Mr. Lines: The company was founded in 1936 in Batavia, N.Y., which is where we currently are located. We've served the energy markets for virtually all of the 73 years of our history. We've also done work with the government, the Navy in particular, over the years, starting in World War II. The primary markets that we serve are the energy markets, which would include oil refining, power generation, alternate energy. We also serve petrochemical and chemical markets, and a variety of other end-use markets. Our focus right now is on getting through the downturn that began about 18 months ago. We positioned the company well, we thought, going into the downturn financially, with no debt, strong sales, and a marketing team to identify the opportunities that were available and to capture those opportunities. And as we are in the downturn, we are preparing for the upturn so we can grow more quickly than we did the last growth cycle and actually, with our financial capability, add additional products and/or companies via acquisitions to further our growth and accelerate our growth.
TWST: What do you mean by financial capability?
Mr. Lines: We have a strong balance sheet, as I said, with no debt, and over $50 million in cash and investments. We also have a line of credit. The companies that we are looking at in our acquisition criteria, which would be between normally $20 million and $60 million of revenue, we think we are financially capable of handling that size deal with minimal debt.
Tickers included in this excerpt: GHM
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