Q3 2021 Gulf Island Fabrication Inc Earnings Call
Yeah.
You're currently holding for Gulf Islands Conference calls to discuss their quarter 2021 results. At this time, we are assembling our audience will be underway in about two minutes. We thank you for your patience a whole long enough that you. Please remain on the line.
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Good afternoon, ladies and gentlemen.
And welcome to Golf Islands Conference call to discuss third quarter 2021 results.
All participants will be and listen only mode the duration of the call.
This call is being recorded.
And at this time I would like to turn the floor over to MS. Cyndi Cook for opening remarks and introductions Cindy. Please go ahead.
Thank you and good afternoon, I would like to welcome everyone to our third quarter 2021 teleconference.
The results for the late this afternoon and a copy of the press release is available on our website at Gulf Islands Dot Com.
A replay of today's call will be available on our website. After seven P. M. This evening.
Please keep in mind that the press released in certain comments on this call include forward looking statements and actual results may differ materially.
We would like to refer everyone to the cautionary language included in our press release into the risk factors described in our 2020 Form 10-K and subsequent SEC filings.
Please also note that management may reference adjusted net income EBITDA adjusted EBITDA.
New Project award and backlog on this call, which are financial measures not recognized under U S gap.
As required by SEC rules and regulations to the extent used these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in our press release.
Today, we have Mr. Richard Haass, President and CEO and Mr. West Stockton Executive Vice President and CFO Mr. Huh.
Cindy.
Good afternoon, everyone and welcome to our third quarter results Conference call.
I'm happy to be here with you this afternoon and I hope that each of you and your families are continuing to stay healthy and safe.
During today's call provide an update on the impact of Hurricane Ida.
The progress we've made on our strategic priorities, including an update on the next phase of our business transformation.
And market opportunities and the status of our key projects and wind down of the shipyard business.
West will then discuss our quarter results in greater detail.
Then open up the call for questions and conclude with some closing remarks.
If we're getting to our results I want to first provide an update on the impact of hurricane Ida and the status of our business restart.
Hurricane Ida made landfall on August 29th delivering winds of 150 miles per hour just shy of being classified as a category five storm.
Our facility and Homo Louisiana was in a direct path in our facility and the surrounding communities suffered significant wind and rain damage.
Almost a million residents in Louisiana lost power in our facility in homa and many of the local surrounding communities did not have power restored for almost a month after Ida made landfall.
Gulf Island has a long history of conducting operations in south, Louisiana, and substantial experience managing through catastrophic weather events and their aftermath.
I have reference many times, the resilience and dedication of our people and I got to see this firsthand after the storm.
I visited the community in our facility a few days after items made landfall and witness the destruction firsthand.
I saw 100 year old oak trees, and a majority of the power lines down.
And more tragically complete loss of homes.
The devastation with significant but our employees were back to work as quickly as they were able.
Focusing on the clean up and rebuild of our facility I.
I am grateful for their sacrifice and contribution.
This was a devastating storm, but through the hard work and dedication of our employees I am happy to report that we currently have over 90% of the pre hurricane head count back to work and we're delivering on our commitments to our clients.
As we will discuss shortly despite the challenges we were able to report or another quarter solid execution, and our fabrication and services Division, which highlights the strong foundation. We are building in this business in.
In addition, we are also able to continue making meaningful progress on our strategic transformation, which I will now discuss.
As I highlighted last quarter, we have made considerable progress on the first phase of our strategic plan, which included improving our risk profile.
Strengthening our liquidity.
Improving our resource utilization and project execution and.
And reducing our reliance on offshore oil and gas.
We will continue to build on these initiatives, but we have now shifted our focus to the next phase of our strategic plan, which is centered on generating predictable and profitable growth.
We will accomplish this goal by focusing on the following additional initiatives.
Pursuing new growth and markets.
Diversifying and growing our services business further strengthening project execution and expanding our skilled craft workforce.
Will now provide an update on the progress we have made on these four key objectives over the last three months.
First in terms of our new growth and markets. The company is focusing its near term business development efforts on higher growth and markets such as LNG and petrochemicals.
New business activity is robust and a number of large projects are moving toward final investment decisions over the next three to six months. In addition, we are beginning to see increased inquiries and bidding activity and hydrogen and renewable fuels related to rapidly growing energy transition initiatives given.
<unk> capabilities and geographic location, we are strategically situated to pursue these market opportunities along the Gulf coast and we're excited about our prospects.
Second we have already seen our efforts in diversifying expanding our services business pay off.
We have expanded our customer base for existing offshore services business with new crews Skirving new customers. In addition, we are making progress in our efforts to build relationships with the Oems of specialized equipment readily used by our customers.
We have already established a framework within OEM to train our service professionals on their equipment and while not yet significant we will see revenue in the fourth quarter from this key partnership.
We expect this initiative to gain momentum as our customers continue to evaluate ways to consolidate their contractor base and reduce their overall cost of operation.
Third a fabrication services division continues to make significant progress on their project execution, which was all the more impressive this quarter given the impacts of hurricane either.
The divisions projects continue to deliver better than they are as old estimates and exceeded my expectations for the quarter.
Without the impacts of hurricane Ida, which negatively impacted our utilization levels and productivity for much of September Ah results for the division would have further exceeded expectations were.
We're focused on the continued strengthening of our project management processes and procedures, which will drive higher margins and improve new award when rates.
Lastly, we're focused on finding ways to expand our skilled craft workforce.
Similar to other industries that rely on skilled labor we are faced with the challenges of attracting strong craft professionals and are continuing to look for creative ways to retain and to expand our skilled labor.
Our existing workforce is incredibly loyal and we are using the base of employees to attract new customers and employees. In addition, the expansion of our services business should also benefit our efforts to attract new craft labor.
The services business is more predictable and provides the assurance of underpinning work.
Providing more certainty for our skilled craft labor, which helps drive recruitment and retention.
Moving on I would like to provide additional detail on activity. We are seeing in our fabrication and services and markets. We are extremely encouraged by the trends in our targeted markets as bidding activity has continued to gain momentum in recent months.
There will be a significant number of large projects coming to market in the coming months and years and given the scarcity of labor in our strategic positioning we're excited about the opportunities this presents for Gulf Island.
The LNG market continues to represent our most attractive near term opportunity.
As we have discussed before there are a number of large LNG projects in Texas, and Louisiana that could provide attractive opportunities for the company and we have recently seen a significant pickup and bidding activity.
Given the scale of these projects, we are often bidding on numerous cokes to different contractors for the entire complex, providing us flexibility and multiple potential awards on these larger capital projects.
We continue to be excited about the prospects for the LNG market and we hope to have some good news to share in the coming quarters.
While LNG and petrochemical represent our most attractive near term opportunities for New awards. We believe the energy transition movement will provide a significant opportunity for growth in the coming years.
Although given the rapidly evolving trends in these markets the opportunities may not be as far off as they seems just a few months ago.
We are seeing bidding activity and sustainable energy and markets pick up and we have started to engage the end users and licenses to demonstrate Gulf islands value proposition to their projects.
Many of the customers Dr ability to scale up in our proximity to project locations in nearby ports as opportunities, where we bring value.
Specifically, we are seeing activity and interest in hydrogen projects and other sustainable technologies, such as carbon capture and renewable fuels.
There have been recent announcements of large capital projects in Louisiana focused on these green initiatives and we are well positioned to participate as these prospects further developed in our backyard.
With continued robustness in the crude and natural gas markets. We're also starting to see capital spending being discussed by customers and our traditional markets as such will continue our business development efforts on our existing customer base as well as expanding into adjacent and markets focused on customers to value our geographic location.
Key resources in our home a yard and are skilled craft labor force.
With respect to our services business. We are very encouraged with the early progress we have made and growing this business, which is a key part of our growth strategy given the more stable and predictable nature of this business.
Given the strength in crude oil and gas prices, we have begun to see an increase in activity from our existing offshore customer base and are also seeing opportunities with new customers. However, similar to the rest of our business. The biggest hurdle for success, maybe the availability across labor.
We're working with local trade schools to ensure that we have a quality pipeline of the next generation craft professionals, along with investing opportunities to tap into other geographic markets can recruit season craft professionals looking to capitalize on the anticipated near term growth.
I've mentioned scarcity of Labour a couple of times, so I do want to be clear about how we're thinking about the challenges of labor availability and how we are incorporating this into our strategy and bidding on new projects.
Large fabrication projects can often have durations of 18 to 24 months and are typically bid at a fixed price.
As a result of future projects will likely be executed and an even more difficult labor environment.
At the same time, we are fully aware that labour availability will be at a premium in the coming years as a significant number of projects will be coming to market.
So we want to remain patient with our most critical asset power people.
This is all to say that we may lose some project opportunities in the near term, but we will maintain our discipline and pricing the labor risks in our estimates.
Make sure we receive an adequate return our projects and considered the opportunity costs of each project.
We have worked hard to improve our project execution in recent years, and we will continue to adhere to the significant.
New policies and procedures, we put in place that drove these improvements to ensure we remain disciplined during this important time in the company's transformation.
Now turning to the shipyard division or 70 vehicle Ferry project for the Texas Department of Transportation was impacted by increased forecast cost and forecast liquidated damages, primarily associated with the extension of schedule and associated duration related costs, including supervision and subcontract.
The services cost.
The impacts were primarily due to lower than anticipated progress on the project due in part to COVID-19, and a hurricane items, we have submitted a claims to our customers to extend.
Our project schedule and recover the increased forecast costs associated with the impacts of previous customer directed changes in COVID-19, and Hurricane Ida will continue to work with the customer to reach a favorable resolution.
The ferry is currently scheduled to be completed in the third quarter of 2022, the continued delays and increased costs on Texas dot are disappointing, but they remain manageable as.
As we move out of the construction phase and into outfitting and get closer to completing the final contract obligations I'm confident we have the right team and planned to successfully drive this project to completion.
With respect to our 240 vehicle ferry projects are teams continue to make good progress.
The second fairy is undergoing piping modifications directed by the customer to address the previously mentioned in design challenges as we work toward her commissioning and delivery in December.
We have seen positive progress on the construction of the first ferry and look to build on this progress to deliver her in the third quarter of 2022.
As previously discussed in July we filed a lawsuit in North Carolina for a breach of contract based on the deficiencies and design in an attempt to recover the increased costs and extensions of schedule, resulting from the design related impacts.
I feel we have a strong case and look forward to a favorable outcome for golf Ottoman.
Overall I am very pleased with the progress we have made on our strategic plan and how golf Island is positioned for the future it.
It is very early and we're not prepared to provide a detailed outlook for 2022, but we are encouraged by what we are seeing in our markets. I believe we are in a very good position to take advantage of the improving market trends, which combined with the significant progress we have made on our internal initiatives should positioned the company.
For improved results in 2022.
I will now turn the call over to us to discuss a quarterly results in greater detail.
Thanks, Richard and good afternoon, everyone.
I will discuss our consolidated results and then provide some additional details regarding our segment results.
Putting in context, the factors mentioned by Richard and their impact on a quarter I will then conclude with a discussion of our liquidity.
Please note that unless otherwise specified all financial information reference relates only to our continuing operations.
Consolidated revenue for the third quarter of 2021 was 19.6 million a 19% sequential decrease compared to the second quarter of 2021, and a 23% decline from the third quarter of 2020 with a year over year decrease primarily attributable to our shipyard division.
Consolidated operating loss for the third quarter was three 7 million and EBITDA was a loss of $2.6 million, representing a positive contribution from our fabrication in service provision it was offset by losses attributable tar retain shipyard operations.
Specifically for the fabrication and services Division revenue for the third quarter of 2021 was $17.3 million a decrease of 952000 compared to the third quarter of 2022.
The decrease was primarily due to the completion of two large projects and lower revenue firm or marine docking structures project.
Partially offset by higher small scale fabrication and offshore services activity.
Fabrication services EBITDA for the third quarter was 1.4 million. Despite the year over year revenue decline with EBITDA benefiting from a favorable margin mix and strong project performance, including project improvements of $1.1 million on two projects one of which is now complete.
Our project execution for the division with solid these benefits were partially offset by low volume levels and the under utilization of the division's facilities and resources.
Divisions utilization for the third quarter was negatively impacted relative to the sequential quarter due to the temporary closure of our facilities for much of September due to hurricane Ida.
Despite the impacts of the storm overall utilization for the third quarter was comparable to the prior year period with higher offshore services activity being offset by lower fabrication activity.
We expect improvements in utilization in the fourth quarter of 2021 relative to the third quarter due to unanticipated rebound and activity following hurricane Ida.
However, the improvement will be modest as low fabrication backlog and the typical seasonality impacting fourthquarter services activity will weigh on utilization levels.
As in recent quarters, although the divisions overall utilization continues to be challenged.
Our cost reduction initiatives and consolidation efforts have enabled us to partially mitigate the impact of the low utilization rates.
Or on us to generate year over year margin improvement despite lower revenue volume.
We continue to look for additional opportunities to improve execution and reduce overhead cost to improve our operating leverage the volumes recover.
Now turning to our shipyard division revenue was $2.3 million for the third quarter and relates entirely two or three very projects.
Operating loss for the quarter was $1.9 million and included net project charges of 1.3 million associated primarily with our 70 vehicle ferry project and vessel holding costs and legal fees of approximately 400000 associated with our nbsp contract to speed.
The third quarter also included charges of approximately 400000.
Associated with deductibles and other costs related to damage caused by Hurricane Ida to our second 40 vehicle Ferry project.
And the NTSB that are in our possession and certain bulkheads, where the vessels were moored.
For our corporate division operating loss for the third quarter was $2.2 million and was impacted by cost to pursue initiatives to diversify and enhance our business and the temporary under utilization of our resources as we evaluate our resource requirements to support future operations.
With respect to our liquidity during.
During the third quarter, we receive forgiveness of $8 $9 million of our PPP loan plus accrued interest and repaid the remaining balance and accordingly, we ended the quarter with a cash balance of almost $74 million and no debt.
At quarter, and we continue to have approximately $11 million of net liabilities attributable to our shipyard operations we.
Back to satisfy most of these liabilities over the next nine months as we wind down our shipyard operations.
Partially offsetting this anticipated use of cash for the shipyard wind down will be an additional 2.2 million of deferred transaction consideration you from bollinger related to the shipyard transaction of which $1.3 million was received in October and the remainder is expected to be received in the first quarter of 2022.
As it relates to hurricane Ida and it's feature cash flow impacts we continue to work with our insurance providers and advisors to assess the full extent of the damage caused by the storm and evaluate our insurance coverage amounts.
Currently we expect a future use of cash associated with deductibles and other costs related to damage caused the buildings and equipment and the previously mentioned vessels and bulkheads.
These deductible amounts range from approximately 3 million to four or $5 million in the aggregate.
Finally, turning to our outlook for the remainder of 2021.
We continue to be encouraged by the progress of our strategic initiatives and are optimistic about new award opportunities given the current bidding environment.
But in the near term given our current low backlog and the uncertainties around the time and the New awards, we continued to anticipate sequentially lower fourth quarter revenue for our fabrication and services Division, which combined with the continued near term Underutilize Asian of our facilities and resources will result in operating losses for the fourth.
Porter.
However, we continue to be well positioned to pursue our growth strategy as we expect to exit the year with a cash balance of $60 million to $65 million, which is consistent with our previous expectations.
This concludes our prepared remarks, operator, you may know open the line for questions.
Thank you.
I shouldn't answer session will be conducted electronically if you would like to ask a question. Please do so by pressing the hockey followed by the digit one on your Touchtone phone.
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12, ire signal to reach our equipment.
We will proceed in the order that you signal off I will take as many questions as time permits.
And we'll go to our first question from J P Gagan of global value Investment Corporation.
Thank you and good afternoon gentlemen.
It seems like the business is reaching an inflection point to know, though that's not been or not in your financial results yet from some of the comments you made in your cross release in your prepared remarks.
Regarding your service range mentions and smaller fabrication projects. It seems like we're right on the precipice of that as you reflect on what how the business has developed over the past.
Four to six quarters, what has really moved and needle.
Good afternoon J P.
I really think it's all about discipline.
Knowing what we're bidding and having a plan on that execution plan and executing too to our plan I think our team has done a fantastic job of recognizing the things that we are estimating in terms of new awards.
And they are executing to our plan.
So you've seen here at quarter after quarter.
The projects that we bid under my watch they're executing.
To their plan and delivering better than the assholes estimates so I'm really excited about the.
The execution now, it's just a matter of bringing in bigger volume of New awards and continuing to to execute.
You've talked at length about LNG and petrochemical projects on the Gulf Coast.
It seemed from your prepared remarks that hydrogen and perhaps even wind power might be factoring in to your.
Future expectations and more expedient manner than previously thought.
Can you characterize your bidding activities or if not bidding activities at least early customer engagement.
By type of and project generally.
What do you mean by in project generally JP.
Are you most active in LNG or hydrogen or wind or.
Whatever be or what is what is the breadth of your engagement currently look like.
Yes, I would say the the big immediate volume of work in the next 18 to 24 months.
That will be material and impactful for our business is going to be around LNG in petrochemicals.
Just because of the sheer size of a project.
Those those prospects are tied to.
As far as the hydrogen and some of the sustainable energy that we're chasing those are still further out while they have made announcements.
And the news with regard to.
Project development.
Still in my opinion far away from it.
So at that those prospects are probably more two to three years out and we are engaging with engineering companies and licenses and developers on those prospects. So if I look at it from a kind of a chronological order the LNG in petrochemicals are the near term, which will impact our business in the 18.
In the next 18 to 24 months and the sustainable more specifically hydrogen projects that we are chasing those are probably 24 to 36 months out.
Okay.
Of course, you're.
Geographical location and the scale of your facilities positions you well for.
Competitively bidding LNG in debt and projects do you think those same competitive advantages apply to other areas like hydrogen or window, you might be looking at.
Yes.
For example, we had an interesting customer conversation last week, where basically this customer has a technology where there.
The smaller modules that what we call trackable or <unk> modules and kind of our industry.
And they've gone to a more private smaller mom and pop fabricator. The problem is it now they're starting to look at scale.
That market is picked up so much that they're going to have to build a lot more of these while they the contractors that they went too can't provide that capacity and so.
Another way to say it as it were now.
Because of the size of our asset we have the ability to go after smaller modules, but a much much larger volume, which gives these licenses and engineering companies, some surety of inventory and and schedule a production.
Got it.
The final question and this is really a new cash balance or perhaps capital allocation in general.
You talk about some of the near term uses a passion anticipate ending the year with $60 million to $65 million.
In cash of.
Of course in a business like yours, some a lot of that needs to be tied up for working capital given the types of projects in which engaged but.
Can you more generally talk about use of cash.
In the medium to long term.
Capital allocation in general.
Sure JP, so we will use some of that cash in.
In 2022.
Fun.
Dr <unk> associated with the Hurricane Ida impacts.
We're not anticipating much of that.
In the fourth quarter I think most of that will come in 2000, 2022, so that'd be a bit bit of it.
Obviously, we've got to wind down the shipyard operations in in my prepared remarks, I mentioned that that liability sets right around $11 million or I guess at $9 million out of the proceeds that.
Still do from from Bolander.
And then beyond that as we've mentioned on previous calls we do have some limitations on what we can use to do with the cash and it can't be used because of our mortgage green agreement.
With our charity it can't be used for dividends.
Or buying back stock, but what it can be used for is to grow the business and invest in and other opportunities.
Even inorganic opportunities to grow the business or investing in technology are the things to make us more efficient. So that's our plan. That's we're looking for opportunities to best use for that cash in in the near term here and in the long term.
Kind of the same same model will apply.
Okay.
Great. Thanks, I appreciate the additional talents.
Okay. Thanks JP.
And we'll hear next from Tony Christ Odyssey investments.
On the airline is open. Please go ahead.
Well it looks like Tony has removed himself from the queue.
We'll go next to the Pinnacle.
Medical.
Good afternoon, everyone.
Okay. Good afternoon John.
It looks like you're making solid progress I just wanted to circle back for a second to Aida make.
Make sure I understand.
There you mentioned, 90% of the head count is back to work.
All of the equipment functional in other wars so curious.
<unk> issues.
Power back on in other words are you back to being.
100% operational from an equipment standpoint.
Where where essentially 100% operational from equipment standpoint, John Luckily, we did not have severe flood damaged in our facility. It was mostly wind and so we do have some minor damage on certain equipment that we.
Are having to consider repairing but.
Functionally I would say we are close to two 100%.
Up and running on the equipment the infrastructure is a different story.
As you can imagine the buildings.
Self in terms of shelves and structure we are assessing.
Those those damages working with insurance companies and prioritizing their their repair.
Or the degree of repair as we look at the workload coming forward. So right now none of that is getting in the way of any other commitments to our customers and from a head count standpoint, as we stated in our prepared remarks majority of the employees are back in the office working or in the shops working.
Okay. Good that's encouraging.
All right.
John Sorry, just the way that is going to manifest itself as you think about the fourth quarter and going into 2022 from a piano perspective.
Higher I talked to the cash implications of that.
As it relates to.
The deductibles associated with the the vessels in the bulkheads.
Those deductibles range from about $1 million million dollars, a half and we expense, but 400000 of that this quarter. The rest of that if we were to incur those deductibles, we would expense when we incur those the other.
Deductibles associated with the building and equipment that Richard just mentioned those run $2 million to $3 million in the aggregate and whether or not that manifests itself as the income statement item or capital item will largely depend on the nature of the capital Amin a.
Significantly.
The the useful life of an asset for.
For example that would be a capital item if it's more akin to a typical maintenance or repair then we'll expensive. So I just wanted to give some insights that we will have some ongoing impacts on our income statement related to this.
But obviously we view these as one time items that we hope we won't won't see again here in the near term.
All right, let's hope so have you actually made claims to the insurance company yet.
Yes, Sir we are working through that as you can just imagine with the devastation in the region.
Everyone's busy or gestures are busy so.
We've been working with them from day, one so it's just a process we're going through.
Right. Okay. So it's.
It's not going to be resolved by year here, but.
Most likely in queue on do you think.
I think that's a reasonable estimation, that's what we would we would hope that it will hope to have as much finality as we can bye bye bye.
By year end, but it wouldn't surprise me if some of that rolled over into into the first quarter.
Okay, Yeah. It would be helpful to have a a range of.
Of estimates.
That we can use going forward if possible.
That's all I have thanks.
Thanks.
And walk over to Tony Crisis Odyssey investments.
Hello, Hello Fellows.
Right job.
With the hurricane and everything.
Richard.
Wanted to know if you could give any more color regarding our our bids.
Contracts were bidding for in particular.
Like the size of them I think our previous conversation you said, you're striving to get about 10% gross margin and.
And anything else you could I know you can't give too much because they are competitive.
Yeah.
Others are bidding them too.
But.
I guess, just the size and the number of contracts that we have in the mill would be helpful.
Yeah.
And thanks for that time so.
What I would like to clarify is that when Tony asks you.
You are asking telling me more about our fabrication business the larger module well one thing that I will note is our services business, which gets underserve digests in terms of the Q&A because it just doesn't have the large volume it's doing really well I mean, we were at a point, where we could use more more craft and I know.
Our HR teams listening.
Got that heavy burden of going and looking for craft laborers to service all these accounts that that need.
Our expertise and so that business and 22 and 23 at at what the oil prices today in the Gulf of Mexico.
As a growth growth engine, we are highly bullish on that services business, albeit top line in terms of volume it's slower.
Then fabrication that as a business that we will see strong 2000 2023 performance.
The larger fabrication just to give you some perspective and and as we answered for JP really the next 18 to 24 months is going to be impacted by LNG and petrochemical and just to give you. Some context as you guys have seen that followed this market.
There's a lot of large developers working on off take agreements with LNG and and they are moving toward it and I believe that that if not one or two of these projects are going to move to FIV hopefully by the end of the year or the first quarter.
On an LNG project just to give you. Some some frame of reference we're talking about just throw a module standpoint 50000 tons just ballpark.
A number of modules.
Our capacity on an annualized basis is only 10000 and so it really does give you. Some context, one large LNG project can satisfy the capacity of B and and three other competitors.
Ballpark and we're not only talking about modules that are on the process. There are structural steel associated with.
Moring Civil structures, and then also highly technical process modules from the specially contractors, so really what what I'm trying to convey is is that there is going to be if any of these large LNG projects move forward projects expect them to do here very shortly.
Short fashion.
Short fashion.
There is going to be ample opportunity for golf island to get their fair share.
And would that represent just $2 or 100 $200 million.
You can give some rough idea, we're not I'm not going to hold anyone do anything just to.
I know you said, they're very large but.
Top top line, there and that $50 100 million dollar contract value topline value.
Right.
Great. Thank you. Thank you so much keep up with it.
Thank you Tony.
Yep.
Okay.
Okay.
Concludes today's question and answer session.
At this time I would like to turn the conference back over to Mr. How far any additional comments.
Thank you and closing.
Want to thank our customers and shareholders for their continued support as well as recognize our employees who continue to demonstrate a commitment to golf island success Iced.
I saw this firsthand this quarter and I'm excited about our future with such a dedicated team as in markets continue to improve I'm confident that we will win our fair share of projects opportunities for those on the call. Thanks again for your interest and I look forward to speaking with you on our fourth quarter results conference call and updating you on our progress.
Dave and take care.
Concludes all silent call. Thank you for your participation you.
You may now disconnect.
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