Good afternoon. My name is Matt, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Park Aerospace Corp. Second Quarter Fiscal Year 2025 Earnings Release Conference Call and Investor Presentation. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] At this time, I'd like to turn the conference over to Mr. Brian Shore, Chairman and Chief Executive Officer. Thank you. You may begin.

Thank you, operator. Hello. This is Brian. Welcome to our fiscal ‘25 second quarter investor conference call. Nice to have you on-board. With us today are Matt Farabaugh, our CFO; and also Mark Esquivel, President and COO (ph). Well, we announced our earnings through news release right after the market close. If you don't have that, you want to get access to that because in the earnings release, there's also instructions as to how you can access the presentation that we're about to go through. The presentation is also on our website. You want to have that up or the – in order for the discussion to be more meaningful. After we're done, as the operator told you already, after we're done, we will go through the presentation. We'll be happy to answer questions. So why don't we go and get started? Why don't we go to Slide 2, our forward-looking disclaimer info. Let’s know if you have any questions about the forward-looking disclaimer language. Slide 3, our table of contents, beginning in Slide 1, we have our investor presentation. Then we also have supplementary financial information attached as appendix one at the end of the presentation. We don't intend to discuss that at this time, but if you have any questions about the supplementary financial information, let us know. Here we have a picture, the clearest picture of Mercury Ever Taken. What a beautiful picture in my opinion. Thank you, James Webb Space Telescope, obviously taken by James Webb Space Telescope. And as many as you know, our proprietary Sigma Struts are incorporated into the structure of the James Webb Space Telescope. So that telescope has a special place in our hearts. Let's go on to Slide 4, the quarterly results. When we focus just on the right-hand column…

Great. Thank you so much. At this time, we will be conducting a question-and-answer session. [Operator Instructions] First question here is from Nick Ripostella from NR Management. Please go ahead.

Good afternoon, Brian. First, I just want to say on share repurchase, I'm very appreciative of how judicious you are in repurchase. I come across so many smaller companies that they overpay for their stock, sometimes double where it's currently trading and then put that in their press release that return cash to shareholders, which actually they destroyed value. So you've been very wise, and I'm appreciative of that. So a couple of quarters ago, I think you were talking a little bit about automation potentially in a new facility. So I've been reading a lot and watching a lot about the use of robots and other automation factory setting. So can you just give me your perspective, do you feel at any adding point you'd be disadvantaged by not having automation in the facilities or just I'd like to understand your perspective on that. And kudos to the workforce there. It just goes to show you some places have a great culture and don't need a union. You've built a great organization in that regard. Thank you.

Thank you very much for those comments, Nick. I appreciate it. As far as automation is concerned, if you visited our facility, you would see that we're operating these lines that run continuously with usually a staff of about four people. So you don't look at it like an assembly line where you think, a lot of these procedures and processes could be automated, reduce cost, maybe improve efficiency. One of the areas -- so that doesn't mean we're not interested, but I think that the opportunities for a Park type operation are maybe not quite as much to bank for the buck wise as other kind of operations would be. But we talked also about automation with respect to that project, that manufacturing project that's now morphed into a potential technology JV. And that's an area where automation would be front and center, I think. So that project still has to be initiated, like I said, at morph. So it's a larger different kind of project, but that project would involve quite a bit of automation, I believe.

Okay. Thank you. Can I ask one more?

Sure.

Just -- I know this is a difficult thing to say, but where would you be disappointed in terms of Airbus' say ramp-up of deliveries next calendar year? Where would you be disappointed if it didn't reach whatever the number is? 52, 54, 50, where would it disappoint you?

I'm not sure I understand your question. You're talking about in terms of our annual sales or... [Multiple Speakers]

No, the deliveries that the outlined (ph) deliveries.

Per month, you mean, monthly rate?

Yeah. Correct.

Okay. Yeah. Well, we're disappointed already. So maybe that's a hard question to answer. The supply chain has clearly become more of a known issue, probably zero along. My guess is that this year, maybe we'll get to 50, last year 48. I've seen all kind of different forecasts. I mean, obviously, we'd like to be 75, so maybe that's not a proper answer. It would be nice if next year, they're at 55. I don't know if that helps. But if they're not, we're already disappointed. So we're probably disappointed with any number that's under 75. But the key thing is for us to hang in there and be ready for the ramp because as far as we're concerned, there's no question they'll get to 75, just with all the orders they have, it just doesn't make any sense, they wouldn't get to 75. So the key thing for us is to make sure we're ready for that, and that's really important. That means we need to ramp up the new facility. That's why we're doing that now, but we're also kind of suffering through the additional cost burden of ramping up a facility that is still operating at a very low rate.

Okay. Thank you. Yes. And as you've said before, this is a long-term proposition. And I really loved your comment about the stock price stupid and certainly got pretty stupid at one point. So, I appreciate it. Thank you so much, Brian. A – Brian Shore: Thank you, Nick. Very nice to hear from you.

[Operator Instructions]. With no further questions, I'd like to turn the floor back to Mr. Shore for any closing comments.

Okay. Well, thank you, operator. I just want to say I'm sorry that it took so long. I think what we did was we tried to cover too much during this presentation. I think everything we covered was meaningful and information that many of you probably want to know about, but nevertheless, maybe we put up more than we can choose. So I apologize for that. In any event, thank you very much for listening. We hope you have a very good day. We'll talk to you soon. Good-bye.

This concludes the teleconference. You may disconnect your lines at this time. Thank you again for your participation.