Mind Technology Inc (MIND) 2027 Q1 法說會逐字稿

Greetings and welcome to the MIND Technology first quarter 2027 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 MIND Technology 2027 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Ken Dennard, Investor Relations. Thank you, sir. You may begin.

現在我很榮幸介紹今天的主持人，投資人關係 Ken Dennard。謝謝您，先生。您可以開始了。

Thank you, operator. Good morning and welcome to the MIND Technology fiscal 2027 first quarter earnings conference call. We appreciate all of you joining us today. With me are Rob Capps, President and Chief Executive Officer; and Mark Cox, Vice President and Chief Financial Officer.

謝謝，接線員。各位早安，歡迎參加 MIND Technology 2027 財政年度第一季財報電話會議。感謝各位今天加入我們。與我一同出席的有總裁兼執行長 Rob Capps，以及副總裁兼財務長 Mark Cox。

Before I turn the call over to Rob, I have a few items to cover. If you'd like to listen to a replay of today's call, it'll be available via 90 days via webcast by going to the investor relations section of the company's website at mind-technology.com or via instant replay feature until June 18. Information on how to access the replay was provided in yesterday's earnings release.

在我把電話交給 Rob 之前，我先說明幾點。若您想收聽今天會議的重播，可透過網路直播在 90 天內於公司網站 mind-technology.com 的投資人關係專區收聽，或使用即時重播功能至 6 月 18 日為止。如何收聽重播的資訊已在昨日的財報新聞稿中提供。

Information on this call speaks only as of today, Thursday, June 11, 2026, and therefore you are advised that time-sensitive information may no longer be accurate as of the time of any replay listening or transcript reading.

本次電話會議所提供的資訊僅截至今日，即 2026 年 6 月 11 日（星期四）為準，因此提醒您，具時效性的資訊在您收聽重播或閱讀逐字稿時可能已不再準確。

Before we begin, let me remind you that certain statements made by management during this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties, and other factors, many of which the company is unable to predict or control that may cause the company's actual future results or performance to materially differ from any future results or performance expressed or implied by these statements.

在開始之前，提醒各位，管理層在本次電話會議中所作的某些陳述，可能構成 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。這些前瞻性陳述係基於管理層目前的預期，並包含已知與未知的風險、不確定性及其他因素，其中許多因素公司無法預測或控制，可能導致公司未來實際結果或表現與這些陳述所明示或暗示的任何未來結果或表現存在重大差異。

These risks and uncertainties include the risk factors disclosed by the company from time to time in its filings with the SEC, including its annual report on Form 10-K, where the year ended January 31, 2026. Furthermore, as we start this call, please refer to the statement regarding forward-looking statements incorporated in our press release issued yesterday, and please note that the contents of our conference call this morning are covered by these statements.

這些風險與不確定性包括公司不時在向美國證券交易委員會（SEC）提交的文件中揭露的風險因素，包括截至 2026 年 1 月 31 日止年度的 Form 10-K 年報。此外，在我們開始本次電話會議之際，請參閱我們昨日發布新聞稿中所納入的前瞻性陳述相關聲明，並請注意，我們今天上午電話會議的內容亦受這些聲明所涵蓋。

And now that behind me, I'd like to turn the call over to Rob Capps.

接下來，我想把電話交給 Rob Capps。

Okay, thanks, Ken, and thank you all for joining us today. It's only been eight weeks since we last talked, and not much has fundamentally changed. There's not been a sea change in the market or our business. Much of what I say today will sound pretty familiar.

好的，謝謝你，Ken，也謝謝各位今天加入我們。距離我們上次通話才過了八週，基本上並沒有太多根本性的改變。市場或我們的業務並沒有出現劇烈變化。我今天要說的很多內容聽起來會相當熟悉。

Our results for the first quarter were essentially in line with our expectations and once again reflected positive adjusted EBITDA. During the quarter, we were able to deliver the remaining orders that had slipped past our fiscal year-end. As usual, I'll touch on the results for the first quarter. Everybody an update on the current market environment. Mark will then provide a more detailed review of our financials, and I'll return to wrap things up with some remarks about our outlook.

我們第一季的結果基本符合預期，並再次反映出正向的調整後 EBITDA。本季期間，我們得以交付先前延後、未能在財政年度結束前出貨的其餘訂單。照例，我會先談第一季的結果。並向各位更新目前的市場環境。接著 Mark 會更詳細地回顧我們的財務狀況，最後我會再回來就我們的展望做一些總結說明。

I think the near-term market can best be described as uncertain with less visibility than normal. There's a great deal of uncertainty in the world in terms of economics, politics, and security. As you'd expect, this causes companies and governments to be cautious in committing to exploration and survey projects. As a result, our customers are reluctant to commit to equipment purchases, most notably larger system orders. The current conflict in the Middle East and the changing perceptions of its resolution exacerbate this uncertainty.

我認為短期市場最貼切的描述是：不確定，且能見度低於正常水準。全球在經濟、政治與安全方面存在大量不確定性。如各位所預期，這使得企業與政府在承諾勘探與測量專案時更為謹慎。因此，我們的客戶不願意承諾設備採購，尤其是較大型的系統訂單。目前中東的衝突以及對其解決方式的觀感變化，進一步加劇了這種不確定性。

The longer term outlook, however, is much more positive. There are definite signs of recovery. We'll talk more about this later. Our backlog of firm orders as of April 30, 2026 was approximately $7.6 million. compared to $13.9 million as of January 31, 2026, and $21 million as of April 30, 2025.

然而，長期展望則正面得多。已出現明確的復甦跡象。我們稍後會再多談。截至 2026 年 4 月 30 日，我們確定訂單的在手訂單（backlog）約為 760 萬美元；相較之下，截至 2026 年 1 月 31 日為 1,390 萬美元，而截至 2025 年 4 月 30 日為 2,100 萬美元。

As expected, we delivered certain orders that were unable to ship prior to the end of fiscal 2026. This, coupled with the protracted customer decision making, contributed to the backlog decline. Additionally, as we approach the summer months, I want to remind you that in a normal environment, orders don't always arrive at a constant rate throughout the year. Variance in order flow is commonplace and not a cause for concern. Macro uncertainty has magnified these policies as customers iron out their operational plans.

如預期所示，我們交付了部分在 2026 財政年度結束前無法出貨的訂單。再加上客戶決策時間拉長，導致在手訂單下滑。此外，隨著我們接近夏季月份，我想提醒各位，在正常環境下，訂單並不一定會在一年中以固定速度到來。訂單流量的波動很常見，並非值得擔憂的原因。總體不確定性放大了這些情況，因為客戶正在梳理其營運計畫。

However, we maintain our belief that the long-term outlook in the marine exploration and survey industry is very positive, and an uptick in activity is inevitable. That's all of our backlog, which is defined as orders for which we have a purchase order or signed contract in hand.

不過，我們仍然相信海洋勘探與測量產業的長期展望非常正面，活動回升是不可避免的。以上就是我們的在手訂單情況；在手訂單的定義為我們已取得採購訂單或已簽署合約的訂單。

The pipeline of potential orders remains solid and is several times greater than our firm backlog. We are continuing to pursue certain significant projects, a few of which total $10 million or more each. Some of these opportunities involve new vessels for governmental organizations and require successful bidders to provide security bonds, something we are now capable of doing.

潛在訂單的商機管線仍然穩健，規模是我們確定在手訂單的數倍。我們持續追求若干重大專案，其中有幾個單一專案金額各自達到 1,000 萬美元或以上。其中部分機會涉及政府機構的新船舶，並要求得標者提供履約保證金（security bonds），而這是我們目前已具備能力提供的。

We've taken actions in recent months to strengthen our positioning and make our sales more competitive with bidders. This provides us with optimism as we work to convert these opportunities into firm orders in coming periods.

近幾個月來，我們已採取行動以強化我們的市場定位，並使我們的銷售在與競標者競爭時更具競爭力。這讓我們在未來幾個期間努力將這些機會轉化為確定訂單時，抱持樂觀態度。

Now, turning to our results. MIND Technology product revenues for the first quarter fiscal 2027 were approximately $9.7 million. Revenue was flat sequentially and improved from last year's first quarter. We once again produced positive adjusted EBITDA of approximately $800,000 compared to $1.1 million in the fourth quarter and a loss of $179,000 in last year's first quarter.

接下來談我們的業績。MIND Technology 2027 財政年度第一季的產品營收約為 970 萬美元。營收較前一季持平，並較去年第一季有所改善。我們再次實現正向的調整後 EBITDA，約為 80 萬美元；相較之下，第四季為 110 萬美元，而去年第一季為虧損 17.9 萬美元。

Our aftermarket activities are providing a stable and recurring revenue stream that is supporting our overall results. This component of our business is becoming increasingly important and represented about 50% of our revenues in the first quarter. As a reminder, this aftermarket activity consists of spare parts, repairs, service, and other support activities.

我們的售後市場（aftermarket）活動提供了穩定且可重複的營收來源，支撐了整體業績。這一業務組成正變得愈來愈重要，第一季約占我們營收的 50%。提醒各位，這些售後市場活動包括備品、維修、服務及其他支援活動。

While this business is influenced to some degree by the general activity level within the industry, it is more recurring in nature than orders for new systems. Customers might be slow to purchase new systems, but their existing equipment will need maintenance to keep operating.

雖然此業務在某種程度上會受到產業整體活動水準影響，但相較於新系統訂單，其性質更偏向經常性。客戶可能會延後購買新系統，但其既有設備仍需要維護才能持續運作。

This benefits MIND since expenditures for aftermarket activity are generally operating costs as opposed to capital expenditures. As our installed base of SeaMap products continues to expand, with it comes the prospect for increased aftermarket activity.

這對 MIND 有利，因為售後市場活動的支出通常屬於營運成本，而非資本支出。隨著我們 SeaMap 產品的裝機基礎持續擴大，也將帶來售後市場活動增加的可能性。

I'm pleased with the resilience of our results in the face of widespread uncertainty, and our aftermarket activity continues to be an important contributor to our consistency. I firmly believe MIND is well positioned to capitalize on opportunities in future periods to stimulate order flow and generate sustainable results.

我對我們在普遍不確定性之下仍展現的業績韌性深感欣慰，而我們的售後市場活動持續成為支撐我們穩定性的關鍵貢獻來源。我堅信，MIND 已做好充分準備，能在未來期間把握機會，帶動訂單流入並創造可持續的成果。

Now, I'll let Mark walk you through our first quarter financial results in a bit more detail.

接下來，我請 Mark 更詳細地帶大家回顧我們第一季的財務結果。

Thanks, Rob, and good morning, everyone. Revenues for marine technology product sales totaled approximately $9.7 million for the quarter. As Rob mentioned, our first quarter results benefited from approximately 4 million of orders that slipped out of fiscal 2026. We also continue to see strong aftermarket activity that provides a solid foundation of recurring revenue. This activity supports our overall results and serves as a buffer in times of reduced large system order volume.

謝謝你，Rob，各位早安。本季海洋科技產品銷售收入合計約 970 萬美元。如 Rob 所提到，我們第一季的結果受惠於約 400 萬美元原本延後至 2026 會計年度的訂單。我們也持續看到強勁的售後市場活動，為經常性收入提供穩固基礎。這些活動支撐我們整體表現，並在大型系統訂單量下降時發揮緩衝作用。

First quarter gross profit was approximately $4.1 million. This represents a gross profit margin of 42% for the quarter, which was in line with the same period a year ago. The sustained margin strength was supported by product mix and reflects a greater contribution of spare parts and other aftermarket activity that generate favorable margins. We expect our cost structure optimization efforts and greater production efficiencies to help us maintain favorable margins in future periods.

第一季毛利約為 410 萬美元。本季毛利率為 42%，與去年同期一致。毛利率能維持強勁，主要受產品組合支持，並反映備品與其他售後市場活動的貢獻提高，而這些業務通常具有較佳毛利。我們預期成本結構優化措施與更高的生產效率，將有助於我們在未來期間維持有利的毛利率水準。

Our general and administrative expenses were approximately $3.5 million for the first quarter, fiscal 2027. This was up both sequentially and when compared to the same quarter a year ago. Sequential and year-over-year increases are primarily due to higher incentive compensation and stock-based compensation, with the latter being a non-cash item.

2027 會計年度第一季的一般及行政費用約為 350 萬美元。無論與前一季相比或與去年同期相比，皆有所增加。季增與年增主要來自較高的獎勵性薪酬與以股份為基礎的薪酬，其中後者為非現金項目。

Our research and development expense for the first quarter was approximately $310,000, which was down both sequentially and compared to the first quarter of fiscal 2026. Consistent with prior periods, these costs were largely directed toward the development and enhancement of our streamer systems and source controller offerings.

第一季研發費用約為 31 萬美元，較前一季及 2026 會計年度第一季均有所下降。與以往期間一致，這些成本主要用於我們拖纜（streamer）系統以及震源控制器（source controller）產品的開發與強化。

Operating income for the first quarter was approximately $14,000, compared to an operating loss of approximately $658,000 in the first quarter of fiscal 2026. First quarter adjusted EBITDA was approximately $811,000, compared to an adjusted EBITDA loss of $179,000 in the same quarter a year ago. Net loss for the first quarter was approximately $411,000, after income tax expense of $476,000. As a reminder, our income tax expense results primarily from our operations in Singapore.

第一季營業利益約為 1.4 萬美元，相較於 2026 會計年度第一季約 65.8 萬美元的營業損失。第一季調整後 EBITDA 約為 81.1 萬美元，相較於去年同期調整後 EBITDA 虧損 17.9 萬美元。第一季淨損約為 41.1 萬美元，已包含 47.6 萬美元的所得稅費用。提醒各位，我們的所得稅費用主要來自新加坡的營運。

As of April 30, 2026, we have had significant working capital of approximately $37.8 million including $17.7 million of cash on hand. The company continues to maintain a clean, debt-free balance sheet with a simplified capital structure. We expect our solid foundation, significant liquidity, and operational flexibility will allow us to pursue opportunities in the coming quarters to enhance stockholder value.

截至 2026 年 4 月 30 日，我們的營運資金相當充裕，約為 3,780 萬美元，其中包含 1,770 萬美元的現金。公司持續維持乾淨、無負債的資產負債表，並具備簡化的資本結構。我們預期穩固的基礎、充足的流動性與營運彈性，將使我們能在未來幾季把握機會，以提升股東價值。

I'll now pass it back over to Rob for some concluding comments. Thanks, Mark.

接下來我把時間交還給 Rob，請他做一些結語。謝謝你，Mark。

Thanks, Mark. As I mentioned at the outset, macro uncertainty and geopolitical turbulence are causing customers to delay order commitments regardless of industry or end use. This is challenging our near-term visibility, and it is likely we will see some softness in our results. There are signs of recovery, and the longer-term outlook continues to be very positive. Conflict in the Middle East has served as a sobering reminder of how important energy security is for countries around the world.

謝謝你，Mark。如我在開場時提到，宏觀不確定性與地緣政治動盪正使客戶不論產業或終端用途，都延後下單承諾。這使我們短期能見度面臨挑戰，且我們很可能會看到業績出現一些疲弱。目前已有復甦跡象，而長期展望仍然非常正面。中東衝突也再次令人警醒：能源安全對全球各國而言有多麼重要。

As some have speculated, the stratiform use blockade triggered what may be the largest oil supply shock in history. We believe this bodes well for additional orders in future periods and geopolitical instability and long-term supply concerns will drive exploration activity in other parts of the world. There is an immediate need to replenish lost production and secure reliable energy supplies.

如部分人士所推測，該層狀使用封鎖（stratiform use blockade）引發了可能是史上最大規模的石油供給衝擊。我們認為這對未來期間新增訂單是利多，且地緣政治不穩定與長期供給疑慮將推動世界其他地區的勘探活動。當前迫切需要補回流失的產量並確保可靠的能源供應。

Another near-term dynamic that has the potential to drive incremental activity is the rapid increase in oil prices. This goes somewhat hand-in-hand with the need for energy security, but we find that customers are often more motivated to launch large programs when the economics are compelling. While we anticipate our customers ramping operations in the coming months to capture the benefits of an attractive pricing backdrop, we haven't yet seen the orders associated with this activity.

另一個可能在短期內帶動額外活動的因素，是油價快速上漲。這與能源安全需求在某種程度上相互呼應，但我們發現，當經濟效益更具吸引力時，客戶往往更有動力啟動大型專案。雖然我們預期客戶將在未來幾個月加速營運以掌握有利的價格環境所帶來的效益，但我們尚未看到與此活動相對應的訂單。

Some of our customers have reported increasing backlogs, which is a very positive sign. We also note several industry commentators are predicting a resurgence in exploration and survey activity. something that we're monitoring very closely. The underlying dynamics within the marine technology industry remain intact, and our long-term pipeline of opportunities continues to be very positive. Our prospects are plentiful and there are emerging opportunities to capitalize on new areas of focus within the market.

我們的一些客戶回報在手訂單（backlog）正在增加，這是非常正面的訊號。我們也注意到，多位產業評論人士預測勘探與測勘活動將再度回升；這是我們正密切關注的趨勢。海洋科技產業的基本動能依然健在，而我們長期的機會管線仍然非常正面。我們的機會相當充足，市場中也出現可把握的新焦點領域所帶來的新興機會。

Uncertainty has clouded visibility for the past several months, but we remain well positioned for the future. I'm confident that any near-term softness will dissipate in the coming months as markets stabilize and volatility becomes less severe.

過去幾個月不確定性使能見度受阻，但我們仍為未來做好充分準備。我有信心，任何短期疲弱都將在未來幾個月隨著市場趨於穩定、波動性降低而逐步消散。

As a result of our efforts in recent years, MIND is nimble and operating efficiently. This positions us to more readily weather the storms that have historically challenged our business. Rather than sit idly by as customers hit pause, we've continued to innovate and expand our capabilities to address new opportunities. This gives us a competitive edge to capture orders and meet evolving needs in coming months. Our customers are constantly looking to get ahead of the curve, operate more efficiently, and solve new problems, and they want to partner with suppliers to do the same.

由於我們近年來的努力，MIND 具備靈活性且營運效率高。這使我們更能從容度過過去曾對我們業務造成挑戰的風暴。我們並未在客戶按下暫停鍵時袖手旁觀，而是持續創新並擴展能力，以掌握新的機會。這讓我們在未來幾個月能更具競爭優勢，以取得訂單並滿足不斷演變的需求。我們的客戶一直希望走在趨勢前端、更有效率地營運並解決新問題，他們也希望與同樣能做到這些的供應商合作。

Now, turning to our outlook, current visibility continues to indicate that our results for fiscal 2027 to be down when compared to fiscal 2026. this view, we believe this will still be a positive year for mine. As I noted on our last call, it will be difficult to replicate the system order volume that we've enjoyed over the past two years, given our recent customer discussions and the prevailing uncertainty.

接著談到我們的展望，目前能見度仍顯示 2027 會計年度的業績將較 2026 會計年度下滑。儘管如此，我們認為這對 MIND 仍將是正向的一年。如我在上次電話會議中提到，鑑於近期與客戶的討論以及當前的不確定性，要複製我們過去兩年所享有的系統訂單量將相當困難。

However, we expect to be cash flow positive for the year, even with lower revenue. Our growing aftermarket business will provide us with a substantial stream of recurring revenue to buoy our results. We have meaningful cash on hand to make strategic moves and position the business for the future. As we've previously discussed, we continue to be aware of the challenges and limitations of being a small public company. Although we are uniquely positioned with a simple capital structure and a debt-free balance sheet, there is a need to add scale and enhance stockholder value.

然而，即使營收較低，我們預期全年仍可維持正向現金流。我們持續成長的售後市場業務將為我們提供可觀的經常性收入來源，以支撐整體表現。我們手上握有充足現金，可進行策略性布局並為未來定位業務。如我們先前討論過的，我們仍清楚作為一家小型上市公司所面臨的挑戰與限制。儘管我們具備簡單的資本結構與無負債的資產負債表等獨特優勢，但仍有必要擴大規模並提升股東價值。

We are actively pursuing opportunities. There are a few different ways we can achieve the desired scale. We can execute identified organic growth opportunities. We can acquire assets or businesses that are similar to our existing business. or we can combine with other organizations.

我們正積極尋求各項機會。我們可以透過幾種不同方式達成所需的規模。我們可以執行已辨識的有機成長機會。我們可以收購與現有業務相近的資產或企業。或是與其他組織進行合併。

We continue to identify and evaluate such opportunities. Fortunately, we have ample liquidity to carry out a transaction should the right opportunity arise. However, we will not jeopardize the immense progress that we made in mind to chase an opportunity that doesn't fit what we do. Preserving and enhancing stockholder value will always be our primary focus. While we are motivated, we intend to be very disciplined in our approach to capital allocation, weighing the expected return with the cost of capital.

我們持續辨識並評估此類機會。所幸的是，若出現合適的機會，我們擁有充足的流動性來完成交易。然而，我們不會為了追逐一個不符合我們業務定位的機會，而危及我們已取得的巨大進展。維護並提升股東價值將永遠是我們的首要重點。雖然我們充滿動力，但在資本配置上我們將採取非常嚴謹自律的方式，權衡預期報酬與資本成本。

Outside of strategic mergers and acquisitions, our capital allocation framework consists of investments in organic growth, such as expanding existing product lines and strategic alliances with industry partners. Each of these represents a tool we can use to generate or strengthen returns. We can draw on any one of these or a combination thereof as market conditions permit and the return on investment meets our threshold for value creation.

除了策略性併購之外，我們的資本配置框架還包括對內生成長的投資，例如擴展既有產品線，以及與產業夥伴建立策略聯盟。上述每一項都代表我們可用來創造或強化報酬的工具。在市場條件允許且投資報酬率符合我們的價值創造門檻時，我們可以單獨運用其中任何一項，或加以組合運用。

In summary, we have a differentiated approach, best in class products, and a unique aftermarket business that will continue to support our financial results for years to come. We're focused on innovating, expanding our capabilities, adding scale, and partnering with customers that appreciate our technology.

總結而言，我們擁有差異化的方法、一流的產品，以及獨特的售後市場業務，未來多年將持續支撐我們的財務表現。我們專注於創新、擴充能力、提升規模，並與重視我們技術的客戶合作。

As these customers prepare for increased activity, we plan to be ready to meet that demand. We've taken meaningful steps to strengthen the company, establishing a resilient platform on a solid foundation. Going forward, we will keep building on that foundation, improving our standing within the market and sharpening our competitive advantage, all of which we believe will propel mine into the next phase of growth.

隨著這些客戶為活動量增加做準備，我們計畫做好準備以滿足該需求。我們已採取具實質意義的措施來強化公司，在穩固的基礎上建立具韌性的營運平台。展望未來，我們將持續在此基礎上建設，提升我們在市場中的地位並強化競爭優勢；我們相信這些都將推動公司進入下一階段的成長。

Our liquidity will prove advantageous as we expand, and we intend to deploy this capital strategically to pursue new, attractive opportunities. meet the evolving needs of our customers. As we execute these priorities, our focus remains as it always has on driving sustainable long-term value for our stockholders.

在我們擴張之際，我們的流動性將證明具有優勢；我們也打算策略性地部署這些資本，以追求新的、具吸引力的機會，並滿足客戶不斷演變的需求。在執行這些優先事項的同時，我們的重點一如既往，仍是為股東創造可持續的長期價值。

And with that, operator, I think we can open the call up for some questions.

那麼，接線員，我想我們可以開放電話會議進行提問。

(Operator Instructions) Tyson Bauer, KC Capital.

(接線員指示) Tyson Bauer，KC Capital。

Good morning, gentlemen. You ended with liquidity, let's talk about liquidity. You had an increase of $4 million on accounts receivable since the end of January to April. Given the pause button that you described for expectation for fiscal Q2, should we anticipate that your cash balance should be above $20 million by the time we have the next earnings call?

各位先生早安。你們最後提到流動性，我們就來談談流動性。自1月底到4月，你們的應收帳款增加了400萬美元。考量你們所描述對財年第二季（Q2）預期按下暫停鍵的情況，我們是否應預期在下一次財報電話會議時，你們的現金餘額會高於2,000萬美元？

I'm not going to predict an exact amount, but I would expect us to start to convert receivables and inventory into cash. I would expect us to generate cash for the year. Where it hits, I'm not going to predict, but conceptually, you're in the right direction there.

我不會預測一個確切金額，但我預期我們會開始把應收帳款與存貨轉換成現金。我預期我們今年會產生現金流入。至於會落在哪個水位，我不做預測，但概念上你判斷的方向是對的。

But we're in a solid position of more than $2 a share in cash by the time we get to the end of this quarter.

但到本季結束時，我們的現金部位將相當穩健，約每股超過2美元的現金。

Yep, I think it's fair to say. Working capital, $37 million. That's a solid working capital number.

是的，我認為這樣說是合理的。營運資金3,700萬美元。這是一個很扎實的營運資金水位。

Which is $4 and you've got a $5 stock price. Your SG&A was up $250,000 year over year, primarily just due to incentive comp as all of that. Will that --?

這相當於每股4美元，而你們的股價是5美元。你們的銷售、一般及管理費用（SG&A）年增25萬美元，主要只是因為獎勵性薪酬之類的因素。那這個--？

Yeah. Primarily timing of that, actually. If you look year-over-year, the overall amount's not going to be that different, but just a matter of where it hit in the period is the bigger factor.

是的。主要其實是入帳時點的問題。如果你看年對年，整體金額不會差太多，但更大的因素是它落在期間中的哪個時點。

Okay, so should we expect SG&A ongoing level to recede, or are we going to maintain this level?

了解，那我們是否應預期SG&A的持續水準會回落，還是會維持在這個水準？

I think we'll see it come down some. Typically, the first quarter's been higher just because of year-end activities, audits, things like that. I'd expect to see that coming down a bit.

我認為會看到它下降一些。通常第一季會比較高，因為有年終作業、查核（審計）等事項。我預期會稍微降下來。

Okay. Are you willing to, at least in general, describe the composition of your backlog, the $7.6? Any large orders or systems within that, or are they all fairly small? Any timing or scheduled shipments?

好的。你是否願意至少概略說明一下你們7.6（百萬美元）在手訂單（backlog）的組成？其中是否有任何大型訂單或系統，還是都相對較小？有沒有任何時程或排定出貨？

It's a variety of things. There's no huge systems in there at this point. It's mostly smaller things. Some new orders, some new system activity, but some of the smaller size as well as after-market activity. Timing, I think we'll see most of that certainly this year. I can't tell you off the top of my head if it's all next quarter, some next. Obviously, we have lots of book and build business as well. There's lots going on there. It's a mixed bag.

內容很多元。目前沒有非常大型的系統在裡面。大多是較小的項目。有一些新訂單、一些新系統的活動，但也有較小規模的項目以及售後市場的活動。就時程而言，我認為其中大部分肯定會在今年實現。我一時無法告訴你是否全部在下季出貨、或部分在之後。顯然我們也有很多接單後生產（book and build）的業務。那邊有很多事情在進行。整體來說是混合型的。

So we walk into this fiscal second quarter with approximately $5 million recurring, some minor add-ons to there. We don't have the one system that landed in Q1. Q2 should be your low point, knock on wood, revenue-wise for this fiscal year.

所以我們進入本財年第二季時，大約有500萬美元的經常性收入，外加一些小幅增量。我們沒有第一季落地的那一套系統。若一切順利，第二季應該會是本財年營收的低點。

that's probably right. That can change. We still have six weeks to go and lots of things can happen. That's probably right.

這大概沒錯。但也可能改變。我們還有六週時間，很多事情都可能發生。大概是這樣。

And when do we get to a point of backlog or order recognition where if we don't start to see that materialize, that could have an impact on the second half of this fiscal year where we start slipping quarters to the right of the calendar?

那我們何時會到達一個點：若在手訂單或訂單認列沒有開始具體落地，可能會影響本財年下半年，導致我們開始把季度往日曆右側延後（遞延）？

Yeah. It's hard to say, Tyson. It kind of depends on the nature of the order. Some things, we have enough visibility, we can start building before we have the order in hand. We've done some of that in the past. Some things turn more quickly than others. It just depends what the orders are. I don't think we hit that situation till much later in the year. Probably not until we get into the fourth quarter, frankly, or going into the fourth quarter.

是的。Tyson，這很難說。這有點取決於訂單的性質。有些項目我們的能見度夠高，即使訂單尚未正式到手，我們也能先開始生產。我們過去確實做過一些這樣的事。有些項目周轉速度比其他項目更快。這取決於訂單內容。我認為要到今年更晚的時候才會遇到你說的那種情況。坦白說，可能要到進入第四季，或接近進入第四季時才會。

Okay. When we talk about, obviously you talk about pipeline projects you can build ahead even though you don't have the project in hand per se, couple $10 million each. Are there any timelines to those comments or catalyst events that allows those to be realized? Like is there a government budgetary passage or certain testing that needs to be completed by X date or an RFP? Any color on that side of it with the pipeline of projects?

了解。當我們談到——顯然你提到一些管線（pipeline）專案，即使嚴格來說專案尚未到手，你們也可以提前建置，每個大約1,000萬美元。這些說法是否有任何時間表或觸發事件（catalyst events）能讓它們實現？例如是否需要政府預算通過，或必須在某個日期前完成特定測試，或是需要發布RFP（徵求建議書）？就專案管線這一端，你能否提供一些補充說明？

Sure. The short answer is no. There's really no governmental deadlines, things of that nature. No hurdles we have to get over from a testing or a demonstration standpoint. It's more just going through the process. These are larger projects which involve more than just our equipment. They move at their own pace sometimes. Sometimes we're kind of the tail being wagged sometimes given the size of our kit compared to the overall project. It's just a matter of these things going through their process.

當然。簡短的答案是否定的。其實沒有任何政府期限之類的要求。從測試或展示的角度來看，我們也沒有必須跨越的門檻。更多只是走流程而已。這些是較大型的專案，牽涉的不只是我們的設備。它們有時會按照自己的節奏推進。有時候，考量到我們套件相對於整體專案的規模，我們反而像是被整體專案帶著走的尾端。基本上就是讓這些事情按其流程走完。

Okay. And are you then teamed up with Tier 1 suppliers, especially on the military side or government contracts? So you're the second contractor?

好的。那你們是否會與一級供應商（Tier 1 suppliers）合作，特別是在軍方或政府合約那一端？所以你們是第二承包商？

So it's not an easy answer that we are certainly partnered with others for other parts of the kit. Typically, we are dealing directly with the principle, if you will, and not going through an integrator or another integrator. We typically are the integrator for these projects. That is really still our equipment.

這個問題不太容易用一句話回答；我們確實會與其他廠商合作，負責套件的其他部分。但通常我們是直接與主承包方（principle）對接，而不是透過系統整合商或其他整合商。一般來說，這些專案我們自己就是整合商。本質上仍然是我們的設備。

So you somewhat control your own destiny in that regard.

所以在這方面你們算是能掌握自己的命運。

Yes, yes, in that regard, yes. But again, these are larger projects, so there are other aspects to it that can have impact on schedule.

是的，是的，在這方面是。但再說一次，這些是大型專案，所以還有其他面向可能會影響時程。

A lot of comments about the Middle East. You do do a lot of business with European contractors. a lot of activity in Asia and some of these are non-petroleum or non-gas type in use or what they're surveying and exploration, whether it's scientific, hydrographic, deep sea mining, renewable offshore, not in the US now, but in other places. Why is that slowed down?

很多評論都在談中東。你們也確實與歐洲承包商有很多業務往來；亞洲也有很多活動，而且其中一些用途或勘測與探勘的內容並非石油或天然氣類型，可能是科學、海道測量、深海採礦、離岸再生能源（目前不在美國，但在其他地區）。為什麼這些活動會放緩？

It doesn't seem like that should have a lot to do with the Strait of Hormuz and those things, that if China wants to do deep sea mapping where we're doing deep mineral exploration off the east coast of Africa and those areas, they seem to be independent of what's going on in the Middle East. So why are we not seeing more activity in those regards?

看起來這些不應該與荷莫茲海峽（Strait of Hormuz）或那些事情有太大關係；如果中國想做深海測繪，或我們在非洲東岸外海等地做深海礦產探勘，這些似乎都獨立於中東正在發生的事情。那為什麼我們沒有在這些方面看到更多活動？

I think we are seeing activity there is the short answer. But there is marginal activity that's in the Middle East area that's being impacted. But I think the overall uncertainty politically and economically is causing people to, be cautious in committing X-rays dollars or capital dollars anywhere in the world. You don't know what the energy pricing environment is going to be. You don't know what the security environment is going to be.

我想簡短的答案是：我們確實有看到那邊的活動。但在中東區域有一些邊際性的活動正受到影響。不過我認為，整體在政治與經濟上的不確定性，讓人們在全球任何地方投入X射線美元或資本支出時都更為謹慎。你不知道能源定價環境會如何。你也不知道安全環境會如何。

So I think that just causes overall uncertainty and therefore overall caution all over the world, not just as it relates directly to the Middle East.

所以我認為這會造成整體不確定性，因而在全球各地都更為保守，不只是與中東直接相關的部分。

Okay. Typically in this timeframe, we see some activity coming out of some of your bigger customers in Europe, especially Scandinavia. Is that still percolating and still there, just not realized, but you do expect something before the end of the year? What's the status of some of those bigger customers that have been repeat customers in years past?

好的。通常在這個時間點，我們會看到你們一些歐洲的大客戶（尤其是斯堪地那維亞）開始有些動作。那邊是否仍在醞釀、仍然存在，只是尚未落地，但你們仍預期在年底前會有一些進展？那些過去幾年一直重複下單的大客戶，目前狀況如何？

Well, I think they have been cautious, as everyone else has been, in making commitments this year in the last several months. I think they are very encouraged about what they're seeing in the future. I don't see that they're quite ready to pull the trigger on things and start to expand capacity, but that's something we hope to see. So I think, as my remarks said, people have been cautious given the uncertainty, but they all, I believe, are feeling fairly optimistic about the future based on what they're seeing from their customers and what they're seeing from their backlogs.

我認為他們和其他人一樣，在今年過去幾個月做承諾時都很謹慎。我想他們對未來所看到的情況非常受到鼓舞。我不覺得他們已經準備好扣下扳機、開始擴充產能，但這是我們希望能看到的。所以我認為，正如我在發言中提到的，在不確定性之下大家都很謹慎，但我相信他們都對未來感到相當樂觀，因為他們從客戶端看到的情況，以及從在手訂單（backlogs）看到的狀況。

Okay, and last question for me is, what are you hoping to accomplish or to see to show your shareholders before the next earnings call? after Q2 is over and hopefully realize some of the stuff in your outlook that you're providing for the second half of the year. What are some things that shareholders can be watching for?

好的，我最後一個問題是：在下一次財報電話會議之前，你們希望完成或呈現什麼給股東？在第二季結束之後，並希望能實現你們對下半年所提供的展望中的一些內容。股東可以關注哪些事情？

Sure. I mean, obviously, you know, we start to see order flow will be important, but, you know, I want to caution everyone, you know, timing is uncertain. And just because we don't get the order by a certain date doesn't mean things are fundamentally different. But I think looking for order flow, and we continue to look for opportunities to expand our offerings.

當然。我的意思是，很明顯地，我們開始看到訂單流入（order flow）會很重要，但我也想提醒大家，時點是不確定的。而且就算我們沒有在某個日期前拿到訂單，也不代表基本面有任何不同。但我認為可以關注訂單流入，同時我們也持續尋找擴展我們產品／服務供給的機會。

So that's something we are very actively pursuing right now. So those are the sort of things that we're looking at. But, again, timing is uncertain in lots of these things.

這是我們目前非常積極在推進的事情。所以這些就是我們在看的方向。但再說一次，很多事情的時點都不確定。

Ross Taylor, ARS Investment Partners.

Ross Taylor，ARS Investment Partners。

Thank you. Ross, on these new areas, these $10 million plus potential contracts, what are the end markets that are being served?

謝謝。Ross，關於這些新領域、這些潛在金額超過1,000萬美元的合約，它們所服務的終端市場是哪些？

Typically, these are quasi-governmental agencies. who are building vessels or equipping vessels for a variety of scientific and exploration purposes. So it's not directly energy related necessarily, although there's an aspect of that. But there are all sorts of other things they look to do. Deep sea mining, hydrographic survey work, things of that nature.

通常這些是準政府機構（quasi-governmental agencies），他們正在建造船舶或為船舶配置設備，用於各種科學與探勘目的。所以不一定是直接與能源相關，雖然其中也有一部分相關性。但他們還會做各式各樣其他的事情。例如深海採礦、海道測量作業等。

But the customers are generally governments, not corporations for these big contracts?

但這些大合約的客戶一般是政府，而不是企業？

Yes, at least quasi-governmental. That's correct. Okay.

是的，至少是準政府機構。沒錯。好的。

Okay, and obviously, how many of them are ex-US, outside the US?

好的，那很明顯地，其中有多少是在美國以外、也就是美國境外的？

I'd say all of them are.

我會說全部都是。

All of them are. And how many do you have, do you think? Is it two? Is it four?

全部都是。那你覺得大概有多少個？是兩個？是四個？

It's a small handful. I don't want to get too specific for some competitive reasons, but it's a small handful.

數量不多。出於一些競爭方面的原因，我不想講得太具體，但就是少數幾個。

Okay. And you said obviously you indicated that it would be some draw on the balance sheet or the working capital side because of the need to secure -- provide security for these deals, how much is that going to end up being? If you have a $10 million deal, how much do you have to put up from your side to -- or because you're basically going to, I assume, buy some form of bond on that.

好的。你也提到，因為需要為這些交易提供擔保——也就是為這些案子提供保證——所以在資產負債表或營運資金面會有一些占用；最後大概會是多少？如果你有一筆1,000萬美元的案子，你們這邊需要拿出多少——或者因為基本上我猜你們會為此買某種形式的保證金（bond）？

That's correct. We put that facility in place with HSBC. so we can do it in that manner. We don't have to post-cash collateral at that point. But it varies based on the contract, but you were talking about a couple million bucks maybe. Okay.

沒錯。我們已經和匯豐（HSBC）建立了那個融資／擔保額度，所以可以用那種方式來做。在那種情況下，我們不需要提供現金擔保品（cash collateral）。但金額會依合約而異；你說的情境大概可能是幾百萬美元左右。好的。

Okay, so if you have two, three, four of these, obviously it will, -- would we see that as an impact on cash or would not be an impact?

好的，所以如果你有兩個、三個、四個這樣的項目，顯然它會——我們會把這視為對現金的影響，還是不會有影響？

Should not be an impact on cash. The student facilities should not be.

不應該對現金造成影響。學生貸款融資安排應該不會。

Yes. Okay. So in looking at this situation, it does seem a little odd in many ways. The Chinese have aggressively been mapping pretty much everything inside every island chain they can find off their shores. It would seem that the US and our allies need to do the same.

是的。好的。所以在看這個情況時，很多方面看起來確實有點奇怪。中國一直在積極測繪他們近海能找到的幾乎每一條島鏈內的所有東西。看起來美國和我們的盟友也需要做同樣的事。

So hopefully this will get going. When you see this, have you built inventory at this stage? Is there inventory on the balance sheet for any of these potential deals?

所以希望這能推動起來。你看到這些時，你們在這個階段有建立庫存嗎？針對任何這些潛在交易，資產負債表上是否有庫存？

To some degree, yes, but not a great deal. I mean, we haven't been building a large system to spec, but there are components that we tend to stock. Some of these components are also part of our aftermarket business. So things we sell as spare parts, we also are parts of new builds. So we can kind of pursue both at the same time.

某種程度上有，但不多。我的意思是，我們沒有按規格預先打造一套大型系統，但有一些零組件我們通常會備貨。其中一些零組件也屬於我們的售後市場業務。所以我們作為備品備件出售的東西，也同時是新建系統的一部分。因此我們可以某種程度上同時推進兩者。

But it's not as though we've built a large system that's sitting on the shelf. So there is some lead time involved.

但並不是說我們已經做了一套大型系統放在架上。所以仍然會涉及一些交期。

Okay. You expanded your facility, I think physically, certainly down in what, Texas? How is demand for that at this stage?

好的。你們擴建了廠房，我想是實體擴建，尤其是在——德州那邊？目前那邊的需求如何？

That is starting to ramp up. That we're starting to see improved results there, improved activity, we think that will continue to increase. We're pretty optimistic about that. It's not going to be $30 million a year, it can be meaningful for us.

那邊開始在爬坡。我們開始看到那邊的成果改善、活動增加，我們認為這會持續提升。我們對此相當樂觀。不會是一年3,000萬美元，但對我們而言可以是有意義的。

Okay. With that, as you see that move forward, would that change right now the $5.5 million per quarter you're doing on kind of maintenance and repair? Should we expect to see that? I think of that as a base and this new additional capacity being on top of that. Is that a correct way to see that?

好的。隨著你看到那邊往前推進，這會改變你們目前每季大約550萬美元、偏維護與修理的業務規模嗎？我們應該預期會看到那個變化嗎？我把那個視為基礎，而這個新增產能是在其之上。這樣理解對嗎？

That's a good way to see that. That's exactly right. That should be fairly recurring and fairly predictable. That's why we're encouraged by that.

這樣看是對的。完全正確。那部分應該相當具經常性、也相當可預測。這也是我們感到鼓舞的原因。

Okay. What we can see is in here is that as we push forward, even if you're not getting new orders, that you should see the maintenance and repair part of your business move forward and grow.

好的。我們在這裡看到的是，隨著你們持續推進，即使沒有拿到新訂單，你們的維護與修理業務也應該會往前走並成長。

That's correct.

沒錯。

Okay. You talked a lot about the various and sundry options you have to scale up the company. What kind of financial hurdles, benchmarks are you having in place for making that decision? Is it something that needs to be additive to earnings, additive to free cash flow, EBITDA needs to have a 20%, 15%, whatever? You talked about having a discipline with it. Have you laid down metrics? If so, what are some of those metrics?

好的。你談了很多關於擴大公司規模的各種選項。在做這個決策時，你們設定了哪些財務門檻、基準？是否需要對盈餘有增益、對自由現金流有增益，或是EBITDA要有20%、15%之類？你提到會有紀律。你們有訂下指標嗎？如果有，能否分享其中一些指標？

Yes, I don't want to get too specific at this point, but we certainly want, anything we do, we want to be accretive without a doubt. And there's been some non-accredited financial metrics that we want to look at as well, which really involve risk around a transaction.

有的，我現在不想講得太具體，但我們當然希望我們做的任何事情都必須是增厚的，毫無疑問。另外我們也會看一些非財務的指標，主要是涉及交易風險。

I want to make sure it's something that we understand that can manage well. So just because we see something that, you know, on a spreadsheet has some great metrics, great returns, that doesn't mean there's not risk involved in that.

我想確保那是我們理解、而且能夠良好管理的事情。所以僅僅因為我們看到某個案子——你知道——在試算表上有很漂亮的指標、很好的報酬，並不代表其中沒有風險。

So that's the other aspect we're trying to evaluate in these various opportunities.

所以這也是我們在評估這些不同機會時，想要衡量的另一個面向。

Okay. And when you're looking at where, what do you feel mine's core competency is? And therefore, what, when you're looking at these deals, how are you seeing the reach of them?

好的。那你在看——你覺得公司的核心能力是什麼？因此在看這些交易時，你們如何看待它們的延伸範圍？

Sure. So obviously we had some specific projects -- products rather sorry, that are some unique technology that we can add other things to. So the ability to in a very economic way, add additional products, additional capability is a strength of ours. We have ability to build things very effectively and very efficiently through our facilities both here in the US and in Asia.

當然。很明顯我們有一些特定的專案——抱歉，是產品——具備一些獨特技術，我們可以在其上加上其他東西。所以以非常具經濟效益的方式增加額外產品、增加額外能力，是我們的強項。我們也有能力透過我們在美國以及亞洲的廠房，非常有效且非常高效率地製造。

And I think that gives us an advantage in taking in other additional products that perhaps we can build more efficiently and therefore garner more margin.

我認為這讓我們在導入其他額外產品時具備優勢——也許我們能更有效率地生產，因而取得更高的毛利。

So I think that's our -- two of our core competencies. And we do have some unique technology that we -- think we can build from as well. So I think those are the key aspects of us.

所以我認為那是我們——兩項核心能力。而且我們確實也有一些獨特技術，我們——認為也可以在此基礎上持續發展。所以我想這些就是我們的關鍵面向。

Okay. I would be remiss if I didn't note that you issued stock at $11, and currently your stock is selling basically at $5. At some point in there, it would strike me as it would be hard to ignore the fact that you have a chance to actually buy back some of what you issued to reduce the dilution and still leave a fair amount of cash on the balance sheet.

好的。如果我不提這點就失職了：你們在11美元發行股票，而目前股價基本上在5美元。在某個時間點，這似乎很難忽視：你們其實有機會回購部分先前發行的股票，以降低稀釋，同時仍在資產負債表上保留相當多的現金。

Yeah. That's true. As we've said before, we put that in place, to give this opportunity, and if we think that's the best use of our capital at a certain point in time, that's what we'll do. Obviously, I'm not going to predict or indicate what our intentions are. That is an option for us.

是的。沒錯。如同我們之前說過的，我們設立那個機制是為了提供這個選項；如果我們認為在某個時間點那是資本的最佳用途，我們就會那麼做。當然，我不會去預測或暗示我們的意圖。那是我們的一個選項。

Okay. And just generally, when you're looking at going back to your potential order book, how many of these are kind of new prospects or new uses and how many of them are, as Tyson was referring to, kind of repeat buyers?

好的。更一般地說，回到你們潛在訂單簿來看，這些當中有多少是新的潛在客戶或新用途？又有多少是如Tyson所提到的那種回頭客？

I'm thinking through, they are a combination. I'm pausing because I'm thinking through the list. There certainly are some new customers in this list, as well as some repeat customers who are expanding capacity.

我想了一下，它們是混合的。我停一下是因為我在腦中過一遍名單。這份名單裡確實有一些新客戶，也有一些回頭客正在擴充產能。

Okay. Well, obviously we're in a period of struggle, but as Tyson noted that your current working capital at about $4 a share puts very little value on the business. So hopefully we'll be able to get some of this stuff turned around in the near future and get some value reattached to it.

好的。顯然我們正處於艱難時期，但如Tyson所指出，你們目前每股約4美元的營運資金，讓市場對這門業務給的價值非常低。所以希望我們能在不久的將來把一些事情扭轉過來，讓價值重新回到它上面。

Howard Root, Fairhold Capital.

Howard Root，Fairhold Capital。

Good morning, and thanks for taking my call. So a quick question on the income taxes. The $476,000 seemed like a huge number. I understand it's international. Is that an aberration? Is there a way of getting that down? What's the cause of that?

早安，感謝接聽我的來電。我有個關於所得稅的簡短問題。476,000 美元看起來是個很大的數字。我理解這是國際部分。這是一次性的異常嗎？有沒有辦法把它降下來？原因是什麼？

Well, we are profitable overseas in Singapore primarily. So we pay taxes in Singapore. We have losses in the US that we can't apply against that. So basically, you have taxable income that's not sheltered by, untaxable losses, if you will. So that's the reason for that.

嗯，我們在海外主要是在新加坡是有獲利的。所以我們在新加坡繳稅。我們在美國有虧損，但無法拿來抵減那邊的所得。所以基本上，你會有應稅所得，卻沒有被（你可以說）不可用來抵稅的虧損所遮蔽。這就是原因。

You know, there are some things that we are doing to try to mitigate that, but fundamentally, as long as we're making money there and not making money here, we're going to see that sort of aberration.

你知道，我們確實在做一些事情試圖緩解這個狀況，但從根本上來說，只要我們在那邊賺錢、在這邊不賺錢，我們就會看到這種異常。

Now, one thing we are doing is trying to, you know, generate more income in the US through our repair activities in our Texas facility. And that will help reduce the appearance of that because we will start to generate taxable income in the US, which we'll be able to shelter from our existing law security forwards.

現在，我們正在做的一件事是，透過我們德州廠的維修業務，試著在美國產生更多收入。這將有助於降低這種現象的呈現，因為我們會開始在美國產生應稅所得，而我們可以用既有的法定結轉扣抵（tax loss carryforwards）來加以遮蔽。

Wow, that's, I mean, obviously there's a lot of ways to shelter that. When it's a controlled subsidiary, you shouldn't be having that much income in a subsidiary when the parent isn't making that much. But is there any action to kind of minimize that? Because that is a huge number based on last quarter. Is that going to continue at that level?

哇，這個——我的意思是，顯然有很多方式可以做稅務遮蔽。當它是受控子公司時，母公司沒有賺那麼多的情況下，子公司不應該有那麼多所得。但有沒有什麼行動可以把它降到最低？因為相較於上季，這是個很大的數字。這會以這個水準持續下去嗎？

There's a lot of things we did. So there are limitations on what you can do, your transfer pricing rules, between all the countries. So there are some limitations as to how aggressive you can be. But that's something we look at on a continuous basis.

我們做了很多事情。所以在各國之間，你能做的事情是有限制的，例如移轉訂價規則。因此在你能有多積極方面會有一些限制。但這是我們持續在檢視的事項。

But do we figure that's a going number? I mean, if we do the same number in revenue next quarter, it's going to be the same amount of income taxes?

但我們是否認為這會是一個常態的數字？我的意思是，如果我們下季營收做出同樣的數字，所得稅也會是同樣的金額嗎？

Yes. Well, Howard, it's hard to predict because it depends exactly what revenue hits in a particular quarter. So that can certainly -- it could be a bit more. It could be a bit less. It just -- it can vary because you're kind of on the margin right now. So a small change can have a big percentage impact.

是的。嗯，Howard，這很難預測，因為取決於特定季度實際認列了多少營收。所以當然——可能會多一些。也可能會少一些。只是——它會波動，因為你現在基本上是在邊際區間。所以小幅變動就可能帶來很大的百分比影響。

Okay. So on backlog, in prior quarters, you gave us an update if there were any material contracts since the quarter end. So has there been any new material orders added to the backlog since April 30?

好的。關於在手訂單（backlog），在前幾季你們會在季末後若有任何重大合約時提供更新。那麼自 4 月 30 日以來，有沒有新增任何重大訂單納入在手訂單？

Not material or we would have said so. No.

沒有重大到需要提的，否則我們就會說了。沒有。

Okay. you know a lot and then --

好的。你知道，有一些，然後--

It's not nothing large.

沒有什麼大的。

Right. So is the backlog, can you give us any update on the backlog at the end of May or to, you know, in the land of last week from that $7.6 million level?

了解。那在手訂單方面，你能否提供 5 月底或是，呃，就上週左右，相較於 760 萬美元水準的任何更新？

Yes, I really don't want to get into that. But again, if we have a significant, you know, change in backlog, we'll announce that. But other than that, I don't want to get too specific.

是的，我真的不想談那個。但同樣地，如果在手訂單有顯著變動，我們會公告。除此之外，我不想講得太具體。

And then the stock repurchase plan, obviously you haven't filed your 10-Q, and I would request that you do that at the same time you do your press release going forward so we can get all the details to be able to ask these questions. But I'm assuming that you have not purchased any shares under the stock repurchase plan to date?

接著是庫藏股回購計畫，顯然你們還沒提交 10-Q，我希望你們未來能在發布新聞稿的同時一併提交，這樣我們才能取得所有細節來問這些問題。但我假設截至目前你們尚未依據庫藏股回購計畫買回任何股份？

That's correct.

沒錯。

My last question then, and kind of last question I got to this. The $40 million net tangible book value and really the working capital primarily from really well timing the ATM stock sale, $4.40 per share. That leaves only at today's price, basically $0.50 or $0.60 per share of residual value on the market value.

那我最後一個問題，也是我對此的最後一問。4,000 萬美元的有形淨值（net tangible book value），以及主要來自於非常精準掌握 ATM 股票出售時點所帶來的營運資金，每股 4.40 美元。以今天的價格來看，市場價值基本上只剩下每股約 0.50 或 0.60 美元的剩餘價值。

Is the company looking at the opposite? Because you're talking about maximizing stockholder value as in you guys acquiring something else. Why isn't it maximizing shareholder value, either buying your stock or having someone buying this and giving us the value for this business rather than basically one quarter of price to sales ratio?

公司是否在考慮相反的作法？因為你們談的是透過你們去收購別的東西來最大化股東價值。為什麼不是最大化股東價值——要嘛回購自家股票，要嘛讓別人買下公司，讓我們拿到這門業務的價值，而不是基本上只有四分之一的市銷率？

Yes. That's an option. That certainly is an option that we're looking at. That's the reason we put the buyback program in place, so we'd have that option. Again, I don't want to telegraph what our intentions are, what we may or may not do, because it's a function of other factors as well, but that is certainly an option for us.

是的。那是一個選項。那確實是我們正在評估的選項之一。這也是我們設立回購計畫的原因，讓我們保有這個選項。同樣地，我不想預告我們的意圖、我們可能或不可能做什麼，因為這也取決於其他因素，但這對我們而言確實是一個選項。

Okay, so then finally, at what point in time in the future do we look at this, this isn't working, we need to do something different, more of an aggressive change? Is it end of this year?

好的，那最後，未來在什麼時間點我們會看著這件事說：這行不通，我們需要做些不同的事、更積極的改變？會是今年年底嗎？

I think we've got a long runway there. I think there's enough progress and enough opportunity. I think we've got a long way to go on that.

我認為我們還有很長的跑道。我認為已經有足夠的進展，也有足夠的機會。我覺得我們在這方面還有很長的路要走。

This concludes our question-and-answer session. I would now like to turn the floor back over to Mr. Capps for closing comments.

問答環節到此結束。現在我想把時間交回給 Capps 先生作結語。

Okay, thanks everyone for joining us this morning. I look forward to talking to you again in a few weeks, a few months for our second quarter results. Thanks.

好的，感謝各位今天早上加入我們。我期待在幾週後、幾個月後，就我們第二季的業績結果再與各位交流。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您可以掛斷電話線，祝您有美好的一天。