Park Aerospace (NYSE:PKE) held its first-quarter earnings conference call on Monday. Below is the complete transcript from the call.
This content is powered by Benzinga APIs. For comprehensive financial data and transcripts, visit https://www.benzinga.com/apis/.
The full earnings call is available at https://edge.media-server.com/mmc/p/e9q3pu9z
Summary
Park Aerospace Corp. reported Q1 sales of $18.3 million and a gross margin of 34.8%, indicating a recovery from the previous quarter.
The company highlighted its strategic initiatives, including a new U.S.-based manufacturing plant for C2B fabric and a major new manufacturing plant in Tulsa, Oklahoma, to support future growth and new business opportunities.
Park Aerospace’s future outlook includes a focus on missile systems, with a significant investment in a U.S. C2B fabric plant to support the PAC3 MSC missile program, and expansion of capacity to support the commercial aircraft programs like the A320neo.
The company plans a $25 million advance payment to Ariane for the C2B plant, and the Tulsa plant is expected to double and triple current manufacturing capacities for commercial and missile systems, respectively.
Management emphasized the importance of responding to customer demands and highlighted the positive impact of new business on long-term EBITDA margins.
Full Transcript
Paul, Operator
Good afternoon, my name is Paul and I’ll be your conference operator. Today at this time I would like to welcome everyone to the Park Aerospace Corp. First Quarter Fiscal Year 2027 earnings release conference call and investor presentation. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star one on your telephone keypad.
If you’d like to withdraw your question, please press star two. At this time, I will turn today’s call over to Mr. Brian Schorr, Chairman and Chief Executive Officer. Mr. Schorr, you may begin your conference.
Brian Schorr, Chairman & CEO
Thank you very much. Operator, welcome all to—this is Brian, of course, welcome all to Park Aerospace’s fiscal year 27 first quarter investor call. I have with me as usual Mark Esquivel, our President and COO. So we published our Q1 earnings release just after the close. You want to, if you haven’t seen that, you want to take a look at that because in the earnings release there are instructions as to how you can access the investor presentation that we’re about to go through.
There’s a link and also you can access that on our website. So a couple of preliminary comments here. It’s only been seven weeks since our Q4 investor call. It’s also been summer. So I had a feeling this Q1 call would be kind of a quiet call. Just little updates and we move on, but actually didn’t work out that way. There are a lot of important developments that we do we should go through with you, especially starting in the missile systems and then the new plant sections at the end.
So what we’ll probably try to do is go through the beginning portion, or the front end, let’s say, of the presentation a little more quickly so we can get to the back end, if you will, more quickly again and spend a little more time because that requires much more discussion. I think unfortunately we—well, it’s fortunate, but in this sense it’s unfortunate. We have a lot of new investors at Park and I apologize for we’re going to go through the front end, if you will, of the presentation a little more quickly just to have time for the back end and for the veteran investors, probably not a problem.
A lot of the stuff is we go every quarter but for new investors, if there’s anything you want to talk to us about that we went over too quickly, please give us a call and we’d be happy to go through those items in more detail with you. And I guess the other thing I’ll say is that we’re happy to answer questions, of course, after we’re done with the presentation. So why don’t we get into it. Slide 2 is our forward-looking disclaimer language. Let us know if you have any questions about that.
Slide 3, our table of contents. Slide 1. We start with our investor presentation and Appendix 1, supplementary financial information. We don’t intend to go through that during the call, but if you have any questions about any of the supplementary financial info, please let us know. We’ve been featuring the James Webb Space Telescope for a while now in our table of contents, so we’re not going to break the pattern here. The James Webb shattered our timeline of the universe—talking about some big stuff here, not just what we did for the quarter—by spotting impossible infinite galaxies containing all stars and heavy elements which should not be there. It seems to be kind of a common theme with James Webb. We keep saying, yeah, it’s not so be that way. And all of we believe are most of them just not. James Webb was produced 18 proprietary Park SGMastrutch. Let’s go on to Slide 4, our quarterly results. Let’s just go through this quickly. Q1, the right-hand side, right-hand column. Sales 18,312,000. Gross profit 6,376,000. Gross margin 34.8%—as we often say, you know, we don’t like it when it’s below 30, like it was in Q4.
So a little happier. Above 30%. Adjusted EBITDA 4,576,000 and adjusted EBITDA margin 25%. What did we say about our Q1 during our Q4 investor call? When we gave you the kind of forecast estimate for Q1? We said sales estimate 17.7 to 18.4. So we came in within the range, maybe kind of toward the top end, but still within. Adjusted EBITDA estimate 4.1 to 4.6. And again we came in within the range, maybe at the high end of the range, but still within.
I thought we didn’t cover this anymore, but maybe we do. What is the significance of our forecast estimate? So we mentioned this many times, is that we’re not doing the guidance thing where we give you numbers to beat. We don’t do that. When we give you these numbers, we’re telling you this is what we think is going to happen. Now sometimes we’re wrong, sometimes it’s off, sometimes a little high, sometimes a little low. But we’re not playing any game here.
We’re not giving you a number we think minus 10% so we could beat it and be heroes and make the analysts happy and all that stuff. I know a lot of other companies do that. We just don’t. We were wondering, based on the reaction to our Q4 call, whether everybody’s listening to that. We think it’s kind of strange that investors would invest in our company—buy or sell stock—totally disregarding what management’s been saying consistently for years now.
But that’s, you know, everybody has the freedom to do what they want. Let’s go to slide 5 quarterly results. Not too many comments about Q1 on here. Considerations, I guess the main consideration is we’re back to talk on the Arian Group now. We’ll talk about Arian Group in much more detail when we get into the missile systems section of the presentation. Just for now, the reason we bring it up: it has an impact upon the quarterly bottom line. So, you know, we entered into this business partner agreement with Arian Group in January 22, which they appointed us as their exclusive distributor for what they call C2B fabric.
The US or actually North America. Sorry. So here’s the thing. We had zero C2B fabric sales in Q1. That’s actually a good thing for the P and L, believe it or not, because as we explained, we sell the fabric to our defense industry customers for a relatively small markup. Now, the—I don’t know, not the trick, but the key thing is that when we buy C2B fabric for a customer, we’ll sell to the customer, but almost always be stored in our plant. We stockpile it or store it for that customer in our plant.
At some point, they’re going to say to us, we want you to prepreg. We want you to make this, take this fabric and make it into a prepreg. So we had 1.9 million of prepreg material sales. That’s a prepreg sales using C2B fabric. And that’s very good margin. So to the extent we sell fabric or the extent we sell prepreg made with the fabric, that can affect our margins. That’s why we bring it up most quarters. Let’s go on to slide six. Okay, this is something we do every quarter.
This is Donna’s little specialty. The top five customers in alphabetical order. Let’s see if we can figure out who’s doing what. AAE Aerospace—that’s that Patriot missile on the top right-hand side of the page. GKN, I think that’s the Boeing 787. Let’s see, Kratos is obviously the Valkyrie tactical and aircraft. Now Middle River could be the Global 8000 or the A321XLR. But I think what we are doing here is NORDAM relates to the Global 8000 and then MRAS relates to the Airbus A321XLR.
Okay, let’s keep going. Slide 7. These are the pie charts which we like sharing with you every quarter. Nothing too remarkable about Q1. It seems to be more or less kind of aligned with the history there. We break it down obviously between military, commercial, business aircraft. Let’s go on to slide 8. Now this is a Landa slide. The Park’s niche military aerospace programs. And we don’t talk anymore about the specific programs. They’re just a little too sensitive.
Except to say that anytime every program that we show you is a program we’re involved with, not just, you know, showing you general defense programs. We’re involved with all these programs. The pie chart, the missile systems a little bit less than we would normally expect. But why is that? Because there were no C2B fabric sales in Q1 and that would be in that missile systems part of the pie chart. So you know, pie charts, you got to look at them more long term.
You look at them one quarter over quarter, it’s hard to figure out what to, you know, what to extrapolate from the short-term quarterly bar charts. Let’s go on to slide nine. Okay. GE Aerospace jet engine programs—for some of you new folks. We cover this every quarter because it’s a very significant portion of our business. We have firm pricing LTA from 19 to 29 with Middle River Aerostructure Systems, which is a sub of ST Engineering Aerospace, a Singapore company.
The key thing we need to explain to you every quarter is that if you look at these programs, they’re all GE Aerospace or CFM, which is JV, which GE Aerospace programs. So why is that? What does that do with MRAS or ST Engineering? What it has to do with is that when we got in these programs, MRAS was owned by GE Aerospace. I think maybe 19. I’m not sure exactly when GE sold MRAS to ST Engineering. But we were already on all these GE Aerospace programs at the time.
We built a redundant factory in Newton for GE. They asked us to do that to support their programs. And these are some of the GE programs that we’re on through MRAS. And we won’t go through them. If you have any questions about them, let us know. But these are some of the key programs that we’re on. Again, this is for GE Aerospace. It’s an engine. So this would be for engine nacelles and thrust reverser components, composite components. Let’s go on to slide 10—still GE Aerospace.
So additional program that’s not listed on the prior page is the fan case containment wrap for the GE9X engines for the 777X airplane. That’s an important program for Park. Also the LTA was amended to include film adhesive products which are now in qualification. And as we’ve told you many quarters now, the MRAS and ST did request a life-of-program agreement with us and we haven’t made a lot of progress late. It’s fine either way with us, but MRAS has had some other priorities.
So when they have a little more bandwidth, I guess we’ll continue the discussions of the life-of-program agreement. Let’s go to slide 11. Let’s talk about the GE Aerospace programs. The big kahuna is always going to be the A320neo aircraft family including all these variants which I won’t read off to you. And then you know, look at the numbers. It’s a huge, huge, huge, huge program. They’ve already delivered 4,470. These are neo airplanes. This is not A320.
These are A320neo airplanes and they have a backlog—Airbus—of 7,483. That’s just a lot, a lot, a lot of airplanes for this program. The delivery history for A320neo family. I’m not going to go through numbers with you, except let’s look at June—first six months—271 deliveries last year, this time 2. So we’re doing a little bit better this year. Airbus is trying to ramp up. We’ll get to that in a second. What we don’t do is take June and multiply it by two.
So that wouldn’t work because they back-end load the deliveries. I mean if you look at the 232 and you multiply that by two, it’s not going to give you 607, if you see what I mean, for 25. So the key consideration is that Airbus is way ahead of where they were last year at this time with A320neo deliveries. Let’s go on to slide 12. Okay, here’s a punchline at the top. Airbus is targeting A320 aircraft family delivery rate 70 to 75 airplanes per month by the end of 27 and then stabilizing 27 thereafter.
Just, you know, if you have any experience with commercial aircraft, that’s a huge, huge, huge, huge number. Those numbers are, you know, unheard of, really. Seventy-five airplanes per month approved. That. We’ve got to talk about that. These are two approved engines for the A320 aircraft family. One is the engine we’re on, which is the CFM LEAP-1A. That’s, you know, CFM engine. There’s another approved engine, which is a Pratt 1100G. That’s a GTF engine. We’re only on the CFM LEAP-1A engine for the A320 aircraft family. And that’s covered, I guess, in the next second little bullet item there, then the third bullet item. Okay. According to AeroEngine News, which is the bible, the CFM LEAP engine market share of firm engine orders for the A320neo family of aircraft was 66.2%. That’s a big number.
That number keeps going up and up and up. That’s a huge market share. So it says creeping up here. I guess that’s one way to describe it. At the delivery rate of 75 airplanes per month. Okay, 75 per month. That’s 66.2% market share. Translation to 1,192 LEAP-1A engines per year. That’s just a whole lot of engines. A whole lot of engines that, you know, that Park Aerospace supplies into. And we’ll remember that number a little later on in the presentation.
We get to that juggernaut slide. I’ll try to remember. Anyway, you know, let’s go on to slide 13. Okay, still talking about those engines. The Pratt engine, the competitor engine, has struggled with serious reliability issues. And reliability has been a positive selling point for LEAP-1A. According to Airbus, there’s now a serious shortage. So we got reliability issues, shortage issues, other Pratt engine. Meanwhile, CFM has ramped up production of the LEAP engine.
So, and just, you know, full disclosure, we’ve also read some things that there’s some complaints every now and then about whether, you know, CFM and how great a job they’re doing with supplying engines as well. Just, you know, to be fair about it. But could these factors lead to an even greater LEAP-1A market share? You know, maybe, you know, maybe it seems like it’s already having an impact because those numbers have been moving up. The market share numbers have been moving up as of 3-31-26.
Okay, these are some huge numbers. 8,472 firm LEAP-1A engine orders. Those are firm orders. That’s just a huge amount of revenue for Park Aerospace. You know, if you look in the, I think in the, what do you call it, the juggernaut slide, it kind of tells you what our revenue per unit is. You can do your own math if you have a pocket calculator. So the A320 aircraft family program could end up being the world’s largest commercial aircraft program ever.
That’s probably, you know, given. And then the A320neo aircraft program could also end up being Park Aerospace’s largest non-defense program ever. All right, so let’s keep going here. What’s next? Slide 14. Now this is the Chinese airplane COMAC 919. That’s a single-aisle competitor, A320 and the 737, that is another version of a LEAP engine, you know, made by LEAP-1C. I wonder if C stands for COMAC, you know, and A might stand for Airbus. I don’t know.
COMAC is increasing manufacturing capacity to achieve production rates of 150. You can see their target rates here. I won’t go through detail. They reportedly have over 1,200 orders for the 919 aircraft and they reportedly delivered only two in ’23, 14 ’24, 18 ’25. So they got a long, long way to go to ramp up. Don’t think of 1,200 orders there. And they say that we heard the lack of availability of the engines has been reported to be limiting their COMAC ability to ramp up.
My sense is, I shouldn’t speak for LEAP or CFM. My sense is that they’re giving a little more priority to Airbus than COMAC, but I could be wrong about that. I’m just telling you what I’m kind of sensing. Let’s go on to slide 15. The other big program, big GE Aerospace program is a 777X with those GE9X engines. This airplane has been very, very, very delayed. But I get, I feel that it’s going well now, that it’s on track. It’s doing well in terms of certification.
They’ve amassed lots of flights and lots of flight hours in the test program. They have over 650 open orders for this airplane. This is a much bigger airplane. You’re not going to get like the same number that you see for the A320, for instance. That’s a lot of very nice orders. The certification test program has moved into Phase 4B of the FAA type certification testing program. That’s an important milestone. Just approved recently. That’s good. So I think they’re progressing well.
Boeing anticipates certification of the aircraft in early to mid ’27 and entering the service, first delivery in mid ’27. So that’s very good news. This picture is very interesting. This was at Fairbanks a few years ago. A friend of mine, I know, I have a lot of friends up in Fairbanks, took this picture. It was up there for cold weather testing. If you go to Fairbanks in the winter, that’s a good bet if you’re looking to get cold weather testing done, often 40, 50 below.
Let’s go on to slide 16. So here’s some numbers. GE Aerospace engine program sales history and forecast estimates. Okay, we won’t go through all the numbers. That’s probably not necessary. Maybe you just noticed that fiscal ’20 just shy of 29,000, 28.9, and it took all the way to ’26 to get back to number 29.2 which, obviously, we’re going through the pandemic. Look what happened in ’24. My God, it just dropped like, you know, like what did you—dropped off a cliff or something like that.
So our program sales forecast estimates Q1, sorry, was 7.1 million, and Q2, we estimate 7 and a half to 8 and a quarter, and total 34 for the year. Total 34.38. Now you could say, be sure. Smart. Well, if you add Q1 and Q2 and you multiply that by two, you’re not going to get 34.38 million. There’s 34.38. That comes from our customer. That’s what we’re told. We actually haircut a little bit to be a little conservative, and looks like a stretch. But I just want to mention last year this time we were in the same position where we were looking at—we had a forecast for the year, and then Q1 and Q2, it was much less than half the total, and we ended up making the number anyway. So we’ll see what happens. We don’t know what’s going to happen. I’m just telling you where we get the number from. We’ll see. A lot of variables in this world. Let’s go on to slide 17. Okay, now we’re talking about Park Aerospace itself, Park Aerospace’s financial performance history and forecast estimates. So we already know what Q1 was. We talked about that. You know, bottom of the first box, 18.3 sales, 14.6 EBITDA, adjusted EBITDA.
Our estimate for Q2, 19.5 to 21 million sales, 4.3 to 5.1 million of EBITDA. And if you look at the footnotes, I just want to highlight something. Subgroup risk described in slide 2. We always include that in this slide. But we also say including supply chain, international freight risk. The reason we’re highlighting that is we’re a little concerned about some of these things short term and whether, to what extent, they’ll impact Q2. So we’re just kind of flagging that for you right now.
We’re saying, as I told you, this is what we think is going to happen. We also want to let you know that a little concern about supply and international freight risk. I also want to say, just my opinion, that Park Aerospace, we focus very intensely on quarters. It’s very important to us. We work very hard in our quarters. But I think the understanding of Park Aerospace, if it’s really about the quarters, that probably misses the point. And the point is probably, to me anyway, more the big picture.
The quarters are always going to be quirky, sometimes be high, sometimes be low because of all kinds of factors that, you know, that might just affect that quarter that don’t necessarily have big picture impact. It’s just my opinion, you know, you investors, you figure it out for yourself. That’s my opinion. Slide 18. You know what, we’re not going to go through this. This is the same slide that we presented last quarter. So if you have any questions about it, just let us know.
Slide 19. Okay, changing gears a little bit. We talk about this every quarter, our buyback authorization activity. So under a buyback, we purchased 718,000 shares of our common stock. Average price $12.94. So I just want to flag those numbers for you because we’ll circle back on them. Probably not surprised here. We didn’t buy any stock in Q1 or Q2, but let’s go on to slide 20 because we juxtapose buybacks and public offering for a reason. So we have—we did a recent public offering, an ATM, at-the-market offering, for $50 million of Park Aerospace common stock.
And during the Q4 we sold approximately 943,000 shares of common stock for total proceeds of about $22.8 million, or $24.21 per share. That’s before commissions, no sales in Q1. But we go on to Q2, which we’re in now. Let’s go on to—sorry, okay. In Q2, just in June, Park Aerospace sold 870,000 shares of common stock for total proceeds, again before commissions, of $27,174,000. Average price at $31.24 per share. I just want to tell you that, you know, you should know that we’re very disciplined about—we were very disciplined about this offering.
A lot of the buying was done via blocks, and we turned them down a lot. You know, people offer us, you know, to buy blocks, you know, X dollars or Y dollars and cents. We just say no so many times because we really were trying to protect the existing shareholders. And I think actually, you know, maybe we could pat ourselves on the back a little bit. I think we did a pretty good job for you with the ATM. Here’s the next thing, probably is the big—this is the total, not broken down by quarter.
So we sold a total of 1,812,601 shares for total proceeds, before commissions, just under $50 million. $49,996,000 at $27.58 per share. And the ATM offering is complete. But that $27.58 per share—I wanted to go back and let’s look at that. Yeah, back to slide 19, the buyback, $12.94. We bought the stock for $12.94. We sold it for $27.58. So I think that’s probably a pretty good deal for you, I would say. You know, what’s the expression? What is it—like you buy cheap and sell dear or something like that?
Okay, let’s go on to slide 22, Park Aerospace’s balance sheet, cash, incredible cash dividend history. We have zero long-term debt. We reported $89.4 million in cash and marketable securities at the end of Q1. But you also should know that our cash and marketable securities were estimated to be approximately $114 million at the end of June 2026. Obviously the big jump is because of the ATM activity in June. So that’s a lot of cash, no doubt. But remember—hold on, we’re going to go into some more detail later on in the presentation.
We plan to invest $65 million in a new plant. Also $25 million in Arion’s C2B fabric plant in the form of advanced payments. And we’ll discuss both those things later. But you know, you add $65 million, $25 million—I don’t know, maybe get your calculator. I think that’s about $90 million. What they say, $65 million here, $25 million there—before you know you have some real money. You ever hear that? I don’t know. I can’t know—I know where that comes from, but it’s a—I don’t know, from a movie or something like that.
So let’s keep going. Park Aerospace has paid 41 consecutive years of uninterrupted regular cash dividends. That’s a good deal. On slide 23, here we go. We paid $613—these numbers are so big I can’t believe myself—$613.7 million, 2,997.5 cents per share in cash dividends since the beginning of 2005. Now we declared another dividend. When that 12.5-cent per share cash dividend is paid on August 3rd, we will have paid over $30 per share in cash dividends since the beginning of 2005.
Well, I think that’s pretty incredible. I do say so myself. And here’s a nice picture of our founders in Flushing, N.Y. This is not the original plant. Actually, the original plant was in Woodside. It wasn’t a plant, it was a garage. This is a real plant, I think about 89,000 square feet back in the 1950s. The reason we like to show you this slide when we’re talking about, you know, paying $613 million of dividends is this was—this company started with nothing, nothing, back in 1954.
Two guys that had some money left over from their war duty, you know, started with nothing. So I like to think about that sometimes. Let’s go on to Slide 24. Changing gears a little bit. Financial outlook for GE9X engine program. The commercial aircraft juggernaut. So here’s the first juggernaut commercial aircraft. What’s the timing for the commercial aircraft juggernaut? We used to say the juggernaut is coming, it can’t be stopped. And we better be ready. Remember that every quarter now we’re saying, well, the juggernaut is here. At least it’s beginning now. You know, in that sense, the drivers as you juggernaut that A320 aggressive ramp up.
A320neo program. That’s clearly a big one. Remember, 51 airplanes at 25, they’re going to 75. Well, that sounds like about 50% increase. You know, that’s pretty huge. Expected certification and entry into service of the 777X and COMAC’s planned ramp up. Those are the three big drivers of the commercial aircraft juggernaut. Let’s go on to Slide 25. Some numbers here. Talk about the A320 here. Remember we mentioned this, that assumption in the first line, second column, 1,080.
Well, that’s based on 75 airplanes per month. But also based upon a 60% market share for the LEAP-1A. But we told you in the prior slide it’s over 66% which translates to 1,192 not using that number or using 1,080. I just want you to be aware of that. Maybe a little conservative. Now just so you know, the Passport 20 and the 909, those programs are really at rate already. So see, they’re not the drivers of the juggernaut. It’s the A320, the 919 and the GE9X program that are drivers of the commercial aircraft juggernaut.
Let’s go on to Slide 25. We certainly won’t cover this—gives you footnotes which explain how we computed the numbers of the prior slide. Slide 27. Okay, it’s a half hour into the presentation and now we’re getting into the new stuff. The important stuff. Well, everything. I shouldn’t say it that way, but important new stuff. Missile systems, Park Aerospace’s new juggernaut and the next big thing for Park Aerospace. So some of this is just going over some things we covered last quarter for review and some of it is new.
Park’s missile systems niche. We specialize in design and manufacture of advanced composite ablative materials used to produce solid rocket motor structures and heat shields for critical missile systems, including the PAC3 Patriot missile system. Now let me stop there because there was some breaking news this morning announced by Lockheed—something called the PAC3 ASC. I just want you to understand. We’ll talk about that a little later. But everything we talk about in this presentation, when I say PAC3 refers to the PAC3 MSC.
That’s the program we’re on now. ASC is something new and I don’t want you to confuse those two. Maybe we’ll go back and talk about that later. At the end, at the end of the section regarding missiles. But this just happened this morning. Didn’t have time to rewrite the presentation. Sorry about that. But whenever it says in this presentation PAC3, what it means is PAC3 MSC, not the PAC3 ASC. Okay, so let’s go. Let’s keep going. Depletion of the depleted.
We covered this last time—very bad. Depletion of missile systems based on the war in Europe—meaning Ukraine—and last year’s 12 Day War and now the war in Iran. It’s a pretty dire situation I think. Slide 28. Much reporting about how badly the stockpiles of critical missile systems have been depleted. And we’re not going to go into that now. If you want to, you can look it up yourself. But running on empty—it’s a question. Maybe not empty, but it’s certainly concerning how badly the stockpiles have been depleted.
Replenishing the depleted stockpiles. Yeah, clearly highly urgent need to replenish the depleted missile system stockpiles. But is that it? Is that all we want to do? I don’t think so. Or maybe not. Talking about quadrupling the production of exquisite class of weapon systems. So just getting back to where we started from. No, getting back to where we started from times four is, I think, what we’re really talking about here. It’s really incredible, unprecedented.
You come up with your adjectives? I don’t know. Slide 29. We reviewed this before. In March of this year, President Trump met with the White House and seven of the top defense contractors, including Lockheed. Why do we mention them? Because they’re the big defense contractors on the PAC3 MSC. And you need to quadruple their exquisite class of weapons systems as soon as possible. Clearly, the PAC3 MSC missile system is a key member of the exquisite class of weapons systems.
So in our experience, our experience rather is that the defense industry has entered into hypersonic mode. You know, hypersonic or frenetic, something like that. You come up with your adjectives. In all our years, we have never seen anything like this, particularly for ablative materials for solid rocket missile systems. The quoting activity, especially for those ablative materials for solid rocket missile systems. Hyper and frenetic. Hypersonic and frenetic.
Maybe the PAC3 Patriot missile system. Again, this relates to the PAC3 MSC. We didn’t need to specify that because there wasn’t a PAC3 ASC. There actually was a PAC3 CRI, but I don’t think they make that anymore. It was a prior iteration of the PAC3 MSC, which is the most advanced version of the Patriot missile system family. So these are big things. Park Aerospace sole-source qualified for advanced composite materials for solid rocket motors for the PAC3 MSC missile system program.
Slide 30. So stockpiles of these PAC3 missile system interceptors. We already covered this just generally, but it relates to the PAC3 as well. Very badly depleted by the wars, but now you’re more depleted by the current war with Iran. The PAC3 missile system interceptors have been extensively and very effectively used by U.S. allies in the region, meaning the Middle East region, including Saudi Arabia, UAE, Kuwait, Qatar, Bahrain, Israel, to defend against incoming ballistic missiles and other threats.
The PAC3 MSC missile system is an extremely effective missile defense system. Very high success rate. Very high successful—I should read ahead—very high rates of successful intercept and destruction of incoming ballistic missile threats. But this is the kicker. Patriot missiles do no good if they’re not available. Let’s go on to Slide 31. Did you see the report or read it? On July 5th a couple weeks ago, dozens of people were killed in Ukraine by Russian ballistic missiles which Ukraine was not able to intercept and shoot down because of a serious shortage—that’s in quotes from them—of Patriot missile interceptors.
It makes me want to cry, you know, that all these people dying. It’s not a joke. As previously reported—and just continuing here—on January 6th this year Lockheed announced it reached a seven-year agreement with the Department of War to increase the factory—this time I actually refer to MSC. MSC? Most advanced version of the PAC3 missile system interceptor—production capacity from 600 per year to 2,000. That’s just unheard of. 600 to 2,000. That’s incredible. What about us? Actually our rate’s a little higher. We’re not going to tell you what it is but it’s a little higher even than that. On January—sold in January 2000. A lot happening in January, I guess. 2026. The Department of War also announced it is investing a billion dollars in L3Harris solid rocket motor business. Formerly Aerojet, now called L3Harris Missile Systems. We’re doing solid rocket motor production for the PAC3 and other missile systems.
You see the focus here? The focus? The focus. Let’s talk about ArianeGroup. We discussed ArianeGroup of France. They’re a joint venture between Airbus and Safran. They’re a significant company. Go on to Slide 32. Our relationship with the ArianeGroup and its predecessors goes back to the early 2000s. We’re very proud to be their partner. And just so you know, we’re not being presumptuous—we use the term partner. That’s what they call us. That’s their term.
So I just want you to understand that we’re not usually a presumptuous company. ArianeGroup produces a proprietary fabric called RayCarb C2B which is used to produce ablative composite materials for advanced solid rocket missile programs. Here’s a big one. Park Aerospace sole source qualified on a solid rocket motor for the PAC3 MSC missile program for specialty ablative materials produced with ArianeGroup’s proprietary C2B fabric. Park entered into a business partner agreement—that’s what they call it—with Ariane in January 22nd under which Ariane appointed Park as their exclusive distributor for C2B in North America.
Last year, March of 25, we entered into what they call the new agreement with Ariane under which Park agreed to advance Ariane €4,587,000 against payments for future purchases by Park of the C2B fabric. So when we buy C2B fabric in the future, rather than sending a check, we apply the advance. You understand how that works? You can read the installments. It’s not necessary for any—read them for you. On Slide 32 at the top of 33, we have one more installment to go, which is next April.
I guess something like that. It’s Q1 of 28. What’s the purpose of that advance—that €4,587,000 advance—to fund 50/50 with Ariane the construction of additional C2B fabric manufacturing capacity in France. This additional French manufacturing capacity expected to come online 28. Approximately half of that is for us and half is for them. It kind of makes sense. It’s very 50/50 on the project. This additional manufacturing capacity will not even be even close to adequate to support the ramp up of the PAC3 MSC missile program.
So now what do we do? Now what? Okay, let’s go on to Slide 34. So continuing missile systems. July 18th. Well, that’s pretty recent. That was—look at the calendar—two days ago. Two days ago, Ariane and Park entered into a term sheet agreement relating to the construction and establishment by Ariane of a U.S.-based C2B fabric manufacturing plant with expected C2B fabric manufacturing capacity adequate to fully support the needs and the ramp up of the PAC3 MSC missile program.
Well, that’s really good news, isn’t it? Park and Ariane—we’ve been negotiating the terms of this agreement for several months. We haven’t really talked about it because it wasn’t really appropriate. But this is not something we just did two days ago. The term sheet agreement provides that a definitive agreement consistent with the term sheet terms and provisions will be entered into before the end of the year. Okay, so what’s the big deal about the term sheet then?
If it says that we are going to enter into a definitive agreement at the end of the year? Well, what’s the key significance of the signing by Park and Ariane of the term sheet agreement? There it is. Based upon the signing of the term sheet agreement by Ariane and Park, Ariane will now, not later on—now—proceed with the construction and establishment of a U.S.-based C2B fabric manufacturing plant. Very, very important. Let’s go on to Slide 35. And as provided in the term sheet agreement—here we go. 100%. 100% of the output of ArianeGroup’s U.S.-based C2B fabric manufacturing plant will be allocated to Park Aerospace. That’s for us. Also on July 9th, all recent stuff, you know—was it a week or two ago? We entered into a letter of agreement with a large defense contractor. This is a contractor that we work with on the PAC3 MSC missile program. Letter of agreement ties into and relates to the term sheet agreement.
There’s only so much we can discuss about this, but it’s a little complicated. It’s all—this all ties together. All ties together and let me just—I guess we’ll leave it at that. Under the terms of the term sheet agreement and coordination with this defense contractor customer, we’ve committed—Park’s committed—to invest 25 million in Ariane’s U.S.-based C2B fabric manufacturing plant. And that’s not an equity investment. The 25 million will be made by Park Aerospace in the form of advance payments to be fully applied against future purchases of C2B fabric.
The 25 million advance payments are expected to be made by Park Aerospace in 26 and 27 and are expected to be applied by Park Aerospace against future C2B fabric purchases beginning in ’30. So we’re still working out the detail. But, you know, the full application of $25 million, I don’t know, could take ’32, ’33. We’ll see, in other words, when the advance is fully utilized, fully applied to purchase of C2B in the future. Let’s go on to 36. Why the heck are we doing this? $25 million. And that’s a lot of money. Why are we making a $25 million advance payment commitment?
Because it’s necessary in order for Arian Group to proceed with the construction of the U.S.-based C2B manufacturing plant. And we believe it is highly urgent that Arian Group builds its U.S.-based manufacturing plant as soon as possible. As explained above, Arian’s U.S. plant is necessary to support the ramp up of the PAC-3 missile program. So let’s keep going. Why are we doing this? Just so you know, it’s not all dials in Central Park. Almost every time a PAC-3 MSE missile is launched and successfully intercepts, destroys an incoming ballistic missile.
Remember, the success rate is very high. It’s likely that there are people alive and walking around the earth who otherwise would be body parts scattered around. Now that’s a harsh way to describe it, but the reality is a lot more harsh, that’s for sure. We’re not fooling around here. Let’s go on to slide 37, but let’s talk about dollars and cents for a minute. Shareholders who are interested in that, I guess under the terms of the term sheet agreement, there’s a minimum required purchase.
This is very key. A C2B fabric from ’30 to ’36. We’re not going to go into what that number is. This is not a forecast. It’s a minimum required purchase under the term sheet. What does that minimum amount translate into when revenues are part during that ’30 to ’36 period? Well, remember how we do this? We buy the fabric from Arian, we sell it to our customer, then we store it for them. We never deliver it to our customer. They keep it in our plant because ultimately 100% of the time they’re going to ask us to prepreg it.
So when we look at the revenues, we have to look at the revenues from selling them the fabric and then also some selling in the prepreg. And we’re not going to give you a number, but it’s hundreds of million dollars. So you think about that $25 million investment and we get, you know, it comes back to us. Now it just costs the money, right? You know, cost of money at, I don’t know, you could figure it out better than I can. You know, what’s the cost of money if we make the investment over the next couple years, you don’t get it fully paid back, let’s say 2032, 2033.
There’s a cost of money. I don’t know what that is, but you could figure it out. ROI. It’s the best you’ll ever see. So let’s go back and talk about—we’re kind of done with this section. The PAC-3 ASC was just announced by Lockheed. If you read carefully between the lines, it looks like the PAC-3 MSE has been used for a lot of things. It’s overkill. It’s very expensive overkill for cruise missiles and drones and that kind of thing. It’s overkill.
Not necessary. The PAC-3 MSE is really designed for incoming long-range ballistic missiles. Very effective. It could be used to shoot on other things, but not really very cost effective. If you read between the lines, it looks like the ASC is a fire to fill that gap. Now we’ve already spoken to our customer about this and this is important. Everything I’m telling you about relates to the PAC-3 MSE. The PAC-3 ASC is gravy for Park Aerospace. It doesn’t eat into anything we’re talking about for the MSE.
It’s gravy for Park Aerospace. Now obviously we’re very interested and we would be, rest assured, delighted to support that program. We’ll see what happens. But I want you to understand that’s not a negative for Park Aerospace. It’s a potential big positive for Park Aerospace. Okay, let’s go on to slide 36. Totally different topic here. Park’s major new manufacturing plant. On July 17—it’s also pretty recent news here—Park entered into a long-term lease agreement to lease 18 acres of land at the Tulsa Oklahoma International Airport.
So a new manufacturing plant we’ve been talking about for a while. We said we were looking at—haven’t made our site selection decision yet. Well, we have. It’s going to be the Tulsa International Airport. That will be the site of Park’s major new manufacturing plant. The site will also provide space for an additional plant location in the future if and when needed. This is important. So the existing plant, let’s put it that way, probably needs about maybe 9, 10 acres.
So it’s another maybe 9 acres or so that’ll be available for another plant at some point in the future, which is important for us. It’s a beautiful location at Tulsa International Airport. Maybe you’ll visit it someday. Maybe we’ll have a—I don’t know—shareholder meeting there someday. Park’s new plant size about 150,000 square feet. The budget $65 million. Outflow—this is a guess because, you know, sometimes the outflow will straddle the end of a fiscal year—so just a guess, but approximately $25 million ’27, $27–35 million at ’28 and $5 million ’29.
Let’s go on to slide 39, please. Timeline for new plant: complete the facility in fiscal ’28—two years. Production and shipment to customers commence in fiscal ’29. Our new plant designed to basically do what we do now: support composites. Complete composite materials product line including specialty braided materials, etc., etc., etc. What else? That’s a key question because this is not just to do what we’re doing now. That’s part of it. We’re also looking at this as a major development opportunity for Park Aerospace.
So “what else?” is an important question. We’ll see about that. Our new plant is expected to approximately double Park’s current hot-melt prepreg and film adhesive manufacturing capacity, principally used for the commercial aircraft programs like the GE Aviation, GE Aerospace programs—so approximately double the capacity. And then our new plant is expected to approximately triple our current solution prepreg manufacturing capacity. What’s that used for?
It’s used for a lot of things, but among other things to support the missile systems program. So we’re going to be tripling our solution prepreg capacity with the new plant—I mean tripling over, you know, compared to our current capacity in Newton, Kansas. Let’s go on to slide 40. Why are we building our new manufacturing plant? Well, pretty obvious—our juggernauts require it. Also to enable, facilitate, inspire Park’s growth and development as a company in the future.
So why did we choose Oklahoma? Probably a good question to ask. Could we go other places? Well, we were very interested to understand—so let me back up. The second largest industry in Oklahoma—you know what the first is, oil and gas—the second largest, aerospace, A&D rather. But we wanted to understand what do we mean by that? What’s the culture of A&D in Oklahoma? Is it like big commercial aircraft companies, maybe more like what we have in Wichita, or is it something else?
And so we’re very pleased that we, kind of by spending a lot of time doing due diligence, we think the A&D culture in Oklahoma is more—A lot of startups—more innovation, creativity, imagination, risk-taking, more of a progressive kind of mindset, space and defense activity startups. We think that’s very good for us. We think that will inspire us to be more creative and more innovative in our own thinking, our own development as a company. So that’s our thought behind Oklahoma.
We’re really excited about it. Actually, we’ve come a long way since we started the company in that little garage in Woodside, Queens back in ’54. And again, the garage is not like—what do you call it—like a euphemism. I mean it was really a garage. I mean with cars and stuff, you know, I don’t know, maybe 2,000 square feet, something like that. But in my opinion, we’re just getting started. Okay, operator, we’re done with the presentation and to the extent there are any questions, we’ll be happy—Mark and I will be happy to answer them.
Paul, Operator
At this time we’ll be conducting a question and answer session. If you’d like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question is from James Rashuti with Needham & Company.
James Rashuti, Analyst at Needham & Company
Hi, thank you. Afternoon. I’m wondering if you can tell us if there’s any raw form C2B fabric sales that you’re embedding in that fiscal Q2 outlook just because it does have an impact on margins.
Brian Schorr, Chairman & CEO
Yeah, but it’s—we don’t mention it because it’s more balanced between the fabric and the prepreg, at least that’s what we’re expecting. You know, we also mentioned a little concern about international freight and so that could have an effect on it. It’s not significant. If we expected something that would have a significant impact on the bottom line, we would have brought that up.
James Rashuti, Analyst at Needham & Company
Got it. And also I’m wondering if we look at the revenue split commercial aircraft, military in Q1, should we assume a similar type of profile in terms of Q2? And I know you should be looking at this probably on a multi-quarter period.
Brian Schorr, Chairman & CEO
Yeah, it’s hard for us to, you know, to say—probably about the same. I think we would say longer term that the military portion of the pie chart will start to become more prominent, and I think we’d also say certainly when you begin that breakdown of military, that second pie chart, that the missile systems portion of the pie chart will grow as well.
James Rashuti, Analyst at Needham & Company
Okay. And one final quick one, if I could—just maybe this, I apologize if this was in some of the materials you provided or maybe in the queue. Did you have a second 10% customer in the quarter?
Brian Schorr, Chairman & CEO
I’m sorry, what was the question about customers?
James Rashuti, Analyst at Needham & Company
Sorry, was there a second 10% customer in the quarter besides—
Brian Schorr, Chairman & CEO
Oh, we don’t disclose—yeah, we only disclose that for the year end. We don’t disclose 10% customer by quarter. So definitely look at our 10-K for the 10% customers for the year end. But—so we—sorry, we don’t do that. You’re probably guessing that MRAs is going to be—MRAs is 10%. That’s a good guess, but we don’t actually confirm that.
James Rashuti, Analyst at Needham & Company
Thank you.
Brian Schorr, Chairman & CEO
You’re welcome.
Paul, Operator
All right, our next question is from Trevor Walsh with Citizens.
Trevor Walsh, Analyst at Citizens
Great, Brian and team. Thanks for taking the questions. How are you?
Brian Schorr, Chairman & CEO
Sure. Yeah, good, good, good.
Trevor Walsh, Analyst at Citizens
So maybe just also piggybacking on the margin question. So I think last quarter you had mentioned that the C2B more direct sales, not the prepreg, kind of caused some of the margin pressure in Q4. Obviously nice recovery here in Q1. Was it really just that dynamic of the C2B sales or was there something else in the quarter that helped kind of gross margins pop up back to that 15%?
Brian Schorr, Chairman & CEO
Okay, thanks for the question. So I think you know how it works. I mean, every quarter is going to be lots of factors go up and down, but we’re highlighting the big one here. And so I think that would be one of the more significant factors when you compare the gross margins in Q4 and Q1. In Q4, there were—I don’t remember the number, but quite significant, quite significant C2B fabric sales, I should say, in Q4. And that really pushed the gross margin down quite a bit.
And unfortunately the problem is that these things, you know, they’re kind of out of sync. So that’s why we keep bringing it up. Because if you look at things long term, it’s all fine because, like I said, 100% of the C2B fabric that we purchase ends up being produced into prepreg. But the timing is out of sync. So it can really skew our margins on a quarter-to-quarter basis.
Trevor Walsh, Analyst at Citizens
Got it. Okay, that’s helpful. And that was kind of leading in My follow-up is, I guess, is it purely kind of customer driven then in terms of whether, in a given quarter, you’re going to sell, you know, X amount of C2B versus prepreg, and it’s not necessarily you choosing to do one or the other, it’s more just what customer demand and timing is dictating? It’s more of that type. And then follow-up to that is, how might that be changed or affected when you open up the new facility, both the Ariane-specific facility and your new facility in Oklahoma?
Brian Schorr, Chairman & CEO
The answer to the first question is we don’t decide anything. Customers decide everything, in terms of timing of the fabric purchases, in terms of the timing of the prepreg purchases.
The question about the Oklahoma plant, though, was… I’m not sure we followed that one. What was that question again?
Trevor Walsh, Analyst at Citizens
Just does the dynamic of the timing change at all with either the new facility for C2B in the U.S., or if that really doesn’t necessarily kind of move that dynamic in terms of, like, just again, the timing of the fabrics, specifically the sales?
Brian Schorr, Chairman & CEO
I don’t know if it’s going to change anytime soon, except maybe one way we might think about it is as these programs ramp, the numbers get larger and larger. And I think it might be more likely that they kind of are more aligned as the programs ramp and get larger and larger. But we don’t know. I mean, like I said, to answer your first question, it’s never our decision. It’s always the customer’s decision as to when they want to, you know, when they want to buy the fabric, when they want to buy the prepreg, you know, and that’s what we do here.
We do what customers ask us to do. We don’t tell customers what they should do; they tell us what we should do. That’s a little bit, I think—I know that sounds really strange—but that’s probably a unique thing about Park, which is… Yeah, we try to be responsive and flexible and do everything we can to help our customers and not tell them what to do. They tell us what to do. I know that sounds strange, but I think maybe some of our competitors don’t really think that way all the time.
Trevor Walsh, Analyst at Citizens
Got it. No, I think it makes sense. Thanks. Just one quick one as a final, Brian, if I can: of the kind of the outline that you give around the commercial-oriented juggernaut, the GE programs—obviously A320 and LEAP, for that portion at least, is the biggest contributor—but is there anything kind of in the next, I don’t know, two, three quarters that you think could be more of a surprise to that kind of your calculus there from the other programs, whether it’s COMAC or some of the Boeing?
Is there anything that you think, whether it’s to the, you know, to the more negative or positive, but just something that could maybe move that needle that’s not necessarily, again, A320-specific?
Brian Schorr, Chairman & CEO
So the—as we said—we believe the Global 7500/8000 program and the COMAC 919 program are really at rate already, so we don’t expect much from them. I don’t think we’re going to see huge upside from the 919 program in the next few quarters, because the issue is not that COMAC doesn’t have the orders; it’s that they have to find a way to ramp up, and that means they have to deal with supply chain issues and their own, you know, manufacturing ramp up as well.
So we talked about the fact that maybe, you know, they don’t have enough engines, and it’s hard to make airplanes without engines—obviously I’m being sarcastic. And the Boeing program—yeah, next few quarters, I don’t know—maybe three or four quarters out, you know, they’ve already—Boeing’s already made a lot of these airplanes. They’re sitting there in Paine Field in Washington. Some have engines, some don’t. So… But, you know, they already built a lot of airplanes in anticipation of the certification and entry into service.
But, you know, once they get to that point next year, early next year, I think we could expect to see that program accelerate more. It’s been a little bit sold out, actually, waiting for the aircraft to get certified. But the A320 is going to be the big kahuna, I think—you know what I mean? It’s like when you compare the A320 programs, A320 is a big driver, very dynamic, and a lot of pressure from Airbus to ramp that program up, you know, as aggressively as possible.
And they’re struggling, of course—we talked about this many times—with supply chain issues as well. Airbus, I mean.
Trevor Walsh, Analyst at Citizens
Got it. Okay, thanks, Brian. That’s all I have. I appreciate it. And thanks for all updates.
Brian Schorr, Chairman & CEO
Okay, thank you.
Paul, Operator
Our next question is from Nick Ripostella with NR Management.
Nick Ripostella (Analyst at NR Management)
Hey, good evening. First of all, Brian, thank you for clarifying with respect to that announcement on the missile program today. I was wondering about that.
Brian Schorr, Chairman & CEO
So, yeah, Nick, I think the timing was good because I think if NASA came out tomorrow, we’d have all these people asking about it. Well, we really can’t talk about it. So, you know, I’m glad we were able to talk about it today, you know, so go ahead.
Nick Ripostella (Analyst at NR Management)
Sorry. Go ahead. And the second, I just wanted to say it’s wonderful that we have, you know, great research coverage now after all these years and had a chance to look at that report from Citizens. It’s very thorough and quite a feather in the cap. And the Needham guy—that guy is great. I have followed him for many, many years. So this is good news. The only other question I have is—I mean, you know, you put out such a thorough presentation all the time, there really isn’t much to ask—but just on Juggernaut 2, you know, Anduril has been working on missiles that are competitive reportedly with the Patriot, and I was just wondering, do you know anything about those, and do those use materials—I guess another way of asking it, and I may have referenced this the last time—are there missile programs that, like, don’t need the materials that you—the type that you would supply, or is that just a foolish question? And that’s about it.
Brian Schorr, Chairman & CEO
No, I don’t think it’s foolish. Good question. First of all, we love Anduril. We’d like to do as much with them as possible. But there are many other kinds of materials other than C2B that are used in other programs. And, you know, the issue is C2B availability, and, you know, the Patriot factories—MSCs—can have priority. So, you know, other customers may not want to get in line, back in the back of the line. So they are looking at other kinds of materials, and we’re happy to work with those as well.
You know, happy to work with those. And we do. And we’d love to do more business with Anduril, and we’re working with them. So I don’t know if that helps to answer your question, but.
Nick Ripostella (Analyst at NR Management)
Okay. You say you are working with them right now?
Brian Schorr, Chairman & CEO
Oh yeah, yeah, we are. I’m just saying we’d like to do more, but… But yeah, we’re definitely working with them.
Nick Ripostella (Analyst at NR Management)
Okay, that’s wonderful. Thank you so much.
Brian Schorr, Chairman & CEO
Okay, thanks, Nick. Thanks for your questions.
Paul, Operator
Our next question is from Christopher Hillary with Roubo Capital.
Christopher Hillary (Analyst at Roubo Capital)
Hi, thanks for taking my question. I wanted to ask on your longer-term EBITDA margins, could you give any commentary with all this new business coming online? Do you feel like these are accretive or dilutive to your long-run EBITDA margins, the new business?
Brian Schorr, Chairman & CEO
Well, new business would definitely be positive. Now, we’re going to have some more cost to deal with as we bring out the plant. You know, the timing is going to be—the cost will precede the revenues—but, no, the new business, the margins are quite good, you know, quite special I would think.
Christopher Hillary (Analyst at Roubo Capital)
And then one other question I wanted to ask is, it does seem like there’s an awful lot of new business activity, and while you’re expanding substantially, are there other capacity expansions or certain capabilities that you are exploring adding to your current expansion plans?
Brian Schorr, Chairman & CEO
So the immediate expansion plans relate to expanding what we’re doing now. But of course we want to take the opportunity to make sure we’re taking advantage of any kind of enhancement that would be appropriate for Park to consider. And then we also mentioned that this was our specification—actually we were dealing with a few different locations, a finalist if you will. We were looking for 28 acres, approximately 18, because we wanted to—we knew that we only need about half of that for the immediate expansion plan.
We wanted to have additional acreage to place another location, another plant on our campus without having to, you know, go across town or something like that for other opportunities that we’re working on, that we are working on now and also in the future.
Christopher Hillary (Analyst at Roubo Capital)
Thanks very much, and congrats on all the progress.
Brian Schorr, Chairman & CEO
Well, thank you very much. Thanks for saying that.
Paul, Operator
Thank you. There are no further questions at this time. I’d like to hand the floor back over to Brian Schorr for any closing comments.
Brian Schorr, Chairman & CEO
Okay, well, thank you everybody for tuning in, and sorry the call went as long as it did, but it’s nice to talk to you. If you have any follow-up questions, feel free to give us a call. Otherwise, please enjoy the rest of the summer, and we’ll talk to you soon. Thanks, bye.
Paul, Operator
This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.
Recent Comments