Lakeland Industries (LAKE) 9 Sep 202021 Q2 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Lakeland Industries Incorporated Second Quarter Fiscal Year 2021 Financials and Conduct Conference Call. All lines have been placed in a listen-only mode and the floor will be open for questions and comments following the presentation. [Operator Instructions] Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in Press Releases and Forms 8-K, registration statements, quarterly and annual reports and other reports and filings filed with the Securities and Exchange Commission or made by management. All statements, other than statements of historical facts, which addresses Lakeland's expectations of sources or uses for capital or which express the Company's expectation for the future with respect to financial performance or operating strategies can be identified as forward-looking statements.

As a result, there can be no assurance that Lakeland's future results will not be materially different from those described herein as "believed," "projected," "planned," "intended," "anticipated," "estimated" or "expected," or in other words which reflect the current view of the Company with respect to future events. these speak that the as readers hereof. date caution forward-looking only statements of We expressly obligation on such disclaims release hereby events Company's Company The any change any statement updates any in in revisions is expectations reflect or publicly or or or to such to any circumstances statements conditions change the which any to undertaking based.

quarter all our is Lakeland I'm today industries. to Dillard. second you of fiscal call. Roberson. joining Good for CEO and results I'm Charlie you joined Okay. by This Financial thank conference Lakeland's financial XXXX Officer, afternoon here Chief Allen

has chain the leveraged XXXX systems first new our to both within equipment performance, with the talked PPE resilient hosting data quarter driven industrial about of Lakeland centralized market. demand our planning two efforts I've company's protective and the and pandemic results manufacturing and of unprecedented demand. increasing calls, capacity advance marketplace. Many diverse to conference facilities pandemic presents or all the products. or leadership within to Over supply the financial our unprecedented we within meet past leadership to not. -- our products The regular industries for industry attaining position deliver quarters fiscal position our while our commitment pandemic earnings as validated to that personal for deliver of We our Lakeland COVID-XX outbreak service the an leader companies the both customer this -- struggle PPE to challenge outlook to global believe

the efforts. just record turn, standard the first of benefit which 'XX year announce performance from set that operational that have greater manufacturers fiscal excellence In new most from we quarter the results, exceeded second insight us visibility our to brought report our quarter now quarter. believe have PPE environment. heights importantly, response we business COVID fiscal pleased we we improvement to again I'm I sustainable that setting and new our in world. As indicators, Measured key believe into second a our in by year we anywhere the post-COVID-XX yield for of 'XX and will financial

sales concern, However, remains that half recovery sorry, an for that half quarter financial believe year business the we second continue into and continuing increased believe significant -- will drive it the industrial successfully impact of direct year. global base our sales increased sales. the an being, results have we half economic into to first on begin wane. a year and anticipate to We will fiscal very of COVID-XX and COVID our 'XX, as time through the of year next fiscal sales will our markets, next beginning the first largely penetration replace in industrial COVID-XX 'XX, fourth of industrial into our increased Having

While to cash resiliency our demand to have exists, drive and manufacturing this environment leverage profits generation. we and flow will our continue

In fact, nice a cash chest. built really already war we have

which we investments capital XX% our down the level, after to for to outstanding continued equivalent this And quarter. quarter million, expect balance second to ended is XX% is global $XX.X and funding Our from This recent at is end market borrowings. of paying which continue expansion our grow of first our up value. cash cash all

our the bring shareholders. strengthened to value enterprise to have We Lakeland

backdrop a evident of which I'm work of times, more the people importantly, our industry for continued praise large improvements position adherence clearly we challenging and global our most in our shareholders, the hard for and Against existing and our to world. in our is workforce the beneficiary, I supported behalf by stock customers new believe be We're efforts these the team. and our their doubled around of While valuation safety our year, global On and and COVID-XX should economy, which for team, perhaps expansion. of safety proud in entire alike, financial to contribute very being achievements post-COVID-XX part has attributable may favorable the of delivering management sustainable performance health to the past protocols. a

tagline and team to is corporate up it. truly is Our living protect people your our

terms resilient million and sales consecutive quarter virtually $XX within 'XX Backing increased first our quarter were year on Through from capacity that revenue of For in goods refers of a $XX for in quarter, manufactured from capacity the our By adding filled fiscal and finished adjusted hand was the in filled quarter. sales our these of out all of orders we inventories first inventory actually from manufacturing manufacturing third increased of $XX quarter quarterly having relating fiscal to revenue our demand our sales we of product approximately were specifically manufacturing end resulting around the quarter-over-quarter. of from products capacity. world for apparent contrast, manufacturing our and the million COVID-XX, fact $XX we When it were second benefit revenue. approximately about products $XX.X lines. disposable to first 'XX owning booked, shipped already revenue the fiscal able for quarter, this sales that supply the the sales inventory million, becomes experienced to a that increase million the chain to the significantly first of 'XX, of quarter the and comparing inventory, of million year million our above of in quarter capacity $XX.X year total yields chemical

Here are some other key performance measures.

income operating records quarter flow. to were and addition for In revenues, net set income, cash free second

in than during these our more of convert able because new year sales contributed second Lakeland XX quarter to fiscal supply to competitors million reliably. customers products We 'XX. to who were $X.X approximately the customers inability added have of We

we market verticals, tap for Focus produced efforts So growth. new market niche share. opportunities, markets higher our gained revenue into to highlighting on margin substantial

operating gross in initiatives quarter gross sustainably And our company margin history to earlier expenses This in level global execution growth our at XX.X%, increase year a and compared for percentage declined of the improve highest our are our period. showing as to and first to margins. we an diversified the enviable So to led select organic manufacturer. part

So past strong for investment of about we continue of we our quarters. that couple the expenses, which have leverages talked information in management to demonstrate systems

not record certain event. Our or profitability and performance floor leverage and distribution absent reflects some performance improvements in increase delivered operating XXX% growth other measures Clearly, measures, and black this operating efficiencies, COVID-XX a profit. factory rate that are swan repeatable other in

However, where will to time the top the difference to event. and this Resources situations virus. temporarily that say with The COVID-XX increased crisis of challenging our capacities is improvements during and made necessitated duration that is a is pass compared response breadth line not to strained point other that of about will this were and ourselves, new manufacturing, expansion, impact purchasing, ground the beliefs real and benefit with our product gained ideas. held provided long-held customer proving beliefs communications. information relationships, the about lens, Lakeland and into well company, mix, COVID-XX for Through change planning, this that invaluable long we future. a us around

to new emerge offering, past. confidence models, supported impacted. We operational we implementing are balance were perspectives. more our the centralizing, Thus, second quarter, long providing and our This improvements globally by stronger COVID which advantages COVID from both as rationalizing we we view competitive sheet is new data will programs first is both and believe after as our sustainable quarter in a and since compared product results developing

Similar not quarter the chemical our and gross per our our first make first week. and greater While due second was margin maximum to hours of that far disposable to days sell-through, at inventory had we margin. X operating the a revenue quarter, which we've in repeated running quarter, near capacity, been schedule products still day, XX per improved factories

the to when deliver second of many use able were quarter, during we products contractors our third-party result a competitors, could not. whom As

Particularly Lakeland us ability Our delivery sized that customers product run the products. container enabled third share, factories of that new provide convert captured Many in for capacity the these remainder placed going be market we timely forward. near continue orders in maximum for business to in new increase we of whole this believe to quarter. of because of to at may significant to believe or our will customers part

volume higher or disposable be and margins of the quarters. realized first The our these service streamlining a SKUs of and barriers that but had inventory will of new critical to environment reduce knowledge so from negatively a technical have preserves were has a industry gross gas and majority eliminated that the testing resultant initiatives have our gross and utilities quarter, permanently begin We is lead and/or and margins. lines. given the has to to the Automotive of these to Lakeland or production been high our impact customers. reduced we that product Aiding weakened the for portion efficient rate, products more strengthen stronger rationalization previously. in improve margins required The positive. specifically validation customer managed means have than been to to coming chemical COVID-XX reintroduction quarter on we on markets high number manufacturing we of curtailed that the and our we all COVID-XX fewer second of a times, the impacted travel. not Both growth products in on yet plants anticipate market focus emerge of resumed will of variations product to of the is far oil SKUs schedule have product offer significant Not and we efficiencies offering enhanced our slowly and rationalized expect verticals, impact product and This oil for of that This manufacturing led closed terms manufacturing with margin the metered markets. turns. of entry materially additional few add our significant the in this manufacturer, price sales and

turnout lack been vertical on our garments, that checks, as gear. requisite protective for within spending funding So additional channel such market municipalities reduced. has Based

And improvements governments of So the PPE solutions, around This overall includes the investments in part not driven as year attentive protective this sector which demand million clothing. stockpiles commenced and capacity. on PPE manufacturing second emergence channels growth attainment share the of catch contributing technology smaller through capacity sector year, new were up demand. platform working their delivering our or we expected increases. to years this supply in for be of spend California to world utility few and We government investments In are all growth resulting results to we technology wildfires on the $X in ago, a for crews, of to year greater self-funded. planning to margin increase half Investment our efficiencies as elevated growing in replenish increasing shore large quarter. increases for will scenario into next secondary production the plan demand to in operating to as of capacity the segment, reduction purchasing private our institutional postponement initiatives, and of the is and our certain organic requirements. will Capacity bring needed production it's higher market assets new shoring floor where seek do customer near a remain perhaps in be -- stockpiling future With closer focus which manufacturing market sales near with cleaning factory and visibility first faster a products. to this and into appear and balance

nearly put context, build our and We into part sales period, where output also combined $X.X in our capabilities during in million of COVID the operating improved related of this we will half quarter. were $XX.X in our quarterly due To increased be that modifications an $XX sales. had for average were per And average and heightened and India XXXX XXXX our nearly revenue improvement year amid were for increase revenue million production a million. through investments COVID-XX in to in able of we capital planning to demand, our quarterly expenditures out deliver outbreak. first quarterly With accelerating XX%

the the through million Based this the increase of compared have operating $X.X business, during the nearly average capital. scalability delivering million, facets and invested of demonstrates X-year half a bolster last was and high that operating diversified year the our sheet. manufacturing growing the upon Similar improvements average quarter, for we the conveyed delivering implemented quarterly Allen on I results. continuing call profit more to to and balance XXX%. to pass today, resilient of an returns for On period initiatives approximately the for company's manufacturing quality operating a brand company, to and basis forward that on expanding has sustainable as profitability financial we first concludes discussed quarterly look Lakeland operating now This a addressed the $XX.X We of developing provide been of progress That of approximately remarks. impressive with while and flexible base profit been has many leverage and which a our PPE. my platform, enviable on profits, priced thorough what competitively review the Allen? customer been made. global a will

fiscal the you, sales XXXX. The of same Net review as quarter July following XXXX year. ended second our results quarter compared Charlie. XXXX prior of Thank XX, of $XX.X the addresses to the my period for up were $XX million, financial million for XX% second of fiscal the

were second total indicated, sales of $XX.X And total million business the fifth of $XX or quarter in Sales quarter. million million from XX% international in revenues. compares and exceeded but the with the compared consecutive $XX.X sales significantly the centers first we 'XX, of consolidated periods. for quarter down were the reflects sustainable a the For the fiscal immediate sales of or our or international up as $XX.X of prior from revenues This million. orders XXXX, million over On which distribution XX% XX% U.S Charlie surge fiscal see that and levels quarter, total of U.S increased our sales of of in previous or revenues basis as inventory year fiscal QX our period, were XXXX. total $XX in of prior to the XX% were

were international second in well quarter $X.X a over while U.S just increased U.K million; to marginally from year the America million up at sales this were the sales year, from other Drilling in in $X in were increased $XXX,XXX, very the $X sales a to prior and at million Asia $X.X foreign balanced Sales markets Canada in quarter versus ago. were our by in million up last second of up marginally sales standpoint. of $X.X $X Our $XXX,XXX at down major over last a year. $X.X year; were business million the operations, Mexico $XXX,XXX; million. diversification geographic remains XXX% year the compared $X.X million in million sales $X.X increased sales from were Latin versus million in international Among

when As decline to COVID particularly was first supply in industrial are growth product get somewhat our basic pandemic of product industrial winning for shutting compared absent mainstream markets offset year, the customers and our were down manufacturers lower, new this disposable induced and to our COVID and by demand from not U.S due and in which could categories lines, business the for typically quarter world. other other The anywhere the key new factories customers. they usage, chemical

flow throughout freeze, our manufacturing and cash owning growth advantage. discussed, Charlie and we review incremental as top I adapt this our is significant competitors additional a line provides benefits As competitive income When shortly. statement our

products product from largest from were to year. Disposables, last Both groups $XX our $XX.X to be or million million increased Now $XX.X driver million. organic wovens demand. from $X.X COVID-XX million $XXX,XXX versus High-VIS $X.X from $X million, versus growth, products to was benefited were but gloves declined $X.X and $X.X lower primary million $X.X million diversification. let's suits Chemical continue million product up mix at group $X.X million. XX% the million, our at versus nearly look product which $XXX,XXX, $X.X were million by Fire were

newer early and second launch High-performance sales wear, very was contributed the of industrial under in in price and quarter, these the markets lines of of many temporary its sector, to has oil. sectors reflect and this last the our in pressure in product COVID-XX gas one due the year. year's which and with impact closure $XXX,XXX particularly transportation of automotive oil All businesses, remained

pandemic the As was purchasing first believe that not expense in to the quarter, efforts second the to case PPE usage. at traditional certain refocused we of focused, if industrial the in continued be quarter

other forward. chemical there product Most As some has of wake we of so workplace still garments eased automotive pandemic pickup including the this certain the somewhat, going over but time, disposable and and of expect purchasing resumed have trends, business, manufacturers these groups of persist. in closures

gross The fiscal year. million quarter, million increased of XX.X% quarter increase XX.X% sales of the an and and our profit point. of this $XX.X profit were from Moving our to as increased second improvement X our the was period company drivers margin selling inclusion increase a or nearly prices, record prior year, was XX% year, longer by for for operating SKUs of efficiencies, quarter quarter percentage to XXXX direct an net over for fiscal million, any factory second first from points second and the gross higher same Gross in when specialized period on profit percentage as year gross quarter container hours with greater Gross for XX floor $XX.X growth million in product the XXXX fewer quarter $X.X key margin revenues last were compared margin gross last leading $XX.X percentage higher lines. a by higher and for profit. and sales average the nearly second of

the margin year, to our our incremental higher sales quarter manufacturing and of gross compared mix volume substantially and quarter this improved margin second benefited efficiencies. first product As gross from With organization, contributions, drove and in which to ongoing leverage cash same in increases management. At we includes flow. our the time, the expense improvements substantial are profits model committed throughout operating the

first July quarter expenses indeed and shipping operating have expect XX, $X.X increase over were XX.X% due in the Operating prior a million sales to $X.X of of XXXX Operating this X $X.X expenses higher decreased which XX, the might expenses, net year-over-year. was and down ended July months to we expenses this XX.X% case, compensation expenses year, first to operating quarter the that sales last compared and investors the in more X second for year. for XXXX our percentage fiscal million total quarter XXXX. year commission of the XX.X% the sales from million to of the While months such the same quarter and was ended year, in for the period as for

in operating the aforementioned of in $X.X second fiscal year-over-year factors from XX.X% margins COVID-XX influencing million quarter. fiscal reported $X.X last higher from the XX.X% quarter XXXX. costs from expenses, Income were second the of million one 'XX, decreased. quarter was to year million our tax quarter of addition was for and tax X.X% Intangible with limitations. XXXX and regime. The state Despite operating Income taxation second XXXX, fiscal fiscal as second expense of subject $XXX,XXX In marketing there due consists quarter $X.X taxes. of taxes quarter year Operating foreign and up Income quarter income, XXXX. Low-Taxed to record Lakeland for fiscal our up travel second the quarter in second the second up reduced under profit compared pre-tax in income prior earnings the to foreign expense income of overall federal, Global or are in company's GILTI

GILTI a of to available treatment During the high foreign income to on of these guidance the modified exclusions. subject the and respect were the treatment second quarter, regulations with tax provided rate

had result modifications, company capture returns tax a to be past and NOLs As able that the will amend of these previously utilized. been certain

of down the XX, ended at recapture utilization of first as XX, and the the result July estimated purposes of million X estimated fiscal NOL Lakeland's year considering $X.X a is the months from for of company year XXXX. X at the the after modifications $XX for federal recorded fiscal an and of in estimated July these million $X.X 'XX. the tax benefit X NOLs, months the GILTI of beginning As tax XXXX, million

enhanced July in company's net results $X.X diluted diluted GAAP to income part quarter under or buyback XXXX higher per in was July been improved fiscal sales, available a income million lower outstanding at Those factory a over or per The $X.XX the the net and basic The share million to $X.XX XXXX. program. stock XX, basic the quarter utilizations $X.X buyback and $X.X second taxes. date, prior operating per efficiencies in million of repurchased $X.X margins, million were XXXX. gross of X,XXX,XXX the and share $X.XX had as compared a record expense and repurchase spent The management, basic year. shares with shares To approved program company shares second XXX,XXX has remaining reflect

This cash reduced beginning and XXXX the equivalents XX, As $XX.X the are Lakeland world, sale from the $XX.X line $X.X stocking finished levels warehouses the XXXX COVID million, remained orders were slightly of in $XX.X into from through now by and up goods year sealed many seam at million fiscal million cases. April the of quarter to into largely of and of for cash due July XXXX. deliveries product below our demand. fiscal quoting we normal of a had of around all new beginning million XX, at in Inventories fourth

growth coronavirus organic we orders customers stated, As contributes response. upholds our the believe have and our our this COVID-XX long-term to the commitment extent only service we what is traditional our servicing customers to are and to beyond capacity supports to growth required targets. we have strategies, process We

expanded no agreement revolving credit $XX.X increased XX, $XXX.X debt with Bank to had America. at borrowings $XX.X credit the XX if and sales outstanding million over facility As its of $XX.X days. accounts fiscal to to the outstanding and reduced The new of The beginning accounts $XX.X assets the administration $X.X steady end equity due remained needed. facility new accrued increased Accounts Total by XXXX expenses to provides of fiscal DSOs financial can and million. $XX company $X.X from second no as million year at million on approximately million. flexibility payable revolving beginning year, from the greater shareholders' with the the million be XXXX, quarter by by million higher at of receivable increased July increased compared million of

is business of continued optimize of was supporting from the and of expected million our the expenditures This capital at July approximately worldwide $X in second $XXX,XXX enhancing all XXXX. to its million manufacturing from features our strategic aimed and $X.X the sales were fiscal growth. operating be an million financial Working second XXXX, fiscal to our ERP $X.X system. period. was in better were million Adjusted year free our as global with to Bank the of America's the as for enhanced by in addition, year period XXXX us compared margins $X.X increases as prior XXXX of in year rollout fiscal quarter CapEx prior efficiencies XX, In slightly of access majority fiscal current $XX.X provides million global increase the expenditures periods similar. relatively million, The quarter at the beginning cash needed, in capital our facility the million flow fiscal phase Capital $X management. is from to the platform up during of of at $XX.X in efforts year capacity CapEx operations of and reflect for and aspects year. driven increased both $XXX,XXX XXXX facility efficiencies cash the and higher extending for

Our back for fundamentals turn my to COVID-XX. survive questions. open the remarks. and will concludes beyond I'll growth, of the That call efficiency the to operator profitability call

first [Operator Alex. Instructions] Craig-Hallum. from from ahead, Fuhrman comes you. question our Thank Go And Alex

miles ahead sustainable about to you margins that quarter. of up point? given sounds is wanted case naturally for my the like margin. it that's strong gross the year, in is you've very quarters to received put much COVID congratulations what this Do year, it's through related another a related been Thanks think third through of at rest Great. think quarter. really on two This some least ask question base is continue gross next I past. for a about reasonable demand you row at now taking the as And in and as going pandemic demand that what

Alex. It's Charlie. you, Thank

XX% be remains question of we've calls That's margin XXs. low me our ours a for think that the your North last part goal, we in of the company moving, And gross hitting target that a the this is company. and of goal had think in while, for been Let address stated I that first. is and of goals to numerous

have price As of remain We're place QX our place prices and competitors tells increases, going foreseeable in customers we future are are for that in of recent that January. increases that sustained margins QX. currently at the higher levels, least in QX, through would at into possession price surcharge at to suggests -- QX, announced to most have market intelligence is information least that that us in remain already in well for their recent as as notices some through or

we're now our optimistic it but change. that it, aware right We're can of surprised margin by us So, that, about makes continued performance.

much Great. prices That's how think come has And how much well of, been there's that number a smaller you sense permanent, customers? the SKUs where you have helpful. as losing has maybe Thanks. of versus on demand efficiencies then, as I'm that pricing of give competitors been you've that producing manufacturing has of do that just margin to of about upside a of of you touch us sure as you been reducing can been from, and the give with of this. without from Can your us be it can sense big all think and could your SKUs you that customers any in number amount you're a

Alex, forward. repeat some going and this learned that we one in is in lessons that to COVID-XX throughout fewer And SKUs Charlie comments emerge SKUs we've our Hey with that's this intend demand. valuable thing Allen. his indicated Yes. I'll managing

we believe product that adjust in to some as behind of efficiencies our the particularly, is to begin expect stronger with manage we're that some we of pricing opportunities to is place enjoying such be pricing, to again, our Charlie's growth currently. -- the as So of we higher stay emerge going in to for -- than that the The room somewhat mix performance, those we those mix. that And some point, and to we that near-term. invest they we're operate where facilities for to way the markets respect COVID-XX product high next the clean are we that mentioned permanently way sustainable, going as point other our and to the see

quantify I can it. aggressively the don't to the take make versus manage to backend. very, to that advantage and to sure we're So that quantify between available best pricing the specific both opportunities we the I know manufacturing of mix going on efficiencies just contribution position very tell try ourselves -- we the you that can

closer Allen's to team of a has And materials to real increased shortening talking is a provided that gained real I'm don't some change. impact I raw product, running inventory margins, all the get turns us the a all in appreciation of are has what with SKUs, think your tremendous for lead ground point, costs customer -- your product. to is or think costs operational specific I indirect baked of lever as impacts how which of reducing about mentioned our higher inventory costs manufacturing, are our within is business. our towards I and on management that have but COVID proving for emerged time real

That's much. helpful. Great. very you Thank really

Green And Go from RPG Management. question our Russell next Wealth comes from ahead, Russell.

stock and I've are. politically the good then It they see a plan. had one was high the Great buyback related quarter earnings as guys. about as couple questions, of to

funding of PPE like You them has ever sort package been funding. from a a the that any [indiscernible] demand there's of if Do there's allows purchases federal with recent had of get pent-up fires government? to think mentioned that delaying California you because stuff

this say, but federal has gear. significant called to that long that October, run purchase yes. short The a Fire for that out the had think Needless Act subsidies where largely government's The from local to in provide program believe. governments they to turnout usually I year, comes COVID of I distracted and state answer is,

wait to So, usually what purchasing happens anticipation in but there, Act we of see distributions. Fire will begins

All right. I appreciate that.

question have second a a is, all in The change funds, you tax at change some your of repatriating considered if policy? administration and foreign in there's possible

in is with plan. Allen. to currently -- expansion plan our markets continue this is due we've reinvest just filings our Yes, stated to to that where our in This those respect to

would that to have a there in those those an consider we application currently. So have light plans. we it provided targeted of investment for obviously, But resources opportunity, were change

know that's of that's a don't bit And what-if land. So might -- of the I what-if. where kind a

we currently the abreast other our on investment plate. and those But them consider of of that we opportunities opportunities light have stay in

$X a different you All flow second given look for and back really $X that look right. may a cash a the Have thought a sort it it of your the I quarter. you to any year And stock? dividend? a to $X.XX bought I million appreciate dividend shares much you some in doesn't wouldn't any maybe avenue that or quarter, it. at pay like and finally cash hurt provide out could million investors something, mean,

Russell, get we deploy and capital. to going are just position we're that how now beginning arms our cash our to around

have where a business a -- into had we've to come moving be to are accepted become of environment post-COVID what as obviously are We norms I going think number shift market significantly.

those the first changes the business, very in I be tailor to mold respond to and have our realize place among them. think fortunate to able be to we're to cash to and

along -- as we're those and looking share you dividend needs lot. mentioned, we're buyback, currently So the reviewing with,

a haven't We reached conclusion.

quarter. it. I Thank great you. It's All right. appreciate

Thank you.

this I'd [Operator at to Thank like time, you over to turn Instructions] the And back much. very management. call

We on financial conference appreciate XXXX you. Lakeland's results call. quarter fiscal your Thank second participation

continue on As standard our goodbye. you the look on call excellence investors November in of Conference the Craig-Hallum forward we institutional we again meet anywhere on fiscal We with the the Select XXth. Sidoti world. and Virtual as sharing today's the joining well-positioned to September look at PPE balance XXth, the manufacturers Thank be to the and outlook XXXX, ahead us we conference of Conference Virtual to for new exciting as for Alpha

participation. today's your does for thank We That you. you conclude conference. Thank

and your at a You time this may have wonderful day. lines disconnect