Good morning. My name is Howard, and I will be your conference operator today. At this time, I would like to welcome everyone to Park Aerospace Corp. Fourth Quarter Fiscal Year '22 Earnings Release Conference Call and Investor Presentation. [Operator Instructions] Thank you. At this time, I will turn today's call over to Mr. Brian Shore, Chairman and Chief Executive Officer. Mr. Shore, you may begin your conference.

Thank you, operator. Hello. This is Brian. Good morning to everybody. Welcome to our Q4 investor conference call. Nice to have you aboard. So this morning, as you know, we announced our earnings, there was an earnings release, and you probably want to pick that up in the earnings released our instructions as to how to access the presentation we're about to go through, through the webcast, also on our website. So we always give you this little caveat. We can't cover everything. We have a lot, but we try to focus on -- we don't go through real dry number analysis -- can we do that for you later, if you like, but we try to highlight some areas that we think might be interesting to you and might give you some interesting perspective. We'll skim over certain portions of the presentation is very long. Some of it is just included for context. We're not going to cover every item in the presentation. We don't have time for that. And it could still take 45 minutes to go through this, and I just want to warn you about that. Matt and I will, of course, answer any questions you have at the -- when we're done going through the presentation. Okay. So let's do it as they say. We go to Slide 2, forward-looking disclaimer. If you have any questions about our forward-looking disclaimer, just give us a call. Slide 3 is table of contents. Slide 1 is the presentation a to go through. Appendix 1, we have our normal supplemental financial information as appendix. I want to go on to Slide 4, probably take a little more time on Slide 4 than the first 3 slides. So Slide 4, we have our Q4 results, which you probably are…

[Operator Instructions] We have a question or comment from the line Brian Glenn from Olcott Square Investment.

I know there was -- this goes back to the quarter ended May 2020. There was a small buyback. It was like 137,000 shares and the stock price is about the same. The outlook from me as an outsider, looks tremendously better and more certain even if there is a ton of uncertainty. Back in May of 2020, we had no vaccine, no timing. Air travel was shut down globally. And now it looks like you're getting larger exposure on some existing programs like the film adhesive for the 7500, the A320s ramping up. Those statements are out. You had your comments around China's Comac and then the military spend. And the stock price is about the same. So if it was cheap enough to buy back then what's changed in terms of any sort of repurchase, whether small or large now. .

Okay. Yes. So that's a very good point. Right now, we're pretty much in a blackout. But it's something we need to consider. We haven't been real aggressive with buybacks, as I think you know our history is to use the return of capital cash more and actually use a special rather special dividends, more than buybacks. But thanks for the input, something consider. I just want to comment. Yes, I agree with you. The short-term forecast we can't even give you 1 it's such difficulty in the market right now. I agree with you that the outlook, and it's hard to time the outlook because of all those short-term factories, let's call temporary factors, but I believe you're right. The outlook is positive. So time for the input, something for us to think about. I'm not going to be an answer, of course, but we'll discuss it -- we will discuss the next board meeting. So that's what I can tell you at this point.

Okay. Can you -- can you remind me of the A321, the SLR that you mentioned? Is that within that long-term agreement for MRAS? Or that's outside of it? I think you did mention it prior, and I just don't recall.

It's within the LTA. So yes, that's a LEAP-1A engine. So that's all within the LTA.

Understood. And then I guess, last 1 if I can sneak it in. Any comments around the timing of actual workflow being done in the new facility and it might have even happened?

The timing of work starting operating facility. Yes. Yes. So to the -- yes, go ahead, sorry.

Yes, yes.

We're still going through the qualification. And as I said, that's been delayed. We've had to actually choose between the qualification and production, and we chose production. We don't want to disappoint our customers. So the qualification was delay just because raw material shortages and staffing. As I said, the people that are actually running the equipment are people from R&D and engineering, which is not what we want. We want operators to be over there. So at this point, we're not being presale hard at qualification complete, which is good. So it could take a little while longer. But once we get the qualification complete, then we'll start producing in that factory for MRAS and other customers as well. But I don't have a hard timing for you on that. And it's kind of 1 of those things that's in flux based upon all the other supply chain issues that we're dealing with.

[Operator Instructions] I'm showing no additional questions in the queue at this time, sir.

Thank you very much, operator. Thanks, everybody, for listening, hanging in there. I apologize these calls keep getting longer and longer. We do our best to rush through them. So anyway, so have a good day. And you always can reach Matt and me if you want to have any follow-up questions, we're happy to always take your questions. Have a great day. Thanks. Goodbye.

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.