Alamos Gold Inc (AGI) 2006 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Gammon Lake Resources, Inc., year-end financial results conference call. [OPERATOR INSTRUCTIONS] Please note that this conference is being recorded. Today's date is April 3, 2007.

It is now my pleasure to introduce your host, Mr. Fred George. Please go ahead, sir.

Good morning, ladies and gentlemen, and fellow investors. We are here today proud to report to our investors that during 2006 the Company revenue was $73 million, and we've become a cash flow positive in the fourth quarter with a cash flow of $6,871,000 from our operations. With the completion of the construction of the Ocampo open pit and the underground mine project the Company has become a significant mid-tier producer of gold and silver. Gammon Lake today has continued to strive to build a shareholder value. We increase the Company market capitalization from $520 million in January 2005, to $2.1 billion in December 2006. And that's a significant growth.

The Company is now focused on increasing its production profile from 200,000 ounce of gold and 10 million ounces of silver in 2007, which we anticipate, to 280,000 ounce of gold and 15 million ounce of silver in 2009 and beyond. So now, ladies and gentlemen, I'm going to pass, and let's talk about the financials. I want to pass it to Mr. Colin Sutherland, who is our CFO.

Thanks, Fred. I will go through the highlights of the year and the fourth quarter. The Company was pleased to announce revenues of $73 million for the year on pre commercial production of 67,477 gold ounces, and 1.8 million silver ounces, or 105,000 gold equivalent ounces. We have seen a consistent growth quarter over quarter in our revenue, and our Q4 revenue of 39 million on production of 56,646 gold equivalent ounces comprised of 33,866 gold ounces and 1.1 million silver ounces.

Other key metrics that are positive for the Company is that our costs are trending downward. For the year, we recorded a non-GAAP cash cost per ounce of $355 U.S. In the fourth quarter, $318 U.S. With a highlight of a cash cost of $293 U.S. for Ocampo in Q4. Another positive trend, as Fred has mentioned, is the cash flow from our operations. The Company was pleased it was their first quarter of cash flow from operations of 6.9 million, and again this is a consistent trend that we expect to see over Q1 and beyond in '07. The loss per share for the year of $0.33 for 2006, loss per share of $0.05 per share in Q4 2006, a pro forma adjusted loss per share after adding back our stock-based compensation charges and fees associated with the merger would have been a loss of $0.11 per share. So, again, another positive for the Company.

When we review the operational data for the various components of Ocampo and El Cubo, in the open pit our mining cost per ton was $0.90 U.S., the Company has budgeted $1 per ton U.S. in 2007. The crushing and processing costs of $1.74 and $1.86 respectively. On a combined basis, the Company is budgeting $3.30 per ton in'07. In the underground our mining costs of 17.53 U.S. per ton, and, again, the Company budgeting $18 U.S. per ton. The one item which we know will come down and is coming down is the processing costs for the mill. For the year of $50.54 per ton, the Company is budgeting $21 per ton, and really that cost reflects the commissioning process of the mill through Q4. At El Cubo the mining costs of $44.69 and processing costs of $20.72 per ton, we expect to see significant improvements over those costs as we roll into Q1 '07 and Q2 '07.

Moving over to the balance sheet, the cash balance of $4.7 million U.S., the current ratio of 0.68, the Company is addressing the balance sheet and is in the advanced stages of renegotiating debt facility which will improve the balance sheet. We expect these measures will be finalized in Q2 2007. The Company has obviously seen an improving trend in cash flow from operations. We do expect to see improvements on the balance sheet over year-end results. The assets of the Company grew to $835 million in 2006. Most of this related to the completion of the construction of the Ocampo project and the acquisition of Mexgold Resources on August 8, 2006. Further details on the allocation of the fair value of the assets and liabilities acquired can be found in note 3 to the financial statement. I will now pass it over to our Chief Executive Officer, Brad Langille for an operational update.

I think it has to be stressed that 2006 was a construction year, and we are very pleased with the outcome of 2006. With the completion of two processing facilities and a large underground and open pit mine, with first foundations for these facilities having only been laid in September of 2005, and commercial production declared 16 months later during January of 2007, that being said, the Company was able to achieve positive cash flow in Q4 of '06, of $6.9 million.

Other operating highlights during 2006, the Heap Leach, we stacked 2.6 million tons of ore. On the Ocampo Heap Leach. Or in ounce terms, 78,000 ounces of gold and 3.2 million ounces of silver. Open pit, grades mine of 0.94 grams of gold and 39 grams of silver in 2006. This compares with a life of mine reserve grade of 0.96 and 44 grams silver, which we feel is a very good reconciliation. Over 4.2 million tons of ore were mined in the Ocampo pit during 2006 at a strip ratio of only 3 to 1 waste to ore compared to life of mine of 3.2 to 1.

Nearing completion for the open pit of an additional crusher for the Heap Leach to be completed in Q2 of '07 bringing crushing capacity up to 14,000 tons per day. And the Heap recoveries continue to increase for both gold and silver as we move forward. In the underground, over 28 kilometers of underground development completed and over 40 stopes in various stages of development. In fact, we now have two long-hole stopes at the Ocampo underground producing. Ocampo mill was completed in 2006 with commissioning during Q4 and we reached production of 1500 tons per day from the Ocampo mill.

Also, on the exploration front, in 2006, we were very, very focused on completing construction and moving production ahead, but now that that is complete, we've turned our attention back to exploration in Ocampo where as a company we feel we've only explored to date about 30% of the district. So our main focus is in exploration in 2006. Our one extending the open pit along strike, which we've seen positive results from the exploration that we've done so far on that, and also the number one exploration target for us in '07 is the potential of another underground mine in Ocampo, the lower open pit. And we're attacking that project with an underground ramp that is about 400 meters away from accessing the vein structures that extend below the open pit. Over Q2, and Q3, we'll come out with results from underground sampling on those veins and drilling. We feel that will be very positive and we hope to, by the end of '07, be able to come back to the market with the outcome of this exploration project. That being said, I would like to hand the call back to the moderator and open it up for questions. Thank you.

Thank you, sir. [OPERATOR INSTRUCTIONS] And our first question will come from Trevor Turnbull of Scotia Capital.

Good morning, Brad. How are you?

Good, Trevor.

I just had a question in reference to what's going on with the Leach recoveries on the silver. You had mentioned specifically that the leaching is taking place beyond the 140 days and that because of the nature of the Heap Leaches it looks like they will continue to be under leach for considerably longer than that. But can you give us a sense of what that recovery curve looks like? In other words, where the recoveries are after 140 days and where they're going to get to eventually before the leach cycle is completed.

Okay. What we're seeing, and we do maintain a model of the Heap, us in conjunction with Kappes, Cassidy, and that model takes into account, of course, crush size going out to the Heap, time ore is kept in the Heap, amount of metal that is recovered to date, and all that is calculated into the model, and it compares it to projected recoveries. What we've seen is those recoveries are increasing and that they're moving towards the curve. With silver currently being about 92% on the -- or, I'm sorry, gold being about 92% of predicted, according to the model, and silver being about 80% of predicted according to the model at this point.

Now, we also maintain column tests that we take every two weeks in Ocampo from the material going out to the Heap. Those column tests we have run them out at this point, some of them nine months, and with the column test to get the final answer, you have to complete the whole test, break down the column, and do an assay of the tails to get the final recovery from the column. What we're doing is we break down those columns when we're seeing less than 1% metal recoveries coming off the columns, and we haven't seen that yet. So we'll get the final answer to those columns, and we're starting -- some of them are starting to approach that point.

We do feel that the Heap will, over time, on the silver, approach the predicted silver recoveries, and we're seeing the silver recoveries coming up as we go forward in time here. So the Company is not overly concerned about it. It's just a matter of time compared to feasibility.

And can you just remind me what feasibility was relative to some of the guidance you had? Like for '07, you were talking about high-grade recovery on the silver of about 72% and then low grade quite a bit lower than that at 46. Are those the numbers from the feasibility, and if so, can you give me a sense for what numbers we might better be using for '07?

I think in '07 we still feel that we will approach those recoveries, that we will get there, and it's just a matter of time. It's really on the gold, I mean, the recoveries today are within a range of error of the test. So the gold recoveries are there. And the silver are still slightly lower but really are approaching where they should be. We should reach equilibrium on the silver probably moving into the end of Q2, Q3 of '07.

Okay. Then I just had one other quick question for Colin, and that's related to cash taxes. Do you guys have a sense of when you might have to pay cash taxes?

My belief would be taxable in 2008, Trevor. We've got enough loss carry forwards that would shelter us for all of '07. We've done some intercorporate tax planning as well to increase those losses, utilize some of the losses in Canada as well so that they are not expiring. So I'd expect that we would see taxes payable in 2008.

And do you have a sense of what the kind of -- what type of rate we should be looking for, for actual taxes paid in '08?

For simplicity, if you use the Mexican tax rate of 28%, obviously we'll have some recovery calculations in Canada as well, so I tend to use 28% in my model.

Great. Okay, thank you very much.

You're welcome.

Thank you. And our next question will come from [Core Vandenberg], a private investor. Please go ahead, sir, your line is now open for questions.

Oh, I'm sorry, I didn't have a question.

Okay, I will release you back. Thank you. And our next question now comes from Mike Jalonen of Merrill Lynch. Please go ahead.

Hi, Brad.

Hi, Mike.

Just wondering, I was looking at page 13 where you have a really neat cash flow statement here for the year of your press release, or your MD&A. I was just wondering, maybe you can give me the assumptions. Obviously you have your gold and silver production forecast for this year but what gold and silver prices are you basing your projected revenue on and then what total cash costs are you using to calculate the $131 million?

Mike, it's Colin. That comes from the Company model. For '07 we're using $650 gold, $13.50 silver. When I mention the budgeted costs in each of the functional areas, when we apply that to the model, we get a cash cost slightly below $200 for '07, and factoring in the CapEx for the year, which is highlighted in the project development review section, you come to the assumptions that are used on that page.

Okay. Thank you.

You're welcome, Michael.

Thank you.

And our next question now comes from Manish Vora of Monness.

Guys I was wondering if you could give us an update on production so far and how the month of March has been?

Production continues to increase, and costs continue to decline through Q1. Q1 will be the best quarter to date, and we are confident we will produce 400,000 ounces of gold equivalent for the year of 2007, and March was the best month we've seen so far.

Oh, good, that's helpful. And on the cash costs, you mentioned some of the areas where costs will be coming down. Can you kind of flush out o going from quarter to quarter should we expect a pretty steady ramp down, and any other catalyst that could impact lowering the cash costs?

When you look at it, yes, it's my belief it will ramp down over the quarters. It's not something that we'll get to $200 in Q1 right away. Obviously some of the things that we're focused on are the mill processing costs. We believe that there's three or four items in there that are commissioning issues that will play out over the next three months, and then you'll see a significant drop in that cost. The encouraging thing for us is that through our pre commercial production, we've seen the costs decrease, and from Q3, where we had a lot of rainfall issues and severe weather issues it's very encouraging that in Q4 Ocampo was at $293 and our mill was still being commissioned. So we do expect it to come down. The catalyst obviously will be as the mill increases its output, as the shaft comes on-line in the next couple of months, and, really, the increase in the throughput through the crusher we think will have a fairly significant impact on our processing costs, which will come down as well.

Okay. Yes, I think the 293 seems to me to be a great number considering the ramp of production from Q4 to Q1 and then hopefully an additional ramp from Q1 to Q2. Clearly that should have a big impact. On the resource study, is there any update on when could expect an update?

On resources and reserves, we're driving ahead with exploration right now. That underground ramp that we've started below the open pit will have a big impact on it, and also the extending along strike in the open pit where we've had favorable results to date. We think those will all be incorporated into a new study by the end of the summer of this year.

And that would be then released shortly thereafter?

Yes, we would complete a 43101 study and release it to the market.

Can you just talk a little bit about exploration costs? Are they ramping this year versus last year, and what kind of dollar amount are we expecting?

$8 million exploration budget for '07.

Okay, thanks, guys.

Thanks.

Thank you. And our next question now comes from [Esulu Simevi] of Equinox. Please go ahead.

Good morning, guys. Thanks for the update. Wanted to ask about projected improvements at El Cubo. You mentioned mining costs, I couldn't quite catch mining, milling, and G&A costs per ton. Can you repeat that? In terms of throughput what do you plan to do and what kind of plans can you outline there?

At El Cubo we have a two-prong approach to reducing costs and increasing ounces. At El Cubo we have relatively high fixed costs, so it's very sensitive, the more ounces we produce the costs come down dramatically and we've seen that with the months where we've had higher ounce production. That being said we've directed a lot of our efforts in drilling at finding more of the high-grade zones that are, over history for the mine exist there, and they would find these -- without exploration they would just drift along the veins, and they would intercept one of these pretty much on the average of every 10 to 12 years, then costs would go down dramatically. The last one that they had was during the 90s where they saw average head grades of 18 grams, compared to the head grades in the mines that we're seeing now of 5 and 6 grams. So we've had success in the La Loca area with drilling there where we've drilled off a little bit better than a couple hundred thousand ounces. It's at a grade about 10 grams. So we've developed now two stokes on that, and we'll be developing another six over the next 9 to 12 months, and that will increase the grade going through the mill and reduce cost per ounce.

The other thing that we have in El Cubo, we have what the nationals called rasaga, which is the backfill that they put in old fill stokes. This mine had operated for more than 60 years. What we've found is a lot of this backfill has grade in it. We're seeing between two to three grams in this backfill. And we're taking this backfill and we're extracting it it from the stopes. The cost of doing that is -- there's no real mining costs. There's a tramming cost of a couple bucks a ton. With our lease on the Penoles ground we have a 2200 ton a day mill available to us so we have been stockpiling some of this backfill, and we're now ready and we've started to process it in our other mill. So that's going to add ounces to the quarter going into Q2, and reduce the overall cost for the ounces increase production.

So just on the idea of trying to look at this high-grade, you're trying to increase the number of declines that you're having to do already, is that the plan?

Yes, and we've -- that has been the focus of the drilling over the last couple of years, and we've had success. The La Loca zone is where we've had most of the success, and we're now working on the Dolores zone where we're drilling, and the preliminary indications and we had a press release on this with some high-grade drill results at Dolores zone, we think that will be the next La Loca zone that we develop. So the exploration is paying off for us with higher grades that will be fed to the mill as we go forward here.

Okay. And just to sum everything up, what was the mining cost, milling cost, G&A per ton?

The mining cost per ton was $44, and processing costs, $20.

Thanks, guys.

Thank you. And our next question will come from Steve Green of TD Newcrest. Please go ahead.

Good morning, gentlemen. Wonder if you can break down your operating cash costs by mine?

Yes, it's actually done, Steve, in the MD&A, page 6. If you look at it from -- if you focus on Q4 the cash cost at El Campo was $293. For the year that's $337. If you look at El Cubo the cash cost in Q4 was $370, and for the year, $408, all in U.S. dollars.

Okay, great. Wonder if you can give us any kind of guidance as to approximate grades going out into '07 for the two mines, the tree mines, I guess.

Grades in '07, we should see for Ocampo similar grades in the open pit overall, and in the underground main, they will be better than 8 grams equivalent. They're coming in right in line with the reserves and the feasibility study for Ocampo. In El Cubo we should see an increased upgrade, we're hoping that grades will move towards 8 grams in the underground in the El Cubo mine in '07. That's what we're looking for now in light of some of the press releases that we've had recently from El Cubo, some of the latest results, and where we're seeing the stokes at the La Loca coming on line a little bit quicker than we had estimated that they would. So we're looking for a big improvement in El Cubo over '07.

Okay, great. So I guess you're expecting cash operating costs to come down as well out of El Cubo?

They will. It's very very much ounce-dependent, covering off at fixed cost and with the higher grade it will bring down the costs. We're looking for some real big cost reductions over '07.

Okay, great. On SG&A, looks like you're around 3.5 million in Q4. Can we use that as a go forward rate going into 2007?

Yes. Right, Steve, we budgeted 12 million U.S. for 2007.

Okay. And one other quick question. Toward the end of your MD&A, there's just some kind of boiler plate looking statements about financial accounting and company internal controls over financial accounting were not effective. Can you tell us what that means?

Yes. For 2006, Steve, because of our AMEX listing, we fall under the rules for Sarbanes-Oxley under the financial reporting. The Company has gone through a fairly exhaustive process on the documentation and testing of the internal controls of the Company what we end up doing, we come to an agreement with our auditors that for 2006 we did have a material weakness related to complex accounting transactions, particularly around stock based compensation and inventory evaluation. What that means, in early part of 2006, there were some calculations that I was doing as CFO and given that we were a maturing public company, I did not have the appropriate staff to assist in reviewing those calculations. The issue came that throughout the year we did not have an ability to test those transactions again because it was a one-time transaction, so because of that inability to test it, it did result in a material weakness. Now, having said that, it does state that there were no material errors in the financial statement.

So I guess the material weakness was that there was nobody checking Colin's work because we didn't have the staff at the time and the instance to test it since May has not occurred again. We know we've remedied it because now we've added another controller who would check the calculation. That being said, Colin's calculation was correct, and it did not create any error.

Okay, great.

That has been remedied going forward.

And I've seen similar statements out of other companies.

Some of the very large companies in Canada have had material weaknesses.

Yes, this is not unusual. So I just wanted to check on that.

Thank you, Steve.

thank you. And our next question now will come from [Chris Devo] of Constellation Asset Management.

Congratulations on all you have accomplished. Question about cash flow. I realize that the, at least by the projection you affirm of cash flow that will be coming out, and it seems to me that probably you've maxed out on working capital needs, so is the debt primarily -- or is the cash primarily going to be used to pay off debt, or what are your thoughts or targets there?

We're evaluating that all the time. I mean, cash flow from operations obviously has improved liquidity, and we're evaluating our debt, and on a go-forward basis, in light of the fact that we are now positive cash flow. Colin, you want to add anything to that?

When we look at the projected cash flow for the year, we've always indicated out of the three-prong approach to it. One would be putting the money back into the property, so we believe that there's a lot of organic growth on our properties, and through the development and the exploration into 2007, we think it will yield significant amount of ounces through 2008, 2009. The second would be to obviously repay the debt, and the third would be looking at cash distribution through dividends to the shareholders when we felt we've adequately covered our working capital and financial position.

Okay, I appreciate that. Thank you.

Thank you. And our next question now is from [Delphi Marcy], of [Societe Generale]. Please go ahead.

Good morning, everyone. Was wondering what CapEx cost you plan on spending for the expansion of the Ocampo.

Yes, we actually covered that off in the project development review in the MD&A. The big items obviously for this year, we're looking at expanding the crushing facility. We've got some push-back in the open pit which we'll be doing through 2007, and then we look at our sustaining CapEx of approximately 13 million for Ocampo, so when you look at all the development projects for 2007, I believe the number was about 44 million, and then at El Cubo, we're looking at another 10 million, and a lot of that is, again, related to development opportunities, expanding the mill at El Cubo, and looking at the power and making sure that we do not have problems that we encountered in Q3. So those are the main priorities. I will refer you to that project development section, and if you have any questions please contact us.

That's a good question. I just like to touch on one thing at El Cubo. Our capital expansion will also involve increasing capacity at our El Cubo mill which we have now reached capacity through increased mining. So -- and with the power distribution improvements it's going to reduce costs as well. So it will be quite positive for cost in El Cubo. And mill in Ocampo as well, we have some capital devoted to adding an additional tailing filter to bringing it up to three tailing filters for the mill, which we feel will be able to have the mill push towards 2000 tons a day from current 1500.

This year.

This year in '07.

Thank you.

Thank you. And our next question will now come from [James Garrett] of [Grand & Tort]. Please go ahead.

Jim Garrett from Ontario, originally from the province of St. Johns Newfoundland, where people like to argue. I have a question for Fred George.

Okay, go ahead.

Good afternoon, Mr. President. I missed the first part of the conference, so the question may have been raised, I don't know. Mr. President, as you can see right now, Gammon Lake seems to be somewhat down in the market. Are you concerned about that? And I'd also like to know, given this very positive report, what do you think is the true net asset value of the Company right now, and going forward, what kind of futures -- future do you think the shareholders have in this company?

Okay, that's a very good question, three or four questions. I'm used to those. Garrett, let me tell you this. Let me give you personal sum-up. The last two years as a President and Chairman of Gammon Lake, we have, as a team, promised the world we will build two mines at the Ocampo. We raised the money to Penoles, [Tege] and Scotia, the three largest banks in Canada, and most of our investors around New York and Europe. In less than two years we have completed the two large mines at Ocampo and have become the largest gold producer in Mexico, total.

So what I'd like to say to you is this. Just from 2005, 2000 -- to 2006, we increased the share value, we increased the share value for our investors by $1.5 billion. Now, ask yourself, how many company, and I want all our investors, ask themselves, how many companies they know the last two years they increased value for their shareholder by 1.5 billion and how many companies they know that have built from 0 to full commercial production less than two years a mine is able to produce 400,000 ounces of gold equivalent a year with a cash cost we're aiming below 200 U.S., and this is the beginning. As Brad mentioned, we are right now working towards the third mine at Ocampo, which is probably cost the company 40 to $50 million, but that will add additional 100 to 150,000 ounces of gold equivalent.

So if tomorrow we went to buy a company, like Alamos or anyone who produce similar, it would cost Gammon Lake 700 to 800 million. Now here's Gammon Lake doing this on our own ground. So if you're saying how Gammon Lake is a target for takeover, what we're going to say to you is this, Gammon Lake never put for sale price on. Gammon Lake keep plowing forward and keep increasing the share value for the shareholder. Right now we believe Gammon Lake going to be one of the large material producer because we are in a stable country like Mexico which as you saw probably on our website we have won every award the Mexican government has given, and we won the heart of the Mexican people by really starting scholarship for their students, build their church, build their schools.

So you can see Gammon Lake, it's very very solid, because it has a very strong foundation. So we believe this is the beginning. We have went through the tough time, we have built the two largest mines, and the third, actually three mines at the Mexico we are well established, well respected, so you can see we can really go and increase our shareholder value for the next year to come. And if you say where's the target price is forget what Fred George saying to you, I'm going to tell you what BMO Craig Miller said to the world. He put a new target price, $29 Canadian for this year.

That's fantastic.

So we believe we'll achieve it. Thank you, I hope I answered your question.

Mr. President, may I ask you one other question, please?

Okay.

Mr. President, you went on record as stating that eventually the Company will pay a dividend. Do you still stand by that position?

I believe everything I said, I stand behind the decision. We said the Company, when the right time comes will pay dividends for the shareholder. As I also promised you, I believe you've been in many of my conference, I always said if we don't get bought out, which is every stage exploration, we will be the next producer, and I delivered that to you, didn't I.

Yes, you did.

Now I promise you again, when the right time comes, we maximize the shareholder value, we will pay dividends to our shareholders.

Mr. President, in closing, I think Gammon Lake and the shareholders are very, very fortunate to have a President like you running the organization. Thank you.

Thank you so much, Garrett.

Thank you. Next we have a follow-up question from Esulu Simevi of Equinox. Please go ahead.

Oh, I probably second what Garrett said there. Good job, guys.

Thanks.

Following up on the capital sort of maintenance capital issues, can you give a breakdown after these expansions that you're planning, the underground expansion and the open pit expansion, when those things are done, what kind of maintenance capital would you have on Ocampo underground, Ocampo open pit, then El Cubo assets?

Well, when you look at the sustaining CapEx for Ocampo, we break it down, it's about $7 million for the open pit, another $8 million in the Ocampo underground, and then at El Cubo, we'd approximate about a $6 million sustaining CapEx.

Okay, thanks, guys.

Thank you. And next we have a follow-up question from Trevor Turnbull of Scotia Capital. Please go ahead.

Yes, I had a quick follow-up related to the amortization and your depreciation. For the full year, you had about 21 million, which looks like it came in at about 13.5 for Q4, if I do the math right. I realize you made mention that it had something to do in part with the Mexgold acquisition and fair value allocation and so forth. I'm just wondering why that was -- why that landed particularly in the fourth quarter and what we might look for on a go forward basis for annual depreciation.

The numbers I have been using, Trevor, have approximated about 35 to $40 million U.S. for amortization charges.

So 35 to 40 million U.S. on an annual basis going forward.

Correct.

And again, so that the 13.5, I guess that isn't too far out of line when you look at the 35 to 40. Okay. It just seemed quite a bit higher, obviously, than the Q3 number. Again, was that partly related, you say, to the Mexgold acquisition?

That's correct, it would be, yes.

Okay. That's all for me. Thanks.

Thank you. [OPERATOR INSTRUCTIONS] And currently, Mr. George, we have no other questions registered, sir.

Thank you so much. Thank you for everyone who tuned in to listen to Gammon Lake. We look forward to talk to you soon. Thank you.

Thank you.

Thank you. Ladies and gentlemen, this does conclude your conference call for today. Once again, thank you for participating, and we ask that you please disconnect your lines. Have yourself a great day.