standex international\'s ceo discusses q2 2014 results - earnings call transcript

by:Qingyu     2020-10-10
Standex International Corporation (NYSE:SXI)
At 9: 00 a. m. on February 3, 2014, etexecuesdavid Calusdian called 2014 earnings for the second quarter-
Executive vice president, Sharon Meryl Roger Felix
Chairman Dunbar
Thomas Debel, president and Chief Executive Officer-
Lily, chief financial officer-
Ladies and gentlemen, thank you for your support and welcome to the 2014 Earnings Conference Call for Standex International Corporation for the second quarter.
All lines are muted to prevent any background noise.
There will be a question after the speaker speaks --and-answer session. (
Operator instructions)Thank you.
I now transfer the call to David Calusdian at Sharon Merrill.
Sir, please proceed.
Thank you, David.
Please note that the presentation that comes with the management review can be found on Standex\'s investor relations website www. standex. com.
Please see Standex\'s Safe Harbor Pass on slide 2.
Matters to be discussed by Standex management at today\'s conference call include forecasts, estimates, expectations and other future matters
Look at the report.
There are risks and uncertainties in these statements, which may lead to significant differences in actual results.
For a detailed list of risk factors, you should refer to the SEC documents and announcements recently submitted by Standex.
In addition, I would like to remind you that today\'s discussion will include references to EBITDA, which is income before interest, taxes, depreciation and amortization;
Adjusted EBITDA, excluding restructuring costs and 1-time items; non-Net income; non-
Operating income; non-
Net income for ongoing operations;
And free cash flow. These non-
GAAP financial measures are designed to complement the results provided in accordance with generally accepted accounting principles in the United States.
Standex believes that this information provides additional metrics and consistent historical comparisons for the company\'s performance.
A reconciliation
The most directly comparable GAAP financial indicators are provided in Standex\'s second quarter press release.
Call Roger Fix, president of Standex today;
President and Chief Executive Officer of David Dunbar;
And Chief Financial Officer Tom DeByle.
I want to transfer the phone to Roger now.
Thank you, David. Good morning, everyone.
It is my pleasure to start today\'s call by introducing my successor, David dunba, CEO of Standex.
We issued a press release on December 18 announcing the appointment of David;
As planned, he took over Standex on January 20.
David brings a huge record for Standex for Tyco, Emerson Electric and Honeywell\'s growth-centric P & L leadership.
In the interest of time, I just want to say that we are happy to welcome David to Standex.
I now transfer the call to David so he can introduce himself and then we go back to our usual schedule. David?
Thank you. Hello, Roger.
Thank you for listening today.
It\'s very exciting to be part of the Standex team.
This is good news for me both professional and personal.
I used my carrier in large, complex manufacturing.
To a large extent, they focus on highly engineered industrial products, some of which are similar to those in the Standex portfolio.
My experience in these businesses includes sales, marketing, service and product development;
As Roger said, P & L management at the global sector level.
My goal is to provide this experience for Standex.
Over the past few months, I have had the pleasure of getting to know something about the business and getting to know Roger, Tom and other members of the management team.
It is clear that this is a company with strong capabilities and great opportunities for growth.
Working with the board, the management team and our staff around the world, my mission is to take advantage of this potential to take Standex to a new level in operations and finance.
I look forward to reporting on the progress of this task as we hold our third quarter conference call this spring and meeting you as much as possible from now until now.
Now, come back to Roger.
Roger fikas we announced in December, sorry, I will work closely with David in the coming months to ensure a smooth transition of leadership.
As we speak, we have made great progress and Dave will lead Tom on our next call.
Now look at our second quarter results, please go to slide 3.
This quarter was affected by weak demand for food services, which was offset by strong performance in engraving, electronics and hydraulic systems.
Our growth and profitability are also negatively affected by difficult years --over-
Annual comparison of our engineering and technical department.
Revenue growth for the second quarter of fiscal 2014 was 2. 1%, non-
EPS decreased by 4. 3% year-over-year to $0.
88 per share after dilution.
We ended the quarter with a net cash position of $2 million, and our balance sheet is well positioned to support future investments in organic growth and acquisitions.
In terms of food services, we have experienced weak demand in several of the largest food service chains and the United States. S.
Convenience stores and the United StatesK.
Grocery stores segment.
However, given our recent restructuring in food services and the fact that we plan to deduct additional expenses from this segment of our business, as well as the strength of new product channels for food services, we believe that as demand recovers, we will achieve a huge profit leverage.
We are satisfied with the company\'s overall strategy.
We had a challenging year. over-
Year-on-year comparisons in engineering technology, but all three other departments have achieved record results in engraving, resulting in a steady increase in sales and operating income for the quarter.
Go to slide 4 and in the long run you can see that our 12 month EPS is $3.
66 a share, an increase of 8% over the whole year of fiscal 2012, an increase of 23% over the whole year of fiscal 2011.
This shows the impact of our lower cost structure and the success of our growth plan on acquisitions
Organic drive.
Technology investment remains a very important driver of the growth of organic sales in Standex.
Slide 5 highlights some of our recent technical success.
Starting at the top of the slide of the catering service, we have examples from both the cold and hot aspects of the business.
On the cold side, we launched a new chest
The refrigeration system works in the Super
Low temperature.
As low as minus 80 degrees Fahrenheit. Ultra-
Low refrigeration is the country-of-the-
The art used to store applications such as genetic and biological samples and very high-value blood and tissue inventories, not only in laboratories and universities, but also in the bio-pharmaceutical and agricultural industries.
In addition, we are using our Ultra-
Low refrigeration field to improve the performance and added value of our traditional refrigeration product portfolio.
In the cooking solution, we introduced a fast oven production line that combines microwave heating with our proprietary convection baking technology to achieve ultra-fast cooking.
One example is to take a frozen pizza from our fridge that can be cooked and ready to eat in a few minutes.
These new ovens are helping to transform food-grabbing preparations in the form of convenience, coffee and sandwich chains across the country and represent an important opportunity for growth.
Based on how the engineering technology group is innovating to drive top-level growth, we are rolling out solutions for our customers to dramatically reduce the cost of key components using aircraft jet engine components by using our proprietary metal rotation technology.
As you can see, there are two examples in slide 5;
The cabin lip skin components on the left and right are the jet engine exhaust plug and nozzle assembly, both of which will be used for the Airbus A320 project.
We recently won the lightweight planning award for two components that will sell more than $80 million throughout the a320 lifecycle.
In terms of engraving, we have developed a proprietary wax jet printing technology, which is a truly distinctive Standex in the automotive OEM design community.
This new technology enables us to quickly create sample plaques used by automotive OEM customers to design the interior of the vehicle.
This new technology allows us to create new texture designs in a few days, while the old technology used by competitors takes a month or more.
This new responsiveness and flexibility allows us to achieve greater success in capturing new vehicle platforms globally.
In the field of electronic products, we have been designing sensor products around the core reed switch technology.
We have been working hard to leverage Hall chip technology as a complement to the capabilities of existing reed switch sensors.
We recently captured our first large customer program with Hall sensors, which will be used to measure the rotation speed in the washing machine application.
The last example is that we have been working with customers in the hydraulic industry to develop a new material technology that enables the hydraulic cylinder to better withstand the hard conditions of use in the application of garbage trucks.
We have introduced new cylinder surface hardening technology, and the new design of the cylinder seal is designed to extend the life of the product in this very harsh operating environment.
As can be seen from slide 5, Standex is committed to major technological advances as a driving force for future organic growth.
Next, Tom will discuss the second quarter results, and then I will discuss the performance and prospects of each of our business units. Tom?
Thank you, Roger. Good morning, everyone.
Please go to slide 6, which is our quarterly Bridge to illustrate the impact of special projects on net income from ongoing operations.
These include a tax effect of $0.
5 million of the cost of restructuring, $1.
5 million of non
Regular management of transitional costs and taxes affected
Recurring insurance benefits are $1. 4 million.
During the comparable period for fiscal 2013, there was $0.
6 million of taxes affect restructuring costs and $59,000 in taxes affect acquisition-related costs.
Special items for two periods are not included
Net income for ongoing operations is $11. $2 million or $0.
Compared to $11, $88 per share after dilution. $7 million or $0.
The second quarter of fiscal 2013 Diluted $92 per share.
Brief introduction to special projects for this quarter.
The cost of managing the transition fee includes the search fee, the relocation fee and other expenses related to David Dunbar\'s joining the company, as well as Roger Felix\'s acceleration of stock compensation for retirement.
In addition, we recorded this quarter.
The $2 million tax on insurance benefits came from the catastrophic failure of a large vertical machining center at the Massachusetts engineering and technology facility.
Our insurance claim for this quarter was $3 million in insurance revenue, partially covered
The net book value of the machine sold was $1 million.
We have a safe replacement machine for about $2.
9 million and will be operational in May 2014.
During the transition period, we added production from similar machines located at the same facility and obtained an outsourcing solution that will enable us to meet the needs of our customers.
We expect that the cost of purchasing and installing replacement machines and the tooling costs associated with subcontracting will be fully reimbursed by the insurance company.
Revenue from the tax impact recorded this quarter was $1. 4 million.
Due to the unplanned replacement of the vertical machining center, we are increasing the estimated capital expenditure for the current fiscal year to $23 million to $24 million.
Net working capital at the end of the second quarter was $130, turning to a decline of 7.
$3 million, compared to $117.
At the end of the fourth quarter of the fiscal year 4 million, $2013 and $129.
At the end of the second quarter of last year was 9 million.
The return on working capital is $5.
The second quarter of fiscal 3 million was 2014.
Take a look at slide 8 and we get free cash flow from our $15 ongoing operations.
2 million we successfully converted Net income into operating cash flow for the current quarter.
Capital expenditure for the second quarter was $3.
7 million is in line with our expectations for the quarter. On a year-to-
Free cash flow for ongoing operations is $12 by date.
Compared with $18 in the previous year, it was 2 million. 2 million.
Capital expenditure for one yearto-
The date is $8 million and $9.
The previous year was 7 million.
Slide nine shows our debt management.
As Roger mentioned earlier, our net cash position at the end of the second quarter was approximately $2 million.
In contrast, net debt last year was $29 million.
We define net debt as debt with funds minus cash.
The leverage ratio of our balance sheet net cash to capital is 0.
Net debt positions at the end of the 6% quarter compared to 9. 8% a year ago.
Our strong balance sheet meets our needs well.
We continue to have sufficient financial flexibility to fund future growth, acquisitions and other strategic initiatives.
So I can turn the phone back to Roger.
Thank you, Tom.
Please go to slide 11 of food service equipment group and I will start our Segment Overview.
Sales of catering services decreased by 2.
Compared with the second quarter of last year fell by 9%, operating income fell by 23. 4%.
In terms of the refrigeration of the business, we are encouraged by the continued growth of the dollar store sector Atosiban Acetate Injection
The chain of small and fast service restaurants has achieved rapid growth.
It is also encouraging to see the stability of our sales of drug retail accounts, which have been on a downward trend.
However, similar to our experience last quarter, as chain companies temporarily shift capital investment from the opening of new stores, refrigeration sales in several large fast-service chains have declined.
According to our discussions with chain stores, we do not see this slowdown as an ongoing trend.
Cooling sales from small dealer channels also showed some weakness this quarter.
We have made good progress in penetrating the Dollar Store field through our new value engineering upright commodity Cabinet series.
These segments are very cost sensitive, so we have a lower profit margin on sales in dollar stores.
This is partly due to the fact that the dollar store portion is more cost sensitive than the QSR and pharmacy portion.
This is also partly due to productivity issues and inefficiencies associated with launching new products, and we expect to improve in the coming quarters.
We had a great success with the upright glass door merchandise and endless display cabinet range in the dollar store section, and I saw signs of early approval in the pharmacy section.
We are now working with Value Engineers to lower our price points in order to be more competitive in the price of the refrigerator
We apply the cream of these products and other end markets.
Changes take time to complete testing and evaluation, so we don\'t want to see results overnight.
We are encouraged by the early positive reactions of these new products in the market.
In terms of cooking solutions, this is another slow quarter for chain companies and their sales to the USS. government.
Our seasonal spare parts supply business is also weak.
We do see an improvement in bookings for the second half of this quarter in the North American heat zone, which continues until the early days of the current third quarter.
Early signs of strengthening the US economyS.
The grocery section we saw last quarter became more visible in the second quarter, and our project pipeline in the US also improvedS.
These growth continues to be offset by a very soft grocery store environment in the United States. K.
We are making progress by rolling out some great new products to drive revenue growth in the culinary business.
We launched a new range of countertop grilles and charbroilers in Q1, which is our new value line deck oven in Q2, both of which are well received.
Looking into the future, we plan to significantly expand the combined oven portfolio by introducing new value combination ovens, with mini combination and speed ovens benefiting from the sales of fiscal 15 in the second half of fiscal 14.
We did see it for a year. over-
As the business conditions in Europe continue to improve, the sales and profit performance of our Procon Pumps business has improved for a year.
Speaking of slide 12, we are obviously not satisfied with the current performance of our food service group.
All of our current initiatives in food services focus on driving profitable growth and improving operating margins from a guaranteed and long-term perspective.
Most importantly, our focus is on launching new products, which will generate higher profits, and specific examples include the kangbei oven series we launched in the past 18 months, speed oven and ultra during calendar 2014-
Low cooling.
We also value the number of existing products in the refrigeration and cooking aspects of the business, which is designed to increase profit margins and allow us to penetrate into new markets.
In addition, we also rationalize our sales efforts from lower-margin products and market segments.
In terms of business costs, we started with the closure of the Cheyenne cooking solution facility and have started some major initiatives. We\'re on-
Complete this closed track in the following ways-
By the end of fiscal 2014, the mechanism will generate an annual cost savings of $4 million, starting from the next fiscal year.
We are improving our workshop labor costs and productivity by moving production and more products to our low cost manufacturing facility in Mexico and investing in automation in the USS. -
Food service manufacturing facilities.
Finally, we are driving procurement and lean initiatives to provide ongoing cost reduction opportunities. This is multi-
One year\'s initiatives and results are not achieved overnight.
However, we are satisfied that these initiatives will significantly improve the group\'s financial performance in the long run.
Please turn slide 13 to Standex engraving.
The second quarter was the quarter in which the group\'s sales and profitability hit a record high.
Sales rose 20%, and operating income rose 30% from the second quarter of last year.
This growth is mainly driven by our mold organization business in automotive and non-automotive
Car segments around the world.
These three geographical regions have performed very well in the quarter, and we expect that in the second half of this fiscal year, not only in North America, we will continue to see bookings and backlogs, but the same is true in Europe and China.
In the past year, we have opened die-woven factories in Brazil, South Korea, India and Mexico, and the response of customers is positive.
It is still too early, and the activities of these facilities are still focused on running samples for the quality assurance and acceptance process of the car\'s original equipment manufacturers.
Production at all four facilities began to increase.
Despite the continued weakness in the aerospace sector, our innovative business has shifted in a good quarter, which is largely related to isolation and uncertainty in defense budgets.
Sales of novent
The aerospace product line is solid in Europe and emerging markets, and we expect further acceleration in the second half of this fiscal year.
Sales of our coil engraving and machinery business remained weak this quarter, mainly in North America and Brazil.
Product demand for building applications is not as strong as we expected, and we expect this segment of business to continue to weaken in the second half of fiscal 2014.
We continue to make good progress on our strategic growth plan for engraving.
The goal of these initiatives is to introduce new mold organization technologies and production capabilities to expand our addressable market and differentiate Standex from competitors.
We are currently focusing on some technical opportunities and the first one is the wax spray texture prototype I mentioned earlier.
The second one is slush Molding. This is the next one.
A new generation of alternatives for injection molding and plastic parts and manufacturing soft-
Touch plastic parts for the car market.
We have just completed a large slush molding tool project.
Renault supplier.
The sample product has been produced on the tool, these two layers-
The suppliers and Renault are very satisfied with our tools.
This is a milestone to position Standex as part of the top selection Group
Global Tier 1 supplier in Slush molding.
So we are now expanding slush molding capacity in Portugal and are planning to build new online capacity in North America in the 2015 fiscal year.
The third new engraving technology we are developing is to use laser to directly carve very large complex metal molds.
Laser engraving is the next generation of alternatives to traditional asset hedging technologies.
As I said last quarter at this point, we have been running two laser engraving machines in Germany for more than a year, our capacity on these machines is basically 24-in seven days-hour schedule.
We have three similar new machines with the goal of Germany, China and North America, planned in calendar 2015 and pre-
We have been selling capacity on these machines for months, and once the machine is running, we have some customers who commit to production.
Please go to slide 14 of our engineering technology group.
Sales fell by three in the quarter.
Compared with the second quarter of last year, operating income fell by 9%. 6%.
These negative yearsover-
A year\'s comparison reflects a
We settled customers in the second quarter of fiscal 2013 based on the time when they booked the inferior materials they provided us.
The amount of this settlement is $1.
The impact on sales was 9 million, and the positive EBIT impact for the previous quarter was $700,000.
Our space sales doubled.
Figures for the second quarter of fiscal 2014 do not include the impact of customer settlement.
We continue to get development orders from NASA and suppliers for the space launch of the next generation of manned deep space vehicles \"System Program.
In addition, we continue to see orders for fixed supply of manned and unmanned space.
We are also booking orders for emerging space travel apps, such as the Virgin Galactic program, which recently made headlines.
Looking ahead, in addition to these three areas, we continue to experience solid growth related to the satellite launch of the unmanned National Reconnaissance Organization by participating in the Delta IV and Atlas V projects.
Land sales-
As we have seen strong sales to our largest OEM in this area, the turbine market has grown by nearly double digits.
Our oil and gas sales and engineering technology tripled from the second quarter of last year, with very high margins.
Having said that, it is important to remember that oil and gas will continue to be the focus of our attention, because bookings are mainly driven by the time and funding of large offshore oil and gas production floating platforms.
So far, our oil and gas business has focused only on two OEMs.
In the second quarter, we received the first development order from the third OEM in the United StatesS.
Looking ahead, we have a solid pipeline for future oil and gas projects and are confident that as we enter fiscal 15 in the second half of fiscal 14, some of these projects will be achieved.
Aviation sales were flat this quarter. over-year;
However, as I mentioned earlier, we continue to make good progress in our development activities related to jet engine components and the lip skin of the wide body aircraft cabin in Europe and North America.
This is what we discussed before in relation to a long-term production contract.
Signed a lip contract with the new Airbus A320.
In terms of engine internal components, we will continue to advance production orders with subsidiaries
Development efforts of GE\'s suppliers and Rolls
The European Royce motor company we reported last quarter, with the target of production in the second half of fiscal 2014.
Please turn to slide 15, electronic device.
Electronic sales rose 6 in the second quarter. 3% year-over-year.
Our operating income has increased by 7. 1%.
The customer program we discussed in the last few quarters has started and has had a positive impact on sales in Europe and North America.
These devices include magnetic devices and GE sensors, which I mentioned earlier in the end user market for white goods and home appliances.
Sensors for automotive applications, Reading Relay programs, and hydraulic oil pressure sensors.
Looking ahead, we have a solid pipeline of e-client projects that we expect to roll out for the rest of this fiscal year and for the next fiscal year.
We also continue to make good progress in developing new products and customer projects for China\'s domestic market.
In addition to our access to reliable new product channels from customer projects, we also execute our strong Lien enterprise cost reduction programs in the electronics sector and expect them to be available for the next 12 to 18 months
This is in addition to the estimated $4 million annual operating rate savings that we now achieve and purchase savings and our facility integration in Tianjin and Shanghai, China, which is the result of Meder acquisition synergies.
Please go to the hydraulic group on slide 16.
Sales of hydraulic parts increased by 12 in the second quarter. 4% year-over-
Annual operating income increased by 10% year on year.
We do see a sustained recovery in our traditional North American dump truck market.
This growth is mainly driven by the rebound in new home construction and the growth of market share.
In the second quarter of last year, sales of dump trailers in North America were flat.
Sales of dump trailers in the oil and gas markets increased year on yearover-
But that growth was offset by weak sales of infrastructure construction and coal transportation.
We continue to see strong growth in rolling-
In the garbage market, we benefit from the continued growth of two key large rolling sales
Reject recent share growth for OEM and smaller OEM customers.
In addition, the hydraulic business has benefited from some growth and after-sales market sales this quarter, as well as early signs of recovery in several of our export markets, namely Mexico, South America and Europe.
Looking into the future, we have launched several new products in the garbage market, some of which adopt the innovative materials I mentioned earlier.
Several customers were testing on site and we got some initial production orders.
Finally, our recent expansion of hydraulic facilities in Tianjin, China has been completed.
We have a significant backlog of the facility, and we expect strong production demand for the facility for the remainder of this fiscal year.
Please go to slide 17.
All in all, fiscal 2014 will be a mixed year.
However, market conditions and food services will still face challenges in the second half of the year. We believe that we have gained a foothold and are implementing a series of multi-year initiatives to drive profit growth and increase profit margins for the food services group, from which we can expect both growth and profitability.
Trends in other areas of our business seem to be increasingly beneficial for future organic growth.
We are launching a range of new products to take advantage of these end-market opportunities.
Given the strong balance sheet and liquidity, we will also continue to focus on acquisitions to strengthen our base business.
We believe Standex can translate future sales growth into strong profitability.
With this, I would be happy to answer your question. Operator? Question-and-
Operation instructions]
The first question comes from Beth Lilly, a Gamco investor.
Elizabeth Lily
Good morning.
Good morning, Beth. How are you?
Elizabeth Lily
The investment in Gamco is great.
Are you good morning today?
It\'s cold in New England, Zinc Citrate Tablets Roger Fick.
I don\'t think it\'s that cold outside.
Elizabeth Lily
Gamco investor is a high--
I think it will be a 15-point high today.
Go ahead, Roger.
It was a warm moment in Minni aborith . . . . . . Elizabeth Lily-
Exactly, the investment of Gamco.
I would like to have an in-depth look at the situation of your food service equipment group and the decline in profit margins.
You set it up for so long.
I think the long-term goal of getting a profit is double digits, maybe even 12% to 13%.
So, can you talk about the decline this quarter? This is disappointing, and then what else would you do to reach the level of 12% to 13%? Roger FixOkay. The year-over-
A year has been negatively affected by some things.
We mentioned that our sales in the dollar store area have increased, which is growing at a lower profit margin, and we have basically replaced the decline and decline in pharmacy sales. The second is a real mix, the big chain we do is direct.
Therefore, our sales channel costs less and our profit margin is higher.
So we changed classes. -
Or, I should say, a mix of changes from large accounts to small chain stores organized through sales reps and dealerships.
To address our long term plan, I draw your attention to slide 12, which we will use as a mantra on what we are going to do in the food services team, which you can see from this slide, there are actually two basic ways.
First, we are driving profit growth in areas where we can create higher profits. What we really want to say here is that we do not have enough growth in the high profit areas of food services, we want to reduce our exposure over time in some areas with lower margins.
Not all customers, not all products, and not all end users have the same profit opportunities.
So when we consider our organic growth plan, our focus is on products and categories that we can create higher margins.
Therefore, new products, such as combined speed oven, combined oven, speed oven, Super
The low cooling capacity reflects the opportunity of higher profit margin.
At the same time, we also know that we must continue to participate in many of our traditional markets.
Therefore, our focus is on value engineering, so the upright glass commodity cabinet is a good example of our entry, which completely changes the design of the product itself and completely redesigns it.
Along the manufacturing progress of the lien enterprise line.
So, if you want to do a lot of work on new products, value engineering, and then, over time, keep us away from products and segments with lower margins.
Then this direct cost aspect.
We have been talking about the summer extension merger.
Starting next year, this will save $4 million.
We don\'t talk much, but behind the scenes, we are doing a lot of work to move the product to our operations in Mexico, where our hourly costs are significantly reduced, and being able to take advantage of our fixtures in the facility, we also invest in automation, especially in the United States. S.
On the other hand, we cannot transfer businesses or products directly to Mexico due to various infrastructure reasons.
We are putting a lot of money into automating operations and reducing operating costs, and then finally trying to push a lot of liens and procurement projects.
So, sorry, these are really the main things that we are doing, and these things will increase profit margins over time.
Elizabeth Lily
The problem with Gamco investor SSO is that if I remember correctly, the problem is with heating, which is a hot spot in your business, right?
This is the real challenge you face.
Roger Feixi thinks we have a chance in both hot and cold.
On the cold side, this is the one most affected by the reduction in the opening of new drug stores.
So we are moving this business to a new market like the dollar store, reducing our dependence on pharmacies.
So both sides have a chance.
Elizabeth Lily
Gamco investor Kay. Great.
Thank you very much.
Thanks, Beth. Operator[
Operation instructions]
There is no further problem at this time.
I will now transfer any additional or closing calls to management.
David Dunbar
Thank you, operator.
I\'m David dunba and thank you all for joining this morning.
Finally, I would like to thank Roger and the board for the opportunity to lead Standex.
I think we have a well thought out plan in place to ensure a smooth transition.
Roger and I are leaving for six this afternoon.
Visit our main website every week, conduct quarterly business reviews and meet with customers.
As I said at the beginning of the conference call, knowing you, our shareholders is one of my top priorities, and we have also arranged some meetings for that.
Standex is well positioned on the ambitious growth agenda.
I look forward to reporting on our progress at the next earnings call.
Thanks again.
This is the end of our call.
Thank you for attending the Standex International Corporation 2014 earnings conference call for the second quarter.
You can disconnect now.
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