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Sigma Labs\' (SGLB) CEO John Rice on Q1 2018 Results - Earnings Call Transcript

by:QY Precision      2019-10-18
Sigma Laboratory Co. , Ltd. (NASDAQ:SGLB)
At 4: 30 p. m. on May 15, 2018, etexecuesscott Gordon-Q1 2018 results Earnings Call
President of core IRJohn Rice
Temporary ceonnette Toups-
Cfoanalystnehal Chokshi-
Smith-Maxim Group building
Good afternoon, private investors.
Welcome to the first quarter Sigma Labs earnings conference call, which ended on March 31, 2018.
All the participants will be listening-only mode. [
Operation instructions]
After today\'s speech, there will be an opportunity to ask questions. [
Operation instructions]
Participants in the conference call were told that the audio of the conference call was being broadcast live over the Internet and was being recorded for playback.
The replay of this call will be available approximately one hour after the call ends until August 15, 2018.
I would now like to hand over the meeting to Scott Gordon, president of Core IR, a corporate investor relations company.
Please proceed, sir.
Gary, Scott Gordon. thank you.
Thank you all for attending today\'s conference call to discuss Sigma labs\'s company development and financial performance for the first quarter ended March 31, 2018.
Today we are with John Rice, the company\'s interim CEO, and Nannette Toups, the company\'s chief financial officer.
At five o\'clock P. M. eastern time today, Sigma Labs released its financial performance on 2018. you have not received the earnings release from Sigma Labs. please visit the Investor page on www. sigmalabsinc. com.
During this conference call, the company will move forward-
Look at the report.
The company reminds you that any statement that is not a statement of historical facts is forward-looking --
This includes any forecast of income, cash or other statements related to the company\'s future financial results, any statements regarding the management of the plan, strategy or objectives future operations, any statements regarding the proposed new product, any statements regarding the expected new relationship or agreement, regarding the Company\'s products in the United States. S.
And the international market, any statement about the future economic situation or performance, statement of belief, and any statement of assumptions that give up.
These statements are based on expectations and assumptions as of the date of this conference call and are subject to many risks and uncertainties that may lead to actual results as described in the future outlook
Look at the report.
Some of these risks are described in today\'s press release entitled warning notes on moving forward
In the open periodic report, the company submitted documents to the Securities and Exchange Commission.
Investors or potential investors should be aware of these risks.
Sigma Labs does not assume the obligation to update these forwarding
Forward-looking statements that reflect future events or actual results do not intend to do so.
I now transfer the call to CEO John Rice. John?
Good afternoon John RiceGood, welcome shareholders, and welcome other parties interested in Sigma lab, as Scott mentioned, I am the interim CEO of the company.
The purpose of this conference call is to report on the company\'s performance and development in 2018.
As many of you know, I reported a month ago that in our year-end report in 2017, we made a strategic decision to stop R & D sales and licensing, and fully focused on the production operation of installing printrie3d system 3D metal parts in the company now produced or purchased, so I am not satisfied with the quality output of these operations.
We focus on these target customers because the proof of performance testing with them logically results in our products being sold to multiple machines in the production environment.
We found that most of the sales of R & D applications we have done in the past are one-timeoff sales.
They need a lot of customer support and they don\'t actually lead to any additional unit sales.
In order to achieve this intensive narrow focus, we removed the company\'s R & D Island.
We build ourselves into an integrated team of technology commercialism.
We began to work closely with customers such as Pratt & Whitney, Solar Turbines, Siemens, Woodward, and major OEMs that manufacture 3D metal manufacturing equipment, because when companies like them ship to end users, we want to be Sigma.
As a result, in 2018, this strategic focus at the end of 2017 led to the following results.
First, product development and response to customer needs are accelerating.
Our product is PrintRite 3D version 2 when we exit 2017. 0. 4.
Today we will deploy PrintRite 3D version 3. 1.
2 Our installation base, which is a very significant change in product capabilities and customer availability.
We have adapted to these changes or installed by adapting to the expectations of new customer profiles and large company production and quality assurance personnel, selling large company production teams-
Putting process quality assurance tools at the heart of additive manufacturing equipment reminds people of the challenges that the developers of human cardiac pacemakers may face with early adopters.
Not only do adopted people have to know that the device works, but they have to know how the device works, what is its potential weakness, how do we break it, oh, we should do a few more runs to make sure the data doesn\'t go off track and so on.
This is a very strict and reasonable strict process, but in this process, we have proved this again in the past four or five months, quite a lot of suspicion and caution, we are really working with some people right now to show us a lot of excitement and what we do, which is important to us.
We also closed a plate. ph]
Financing in millions of dollars, using the proceeds first to obtain additional resources and subject matter experts for the development and completion of closed-loop control and a second general working capital.
In addition, as we provide some of the most leveraged opportunities for end users and OEM customers in Europe, we have hired a business development sales engineer, we will introduce a senior technician in Germany and the UK, starting in the second quarter of the company.
Just yesterday we announced the sales engineer, Marcus medenstein, who will be working in Munich.
As a subsequent development, you may have noticed the press release issued by the company yesterday announcing the award of a quality assurance method for metal 3D manufacturing.
This patent is very important to us because it is-
This is the first time we have applied for a patent in the past five years and submitted a series of 18 quality assurance technology patents that have now been applied.
So this is a major
This is the first step for the team we want.
As you may recall from other publications in Kilpatrick Townsend, USA, a very important national patent company is the group that does the work for us.
At the same time, in the first quarter, due to the cessation of R & D sales, our impact on changes in customer goals and support continued the trend of flat sales at the end of 2017.
Our biggest bet is, the dedication of all our efforts to demonstrate the value and efficacy of printrie3d to target customers will lead to significant sustainable growth in repeat sales customer support and product development for one-time R & D sales.
I know it\'s hard for some of you to see the process.
It must be very difficult for the long term
Long-term shareholder trust, however, please bear with our decisions and activities that exacerbate our short-term concerns about flat income, it\'s also the actions we really think must be taken that I have to pass for future growth and profitability.
We can\'t guarantee our success now, but we are very confident that we are trying to do the right thing.
Finally, I would like to raise our monologue and answer the most common questions I have received from shareholders.
Why does it take so long, and Sigma\'s health does take too long for our main target customer to sign the value of printrie3d and order it to apply it to the production line of their machines-
Making this decision possible to be supported by experienced people and to be subject to unexpected consequences in the event of a change in quality assurance procedures, we have to dramatically reshape our culture, our job requirements, our behavior, our sensitivity to the market and our customers.
There is a chemical reaction in the process, our company and culture and our efficiency growth is slow [ph]
When we are mixed with the chemical composition of the quality and production personnel.
However, there are still R & D personnel in the portfolio, but these are mainly operators, and Sigma has engaged in dialogue, negotiation and cooperation with these key target companies in the past four or five months.
Today, we seem to successfully define each other the precise process, data, problem detection capabilities required to make adoption and purchase decisions.
So when we get to the final stage of the test, there will be more pop-up delays, there will be faults, I know, but I also know that printrie3d is a very good product, we think we see customers start to really appreciate it.
So please bear with our tolerance that our target customers need determination to get the first approval to install a cardiac pacemaker like a product, we have clearly demonstrated that we have patients and patience, both inside and outside the company, we.
So despite that, I will transfer this call to our CFO, Nannette Toups, who will discuss the financial results for this quarter.
Thank you, John.
I will now discuss the financial results of 2018.
For the three months ended March 31, 2018, we recognized revenue of $103,415, compared to revenue of $114,523 in 2017.
The figure was reduced by $11,108 or relatively flat.
We use the revenue generated by our printrie3d system sales and engineering consulting services to help finance our operations.
Of course, as we move forward, these revenues are not enough to cover our operating costs.
So in 2017, we raised just over $525,000 by selling common stock.
We expect that as we seek to further commercialize and expand the market share of printrie3d related technologies and obtain some new contracts and continue to provide our services at Honeywell, our revenue will be contracted with Honeywell airlines as we have already signed.
However, to supplement those revenues, we just raised an additional $840,000 in equity by selling preferred shares in early April.
What offset our income was revenue and operating costs, and our positive income for the first three months of 2018 was 73,795, flat with $47,534 in 2017.
To the operating expenses, these operating expenses are operating expenses because most companies consist of our internal operating and sales expenses, external service fees, R & D expenses and depreciation and amortization.
In the first three months of 2018, our total operating costs were $1177. 13 billion, compared to $1,159,494 in the same period.
The most important thing about our operating expenses is the cost of personnel, especially wages and inventory.
The compensation portion of the personnel expenses, the personnel expenses were $560,179, accounting for 48% of the total business expenses, compared to $577,842 the previous year, accounting for 50% of the total business expenses.
The total wages for the first three months of 19 and 2018 were $39,554 lower than the same period in 2017, mainly due to the bonus development paid to our business in 2017, vice president related to satisfaction with some performance milestones. The stock-
Compared with the same period in 2018, the personnel cost base component for the first three months of 2017 increased by $21,890.
Moving to external services, our external service fee is $319,622 compared to $364,784 in 2017.
Services related to our obligations as a SEC reporting company, public offering in February 2017, preparation for the sale of convertible preferred shares in April 2018 are the main components of the costs for these periods.
The decrease in these costs in 2018 was mainly due to the following reasons:
Time we paid $42,000 for the entrance to Nasdaq, which is related to the first listing on the Nasdaq exchange in 2017.
In the three months ended March 31, 2018, R & D expenditure was $121,977, compared to $54,505 in the same period in 2017, an increase of $67,472, mainly due to the purchase of multiple upgraded services
I\'m sorry that as we focused on accelerating technology development in 2018, servers, computer servers and a variety of other dedicated devices that we need.
This shows us the net loss per quarter.
For the three months ended March 31, 2018, total net losses amounted to $1,170,876, compared to $943,965 for the same period in 2017, so our losses increased by $226,911.
The actual operating loss contributed $63,684 to the increase in the loss, and other income and expenses also contributed to the balance.
By March 31 we $1,347,319 cash of assets sheet than $1,515,674 cash in December 31 in 2017.
In this way, I will transfer the phone to John.
Thank you, nannett.
When we close the meeting and start asking questions, the summary of the company\'s position is that we have never been so enthusiastic and confident about the actual technology we bring to the market, and have never looked at the technology as much as others do.
So we are very confident that what we have is strong, that we are in a way consistent, that we have never had the privilege of being with our customers in the past.
This makes us very optimistic about the future development.
So please bear with us, maybe something good will happen.
That is to say, let\'s continue our discussion. Question-and-
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The first question comes from, please forgive me if I missed the pronunciation error of Nehal Chokshi of Maxim Group.
Please continue.
Nehal ChokshiThanks.
So you mentioned that you have passed the process of proving it again.
What are the indicators that give you the confidence to say that?
The process of John RiceWell and-Nehal together, it\'s a pleasure to hear you.
As a small company dealing with big companies, we found that everything needed more time.
So in the last three to five months, when we want to get into the end of the game immediately, we find that what we really need to do is go into a process --
Due to the extensive horizontal Foundation, we had to create an actual workshop, a two-day workshop that educated our customers about the metallurgical and software algorithmic processes and patterns used, because knowing everything is so important to the production staff.
Getting good results without knowing why this is a good result won\'t disappoint these people and you really have to respect that.
We were fascinated-we were frightened to see how long it actually took.
So the bottom line is that today we are not working with everyone, but through the process, but, there is a large part of the key people who are aligned with us that are working on a list of mutually agreed --here\'s what -
Here\'s what we\'re going to do, here\'s what we have to get, here\'s what you have to be able to see, here\'s what we have to be able to handle your data and information.
It\'s really a big deal to reach this level of clarity, because once you-
Like you are selling cars, people say OK, it has to speed up to 0 to 60 of X.
It must have the highest speed of Y etc.
So now that we \'ve identified these thresholds and the metrics we\'re really excited about, cool, let\'s start doing that.
Yes, they will do it again.
Let\'s do it again, they say, just make sure there\'s no direct data.
But for us, this is an important step that needs to be taken.
Nehal chokshiok. Understood.
Now that you have defined the parameters that the software needs in a format, because this is QA Software, presumably to simplify quite a bit, so you know how big the sample size is, how long does it take to produce sample size?
John RiceThose is the specific indicator we develop with these people.
You know, the space is complex, and what you measure is different from what people use to measure.
The formwork of traditional metal parts, the quality is based on the traditional machine shop, they are very accurate CNC [ph]
A machine stripping metalchunks -
You know the other metal blocks of the classic production method.
The resulting statistical quality system is not applicable here, so we have to develop a new set of indicators for people. The -
What we end up saying is that in the first few runs, we really want third parties to reduce the number of runs by 100%. of-
Concept, this is very encountered-
For people who are used to traditional statistics, the intuitive thing is that I can cut only three, and the rest don\'t tell me, not with AM machines, you do not know that there may be unpredictable defects where additives make metal machines.
So yes, in order for our technology and customers to adapt to the existing AM equipment, we have to develop a new way to analyze how to analyze the quality results.
Nehal chokshiok.
This is the basic question of a question I really want to ask. So I apologize.
But can you remind me about your pricing mechanism, the price on software and the price on hardware, the hardware doesn\'t even run through your income, or do you-your hardware runs through your income?
The answer is yes.
I mean, when we deal with end manufacturers like Siemens, they have a bunch of equipment on the floor and they want us to install it on one.
If so, we have to sell them the hardware, the sensor hardware, and our sensor package, an edge computer that gets and processes data, then we get the results through our software algorithm toolkit.
So in this case, the hardware is charged.
The software has a license, and after a year, maintenance and services, as well as new features on the software, require ongoing maintenance costs.
In the case of OEM equipment manufacturers, many of them are now actually putting sensors into their devices, and we have-
We know and prove that we can.
In many cases, we can simply get their data and tell them what it means, which means that we will not sell the hardware that already exists and we are using-
We are adding our sensor package which will not go away in our software but we do not-
We do not need to install probes and sensors.
Nehal chokshiok.
So the company you work closely with has a lot of metal.
Additive manufacturing run, do you have the size?
In terms of potential software spending, the scale of these opportunities that you are working on, such as in the next time --
Well, within the first 12 months of what they said, well, we\'re really going to continue using Sigma Labs QA Software?
John RiceWe did it very quickly.
Would you like to share it with me?
John Leeson.
John RiceI.
Thank you very much. Operator[
Operation instructions]
The next question comes from Tower Smith, a private investor.
Please continue.
Thank you, John.
I have two questions.
First, it\'s a good thing to see groundbreaking patents being released.
Whether the IP is still being used as collateral, I believe there will be a balance of $100,000 due in a few days.
I wonder if this will be paid off or will be in-
Where is the technology or patent still used as collateral?
John RiceYes, there\'s no collateral technically.
In fact, the note was extended and paid on October.
What will we have?
We are more than happy to pay off the arrears, and the person holding the note has always been a friend of the company, so in his case we would be happy to extend the arrears.
But the amount of money is too small-
There is no risk to collateral.
Smith Tower. Good enough.
Second question, on February 2017 you announced a strategic alliance with Morf3D.
Can you give us an update on this relationship? John RiceYes.
As discussed from time to time a year ago, the company and Morf-
Sigma and Morf consider the question of whether they should be more closely linked if Sigma loans exceed $0.
5 million advance their cause.
These companies do not have the option to merge but because you are a good employee they have always maintained a good friendship
Inform investors as you have seen the announcement of the patent application yesterday.
So you also have to know that Morf has paid $0 recently.
We lent them 5 million a year ago.
Morf is currently opening an innovation center in Los Angeles.
I hope to sit down with my friend Ivan and see how we can be a part of it.
They are very important companies. they are very good people. I think our relationship will continue to be good.
I think there is a simple question.
Happy to see the increase in tech and sales support, I was wondering how many people are there at the moment? John Rice13.
Well, I\'m sorry, 14.
Is it correct that Smith Tower, which rose about 3 last year? John RiceYeah.
Well, there are 15 in pipeok\'s pipe tower. All right.
Thank you very much.
I appreciate it.
Thank you, John Rich.
The next question comes from David Robinson [ph]
Sigma Laboratory
Please continue.
John was unidentified on the 15 th.
Congrats, John riche sounds good.
Analysts of unknown reasons thank youFew questions.
NIST and LZN, and whether a contractual partnership involves any revenue from Sigma, are there any other costs in addition to the incidental costs associated with these partnerships?
Are we sending people to those institutions?
John RiceThey is very interesting. they are similar but different.
They are similar because they are all recognized as standard companies.
However, LZN mainly serves private companies, and NIST is indeed a common standard for the US industry, but not a specific company.
As far as LZN is concerned, as others have pointed out to us Gviz [ph]
You seem to be associated with a company that is the main research provider for Airbus and that\'s why they are attractive to us and our deal with them is that we exchange value back and forth, we have to support them at European events with Siemens and other companies.
The goal there is to successfully demonstrate their direct contact with key industry players known to the public
We hope to bring sales to us.
In the case of NIST, which is different from LZN, which we consider to be a potential sales channel, NIST is a channel in our business culture, in our general United States, it is a common and important common standard. S.
Business culture.
In our opinion, this does not lead to direct sales, but it does prevent us from losing them in the following ways
This is not unknown and we have to support this because we are sure that they are using these devices appropriately, which is not expensive but is required.
Unidentified analysts believe that some of Sigma\'s costs are related to the partnership, and Sigma has no income.
In other words, neither of these organizations currently pays any fees for the use of PrintRite for co-op projects?
John RiceWell has revenue related to LZN and-
Although it is on the surface of our research, we are willing to do the LZN transaction because it is linked to a specific large industry.
In the case of NIST, this is purely to keep ourselves visible and leading in the standard loop of our technology.
In terms of the patent field, an unidentified analyst, you think --
Understanding that this could be a case involving different patent examiners, involving several patents that are still in different stages of prosecution, rather than the recently granted patents you know.
But do you feel that there is a reason to believe that the patent that has just been granted [indiscernible]
Other patent examiners who are considering these other applications in favor of Sigma?
John is very interesting. So had we -
I would really be worried about someone else if our patent was rejected.
But with them
And then you get the patent, I don\'t think-
I am very skeptical that other examiners will be affected by receiving this and I hope they will be affected and I don\'t think it will work.
Basically, our main forecast and confidence source in this area is the patent company we use as Kilpatrick Townsend, check them out if you are not familiar with them, it\'s really one of the top five companies in the country and they don\'t do that
They have nothing boring.
So we have some very serious and competent people who think we have 18, 17 very strong applications right now.
Therefore, as a company, we are very happy that many people in the market have started before they understand the necessity and importance of this process, which means, we are not yet aware of the conflict with other people\'s patents.
We don\'t know, when we started, when Sigma was doing . . . . . . At the beginning of the unidentified analysis, a series of other people\'s patent activities have already started . . . . . . John Li.
According to statistics, of the 17 patents still in different stages of prosecution, is the analysis of unknown reasons, 17 applications related to the United States, or some other patent application countries including fir with the same technology?
John RiceIt includes patent applications from other countries.
Unknown analysts in the following areas
If you separate the patented technology, how many patents will you seek if you have an approved [ph]how many….
John RiceWell, it\'s actually for that guy.
It is not in our best interest to promote the answers you want.
Unknown analyst
Therefore, we have seen some changes and enhancements to your incentive plan in recent weeks, and have noted and appreciated your exercise of some of the stock purchase rights in particular in April 30.
This was noted and appreciated.
In some of the interviews you \'ve given, recall that last year you \'ve made some general references to work and turnaround, two business situations, in which case, people like you with business experience will come in, things will in turn improve the environment around things and then a permanent CEO is brought in, of course you know, often continue-you still have temporary prefixes related to your title.
We can infer whether we can infer from these developments regarding your incentive plan, option function and stock purchase right so that you may not expect --
You may not be so actively looking for permanent positions as a board member and other board members that you may become our permanent CEO?
John RiceI doesn\'t know.
I\'m not going to be a permanent CEO.
Although I might be happy if I was asked to continue as chairman of the company. The -
My job in life is to make things better and then give them to someone in an industry.
So neither the board nor I are currently trying to find a successor CEO because we are not yet at the functional level of this step. But -
So my goal is to succeed in making us a company with cash flow, positive cash flow, if other companies are like this.
Then let go.
AnalystGot is unknown.
In one of the demos, if you can, I think this is the investor demo last year, not the earnings report.
There\'s a reference that I think is-
Sort of small print reference.
I mean, it may not be accurate for us, but for us, the product may be accurate when it is mentioned or described and performed in the appropriate [indiscernible]
Insufficient capacity.
The problem is that as you continue to communicate a lot and communicate more closely and meaningfully, we understand the diversity of customers, partners, potential customers, do you feel afraid to say that a stronger adjective can be used instead of the word, enough to show that the reliability of the information provided by the product in terms of the quality of the information provided by the product exceeds the sufficiency?
John RiceI likes this question very much.
I feel like I\'m about to play T-ball.
So I don\'t want to remember, I hope it\'s not me.
I didn\'t recall a demo that was described as just enough for the product.
The unidentified analyst did not say it verbally-
This is what is written, and it is [indiscernible]
I can still imagine the asset and I\'m pretty sure it\'s a small font. . .
John RiceIt is interesting anyway.
So what I can report to you is the situation in the market right now, people already know what is OK and what they will get if printrie3d is delivered to customers.
The answer is some of what you see in my PowerPoint, and the first thing that happens is that our software actually enables high quality people to describe and classify their devices.
I mean, in the process of evaluating their products and manufacturing, we are also able to identify for them what departments the machine has, although the machine has the same settings for each part at the beginning, the parts are different.
You will find that different places on the machine often have different features on different machines, you have to learn how to adjust the machine for that part of the building board, this way you have more or less power in order to make the parts over there like all the other parts.
That\'s why in this particular manufacturing sector, quality is unusual for most people with traditional qualities, and what kind of machine it is.
So from the very beginning, our equipment will help the production staff to understand where their machines are performing inconsistently and to know how to adjust the settings as early as possible, so that the parts used to be different somewhere or on another machine and are now the same as other machines.
Another very important thing it does is that it allows the operator to monitor the consistency of the machine.
One of the problems with all high-end high-tech devices is that no matter how careful you are, it will reduce the speed.
With the CNC machine, the space crew will actually lock it in.
They will say we want to make parts. you can\'t change the machine.
The problem with the AM device is that over time it starts off track and you start off the way or time the laser works and our device will find a lot of things that can start wandering.
So its first contribution is to tell you how to adjust your machine and make it, like all the other parts, make some parts that were very special before, keep this way, then it can make you understand if you have-
When the maintenance cycle of the machine should be triggered.
Both of these are very important because without our equipment I don\'t know what you will do, except to find out that your quality has become a mess after you have made a bunch of things, other than finding that you fell to 56 instead of 60% acceptance.
So the most important thing is that our equipment can do this.
Then, once people produce, our devices can tell them in real time --
For any given part, in any given department or place on the machine, the temperature behavior of the belt pool is complied with or not complied with, which is really a big deal.
As we have said publicly, what we are working on is the ability to provide machine operators with signatures for different issues to send signals to address issues that may be developing.
The last step is when we automatically convert these signatures into operations in the machine.
But today, we can tell the machine operator that something is out of specification and they can react to it, they can stop manufacturing, and so on.
Unidentified analysers identify the terms of the problem I know you are not there-\"close\" will make the correction not happen automatically as we stand here today, and that\'s what you know, of course, what is your goal.
But, as we stand today in terms of identifying the differences in issues in the bill, do you feel that the accuracy and reliability of describing the product is beyond sufficiency?
John RiceYes, it\'s not about sufficiency, it\'s about two things, first of all, it knows if the problem exists and we\'ll deal with it as precisely as we can.
It sounds odd, but that\'s not the case.
But we can see that, frankly, the problem is not necessarily important for a given customer and for a given part.
Not every difference in quality consistency is enough to reject parts.
Unknown analyst
This is very interesting.
John RiceSo is part of our process of working with our customers
Siri on my phone just heard this comment and is thinking about it now.
So what we do to our customers is actually run the test.
We will identify the part, we will-
Part of the issues, we will destroy them, we will have the third party destroy them and review with the customer what we are looking at to determine if the customer thinks it is important.
If they say that, then we set the machine to actually call anything at that level or lower level and leave it alone if there is no problem.
So we are sharper and more accurate than all the parts we need.
So we need a set of machines.
According to the requirements of the customer, no matter what they want us to call, we can do so.
The next question is Kevin May, a private investor.
Please continue.
John, Kevin Mercer.
I just want to ask you a question today.
As far as our software is concerned, we had a previous contract not long ago, which proves that we did see that anything in our current contract with Siemens was used for production.
They have a great software and then we are working with 3d sim and ANSYS now, do we see that?
Does the company think that the integration of software can be similar to that of our original equipment manufacturer?
John will never.
Siemens is a manufacturer of manufacturing materials and using our equipment in Sweden, they are also one of the largest control companies in the world, have a footprint in this field because we are very interested in both companiesKevin MayOkay.
Is there any application at this point that you can talk about or be interested in?
John RiceI thinks I can\'t say anything now. Kevin MayOkay.
Fair enough . . . . . . John Ritchie . . . . . .
This is the only question I give you. Thank you. John RiceYeah.
We have reached the required time to ask questions.
This is the end of our problem. and-answer session.
I want to turn the meeting back to the closing words of John Rice.
John RiceWell, I would like to thank all of you for calling and putting up with this call.
I hope your take-out is Sigma, an important company with important products.
Please bear with us and we hope we will reward you.
Thank you very much for your attention. Take care.
The meeting is over now.
Thank you for attending today\'s speech.
You can disconnect now.
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