P&F Industries (PFIN) 11 May 232023 Q1 Earnings call transcript

Hello, and welcome to P&F Industries First Quarter of 2023 Earnings Call. My name is Melissa, and I will be your coordinator for today’s event. Please note, this conference is being recorded. [Operator Instructions]

I will now hand you over to your host, Mr. Counsel, today’s General P&F’s Goodman, to conference. begin Richard you. Thank Mr. Goodman, please away. it take

are welcome Good With Industries management Chief President Operating operator. Officer. Joseph you, Chief Officer; to Chief us Horowitz, Executive and morning, from Officer call. Thank Molino, conference and P&F and Chairman, XXXX first today Financial and Richard quarter

any performance upon of Before on we discussed to can statements results on related our as today’s reports and and for quarterly company’s future by XXXX annual in or most release report call like today’s factors the the on risk well SEC forward-looking the cause you estimates and including to website, on and that These are current forward-looking filings, by those company’s behalf Form XX-Q to based various and uncertainties you find described our are uncertainties and in get XX-K, in remind the started, and company’s on Form documents. our performance historical expectations, actual could recent under future risks company’s our the press other subject I’d made statements any from including those outlook, management, as plans, forward-looking materially company. statements to expressed periods which differ which

as company whether speak only statements, obligation no undertakes to developments the result they which any or update information, and forward-looking future statements Forward-looking or made, as of on of the are otherwise. publicly revise new date a

respect or together XX past from to minutes. of to call, of been as any several like the portion responses limited questions length calls, participants with that, with particular today’s we’ve the question-and-answer I are this for remind on caller stockholder all to conference would other management’s the call the conference doing also

press in this Additionally, financial related Management any question-and-answer results as will that not go of the adhere insist that procedure. disclosed operation call. entertaining only aware We scope today. the directly and of during published that condition, questions earlier be quarter release to session, must beyond first please the the you will answer this management company’s XXXX questions to be

that, Good like now the Richard Richard. would morning, with to call over Horowitz. to And I turn

Rich, peaceful this you, these this China for you’re tensions as in all to results Thank country crisis continues as and for discuss Thank everybody. hope three-month well you March I conflicts. face world well morning. all good Ukraine joining and XX, morning, morning We Good the and the the period ending us XXXX. and doing economic the with ongoing all to end as to for a Russia. pressures pray P&F’s ongoing

cash like compared in discussion of the three-month year would period also ended to and this your statement that today, sheet, results company’s period how was includes statement these the company’s balance XX for related press of March same XXXX. released and direct operations, company’s attention the to March to earlier XXXX the XX, of I release the to results which flows the

was There number to first margin results. and margin. gross highlight Hy-Tech’s gross of a Pneumatic The impacted key Florida that quarter improvement as significant Further, our I factors XXXX improved in well. wish revenue at

quite in of interest essentially we’re increase Our the quarter was which to first compared for rising familiar cause expenses interest XXXX consolidated and primary rates, flat operating the the all expense. were with

purpose maybe would little as of the I Richard following, well, conference use time, everybody’s of of call, like be all order said in Finally, to the and just to a of remind you this yet redundant. as mindful make better

restate what this is First, a morning’s as and standard become has to release. in we press practice, question-and-answer session will our move directly already not

procedure. must that be and We the insist company’s the to to quarter first questions aware be answering financial will this only related condition. please Secondly, results we you directly adhere

questions, then mindful time we shareholders be and pertinent on we your the or XX-minute the will limit have move please other callers Q&A plan the limit, multiple to of next within XX-minute To with complete of finally, questionnaire. questions extent noted, as to And please previously enforce. which portion a the

that, pertinent be will happy And to have. we may the person questions with on or any Operator? that any answer call stockholder

have [Operator Investor. Instructions] question We Timothy, Timothy Okay. ahead. coming can And Instructions] through currently a have no through. questions do you Private from coming go a [Operator we Stabosz,

Can me? you hear morning everyone. Good

Yes.

morning. X% the Good Congratulations. about I company. own of

but lot return all. a of material do, to Now Congratulations, work more long first profitability. a time coming, to

you. Thank

Thank you.

too the in obviously, looking sense this some How there’s optimistic the mean, Air give good release worth or guidance, us asking other you you far you press guidance fellows, – are areas feeling do much sentiments, that know and feel through with don’t I there’s Can since XXXX? looking as – too. give your release, you see anything. as didn’t you formal Max things certainly potential felt I I press most the how but upside about Is are things? we and

This certainly go. not is know things a give and opinions you we not know giving these call. how projection. first I that projections is your do And But

So we do can’t that.

sounds that Now like a party...

speak, Timothy, we release... said What the in press okay? let me

to like was me was I’m nasty enthusiastic. please, Well, I of been you of kind down were don’t crashing I’ve I long I around you I’m inappropriate. question is My and commensurate nasty I question the think and and feel time. were – guys, trying enthusiastic. with gate let necessary. appreciate it. me, was you I My And question it and close congratulatory. be kind get was with don’t speak, – My – a

of can’t asking me an insult. feel, for you that’s for asking formal how tell feel. how you So you Like I’m I’m sense a not guidance,

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just So right. not but I’m it’s sorry,

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to ask So specific answer maybe – to be be you respectfully try with how the you emotionally vulnerable since know people. can differently. apparently question don’t more question you the would try to and connect differently. to answer Maybe I’ll answer I

mentioned press in You things specific three the release.

the that problematic created three company. or specific for headwinds You things have inflation. were that Obviously, mentioned

say You inflation. increasing

the in misspoke inflation now. way. have you still not but issues, press by it’s should it’s You inflation But the yes, there’s increasing, said decreasing release,

time. – don’t you can for a give so mentioned domestic this. reference might on qualitative answer So please a boilerplate you chain, qualitative and sense? the inflation that you we’re specific Can mentioned since But mentioned here sense, you give and boring And and next you Joe again, have stiff me okay? can Maybe transportation. is me you change international still question supply I and you me

that or factors me were prefer what a that whatever, profitability if sense, we how are more are quantitative me happens think give I those a drag company’s qualitative you as press materially those ask you qualitative sense of you profitable a how bring release the much I up but – at too that beginning since when more give questions Can when reverse of on already that factors, or to potential you the three normalized, normal those how be? know – the they estimated you specific

didn’t hey, three this anecdotal like I’m wow, your I’m for for we you have these sense for mentioned. because, for going in basis a XXXX, an future the last optimism asking on, not time things around quantitativeness, of asking

on out, So not potential things three guidance, of you pointed sense I’m predictions, those that but anecdotal specific mentioned a asking feel for kind not and about of you like how sense, an the for stiff to that to improvement. now. need to material be is us I to that the fair? continue three is of those that? reversal things something have allow Is How Or

Joe, you can the answer question.

Yes.

Let me best, Tim. do my

I agree But increasing Going back to inflation. that first during would were maxing your seeing Look, things still comment original are quarter, some think I inflation. about we the out.

would certainly this were still want really seeing I our to of pricing first say me back environment it rightsize And trickling where prices throughout up, input that’s XXXX. didn’t we the comment. it for increasing an let that of say just stopped – input the over very was costs in general increasing half certainly a were quibble directly until don’t of XXXX. but say, that’s we But in Now the half April. when whether that us, would I I

And behind feel we I so a anniversarying like felt like as QX. were where we’re quarter now last – we

there, benefit up. got a We there’s So caught obviously.

end, levels. very And pre-pandemic transportation don’t of me, have cost exact across months of transporting close ocean, XX in high. pretty the I figures the QX the to front are we’re certainly, the of still certainly, but we On ago, I think XXXX,

the So obviously, that’s the costs a benefit. a be couple I product. percent say transportation of of cost would of might

wanted you What if one? sorry, I’m And don’t on that get was half, do remember third area I the third benefit in me math your the cut addressed, could kind So things there. I apologize. the you of

international and inflation, inflation, beginning of Well, costs supply release, costs the the transportation chain. press for transportation

things Well, chain is – the are solid. supply

A that still really we deliveries, We seeing inconvenient, to It’s delays overseas this a some haven’t able nothing been at nonfactor. but a little manage. point. nonissue are it’s in but really

Oh, view I guess very do the chain, the view cost chain is again, in really? moving supply to mostly tailwinds not promote? now all kind beginning Do release, of you, and well, not items. put essence, you actual Okay. And these you of four towards view uncertainties in which the press but trends international domestic I inflation well, headwinds but supply the yes. point, transportation they’re and direction essentially Do is mean, Boeing and this you resolved them at

aerospace production has publicly the largest as disclosed not as them they’re said, XX goes, over XX plans customers. in And months – Boeing not increase next we months our dramatic of are a Boeing by Those one to to they’re tailwinds. goes. And way. pretty our business has

least what we’re at they’ve pretty said. about So, excited

pans for that rooting how But see we’ll So out. I’m them.

excited what as that see So about we’re that opportunity. we

and guys, I profitability Again, material here. you there’s heartening yes. to exciting that’s presume

Yes.

heck basis. and of going We’re a years quarter, pretty on a back number records of – go was it relative a far a back quite my

pretty optimism does Dutch further if it you opportunities is cheap, tone can more some as how are obviously, bring stock probably as very presumably level to far cheap has at there’s Board want company? actually or tender one How attitude has of trading your of management, your altered, probably about optimistic allocation broadly, – this – all, acquisitions the doing profitable whichever ramping or new you does the your it’s very acquisitions of issue tenor alter making or in view capital view or changed? Rich, dividend, the sounds speaking do answer we’re – this there this as at buyback, quarter, like one broad and are up that has but the answer, Or how a here, the

always for and – that we we so. that market acquisitions continue your always all. are at has not in Tim, to And Is are changed do looking the We question?

the capital allocation? have relates more the stock Yes. the private great that – open at nuanced risk we’re in is everyone it as do I ire, that to you for job in like shareholders, in mean, fact here. incurring And at accrual get – do great market stock. more on back I to which did value you from I releasing sorry, of you then report – allocation was any broadly buying me a capital earnings we past, How I’m point? this company back who able view your did the you how including remains. view today, the of – like this the from buybacks

hear et hear to at comfortable discussed click right or the cetera. it funds this discuss me, now, feels every I saving you it. can you for at meeting. our it continue cetera, things and And – very allocating Board on Can just We’ve Board hear each a other okay? acquisitions, We with me? et time,

Yes, Yes.

much How time... Okay.

we We That buyback, so course. change, allocation But stock feel that’s on where as though right time, we Board feel the can not the not it even of all meetings. well. we’re this at review regularly it underpriced, now. focused at is is And

that’s it this then review change the month, meeting. Board every but have can We every Board it month again, meeting we –

you’re appreciate speaking, little seeing eyes not a the you seeing more what acquisition on are that. what’s – say but I you and about in I Okay. more more popping the economy? head, but space excited, and in Broadly going opportunities seeing your are are out won’t opportunities your of

more we but less less, has from seeing any less stories, been; historically or seeing any less. optimistic now earnings these not companies We’re are it’s

are – bit, little may really. nothing you that? values a want to to so but down Joe, add And coming

short we on changed here side our that run. fastest know know landscape dramatically. the way don’t acquisition I that And that’s to the don’t Yes. has I see that growth in the

I’m sorry, it’s the fastest...

we customers feel – the think trends. that not things large lot that are way I fastest some some I’m we’re on nice trying to expand are customers And to new growth. don’t got that’s of Europe; working in we’ve products, necessarily deeply in a embedded

we’re still on So with time that acquisition. about. we XXX% Gear that just have mean mean but I with a lot integrated, integration. I the something to now organically it’s it’s absorbed not we’re excited do going internally,

a but buy we massive right an project Richard there’s we’re to anything So company acquisition out now. lot to come might focus not that of our as right desk, going Again, turn said, don’t to on internal going across just a search have now. down a

I Okay. One if then, may. question more

that per for as I’m how As with but think believe Do ever shared – the earnings sort in, made and whatnot. I the that growth strategies you’re love us revenues like going. annual Street us next where growth you growth EBITDA growth like or years? growth than going the strategies a share your growth. five that greater the any acquisitions the have as with and a you the share from employing and/or – for are have ask with you’ve moves products notions employed you But or qualitatively, company got far you overall of I of economic the revenue new – organic you margins Or the sizably upon the can numbers. can you’ve or overall percentages could to with you the Have long-run that you markets XX% there and you where with not that of a revenues goal based now, go, with in? you about share as the and projections you’re far sense sense been here, the guys company to share quantitatively, and us the all acquisitions in you regard

don’t answer add, Joe, that can can there. you if I go we ahead can you something question, but you there’s think feel

mean, I this it. can answer can’t answer I only way. it Yes. I

growth absolutely faster the to I that than think us there’s the whatever opportunity is. grow of or for market overall in X%

that if we we would do think could years. be five I in three best the next disappointed was the to

are And us going think got As that. us faster as going aerospace to to to we said, our I that Europe in than think opportunity in we’ve other We product I is some than things. to that. grow relationships our grow allow introductions faster and allow said,

X% do. was number, could probably the give disappointed can’t the I I a you best So give best but we could personally I be would That’s if answer you.

about have questions. I you, Okay. for questions. Thank Thank my you. magnanimous Thank you. Joe no being further

very Management. Andrew you comes Instructions] Our much. Thank go [Operator question next please Andrew, from Shapiro of Capital ahead. Lawndale

hear getting me, Hi, you you. the queue. trouble thank okay? I question into Can have

hear you phone? on a We Yes. hearing Yes. the click option you, Andrew. Are

the allotted did dial-in, time? of little take minutes on I was it then was off A don’t my hopefully number kept it not a most one, of registering I’m that and bit questions, finally these out, my of I more please, click, but hitting XX something, I call seconds to and and had fearful dial

problem. No absolutely. no, No,

worries. No ahead. Go

All right.

release opportunities lines. you also opportunities by with bit So Jackson Can the growth both and mentions a areas? pursuing other your multiple these of product on provided little that Gear acquisition expand each there you’re are

ahead. Sure. Joe, go

be that. would better with You

are generic had sell to customers The you the of Jackson Gear that we other and of talking our coal supplies gears the a lot one mining, can mining Jackson’s we are on just somewhat not international going – key key business And area, of a because that across about about I’m mining worldwide. globe. every of – suite think in mining one

regional area. before, little bit we – We the that’s mining So was pretty business but it had of somewhat were Pennsylvania in exciting. a

area. that’s So one

of more just I I the opens acquisition, can said just up markets. gears every made that most gear industry make of. gears us you about I think by profiles, mean, think the you agnostic. you’re if can now as when that that broader, we made and again, we then much are business, industry in profiles are somewhat just mean, complex be larger, probably the And can

those So faster we that answer Does area question? we’re opportunities. years, In focus and one wedded certain particular any than grow we to like some grow. to others, because can on your that areas not

lines. Yes. able I some you also that growth referred this think at time? about expand And opportunities Are product to on other in all you

Sure.

You of mean outside gears?

Yes.

mean a development we’re some with – said, we customers. I think in with Yes. we’re couple key I products as of

the and We’re particular They’re market, customers line in a great market our doing tweaking gotten for customer tools, with the working job industrial on rental of that market with rental partners our a one big of has they’re into. very one – that. heavily

call the are would so I of that the those And two side. on probably out Hy-Tech things

Florida going Pneumatic second to product here I’m some in development migrate And and a to here. right. All new

– asking that that sounds because in future developing like we like will more Is looks line. may rental some correct you rental products It have quarters about what you unique talked to it it this said? you forward just can So be look for about line. on this

know don’t they’re that better unique, targeted. just they’re I

different about that not maybe line. suite opposed you inventions, regular as our profile for We’re to tools there new market brand but a sell the the talking of has might

So directly our one with on all our again, working – making we’ve got largest we’re that at sure of customers covered. that Hy-Tech

Yes.

Okay.

for Hy-Tech market on of and the elaborate bit Your taking installation release a or you’ve for you is this development orders. aerospace this both opportunity? Can Florida more mentions And aerospace product? which begun market, Pneumatic size it application in offerings cordless a tool or

front we in that it’s suite – we’re tools release The is don’t working aerospace specifically about exactly a we’re the says And on. of what Pneumatic. of installation but in have cordless one I talking know Florida me,

are it. about one The orders, excited out taking version. we’re we’ve is excited customers And another it. to talked about pretty So pretty on working

the get field. will it So out in tested

our but into cordless. it’s directly ourselves orders, foray taking into first We’re

see. we’ll And it. about excited very We’re

more than U.S. I customers see. that in on in think change that doesn’t reason, of there’s interest we’ve Europe that but here now right Go for ahead. a probably and interested, mean we’ll got lot that whatever the won’t

Sorry.

Does interested mean aerospace in... that you like say customers Airbus when

Yes. the aerospace, I yes, dominates mean dominates for only European Airbus – market the Airbus Airbus, but of course. not

Right, yes.

a can little describe of you maybe – bit So the market and opportunity? the about more and size application tool this

an for plenty customers. installation We all of aerospace installation it’s tools tool. Well, make

angle, you work So to space, least you’re it way usually and at place the is have tightened the an the or to trying make to a in installation Jiffy’s of in small typically we at sort get fastener of aircraft one whatever a work suite they’re we view whole tool odd tools at and some claim inside fame depending and degrees kind of what degrees on to install. is XX of that’s and installation that XX trying

now, It’s them, have how to on but the And tethered cordless for customer application love market that product. are to the right not all and you’re Obviously, So air disadvantages. – noncordless, got the a attached cordless advantages hose. anything. and a them views those an customers the depending there’s versus

So if tight that’s wonderful But wear with, batteries deal battery a out a to to you’ve and thing got replaced. be spot. you’re have the in

there, So market we’re we our on about tool are real specs the and the there’s excited a think customers. so and

time taking and What’s shipping orders booking line this revenues? Okay. like the from product a for like to

delivery is, at months. by... want get yelled our – or XX a know within got to couple I I don’t aerospace say would weeks general so, I exactly say, I of to time probably I in mean

now. Okay. taking orders you’re And

that taking you’re a product have orders? You

orders. we’re taking Yes. No,

planning shipping products. products, really We’re them on finished

introduce as plans goals later which your release you and And your you to in tool referred other press just versions such can cordless Okay. well? of to in further XXXX, products

Yes.

But when version to we’ve by, going and behind of be have don’t got I As a I’m that date I say alternative an going that’s it. it’s quarter-ish. soon, said, it’s to third right available. delivery that on right

the that expand as can And and new to discuss refer – has Jiffy begun on what Air parts new right. limited Tools the All similarly you you market? to life

oh, – Limited okay. life parts the Well, keys.

tools. sold some consumables of that has, we’re just clear, along so what with So Is its Jiffy for you’re to? time, referring period

to referred new what only that... I’m as referring life was limited to parts

about. have what me front in we’re talking assuming don’t I’m that’s I in but

called HEX line sort to of the often of their process keys, there fastener which on hole the in used are consumables. and... components installing an aircraft, and are in these So the They things up break

that. it though, not big material It’s a like sounds thing

a I it’s know I business. line seven think figure of

That’s meaningful.

Okay.

that’s... think don’t I

market Joe, it. no just And to and no, you started

So of when the and what’s kind rollout that it on start timing will to...

referring whole as what opportunity very is think to was I we there our we’ve efficiently. And trying a a them couldn’t that – own I result process. make get that we our... or we have to that’s couldn’t think is time what at a vertically we when we’re we’re of all But bigger make now integrated

impact sounds major there It will be be. the overhead like will would absorption be where

Yes.

integrated and – think that I there. vertically some cost now we’re savings And

All said to the price you your right. On revenue volume to declines. leading Florida due increases associated automotive Pneumatic, unit regarding declines, were primarily

unit margins about were was this hurt profit to the much gross that sufficient drop gross how maintain While or volume the profit? improved, did gross subsegment’s

It depends probably it or tools bit was AIRCAT. XX, what we’ve of got SKUs, it’s a on of a decision. so for strategic so XX really Well, even a XX, suite – complete more,

So there going on. of things a couple are

what what the is brand brand learned really, sort strongly the the just of or brand marketplace marketing brands and that our directly And a So what as more the the in got. we’ve our be Amazon in or years out learned have about CP that top power We’ve of kind would about category, market have the we’ve the last whether lot learned viewed we as customers platform. IR. in in on five six AIRCAT

little ourselves So we value chain a move away there chose and to the premium less to from price a up top closer brands. farther try little the to the brands and

but or with itself. not, we was learned also tool advertising a that dollars. brand the volume, excited our that believe importantly, is maintain it are and we really advertising little of to close We where ability had about because were what so were. less And our very more sells pretty margins we lose to that, did inefficient And we fairly bit a we unit did deserving of yes, we actually, –

we line in reduce margin, is maybe a gained impact because we contribution strategy, benefit. to actually able hard spend. That the actually whole bottom few while it been a dramatically So our lost we’ve dollars – in we’ve

know what’s and tool that’s our premium we’ve it repositioned don’t and is. So what as happened, the brand,

minutes have only I questions right. and two I’ll All left, eight here. have

So to on. I’m going move

mentioned Husky under You no for Depot brand a longer bin the Home label the private call, are in on tool tools, your in the corral the or but separate last tool aisle. Why did provides they for other from which greater they tools? margin of own would their put presumably label, get them rid the just Or everyone? bin away the corral and

tool foot No, I for they They it’s there’s – Home still put this on tell line. per foot large a don’t I you emphasis – exactly little sales square and... Depot. a corral square I per less look, and why. can’t guess

type tools? the it just Or it tools Husky of – offering? type was is Is the Joe, it their of

just I all know us. affected whether I of I that out or not. corral move know it just mean time. don’t was the it’s Husky they in I’m and that sure things

you a part in Well, rate. grounding MAX commercial of and not have production Pneumatic’s move discussed recovered and hole impacted and they line call, from Okay. rebounds consumption XXX to the product the And All Florida slowed by in how business, ones. the right. XXX and revenue helped let’s pre-pandemic fully defense their yet favorably Last some that aerospace both commercial here. Boeing the on quarter’s was fill of mix margin

production and there continue Boeing’s hole this up the back monthly the when created Because step maintain that dropped new in might when of P&F, that rest that what Boeing business get kind to they up was have In year in that area, share, the that through et and a business line, and cetera, press Jiffy, that of all fact, release into you the company comes in you of timing capacity this as the XXXX, their does back rate we business? was that XXXX. highlighted return this affected and the your product off that of business presumably production accommodate filled some in

that at And well X-figure is the a thing the some reason, we’ve new that’s you question, answer months is last Joe yes. six increase for at Hy-Tech as Andrew. the to at in – be Yes, handle to the – Absolutely. expenditures able capital We as Hy-Tech, add? added machinery and Joe, area, that exact more. specifics, give exact Jiffy there good efficiency significant for in and some to can and but Jiffy anything

No.

this assuming because of ability visibility deliver have business on I’m that the to achieving you likelihood getting business. and then business on return some that’s ability and the company’s to and

that can but Well, getting profitability. like I’d to increase the want anything? it’s add more bottom efficiency was the about to to was for and that line. to more byproduct more the factor And you say and But case, motivating us it’s is we Joe, do business. the margins

Volume.

Okay.

do Joe, to to want Yes. you anything add that?

No.

You’re spot on. That’s right.

Yes, I’m running.

Europe on has generally can. get to quarters Europe, Europe? certified to give takes going a several I’m just about company this seeing? your the Are the and that shipments made process you has aerospace And already Where book if revenues? in revenues. – It to the you’re So more Can color and booking at we phase? inroads are for such timing – and you in can the let’s progressed prospects before the prospects line talk bit more you little a on we for order tools into

product go Richard, We’re I’m ahead. shipping – sorry,

No, Joe. ahead, fine. go That’s

We’ve customer. speak sold. product sell. shipping shipped taken It’s to as being product orders, to They’re the we’ve Europe to we the

Okay.

that margin QX, you’ve whether call, have shown would QX and last Can we’re synergies revenues was or that in still momentum progress there but Jackson on you its both you’ve current which transition, the continuing the elaborate and tangible benefits you opportunity this in be about. On Gears and talked into for at? thought the additional

Go ahead, Joe.

we’re just our gained we mean on footing the we’ve Yes. like here gear in I QX really – business. feel

put the And some we’ve place got integrated with in about as that equipment. other to, vertically excited equipment some and team We’re Richard in we’ve alluded there. automated

have business. get lot salespeople if more could this. And put the get are do through a of I plant. business can They We more we our frankly, probably, how

can doing we’re make to everything happen. So we that

those on payback delivered, up some last and rate implementation? CapEx others is the also our to to following CapEx that the equipment of then And spoke CapEx then, And road? purchases be was you and All coming. full the you of Okay. expenditures? you on when benefits further down it that high right. there for automation these timing the the Or status Is was expect were of run very QX What’s more call. delivered about of see discussed

yes. that say for it No, one there’s of still QX, meaningful, right – it be we’re I piece to I be waiting But am some on. Joe, would will we’re that? it I believe, about –

think We’ve I it. one curve equipment start four which [indiscernible]. nothing things moment, that. bigger we a quarter learning bit got on – will. brought crazy about we’ve of we the in. got at come, There’s probably I Cranberry There’s but third right, fourth pieces quarter, the we benefit. little got And to four see and and one in Jiffy, to the but things closer until other two But to would doing really in of up Richard’s at there’s we get are there all to a to just say speed, even

programs. to got We’ve to and get get get loaded tooled. things We’ve them got parts to in got the on All to the these queue.

of bit some tangible production to by start no So there’s won’t little But that it’s in be QX. and to excited about QX, a take we mode benefits. going we’re pretty see full to But time. we’ll expect it, reason

there rental Engineered have side? callout industries other in areas, Okay. tools and segment, grown the market that worthy products of any remaining or are OEM industrial of than particular your elaboration other any type Two In questions. the Solutions

what but but we’ve on. into on those are, nice development want really some to working We’re I products, other get some going don’t got new

We have say...

went website. you I Yes. also improved the unnoticed. greatly it don’t think I noticed

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but Not for all. the and us, all for stockholders

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not has changed. It

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you. got just So

it always. said, will talking Okay. We but as and you’re I about you, do Andrew, definitely as consider thank what we

you. Thank

Thanks.

Thank you.

please further I’d we like Richard Horowitz. the Instructions] Sir, in [Operator over have it And to as questions back to go no Mr. ahead. queue, hand

last today announcement distributed discussing – couple look everybody. with you in call and we in and all And some we stay night of weeks. short we and conference few And for so earnings. to and the us look forward spending our QX months our put forward our well, you with second an Thank operator dividend, next in else. in order much, course, will speaking our a Thank of you everybody dividend be time that quarter

joining conference concludes Thank Thank us. you. for today. you That our

disconnect. may by. Host, You stand please now