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Executives

Jacques L’Ecuyer – President, Chief Executive Officer & Director

Christian Dupont – Chief Financial Officer

Analysts

Carolina Vargas – Clarus Securities, Inc.

Rupert Merer – National Bank Financial

Lisa Brown – GMP Securities, LP

[Patrick Chan] – TD Waterhouse

Ian Thorpe – Dundee Securities

Mac Whale – Cormark Securities

5N Plus Inc (VNP ) F2Q08 Earnings Call January 9, 2008 10:00 AM ET

Operator

Welcome to the 5N Plus Fiscal Year 2008 Second quarter results conference call. At this time all participants are in the listen only mode. (Operator Instructions) I would now like to turn the conference over to Mr. Jacque Philippe L’Ecuyer, President and Chief Executive Officer. (French Translation)

Jacques L’Ecuyer

Good morning everyone and thank you for joining us today for the 5N Plus FY08 second quarter results presentation. This is our first ever webcast conference as we’ve just very recently completed our IPO on December 20th and now take on the challenges of regular reporting to the public. A quick reminder concerning our second quarter results which were issued earlier this morning together with our MD&A and financial statements. If you’ve not been able to geta copy of these documents I invite you to doso by accessing the center website at www.sedar.com where these documents are posted.

Joining me this morning is Christian Dupont our Chief Financial Officer who will be providing you with more detailed information later during the call concerning our financial statements. For those of you who are not very familiar with our corporation we are a producer of high-purity metals and compounds for electronic applications and we draw our name from the nominal purity of the products that we sell. 99.999%, five nines or five N’s and above.

We develop and produce such metals and compounds and provide our customers with recycling solutions. We have our head offices in Montreal Quebec, Canada and are currently building a new facility in Eisenhüttenstadt, Germany which is approximately 150 kilometers east of Berlin. We are an integrated producer with both primary and secondary refining capabilities and we focus on specialty metals such as tellurium, cadmium and selenium and on related compounds such as cadmium telluride and cadmium sulphide. We sell our products in a number of electronic applications, including the rapidly expanding solar cell market of thin-film photovoltaics and the radiation detector market where our products are used for medical imaging, for example.

Now before discussing our results, I would like to mention that we may be making forward-looking statements during this call and that such statements involves significant risks, uncertainties, and assumptions and are therefore subject to the usual cautionary remarks. For a list of the factors that could cause our actual results to differ materially from those discussed or implied in our forward-looking statement we refer you to the risk factor section of the prospectus that we filled on December 12, 2007.

I would also like to mention that the consolidated income financial position and cash flow statements that were presented are all calculated on economic GAAP basis but that in addition to these GAAP measures we use non-GAAP measures such as EBIDTA to assess the financial performance of the corporation and that we believe EBIDTA provides meaningful information to investors.

I would now like to move on the discussion of our second quarter results. We’re very pleased of our second quarter results which have been record breaking, both in terms of earnings and sales as well as in terms of EBITDA and this despite of the continuing strengthening of the Canadian dollar. In terms of net earnings we reached a record level of $1.2 million or $0.04 per share using a weight average number of common shares outstanding of approximately29.6 million which represents a 40.6% increase over net earnings of $867,000 or $0.03 per share for the second quarter of the previous fiscal year. For the six month period ended November 30, 2007, net earnings increased by 49.3% to $2.3 million or $0.08 per share which compares favorably with earnings of $1.5 million or $0.05 per share for the same period of the previous fiscal year.

In terms of EBIDTA we increased by 49.2% to record level of $2.3 million up from $1.5 million during the second quarter of the previous fiscal year. During the six month period ended November 30th EBIDTA increased by 49.7% to $4.4 million up from $2.9 million during the corresponding period of the previous fiscal year. Finally, in terms of sales, we increased the record level of $6.8 million up by 39% compared to sales of $4.9 million for the second quarter of the previous fiscal year, and sales for the six month period ended November 30th increased by 34.7% to $13.2 million up from $9.8 million during the six month period ending November 30, 2006.

We also managed to increase our backlog of orders during the period which are expected to translate into sales within the next 12 months to $22.2 million up by 73% over what it was approximately one year ago. I would like to thank our customers of course, for their confidence and our suppliers for their support and I would also like to take this opportunity to thank our employees for this record breaking quarter which has been made possible by their hard work and their continuing commitment.

These results reflects largely our increasing penetration of the solar cell market where we expect growing demands for our products. As we’ve announced we are making significant investments to address this forecasted growth and demand which includes our new Eisenhüttenstadt plant in Germany and also additions to our Montreal facility which are aimed at increasing capacity and improving efficiency. We’ve also made some changes during the quarter in our operating practices at our Montreal facility which have allowed us to increase capacity.

Now looking a little bit more closely at the quarter, we think our progress has been possible by our ability to execute in the following areas: First, we’ve managed to increase capacity and production throughput as well as improve efficiency and scalability at our Montreal facility allowing us to increase gross profits and margins. Our gross profit reached $3.3 million in the second quarter and $6.2 million for the six month period ending November 30, 2007 which corresponds to gross margins of 48.2% and 47.4% respectively which compares favorably with gross profits of $2.1 million and $3.9 million for the corresponding periods of the previous fiscal year and respective gross margins of 43.2% and 39.7%.

We also managed to execute by staying on targets both in terms of costs and schedule for our new German facility which is undergoing construction. Mr. Marc Suys on of our officers has relocated in Germany to oversee the construction of the plant as well as the commissioning and start up phases. The building is well under way and we expect to start receiving equipment and begin installations during the fourth coming quarter.

We’ve also been able to pursue and complete successfully our initial public offering which actually closed right at the end of our third quarter and allowed us to basically yield at $31.5 million net of the costs of the offering. Of course this will enable us to continue our investment program as planned.

We’ve also entered during the quarter a number of prospective discussions aimed at expanding our customer base even though we still remain highly dependent on a few key customers. We anticipate an increase in the number of our customers moving forward. Finally, we’ve also managed to strengthen our supply chain as we’ve entered during the quarter into a number of new or expanded supply agreements for some of the critical raw materials that we procure.

All of these accomplishments made during the quarter are important and enable us to pursue our business strategy which we’ve articulated as follows: Centrally organic growth of our cadmium, tellurium, selenium metals and compounds business in order to meet the increasing demands for these products. We have an objective of maintaining our leading position in these markets. We also intend to leverage our competitive strengths to diversify our product offering and enter into new electronic market segments. And also, advance in both training and research development to develop advantages in terms of competencies, advantages, technologies, and costs.

I would now like to turn the conference to Christian for some additional comments on our financial statements.

Christian Dupont

As mentioned earlier our unaudited consolidated and financial statements were filed earlier this morning on the Sedar website. This provides relevant information in order to assess the financial pertinence of this corporation. Add the following additional comments on these statements: First, I would like to remind you that on October 1, 2007, 5N Plus and the holding company both held by the same shareholders [inaudible]. The new activity arising from this [inaudible] operates under the name of 5N Plus. Accordingly the comparative figure in the financial statement reflect this [inaudible].

With respect to the company’s statement of earnings, we have yet to recognize the future income tax asset related to the expenses product cost of our German facility. Accordingly our expected tax rate is higher for the quarter in the six month of year ending November 30, 2007 than and in the correspondent years of the fiscal year lying at 33.7% and 33.5% respectively compared to 30.8% and 30.6% in the previous fiscal year.

With respect to our company based balance sheet we are seeing increase in inventory which rose by $3.2 million over our May 31st number to $6.5 million. This increase is related to an increase of $2.6 million in one of the inventory following an increase in both inventory volumes for strategic purposes as we ramp up our production capacity and unit prices and by an increase of $.6 in finished goods inventory resulting from the increase in sales. With respect to our consolidated Statement of Cash flow operating activity before changes in non-cash working capital items for the quarter ended November 30, 2007 yield and increase of 32.3% to $1.5 million compared with $1.1 million for the corresponding quarter in the previous fiscal year.

For the first six months of fiscal 2008 cash flow increased by 42.1% to $3 million compared with $2.1 million for the corresponding period of previous fiscal year. These increases are the result of higher net earnings. Net working net working capital requirement increased significantly in both the quarters in the six month period ended November 30, 2007 compared with the current spending period of previous fiscal year. These rises are the results of a substantial increase in inventory and accounts receivables in the payment of $1.7 million in deed and income taxes, all of which were only partially offset by increase in accounts payable.

Cash flow from financing activities were positive at $1.9 million in the second quarter and $3.8 million in the first six months of the current fiscal year as we raise funds through our loan agreement with HSBC bank. We also paid on November 27, 2007 a dividend in the amount of $1 million. This is in sharp contrast with the negative cash flow from the corresponding period of the previous fiscal year, where we only essentially only repaid principal on existing debt. Cash flow from investing activity was substantial as we continue to invest in our new German facility, expected to be operational on July 31, 2008, and in our Montreal facility. With that investment reached $4.8 million for the quarter, and $5.6 million for the six month period ended November 30, 2007 which is over ten times larger from those made during the correspondence period of fiscal years. These investments are largely responsible for [inaudible] of cash during the quarter and six months ended November 30, 2007 and also largely account for the increase on our long term debt and bank loan.

I would now like to turn the conference back to Jacques.

Jacques L’Ecuyer

Before turning on to the Q&A session, I would like to take this opportunity to welcome on behalf of all the shareholders and our employees as well as the other stakeholders to our Board of Directors, two new independent members, namely Mr. Jean-Marie Bourassa, CA, Managing Partner of Bourassa Boyer Inc.), who will chair our audit committee, and Mr. Pierre Shoiry the Chief Executive Officer of Genivar a [inaudible] listed company active in engineering. Both will bring valuable experience and knowledge that we believe will strengthen our largely independent board of directors which is composed of Mr. John Davis, Mr. Pierre Shoiry, Mr. Bourassa, myself and our Chairman Mr. Dennis Wood. I believe this concludes our prepared comments and we are now ready for the question period.

Question-and-Answer Session

Operator

Ladies and gentlemen we will now conduct a question and answer session. (Operator Instructions) (French Translation) Your first question comes from Carolina Vargas of Clarus Securities. Please proceed.

Carolina Vargas – Clarus Securities, Inc.

I have two questions for you, in terms of the revenue growth you expect for this year have you provided any guidance above your $22 million that you have on your pipeline. Second, in terms of your customer concentration, what kind of new potential customers are you looking at? And, I am interested more into the solar business, as there is just a handful of [inaudible] producers that are mastering the technology successful. Thank you.

Jacques L’Ecuyer

To answer your first question, we are not providing any guidance as to our revenues for the next twelve months other that what we have provided in the backlog. So, I am afraid we cannot comment any further on that. As far as our customer are concerned we believe that the Cadmium Tellurium, Solar Cell market will develop. We think there are a few companies which are becoming more active in this field, of course First Solar is a very important player in this but there’s Calyxo which is a wholly owned subsidiary of Q-Cells as well as AVA Solar, PrimeStar Solar and a few other players. We expect as time moves on that many of these companies will gradually ramp up and so we are taking the necessary measures to ensure we remain a credible supplier to all of these people.

We are also looking at other companies active in the solar field which are based on CIS or CIGS and so we have disclosed that to some extent also in our prospectus. There are a number of companies which are active in this and we expect, again there’s going to be a significant increase as this thin-film solar cell technology develops. I think its still in the very early stages and so we certainly expect some significant growth. Now, having said that, we also sell our products to other market segments including the nuclear detector market and we certainly expect some growth in that area as well and an increase in our customer base as this technology, which is not yet commercialized in any significant way, eventually finds its place into the market.

Operator

Your next question comes from Rupert Mere of National Bank

Rupert Merer – National Bank Financial

Can you share any more color with us on First Solar’s plans for supplying their Malaysian plants. Have they given any indication on who might supply those plants, and if not do you have any thoughts of what we might hear more from First Solar on their plans to supply the plants?

Jacques L’Ecuyer

I think with respect to when we might hear from First Solar, I think you need to speak to First Solar on that. We certainly are positioning ourselves to be their preferred supplier in Germany with our new German facility and we certainly intend to leverage our facility in Germany as much as we can. We’ve done this I think quite successfully also in Montreal. So, we will certainly be looking at this very closely but I’m afraid we can’t comment a lot more on this at this point simply because we don’t have that information in hand.

Rupert Merer – National Bank Financial

When those plans start for First Solar in Q3 you should have some excess capacity in Germany and Montreal I suspect, is that a fair assumption?

Jacques L’Ecuyer

That might be a fair assumption. I think its going to depend a lot on how our other customers move along and what their ramp up plans are. But, as I think we’ve mentioned to some extent in our prospectus we have the ability to increase capacity in the relatively incremental way. So, even though we would be for example close to capacity, we could add additional capacity with relatively modest investments and certainly in a relatively short time frame. So even if we were for example at capacity, I think it would be reasonable to assume that we could develop some additional capacity relatively quickly.

Rupert Merer – National Bank Financial

Just one more before I jump back I queue. You had an increase in your raw materials inventory in the quarter and you’ve also mentioned some new supply agreements. What’s should we expect to see here in the future? Do you anticipate you’d have

rising raw material inventory or do you think that this market might develop like the poly silicon market where you may be making prepayments on raw material at some point.

Jacques L’Ecuyer

I think it’s a little bit early to comment as to where or not there’s going to be prepayments. I think we have indicated in the prospectus, again, that we do have some customers which provide us with the feed stock and so I guess you can consider that in some way as almost like a prepayment. If we look at our own situation, I think we will want to maintain a healthy inventory moving forward simply because we expect a pretty significant increase in demand for our products. So we want to make sure that we have enough material available in the pipe line for us to deliver on time for our customers.

Operator

Your next question comes from Lisa Brown from GMP Securities. Please proceed.

Lisa Brown – GMP Securities, LP

I have a customer concentration question. I’m wondering if you can tell me what percentage of this quarter’s sales did First Solar represent?

Christian Dupont

I would say it’s about 60%.

Lisa Brown – GMP Securities, LP

Can you also maybe give me some information on what the revenue split was by your different market segments?

Jacques L’Ecuyer

I think we don’t want to do that unfortunately, Lisa. I think what we’re ready to provide you with – I think we are providing you with some information as to how much our most significant customers represent in terms of our revenues and we’ve also of course indicated how much as Christian just mentioned how much First Solar represented in the first quarter. But, I think that’s as far as we’re ready to go as far as splitting the revenues per market segment.

Lisa Brown – GMP Securities, LP

Can you also give us an update on how the German facility if progressing?

Jacques L’Ecuyer

Well, actually we discussed that briefly in the prepared remarks. Essentially we are using a general contractor who has a mandate of building the building, the site itself and that’s moving along nicely. We expect the building to be ready to accommodate equipment that we will be sending into the plant as early as late January early February. We expect the building to be completed by the end of March. And then, we expect our ramp up schedule to initiate in terms of commissioning our equipment plant start up some time in April so that we are ready by July 31st which is the date on which we must be ready in order to comply with the provisions of our agreement with First Solar to deliver products in accordance with our commitments.

Lisa Brown – GMP Securities, LP

One last question, can you give me some more information on the operational changes that you mentioned in the Montreal facility?

Jacques L’Ecuyer

I can provide you with some of that information. I think what we’ve basically done during the quarter is we’ve changed a little bit our working schedules. So, we’ve gone from a seven day week, something like a 14 to 16 hour work shift if you want to a 24/7 work shift. This has provided us with some added capacity, flexibility that you’ve only seen partly during the quarter because that actually started during the quarter so I think you’ll see most of that kick in during the next quarter.

Lisa Brown – GMP Securities, LP

Would it be reasonable to assume further gross margin increase?

Jacques L’Ecuyer

I thin what we’ve provided, what we’ve told everyone Lisa, is that we feel comfortable with our existing gross margins and that we will be able to maintain them.

Operator

Your next question comes from Patrick [Chan] with TD Waterhouse.

[Patrick Chan] – TD Waterhouse

Can you give us an indication about what a megaton of solar grade tellurium, cadmium goes for? A range? I don’t know if it’s competitive.

Jacques L’Ecuyer

Of course, that’s to some extent that is sensitive information, Patrick. But I think we refer in the prospectus to metric tons so there is no possible confusion. One metric ton is a thousand kilos of material and the material will sell for a pretty varying range of prices anywhere from $300 to $500 a kilo.

[Patrick Chan] – TD Waterhouse

$300 to $500 a kilo?

Jacques L’Ecuyer

Yes.

Operator

Your next question comes from Ian Thorpe of Dundee Securities

Ian Thorpe – Dundee Securities

I did want just a bit more clarity around the commission of your plant in Germany. You mention you were able to meet your production to First Solar by the end of July. Does that mean the plant is at 100% capacity at that point? Or how will the production ramp from the plant.

Jacques L’Ecuyer

As I tried to explain a little bit earlier on, essentially we expect that by July 31, we will be able to honor the commitments that we have as part of our supply agreements with First Solar. So that doesn’t necessarily that our plant will be at full capacity, but it would mean that we will be able to deliver products at the rate required. We certainly expect that we will be able to ramp up our plant very quickly, essentially because the technical risk is relatively modest given that we are replicating a plant that we have here in Montreal.

Ian Thorpe – Dundee Securities

Just further color on that - what percentage of the German plans is comprised of the First Solar order?

Jacques L’Ecuyer

That’s a little bit difficult to specify precisely because of the way that we define capacity. But essentially I would say less than 60%.

Operator

(Operator Instructions) (French Translation)

Rupert Merer – National Bank Financial

Since the IPO we’ve heard a little more from Nanosolar about them entering production in CIGS market. Can you give us any more thoughts on how you see the market developing? How you might enter the market? Who would be your key competitors? Any issues sourcing India? More issues purifying the material?

Jacques L’Ecuyer

I think it’s premature for us to comment on that, we certainly feel that in additional to Nanosolar there are other companies which have indicated or are commercial, for example, Honda has started a plant in Japan as far as we are aware of. I think we expect able to enter this market in much the same way as we have for the Cadmium Tellurium, so essentially what we will be proposing to our potential customers in these areas would be supply of the base metals as well as the recycling services. We expect that by doing that we will be able to develop an India source, for example, something that you’ve just alluded to us. Again, I think it a little bit premature for us and I think we might be able to communicate to more specifics on that as we move along.

Operator

Carolina Vargas – Clarus Securities, Inc.

This is a follow up question on the Tellurium side, how much do you think you can produce before you see a shortage of the material? Second, is a further comment on the call option that First Solar has on your German facility.

Jacques L’Ecuyer

To answer your first question we expect that – if we’re talking more specific of tellurium, we expect that we reduction of tellurium will gradually increase as the demand increases. Tellurium is a byproduct of copper refining and we don’t anticipate any significant issues with tellurium supply in the near or midterm future. That might change in the long term, but certainly in the mid or short term we think this is not a serious issue, regardless of what’s published out there on the internet.

With respect for your second question I wasn’t quite sure I think you want to have more specifics on the call option? Can you rephrase that?

Carolina Vargas – Clarus Securities, Inc.

Yeah. How is the call option that First Solar has on the Germany facility triggered? Just to explain a little bit more on that.

Jacques L’Ecuyer

Actually, this is really a default clause. So, if we are in default of our agreement with First Solar and therefore are not able to provide products in accordance with the terms of the contract, which would represent the default, and that were are not able to cure this default, within the default time that’s specified in the agreement then First Solar has a call option on our plant. Essentially this is a very special case. It’s basically a protection mechanism; I think you could view that in that way to provide First Solar with some ability to overcome for example some difficulties that we may experience if for example we’re not able to deliver products for them. But, again this is a very special case and would only be able be triggered if we are in default of the agreement.

Carolina Vargas – Clarus Securities, Inc.

Is the Cadmium telluride process that you are using patented? What is the likelihood that someone else can copy and get something similar since there is a limited number of customers out there?

Jacques L’Ecuyer

Our intellectual property related to this is not patented. This being said, we don’t believe that differentiation is strictly on the basis of the process itself. As we mentioned, we are an integrated supplier, we think that’s a very important component of our product offering. We have the ability to recycle. We also have the ability to treat many of these metals some of which of course have serious environmental effects, such as cadmium and we think that differentiation is on that basis more than anything else. If you want we feel quite comfortable about our position at the moment and our ability to sustain that regardless of the fact that our Cadmium telluride processes whether it’s being patented or not. This being said, we are also looking at several ways of perhaps improving on our IP position.

Operator

Your next question comes from Mac Whale with Cormark Securities. Please proceed.

Mac Whale – Cormark Securities

I was wondering if you can’t give segmentation on a sales basis can you give it on a tonnage basis or kilogram basis?

Jacques L’Ecuyer

I think we would rather not. I’m sorry but, I think we want to limit that. We consider that very sensitive information and so we would refer you to what is in the MD&A.

Mac Whale – Cormark Securities

Can you outline your capacity capabilities in various segments as opposed to what you sold? I’m just trying to get an idea of what’s the potential.

Jacques L’Ecuyer

We’ve provided some information as to what our capacity is. I think we disclosed that inthe prospectus and we mention that we have the capacity for Cadmium Telluride in Montreal of 100 metric tons and we expect that to double once our new German plant is up and running.

Mac Whale – Cormark Securities

But you haven’t given any details on the other materials?

Jacques L’Ecuyer

No and I think we’d rather not. Of course, our process is highly integrated if you want so for example, we need to purify the tellurium first in order to bring it to a level to where it can be purified further in order for it to be then alloyed and compounded into cadmium telluride. Then of course, once it’s purified it can either be allied and compounded as Cadmium telluride or it can also be further refined and sold as very high purity metal so it makes it a little complicated and messy really to provide that kind of information. In any event that would be quite sensitive and so we do not wish to disclose that.

Mac Whale – Cormark Securities

In terms of the backlog, how much of the backlog is based on the tolling arrangement versus another type of sale?

Jacques L’Ecuyer

Again, I don’t believe we would want to disclose that. What I can tell you is that in many of our contracts our customer has the ability to provide us with the raw material feed stock and so some contracts can be for example, tolling contracts but then switched back to a standard contract. It’s a little bit difficult for us to comment on that because it’s not a firm engagement by the customer to rely purely on tolling for example. There is the ability to toll or purchase on most of our contract. I think basically what we are saying is, even if we were to provide you with numbers today it could change in three or six months down the road. We’re not ready to disclose that.

Mac Whale – Cormark Securities

Can you give an idea of how big a swing in revenue that shift would be? Would it be a material change in your revenue or margin? Would we see it margin line or the revenue line I guess is the issue.

Jacques L’Ecuyer

You would see it in the revenue line primarily. You won’t see it in the margin line. The amount depends a lot on the variation and the cost of the raw materials. I think we expect that our revenue mix will remain relatively constant. If you look at the revenue mix coming from tolling contracts and non tolling contracts. So we think our revenue, our sales progression will be relatively well behaved and you’re not going to see these incredible spikes, but I don’t think we can comment any further on that.

Mac Whale – Cormark Securities

Lastly, if you were to get these new contract sales over the next couple of quarters would you be delivering on a contract received this quarter within 12 months? So, should we expect that any of these new developments would be deliverable in the next 12 months?

Jacques L’Ecuyer

Can you repeat that? I’m not sure I understand.

Mac Whale – Cormark Securities

Yeah. It’s confusing. I was just thinking if you got a contract in this present quarter would you actually be delivering for revenue recognition within the 12 months? Or is the lead time on a contract much longer?

Jacques L’Ecuyer

No. In most cases the lead time is relatively short.

Operator

Jacques, there are no other questions as this time, please continue.

Jacques L’Ecuyer

Thank you very much and thank you all for joining us for this conference this morning. Thank you Mr. Operator. We hope to have you all here again at the next quarter earnings release conference.

Operator

Ladies and gentlemen this concludes our conference call for today. Thank you for participating. You may now disconnect your lines. (French Translation)

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