Q1 2023 Geospace Technologies Corp Earnings Call
Welcome to the Geo space Technologies first quarter 2023 earnings conference call hosting the call today from G. O space is Mr. Rick Wheeler, President and Chief Executive Officer. He is joined by Robert <unk>, The company's Chief Financial Officer, today's call is being recorded and will be available on the G. O speech Technologies, Inc.
Buster Relations website following the call at this time, all participants have been placed in a listen only mode and the floor will be opened for your questions. Following the presentation. If he would like to ask a question at that time. Please press star one on your telephone keypad.
And you put your question has been answered you may remove yourself from the queue by pressing star two we ask could you. Please pick up your handset to allow optimal sound quality.
If you should require operator assistance press star zero and it is now my pleasure to turn the floor over to Rick Wheeler, Sir you may begin.
Thank you Brittany.
Good morning, and welcome to Geospatial Technologies Conference call for the first quarter of fiscal year 2023, I'm, Rick Wheeler, the company's President and Chief Executive Officer, and I'm joined by Robert Curtis The Chiefs, the Chief Financial Officer of the company.
In these prepared remarks, I'll first provide an overview of the first quarter and Robert will then provide an in depth commentary on our financial performance.
After some final comments, we'll open the line for questions.
Some of today's comments about markets revenue recognition planned operations and capital expenditures may be considered forward looking as defined in the private Securities Litigation Reform Act of 1995.
Statements, we make are based on our present awareness, while actual outcomes are affected by uncertainties, we cannot predict or control.
Both known and unknown risks can lead to results that differ from what we say or imply today. These risks and uncertainties include those discussed in our SEC Form 10-K, and 10-Q filings for convenience, we will link a recording of this call on the Investor Relations page of our Geo space Dot Com website, and I recommend that you browser website to learn more about your space in our <unk>.
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Note that the information recorded this morning is time sensitive and may not be accurate at the time, one listens to the replay.
Yesterday after the market closed we released our financial results for the first quarter of fiscal year 2023 spanning October one through December 31, 2022, we were pleased to see that revenue for the quarter reached $31 $1 million, reflecting an increase of 73% over last year's same period.
Moreover, the amount represents the company's highest quarterly revenue in the last eight and a half years going back to June of 2014.
Gross profit for the quarter were also strong and reached a three year high of $10 $5 million.
<unk> and all other expenses the first quarter posted a narrow net loss of a penny per share. However, it must be noted that the slight loss comes after including $1 $4 million in one time charges. These charges were a combination of restructuring costs write offs of Russian inventory and nonrecourse recurring repair costs those.
Action stemmed from our commitment to achieve future profitability through streamlining our operations, reducing operating costs and increasing revenue in each of our business segments.
The majority of first quarter revenue came from our oil and gas segment led by wireless seismic products, while the sale of <unk> land equipment from our rental fleet was a contributing factor the largest portion of wireless seismic revenue came from our <unk> ocean bottom nodes rental revenue from performing it'll be X rental contracts with certainly the largest component however of cigna.
I think an amount of <unk> related revenue was the result of compensation for OA X equipment that was lost by a rental customer during a survey.
We intend to build out additional Ob X nodes to replenish this lost equipment in the rental fleet as demand for both deepwater and shallow water Ob X models continues to strengthen.
Many of our existing customers have stated an intention to move their crews and to follow on client contracts. After their existing surveys are complete.
Binding this demand with an increasing number of shallow water surveys being put out for bid interest in using our new Mariner nodal technology is also growing significantly.
Our strategic diversification efforts continue to bear fruit as evidenced by the performance of our adjacent market segment first quarter revenue from these products came within 1% of its all time records set in last year's third quarter, adding traction to our move toward profitability.
As a premier manufacturer and supplier of Ruggedized water meter connector cabling, our market position in these products continues to climb to maintain this position we worked closely with trusted water meter companies to meet the design and specifications of their domestic municipality customers.
The breadth of discussions taking place with these partners for specialty cables as well as the quantum smart valve products gives us confidence that future growth in this market will continue.
With that I'll now turn the call over to Robert to give more financial detail on first quarter performance.
Thanks, Rick and good morning, before I begin I'd like to remind everyone that we will not provide any specific revenue or earnings guidance during our call. This morning.
Yeah.
In Yesterdays press release for our first quarter ended December 31 2022.
We reported revenue of $31 1 million compared to last year's revenue of $18 million net loss for the quarter was 100 pounds or one cents per diluted share compared to the first quarter of last years net loss of $6 8 million or <unk> 52 cents per diluted share.
Our oil and gas product revenue is as follows traditional product revenue for the three months period ended December 31, 2022 was $2 8 million compared to revenue of 600000 for the last year. The increase in revenue is due to higher demand for seismic sensors and marine products seismic sensor sales were up.
Due to the long term order with an international company and a modest increase in domestic sales in our Russian entity.
Our wireless product revenue for the quarter was $17 2 million, an increase of 98% compared to revenue of $8 7 million last year. The increase in revenue is due to higher rental revenue from higher utilization of our <unk> rental fleet and higher marine wireless product revenue from our rental car.
Customers compensation for loss that will be X moves.
Moving to our adjacent markets product segment, our industrial product revenue for the first quarter with $7 9 million, an increase of 58% compared to last year's revenue of $5 million. The increase in revenue is due to higher demand for our smart water meter connectors and cables.
Imaging product revenue for three months ending December 31, 2022 was $2 9 million a decrease of 8% when compared to $3 2 million from the same period last year lower demand for thermal film products. During the holiday season explains the slight reduction in revenue for the first quarter as compared to the same.
Prior year period.
Revenue from our emerging market segments for the first quarter of fiscal year 2023 is 93000 compared to 137000 for the first quarter of fiscal year 2022. The revenue for both periods is related to the ongoing contract with U S customs and border Protection Agency.
Our consolidated gross profit for the first quarter of fiscal year, 2023 was $10 5 million compared to $1 7 million last year. The increase in gross profit was due to higher utilization of our <unk> rental fleet higher marine wireless exploration product sales and increased demand for our water meter.
Cable and connector products.
The first quarter of fiscal year 2023, operating expenses are $10 8 million. This is an increase of 26% when compared to $8 6 million for the first three months of fiscal year 2022.
The increase is due to a favorable non cash adjustment reported in the prior year for a change in the estimated fair value of contingent consideration related to our quantum and emphasize act.
Acquisitions.
Severance costs, we announced on our prior teleconference, and higher selling general and administrative expenses, resulting from our increased increase in revenue.
These increases were partially offset by a decrease in R&D project costs.
Q1, 2023 cash investments into our property plant equipment for 265000 in cash and investments and term rental fleet is 162.
Our 2023 capital investments into the rental fleet could be as much as 6 million provided new rental contracts more at the additions to our fleet investments in property plant and equipment could be as much as $1 million for the fiscal year.
Our balance sheet at the end of the first quarter of fiscal year 2023 reflected $12 3 million of short term investments and we have cash and short term investments and we maintained additional borrowing ability of $8 5 million under our bank credit agreement.
The company's total liquidity liquidity was $28 million. We currently have no debt and one numerous real estate holdings in Houston and around the world that are owned free and clear without any leverage. This concludes my discussion and I'll turn the call back to Rick.
Thanks Robert.
After the first quarter closed our quantum technology Sciences subsidiary secured a new contract with an undisclosed federal government contractor, while the initial dollar amount of the contract is modest at home's strategic significance in future potentials for serving an application unrelated to our previous border security work.
In conjunction with multiple active discussions surrounding other unique applications of quantum's analytics technology, we believe the outlook for projects in our emerging market segment is expanding.
As part of our plans for streamlining operations and reducing costs, we anticipate completing the sale of our satellite Houston facility within the second fiscal quarter. This facility currently houses <unk> rental operations, which we are in the process of consolidating into our main campus location.
And accommodating this consolidation we sold some obsolete equipment after the first quarter close.
We believe the continuation of our planned efforts and vigilant in maintaining a strong balance sheet will successfully lead us to profitable returns for our shareholders with that this concludes our prepared commentary and I will now turn the call back over to Brittany, our moderator for questions from our listeners.
Thank you the floor is now open for questions. At this time, if you have a question or comment. Please press star one on your telephone keypad.
And then any point. Your question has been answered you may remove yourself from the queue by pressing star two again, we do is that while you place. Your question you pick up your handset to allow optimal sound quality.
And we will take our first question from Martin Lorenson, who is a private investor. Your line is now open.
Hi to Texas from Gemini and thank you for taking my questions.
You bet.
I have a few if I may the first one can you shed some additional light on the property sale you indicated last quarter on.
This call as well.
I'll be touching lots a lengthier drilled facility.
Yes, that's exactly the one we're talking about.
Okay. Thank you. Thank you.
<unk>.
And in terms of streamlining operations can we expect further sales this year.
Well, we're certainly going to be examining our assets with our property plant and equipment as far as that goes I don't think there's any anticipation of our properties at this point in putting those up for sale, but we are open to doing that if in fact, our examination shows us that would be beneficial for us.
In our overall approach.
And our plan towards profitability.
Got it.
And.
The higher level.
Can you address market share and how that potentially shifted since the onset of the pandemic, especially given the consolidation that seems to be happening and picking up in Europe as well.
Well I mean, the market is certainly picking up the pandemic for the most part had a massive effect on the overall demand for oil and gas and subsequent to that seismic exploration for several years now has been at the lowest it's ever been in history.
But that being the case, we see with what's happening in Ukraine as.
As well as the fact that China is coming out of its isolation more so from the pandemic the demand for oil and gas and energy in general is improving I think that's what's driving most of what we see today. It is true that.
We don't see as much improvement in the land side of things, although there are signs so that also improving.
Most of what we see is occurring.
In the offshore space and certainly that's why you see that our obs Ren.
Our rental fleet and ocean bottom nodes are driving our revenue at this point in time.
Got it Okay, and then lastly, do you see room for further freeing up of working capital that we've seen.
Last few quarters.
Sure.
What are you indeed.
What can we expect the cash balance so it looks like.
I think we're looking good for cash again, we don't give any guidance to how those things are manifesting in the future as it were but we do.
Conservatively conservatively manage our cash as this is exemplified for many years.
Gone by so we expect ourselves to be in good shape with respect to our cash.
Okay, Thanks, and good luck.
Thank you very much.
Our next question comes from Bill <unk> with Titan Capital. Your line is open.
Thank you Rick I'd like to start with the comment you just made about the land market and that there are some small signs that it's improving would you would you walk through those for us.
Well many of these improvements are coming about.
In foreign locations certainly in the in the.
Canada, and North America things are still depressed, but even there we're seeing improvements.
To the extent that.
Seismic exploration has just been at such low levels. There is a little bit of pent up demand that I think that we believe is what might be driving some of that but overall, it's still too early to tell what sort of recovery, we might see in the land side of the business.
Thank you.
So then relative to the.
New Mariner product you'd mentioned that there was increasing interest.
Would you.
Help us understand whether that's predominantly an interest in rental or or if that product is gaining net purchase interest.
Its actually both but certainly the mariner represents a very cost effective solution compared to what has historically been available for ocean bottom nodes that was one of the primary design targets of our engineers was to ensure that we could maintain the quality while lowering costs in that.
Manufacturer.
I think we've been successful with that and it has features that youre not going to find.
And the general equipment, that's out there that being said I think that's driving an interest both on the sales side and on the rental side, but I'm sure that the rental that those units will certainly be a driving force and.
And we'll have to see to what extent the sales also manifests.
And Rick how are you thinking that you may you may look back and say a couple of years from now on this end and see Mariner versus <unk> in terms of what's the bigger driver of the business.
That's really too hard to predict so long as the.
Prevalence of Ocean bottom surveys.
Persists I think the Mariner has.
A good future for it as it were the <unk> technology is serving that industry, very well and the mariners going to serve it equally well if not better.
And do you see cases, where.
Customers will be making a choice between <unk>, <unk>, and mariner or where mariner will be will be taking taking share from obs, where they really serving different applications.
No I think there is youre not going to see one.
Take the other particularly from a use case point of view. The Mariner is a shallow water designed node just like the <unk> 750, so to that extent, it's been carefully designed such that you can mix. These units the data from each of them is completely cross compatible as well as the systems that.
<unk> operates that equipment can operate both simultaneously and any cross combination of the two now the deepwater Ob X is one that has seen some of the very same improvements embedded in its design. So to speak so it serves a different market, but youre not going to see the mariner.
<unk> represent a different use case than what their current shallow water version of the <unk> use it so and they are both going to be able to be mixed together.
Great. Thank you and then the.
Shifting to a quantum.
Alright, the discussions that you are.
Talking about there with a quantum.
With the same buyers of the water meter connectors or.
Is this a different buyer set that you are.
Q are interacting with.
It's somewhat of a combination of both but it definitely intersects with a completely different market.
And group of customers than the water meter cables just themselves too.
Fact is that the water meter cables are used in the same environment that those valves are going to be used.
So there is some crossover.
We also are targeting a quantum bounce for property manage purposes also so that's an entirely different set of customers. Yes. That's a good point, so it's not really addressing.
The aspects of the needs of the municipalities its a different market altogether.
And so in that case, you would be interacting with them.
A real estate owner or property managers that would be making the decision to implement these either at new construction or where are with existing.
Or with existing apartment.
That's exactly right and or the service providers that that perform those sorts of services for those property owners.
That's helpful. Thank you and then shifting to quantum if we may would you. Please discuss the new contract.
Uh huh.
Happened here after quarter end.
Can't really get into too much of it as far as.
The details of that contract.
Its with a very well known.
Federal contractor.
For very specific and targeted purposes that really arent available to be discussed at this point, but we will.
It's easy enough to say that the available commerce.
With.
This particular use case is going to be significant.
Thank you and then.
In the release, you mentioned that quantum has an expectation for additional orders and I did take note that orders was plural as it was written in the release here.
And the remainder of this fiscal year. So the next nine months.
Talk more to that if you would please.
Well one of the things that we're doing and quite in the middle of is expanding the utilization of the quantum analytics into other spaces that includes our oil and gas and other.
Components of the energy business. So much of what we're examining is going to fall into that category as well. There are some additional government agencies that we are in discussions with for things and we do have those expected contracts to be issued.
Sometime this year.
Great. Thank you both.
Our next question comes from Jeffrey Feldman with primary succession capital LLC. Your line is now open.
Thank you. Thank you and thank you for the updates.
On the company.
I've been a shareholder a long time and you know.
I think you guys just keep fighting which is tremendous and it sounds like things are just starting to turn which is great and then my question really goes back to liquidity.
Liquidity and cash availability to see the outcome, you're all hoping to achieve.
The cash balance against the Capex that you had reported you're going to need working capital and so forth.
Understand the bank line is there and I understand it's a forward looking comment, but it's kind of simple math.
When I look at it I'm sort of feeling this year and a half two years to make this work or there's something negative central on the horizon and my my scene that right or do you guys see it differently.
Hi.
We don't.
Looking at our forecast, we think we're in pretty good shape too.
In this this next 12 months.
Cash positive position so.
Not really concerned from a liquidity point of view at this point.
Great, great and if you're not nervous I won't be nervous.
[laughter].
Okay. Thanks, guys.
And once again that is star Antoine if he would like to ask a question.
We will take our next question from Scott <unk> with bars and Kathy Your line is now open.
Good morning, guys.
Morning, Scott.
So Rick can you just give us a rough idea of what the building the value of the building will be when it is sold in the quarter.
I don't think we've revealed that I mean, I'm sure. It will become very very evident as we close that this quarter, we definitely anticipate closing that sale in the second quarter here.
It's it's.
It's not Earth shattering, but it's also you know what.
Substantial.
Benefit to us and we do anticipate a gain on that property on our books.
And.
How much.
Any of the 6 million that you have earmarked for rental equipment.
Are you guessing would come from Maryland.
Well the Mariner is not going to begin contributing until later on this fiscal year I can I can tell you that.
And certainly the construction of the Mariners is going to be a big part of what that is I think the <unk>.
Revenue from the Mariner is.
Is going to be something that.
You see more so in the tail end of the fiscal year and then going forward.
And.
Rick No discussion regarding PRN can you give us some idea is those multiple customers are still interested we keep hearing an awful lot about.
The.
Deepwater market opening up quite dramatically from other players.
In your field.
That's a very good question and yes, theres not really much discussion because theres not much really new but the interest is absolutely ongoing and active we've had active discussions with those representatives here at our facilities as well as a being at their facilities.
The interest is still there and I think that.
To your point the examination of getting the most out of these deepwater assets is largely what keeps those discussions floating it.
And in the top of mind.
Rick can you just give us a rough idea.
The potential addressable market that we're talking about for quantum.
Are you talking PRN type contracts.
Or can you give us any idea of.
What that addressable market looks like if you are successful.
Again, I don't think we've actually revealed what we think some of those numbers are but we wouldn't be bothering with it. If we didn't think it was significant and those opportunities certainly youre going to be ones that.
The government itself is is going to be involved in both for the military.
As well as some of the law enforcement agencies.
Last question.
The land wireless customers.
How does most of that existing inventory by your customers been absorbed or is that still an issue.
No we still have inventory as it relates to the wireless Lan product certainly some of it.
<unk> has made.
It made its way to the hands of customers and in fact, that's what we were referring to in this release. There was there was a component of revenue in that space and the wireless product space that was Atlanta equipment sold out of our rental fleet.
I'm sorry, one more question. So this environment to me reminds me a lot of 2005.
Would you agree in terms of what you're seeing.
In my in my mind every one of these cycles has its own character in its own personality.
I do see some similarities to what has happened in the past in that regard there are a lot of things that are very unique to this situation.
So I don't know that I would have that one to one correspondence, but I do understand the analogy youre drawing.
Thanks, guys.
We have a follow up question from Joe Feldman with taking capital your line is open.
Thank you you mean down the question relative to PRA.
How.
How are.
How are the discussions.
Today versus back in line.
A decade ago 2012 when.
When those conversations where were taking place.
Well I think at the time earlier on you know they were anticipating that they would.
<unk> be putting out a tender sooner than that.
<unk> was going to occur so.
So the discussions I think you've got a little bit more realistic that's why we say that even amidst these discussions we don't expect anything to land in such a way that it would offer the opportunity to.
Generate any revenue in this fiscal year. So all of that that we see in these discussions are all focusing on things that would come in subsequent fiscal years.
And are the oil companies are looking for.
Different whether it be a use case or or configurations.
Just philosophically different today versus then it very similar.
I think theyre very similar I mean, these are long standing needs in the fields are.
<unk> have long lifetimes to them.
And they want to get into that early so some of these are brand new fields are the these are fields that already exist.
So I think that.
I think that sums up the general nature of the discussions and its why they are basically very similar to what they have been.
And Rick you said that you don't anticipate any.
Anything that would lead to revenue this year do you anticipate.
You may see orders this year, even though even though they would not contribute to revenue in this fiscal year.
I think that's possible, but again I'm not putting high probabilities on on that occurring given the slip that has already occurred in several occasions on some of these anticipated tenders.
And then finally.
What was the revenue that was associated with the lost <unk> Obi ex equipment that was.
That particular customer.
We did not reveal that exact number and quite honestly the only ones that need to know that exact number of those that are party to the transaction largely because competitors both in our area and in our customers' area could try to leverage that information to their benefit in some way, but I will say that.
It was significant and that was a we did make note of that to be as transparent as we could in our revenues, but I'll also say that that same. The fact that we had quarterly revenues that were the highest they've been in eight and a half years within that same span even without that sale taken out.
There would have been very few maybe three quarters that would have in that time span there would have been better.
Great. Thank you.
Okay.
Once again, if you would like to ask a question you May press Star one on your telephone keypad at this time, we'll take our next question from Michael Melby with Gate City Capital. Your line is now open.
Hey, good morning, gentlemen, and congratulations on the new results and within the commentary you talked about a path to profitability and that is.
It is encouraging to a lot of investors I think.
And realizing you don't give guidance could could you talk at a high level on.
The components, you envision to get you to profitability and realizing it probably.
Is dependent on higher revenue, but as you think about your business plan and your business model. If you could highlight the components you need to improve either on a revenue or cost side to get you to where you want to be I think of that would be helpful way to frame it to the investment community.
Yes, I think the all fronts are going to have to be pursued Mike and thats exactly whats in our plan part of that is examining in great detail.
The cost structure of our manufacturing operations, which aspects have the greatest efficiencies, which ones do not where our assets and our working capital is best put to use so those pieces of the puzzle are ones that we're still putting together and we're gonna be acting on those as we discover them on the revenue side. There is a clear aspect of <unk>.
Revenues.
Need to increase in all these segments. So there are expansion efforts going on in some areas within the organization to increase our capacities for very well known products that we see a good forecasting on.
So it's going to be a combination of those sorts of things, but as you say none of which in any specific manner can we really annotate at this point.
Yes.
It can be challenging from our side.
To think about how those all come together could you highlight any timeframe.
Thought about internally to get you.
Close to your profitability goals.
Well, we're certainly targeting this year.
Making significant improvement on that as far as what you've seen in this quarter youre going to see more of that as we go forward in terms of our examination of things restructuring of things.
Is it worse so.
It's not something that happens overnight and it's something that requires some some really pensive examination as we go forward on this stuff. So I wish I could give you a timeline, but that would kind of be.
Not really.
I could give you something accurate on.
Okay, and just maybe a quick clarification on the <unk> rental equipment that was lost was that included in product revenue or rental equipment revenue.
It was included in product revenue.
Thank you.
And we'll take our next question from father.
<unk> with <unk> capital management. Your line is now open.
Thank you and good morning.
Good morning.
I think really the.
The bottom line here is from a qualitative and quantitative perspective is that.
Under the current leadership of the company is something like 97% of shareholder value has been destroyed.
Retained earnings and owners equity has dramatically been reduced for the owners of the company.
And the only way you guys have come close to breakeven this last quarter, apparently because of an equipment loss.
The board's bloated.
Management salaries and benefits are always hit in SG&A, which is.
It's going up.
The quantum acquisition hasn't really panned out at least not yet and it's been a couple of years.
And it just feels like you guys always hanging a carrot in front of investors, but in the meantime, while the board and the management team is pretty well compensated investors are getting hosed.
To me that looks like corporate governance failures.
It really should lead to Rick Wheeler his ouster.
That leaves the management team in place this long.
With this menu launch what is it 42 quarters of losses I mean, the price of oil goes up you guys lose money first of all it goes down you guys lose money the economy's, great and blooming you guys lose money the economy's doing badly you lose money, that's the corporate governance failure.
And I think until the investors on the border honest about it youre going to keep losing money every conference call somebody asked Rick Wheeler when are you going to be profitable.
Could never give a clear intelligence solid answer investors should be very very concerned about that.
I've always said you guys have great technology, you've got great R&D youre sitting on a ton of assets, but the day is going to come when you run out of real estate to sell.
You're going to run out of hard assets to sell to buttress your cash position.
These are just not adequate answers for investors and I think the company needs to take a hard look at who really owns that company.
Thinking about why do you sell yours going on year after year after year.
I wanted to know what you guys have to say about that.
Well I think in many respects.
Really all wrong about how the business operates.
In most respects, we're managing yourselves.
Production of shareholder value under your leadership, Rick is that wrong am I overstating I'm understanding that number.
Is that wrong, well businesses exist to earn a profit.
To increase the value of their shareholders and their investment in that business you have not done that you've been in reverse for eight years.
Is that not a true statement.
We're on the income statement or balance sheet I'm wrong.
Look at your retained earnings you'll be road with them.
Looking at shareholder equity it goes down every single quarter.
That strength right.
Alright.
Exactly.
Well what are you going to do about it and that's what we got to find out.
Well I think that's a that's something that you're seeing I mean to the extent that we're restructuring what we're doing and aligning ourselves with those components that are more revenue producing.
You are going to see that occur.
Well I hope that's true because honestly I think this board should be cut in half.
I think it's extremely bloated for a company with your market cap size and honestly, Rick you should step down.
Our performance has been terrible economic it seemed like a nice guy, but I think the shareholders would rather have.
And effective CEO , then a nice guy.
And this is this is just an indefensible performance the price of oil shot up you guys can capitalize on it.
Compositional capitalizing left and right.
Record spending with E&P companies.
Well I mean.
Somebody just asked your CFO .
We're going to cash flow cash positive well, that's not that encouraging.
I mean look at your burn rate.
The banks cutting your credit line Youre cash constantly doing doing youre, selling real estate left and right, but youre going to run out of real estate. The fact the matter is.
When Gary was running the company he was a great CEO .
The Gary's retired he's out on some exotic vacation every time I talk to them.
Gary Owens and Thats the problems here.
And all of those assets were accumulated under Gary's leadership.
And now we're just burning through them.
So this isn't an indictment of you personally.
Rick, but somebody's got to change.
Got to change quick.
And you've got to get all these academic softer board, who all they talk about is playing with rocks and you got to get some people who understand walkthrough on that board.
Because thats, what youre talking to your talking to Wall Street, and I was hoping to geologists from the Colorado School of mines.
So thats my two sense and I hope you guys take it to heart.
Alright, well noted.
And it appears we have no further questions at this time I will turn the appropriate back over to Mr. Rick Wheeler for any additional or closing remarks.
Alright, well, thanks, Brittany and thanks to all of you all who joined our call today and we will look forward to speaking with you again on our conference call for the second quarter of fiscal year 2023, and May So thanks, again and goodbye.
Yes.
Thank you. This does conclude today's Gsp's technologies first quarter 2023 earnings conference call. Please disconnect. Your lines at this time and have a wonderful day.
Okay.
Okay.
Sure.
No.
[music].