
7 million, leading to total gross profit of one 0.7 million.
On page two as it was profit on Vipers 6 million for same period of last year and overall gross margin. All came on stream percentage go on fourth quarter of plenty and plenty.
Well it was a quarter of two is on appointing SG&A expenses increased by 14.6 per day.
And Q2.
Paul on the seven minutes and a loss from operations was 2 million compared to income from operations of three point too many bullets and here the last few years.
Operating margin was negative six four and the one per cent compared to operating margin of Michael and a 5% before and Cynthia last year.
Well, it's about the quarter all the time and planning net loss was 2.7 million.
And that allows six cents per basic and diluted share compared to a net income of $2 2 million on non income or a poem cents per basic and diluted share or simply over last year.
Well it wasn't kratos in 2020 earnings before interest taxes, depreciation and amortization.
It used to buy five four and the 4 million to one 6 million from 7 million force and here last year.
No. It's just the day in Q2 sales financial results for the fiscal year 'twenty.
2020 and total revenue decreased both and point to put them to handle the point 9 million ads. It was relative decrease in sales volume of regular CMP and offset printing paper and combine the wage decrease and assays all the all per paper.
Pay per product category.
And fifth can you tell me plumbing, low seventeens segment, including Volkswagen and the likes of weeks and they generate the revenue.
Seven T Knight point 2 million, representing 17 eight co on the 4% of total revenue.
15 coupon on this remedy it revenue was from our watch list and the product and the 15th call and eight.
8 million was from lightweight 17 volume caused the dental segment decreased by 8.1 percentage to 119 6885 pounds of weight 154080 courthouse.
Where regulus and he and the $42 800 and on the one pounds were light weight CMP.
As people rather than us and decreased by five point to proceed and the Q4 hundred and the bulk of town right now as people like it was 17 decreased by five four and the one person that U 219 sweep accounts.
For the fiscal year 'twenty plumbing, our offset printing paper, that's and that's generated a revenue of two are poor and the swim and it will ship 20000, and 358 pounds of outside the planes and paper for the fiscal year 2020 a decrease of 34 and this represents four.
The same period last year.
ASP for offset printing paper decreased by 13.9 person to be tendered and sweep accounts for fiscal year, 2020 tissue paper product generates.
And related and revenue of eight core and the formula and increase the pie.
Coupon on the 1 million on 30 coupon on the 5% growth resulted from south of things out of it.
88, <unk> tissue paper products.
For the eighth point and 6% increase.
And it may actually up 800, and liquidity pool per DAU waived a decrease of 10, four and 8%.
For fiscal year, 2020, that's masked because it generated revenue of one point and 1 million with sales volume of pinpoint is doing it and pieces of business.
For fiscal year, 2020 total cost of sales.
Rose by eight point and seven.
7 million to 95, four and the 2 million leading to total gross profit of five point and so many and a decrease of <unk>.
58, 3% from last year.
Oh close Margaret on slide four and 6% reflects a decrease of six percentage points from last years call. It.
Fiscal year, 2020 SG&A expenses were 11 core and accumulating compared it to my point 8 million call. It sitting here and of last few years.
For the fiscal year plenty and plenty and income from operations decreased from $3 9 million Q next to Viper and the 5 million.
And lost margin and worse bipolar and with whole person.
Compared to operating module on the strip on the streets for this.
And here last year.
So it physical year, 2020 net loss were five four and a $6 million.
Oh 21 cents loss per basic and diluted share compared to net income of $2 2 million earnings of 10 cents per basic and diluted share for some share last year.
For this thing it to them and 'twenty.
Before interest taxes.
The price agent and and position.
And from <unk>.
19.3 million to pinpoint on the two minutes for it then here like a year.
Moving to slide 25, and 'twenty and say, let's look at balance sheet and the liquidity as.
As of December 31st it to any 20, the company had a cash and bank balances short term debt.
And Jordan Dent on our impulse sales and longtime low scrubbing glad and the union and it related party loans.
And the long term debt, including loans from credit Union of cash.
And the 1 million 24, and the 2 million and a full point of 6 million respectively.
Per the Q, Vical and 8 million eight four on a swing at it and it somewhere in the four minute respectively at the end of 'twenty and 19th.
Net accounts receivable was to pull on the formula. It adds as of December 31, 2020, compared to Shreveport, and a 1 million as of December 31st it.
And in 19 net inventory was one point on the 2 million as of.
December 3rd it does the 2020 compared it to one point it sits milling at the end of 2019 and.
It was as of December 31st for 'twenty, and 'twenty comedy had it current assets of 14.9 million and current liabilities of 18 point and the three minute resolve.
And our working cap to that state of Shreveport, and the 4 million.
And this was compared to current assets of 24 million and the current liabilities of 15 8 million without it and are working cop two of sample and to too many at the end of Danaher and 19th.
And that applies to provide either by operating activities was 15 point for one minute and for year ended December 31, 2020 and compared to net cash provided by operating activities of seven four and 5 million for 2019, net cashiers and it lacks activities.
25 million towards it year end date of December 31st for 'twenty, and 'twenty compared to some point and 9 million for 'twenty and 19 net of cash provided by financing activities was two point and 1 million for the year ended December 30, <unk> to 'twenty, and 'twenty compared to and out of cash and used in.
Financing activities of like one 8 million for 'twenty and Nike.
Well it is that it's all a question about our operations and the fourth quarter results from our investors now it was the management is answering these questions as follow.
And my wife, and what does I think the plan to do with all of US on the raised it ramped up the market rates and fleet.
The company plans to Investor day, New capital raise it from the market and to number one biomass conjunction clubs stepped number two P M and production life or tissue papers and number three way play too it was a posture on it it sounds to pay the calculation too.
And Tom laid to the activation of the pension paper.
Rachel It announced previously.
Now if you have any questions and I found it to email and I are and I T patching, they'll say and measurement and where it respond to your question food and is as soon as possible on marine.
And so.
Yeah.
Yes.
Thank you for attending.
Packaging and sports.
Earnings Conference call.
Yes.
Your call today.
It also the human hand and body.
Yeah.
[music].
Yes.
Yeah.
[music].
And.
Yeah.
Yeah.
[music].
Okay.
And.
And.
And.
Okay.
Okay.
Yeah.
And then.
Yeah.
Yeah.
Okay.
Okay.
[music].
Okay.
[music].
Okay.
[music].
Yes.
Mhm.
Mhm.
[music].
Yes.
Right.
[music].
And then.
And.
And.
And.
[music].
Yeah.
And.
Yeah.
Okay.
Yeah.
Yeah.
Okay.
Right.
Okay.
Yeah.
[music].
Yeah.
And then.
And.
[music].
Yes.
Yeah.
Okay.
[music].
And now.
[music].
And.
[music].
Okay.
Yeah.
[music].
Yes.
Yeah.
[music].
Right.
[music].
Okay.
Yeah.
Hmm.
And.
Yeah.
Okay.
[music].
Okay.
Yeah.
[music].
Yeah.
Yeah.
[music].
Yeah.
And then.
Yeah.
Okay.
Yeah.
Yes.
And.
And then.
And then.
And.
[music].
And.
Yes.
Mhm.
And.
Okay.
Got it.
Right.
Yeah.
[music].
Yeah.
Hum.
Okay.
Okay.
And then.
And then.
Yeah.
Okay.
Got it.
[music] accounts.
Got it.
[music].
Hum.
And.
Okay.
Yeah.
Mhm.
[music] it.
[music].
And.
Okay.
Hum.
Yes.
Okay.
Okay.
[music].
Yeah.
Yeah.
Okay.
And.
And.
Yes.
Yeah.
Yeah.
[music].
Yeah.
Yeah.
Okay.
Hum.
Yeah.
Okay.
And.
Hum.
Okay.
And then.
Yeah.
[music].
Okay.
Yeah.
Yeah.
[music].
And.
[music].
And.
Okay.
And then.
[music] it.
And.
Yeah.
Hello, ladies and gentlemen, and welcome to participate and IC packaging and fourth quarter and fiscal year, 2020 earnings conference call on.
This time I would like to inform you that this conference is being reported and that all participants are in a listen only mode.
Joining us today are Mr. Zheng Lu I T tax packaging, chairman and Chief Executive Officer and.
MS Jing Hao, the Companys Chief Financial Officer.
Remarks from both Mr. Liu and MS Hao will be delivered in English by interpreters.
Ivy Tech packaging announced its fourth quarter and fiscal year, 2020 financial results via press release yesterday, which can be found on the company's website at www Dot IV packaging Doxy and.
First Mr. Liu will brief you on the Companys key operational highlights over the fourth quarter and fiscal year, 2020 and rent that's how it will review the company's financial results.
Before we start I would like to draw your attention to our safe Harbor statement.
Management's prepared remarks contain forward looking statements.
Within the meaning of the Safe Harbor provisions of the private Securities Litigation Reform Act of 1995.
All statements other than statements of historical facts and its announcement are forward looking statements, including but not limited to anticipated revenues from the corrugated medium fever.
Your paper offset printing paper and face mask business segment.
The actions and initiatives of it.
Current and potential competitors it comes.
And he ability to introduce new products the <unk>.
Company's ability to implement capacity expansion market acceptance of new products general economic and business condition.
And the ability to attract or retain qualified senior management personnel and research and development staff and other risks detailed in the company's filings with the Securities and Exchange Commission.
These forward looking statements involve known and unknown risks.
And uncertainties and are based on current expectation on.
Assumptions estimates and projections about the company and the industry.
The company undertakes no obligation to update forward looking statements to reflect subsequent or current events or circumstances or to changes and its expectation.
And as may be required by law.
Although the company believes it the expectations expressed and these forward looking statements.
And the goal it cannot assure you that this expectation works on it out to be correct and it vectors our caution.
Actual results may differ materially from the anticipated results.
There is a presentation document featuring management's prepared remarks, and it is now available for download and the company's website at www Dot IC packaging docs again.
Please note that there will be discussions on non-GAAP financial measure or EBITDA or earnings before interest taxes, depreciation and amortization leap and refer to our press release for a complete reconciliation and L. B Foster and net income.
As a country reminder, all numbers and our parking page and our quoted and U S dollars and all comparisons refer to year over year comparisons unless otherwise stated.
I would now like to turn the call over to MS. Li Mr. Lou his comments it will be delivered in England and she might go on town from Evergreen Investor Relations.
Please go ahead.
Oh, Thank you, operator, and a and good morning, everyone and.
Thanks for joining our fourth quarter and fiscal year 'twenty 'twenty earnings Conference call.
During the fourth quarter, and we continue to making improvements and the sales volume of tissue paper products and close it slight decrease and sales have been P products for the quarter.
Our total revenue and slight decline of three four per cent per <unk>.
Turkey coupons five museum.
And we managed to grow sales from tissue paper products by 51.3 per cent. So it tells me the volume of free thousands and 165 comp for this quarter.
The average selling price it it goes all products for this quarter increased by $5 six per ton from the fourth quarter, and clunky plenty ore and minor growth comparatively to last year.
We took it quick recovery from the impact caused by global outbreak of COVID-19, Pandemics post it.
And growing revenues from sales of tissue paper regularly and like with some people go Oh.
And himself from tissue paper products have been growing steadily since the launch of P. M. H M. P up night and December 2018 and November 19th.
And we were in the process to a price with physical face masks production license, which we expect to boost both ourselves and margins and very near future.
So on something section all of it.
Production facilities, and all car Ts was delayed but and then make burnt sucks and final review of results for local food and drug review function and Hubei Province, We anticipate a plain license once it rather than to review work. So I finished.
And now I will turn the call over to al and sample and leasing Hao, who will review and comment on our fourth quarter financial results.
Cummins will be delivered the English by my colleague on these long tenor and please go ahead.
Yeah.
Thank god it jumped allo unquote being on the call and that's on behalf of the management team always summarize some key financial results flow of force bubble gum and candy on.
Oh, Okay. Many of those two specific cadets and lives and associated with various products.
It will make it here and which products on the resiliency and the number of system to go on production life provided as lives on the 18th.
Now, let's look at financial performance for the fourth quarter of two and had plenty. Please turn to slide number seven.
What was it last quarter up to them and 'twenty total revenue decreased its reported 4% to 32.1 million due to the decrease in sales and volume up something and offset printing paper.
Moving to slide eight for the fourth quarter on care, and who pending with them to the segment, including both ruggedness and he and light weight CMP generated revenue of $24 9 million, representing 17, six and 7% of the total revenue now.
And 97.
7 million of revenue was from our readiness and PE products and the flight point Timna. There was some lighter weight 17.
And second on the wall and slightly decreased by three four and a four person to fill.
<unk> 7627 pounds of wage $45, and 200, and it 10 pounds low ruggedness and team and the child without it and the 417 pounds or lighter weight and.
And I believe it just selling price all as people reckless and it includes.
Increased it by four points of strength within the Q4 hundred and a third and fly per pound and asked people likely to 70, it was equal to 422 per pound.
Turning to slide nine for the fourth quarter of 2020 it.
Also the printing paper generated a revenue of $4 9 million decreased by two point and certainly all the 31, 9% of the Columbus and here last year.
It offset printing paper volume decreased by 24.4% to 7800 and and 19th Whitestone.
As people also the premium paper decreased by nine eight per cent to kindred and 18 per pound.
Turning to slide not life pin tissue paper products generate to the revenue of the coupon on the 6 million increased by zero point, and 9 million all 51 points to 8% it.
And with resulted from sales of 3000 of 155 town things you'll pay per project leads all of it.
Safety, and one point of therapists and inquiries and nasty all of.
And I attended and a 37 per pound weight and increase of 22.4%.
Yeah.
Turning to slide 11, we felt.
445000 seats on fitness and generated a revenue of one point and one 4 million from selling Christmas for the fourth quarter of 2020 like number of Chubb and spend wisely net changes in our revenue mix.
It was supposed to quarter of 2020 total cost of sales increased five three point and I've got a million to 31 point on the chip set of many leading to total gross profit of 1.7 million as it.
Compared to say it was profit of Wifi six moving for some period of last year and although our gross margin I'll keep on the same percentage for the fourth quarter and plenty and plenty.
Well it is both a quarter of two is on the timing of G&A expenses increased eight floating 0.6% to.
Two important and seven minutes and a loss from operations was 2 million compared to income from operations of three point human and force them to last year.
Operating margin was negative six four and the one per cent compared to operating margin.
Michael and his wife is into Florida, and Pierre last year.
Well, it's about a quarter of Uptown and Plano net loss was 3.7 million.
And that allows six cents per basic and diluted share this compared to a net income of two point and 2 million on non income over 10 cents per basic and diluted share for simpler and less of a year.
Well it wasn't quite up in 2020 earnings before income taxes, depreciation and amortization decreased by five four and the formula to one corner, that's moving from 7 million sports and here last year.
No. It's just the day until he had his day to financial results for the fiscal year 'twenty.
2020 and total revenue would be close to call it important to present it to.
Handle the point 9 million ads it was relative to the decrease in sales and volume of Regulus and he also to come and pay the combined weight decrease and as piece of it I'll put paper products categories for fiscal year, two and he plumbing that's M D segment, including Volkswagen and.
The lightweight and they generate the revenue of seven two.
On the Knight point, Kimberly representing 17, eight core and the focus and to other total revenue.
15 coupon on this remedy it revenue, whereas our rod lift and the product and the 15th call on 8 million was from lightweight 17 volume towards the simple segment decreased by eight points, one percentage to 100 and it now.
<unk> 6885 pounds of weight, 154000, and courthouse, where regulus and heat and $42 800, and on the one pounds, where lots of weeks M D.
As Keith will gradually decrease.
Decreased by five point to pause and the Q4 hundred and the bulk of town well as people like we've said and can see crazed by by pool and the one person that U 219 sweep accounts.
Cause it system here Tony coming on.
All subsequent and take those steps and generated a revenue of two hour pool and the swim and it was shipped 20358 pounds of offset printing paper for the fiscal year 'twenty and plenty of decrease of 34 and this thread per cent for this.
And Peter last year.
ASP for offset printing paper decreased by 13.9 person to tend to it and three per pound for the fiscal year, 2020 tissue paper products generated a revenue of eight core and the formula and increase the pie.
Coupons on the 1 million on 30 coupon on the 5%, which resulted from sales of 10000 it.
88 pounds piece, you'll pay that products. It leaves a 48 point and 6% increase.
And it may actually up 803rd equal put down a decrease of 10 point on the 8%.
For fiscal year, 2020, that's much because it generated revenue of one point and 1 million with sales volume of pinpoint is doing it and pieces of business.
For fiscal year, 'twenty, and 'twenty COVID-19 cost of sales.
It closed by eight seven.
7 million to 95 point and accumulate and leading to total gloves profit bipolar and and so many and it decrease of 58 point is do it per cent from last year.
Gross margin on a flight core and six.
6% it reflects a decrease of six percentage points from last year.
Well it physical year, 2020 SG&A expenses were 11 point accumulating compared it to LIFO and the 8 million call. It sitting here and of last few years.
For the fiscal year, two on him plenty and income from operations decreased from $3 9 million to negative 5.5 million operating loss margin, whereas bipolar and the whole person.
Compared to operating margin on the street corner sweeps and for the same period last year.
Well it physical year, 2020 net loss were five four and a $6 million.
Oh 21 cents loss per basic and diluted share compared to net income of $2 2 million earnings of 10 cents per basic and diluted share for some here last year.
Well it just figure 10 and 20.
And if people interest taxes.
The price agent and and position it.
Crazy from 19.3 million to pinpoint on the two minute and force them here like it yet.
Moving to slide 25, and the 20 states that no cash balance sheet liquidity.
As of December 31st it to any 20, the company had a cash and bank balances sheltering that.
And Jordan Bento call impulse sales and longtime low scrubbing crowding and union and it related party loans.
And the long term debt, including loans from credit Union of it.
And I'll point, and a 1 million clinical and the 2 million and a full point and a 6 million respectively.
Had it to Viper and 8 million eight four and it's doing it and simple on the four minute respectively. At the end of two and he 19th.
Net accounts, they favorable but to pull on the formula. It adds as of December 31, 2020, compared to three point and 1 million as of December 31st it.
Jenny and 19 net inventory was one point and the 2 million as of.
December 31st in 'twenty, and 'twenty compared it to one point it sits milling at the end of 'twenty and 19.
As of December 31st for 'twenty, and 'twenty and comedy had it on assets.
14.9 million and current liabilities of 18 point and the three minute resolve it and are working hard to that state of simple on the formula.
This was compared to call on <unk> of 'twenty formula and the current liabilities.
15, core and 8 million, resulting in a working capital of simple into too many at the end of scanning and 19th.
Non attach per lot either by operating activities was it came calling for one minute and full year ended December 31 to <unk> 20, compared to net cash provided by operating activities of it.
Central on the 5 million call. It 2019, that's cashiers and his last day activities, whereas 20 point and 1 million towards it year end date of December 31st for 'twenty, and 'twenty compared to some point and 9 million for 2019 net of cash provided by financing activities was two point and a women it for that.
Yeah, Andy the December 30, <unk> to 2020 compared to a net of cash used in financing activities of like one 8 million for 'twenty and Nike.
Well. It is there's no question about our operations and the fourth quarter results from our investors now it was the management is answering these questions and follow them or what does I think the plan to do we all have gone to raise it bumped up the market rates and fleet.
The company plans to invest cause and new pop totally from the market and to number one biomass conjunction called stepped and number two P M and production life or teach you'll pay for it and number three way play to it as opposed to it what was it song to pay the calculation to Tumblr.
And to the activation of the pension pay for it.
It was announced it publicly.
Now if it will have any questions, but I found it to email and IR and I T patching, they'll say and regimen. The way it was bound to your question on food and is as soon as possible on marine.
And Sir.
Yeah.
Yes.
Thank you for attending I detect.
Packaging fourth quarter and fiscal year, 2020.
Paul.
This concludes our call today.
He also this human hand goodbye.