Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Trump loves his tariff toy
Too bad he still doesn't understand what a tariff is. From Barrons:
Notwithstanding Trump’s oft-repeated, but baseless, claim that China pays the tariffs, they are levied on U.S. businesses and consumers.
Donnie Dumbass is probably going to tweet that he's going to tariff Pelosi.
SPRT($2.20) One big fear here
I'm tempted to buy a lot more of this but one thing holds me back.
We receive a significant amount of our revenue from a limited number of customers. For the three months March 31, 2019, Comcast and Cox Communications accounted for 68% and 20% of our total revenue, respectively.
If Comcast finds another partner.....yikes!
Anyone else laying low because of this?
Trump tariffs
You're right - he doesn't even understand who pays tarrifs, nor other basic economics. He said in a speech that we're getting $billions from the Chinese. Uh, that would be wrong.
When you combine a room-temperature IQ with massive ignorance, little good can result.
I don't get why people think he's a great businessman like Warren Buffet. Just the opposite. Buffet makes money for and with his investors. Trump makes money FROM his investors.
A better comparison would be PT Barnum with an evil streak.
ASFI: Not selling any yet
With book value at $13, the buyback should be highly accretive.
I added a few today at $6.30
ASFI(6.50) announced huge buyback
Nearly 30% of market cap at current price.
https://seekingalpha.com/news/3465133-asta-funding-approves-10_5m-stock-buyback-program
SODI: Does the lack of auditor concern you?
As noted in our previous press release, we terminated our auditor in January 2019. Based on a number of factors, including the Company's current cash levels and estimated costs to complete audits for fiscal years 2017 through 2019, the Board has made the determination that it is in the best interest of shareholders for the company to rebuild its cash position before hiring an auditor. Therefore, at this time, it is unlikely that fiscal 2020 results will be audited.
ASFI (5.50) Profitable company with $7.50 cash and securities
The good:
Made .27 last quarter.
Book value $13.
Issued a huge divvy as part of a reorg last year. Could again.
Not so good:
Kinda shady biz: Made hay with consumer receivables.
Tried viatical settlements. Gave up. Now doing personal injury and disability financing/advocacy as well as consumer debt.
Stopped quarterly calls some time ago.
80% owned by the Stern family.
https://seekingalpha.com/pr/17510325-asta-funding-announces-results-second-quarter-ended-march-31-2019
HWEB: Not normally down 20% but still down a lot.
For example, apparel company GIII is down 12% in the last 2 days, a $200 million hit to market cap.
Plenty of others.....
CRWS: May be the Trump effect
Lots of retailers depending on China for production are getting hit/downgraded due to increased tariffs.
From CRWS 10-K:
Product Sourcing
Foreign and domestic contract manufacturers produce most of the Company’s products, with the largest concentration being in China.
HWEB: I bought SPRT, too.
At the open (2.50) and just added a few more at 2.49.
ESCC: They're forecasting a few weak quarters
2018 was unusually high and left them with a weak backlog.
The high volume of sales from work on prior customer orders combined with a decrease in new orders for dome products in 2018 decreased the sales backlog to $17,366 as of December 31, 2018. This compares to a sales backlog of $27,360 as of December 31, 2017. New orders to replenish the sales backlog will be critical to produce sales at sufficient levels for profitable results in 2019. We remain encouraged that the Company’s sales prospects will produce sufficient orders to sustain sales at profitable levels over the long term; however, we anticipate that the low backlog as of December 31, 2018 may result in lower sales that could challenge profitability for early reporting periods of 2019. The Company plans to use this as an opportunity to redirect staff and resources, which would otherwise be working on customer projects, toward research and development activities to expand our products for future sales growth.
Picked up some MPAD($9.85) after .08 loss
Why?
Great balance sheet with $9.50ish TBV and $5 in cash.
Nice backlog increase:
New orders for the first quarter of 2019 totaled $6,958,000 compared to $3,652,000 for the comparable period of 2018. Backlog totaled $20,325,000 on February 23, 2019 compared to $12,679,000 as of February 24, 2018 and $17,132,000 on November 30, 2018. The major increase in new orders were an increase in standard solid state relays to various customers. The majority of the backlog is expected to be completed and shipped in the next twelve months.
Lost .08 on 3.8 million revenue. Revenue should average well over that the next 4 quarters, obviously.
https://www.sec.gov/Archives/edgar/data/65759/000101054919000080/micropac10q1.htm
BOSC has been acting strangely for a while
Rose nicely after a good Q4 report, then dropped 20% on no news and high volume on 3/12.
Maybe the activists trying to gain control via the proxy fight gave up because they knew of the pending acquisition or because they sensed they were losing their battle.
Management was hungry for an acquisition, partly to refute the claims of the activists that they were sitting on their hands. The numbers on this one do look pretty decent if they hold up.
That move was worthy of Andrew Hidalgo
I guess the Capital Destroyer has a challenger for the crown.
You're describing a Value Sink
Too bad the ecosystem of this great board developed a value sink years ago. Lots of valuable info flows TO the value sink. Unfortunately, nothing of value ever emanates FROM the value sink.
Plenty of other ...stuff...comes from that same entity. Indeed, it is a source, er, a veritable fount, of that other category.
SPRS: We were all bidding against each other
I added, as well.
Nelson: What do you think of FNHC buying most of PIH?
Looks like a win-win to me.
PIH now seems undervalued at $5.90.
https://seekingalpha.com/pr/17423442-fednat-holding-company-acquire-homeowners-insurance-operations-1347-property-insurance
Nelson SCX: I'll sell some above 9 ...
but will hold a substantial amount even then if it gets there. I really prefer long-term gains.
With over $10 of tangible book and decent earnings, I think this would be worth 18 - 20 if it was bought out.
Trouble is, with the Family in control the stock'll probably never achieve economic value.
If they'd just reinstate the dividend, it'd do the stock a world of good.
Nelson: I'm still long SCX
PHIIK(2.85): Tim, you mad, bro?
Tim Stabosz in a veteran value guy. He is deeply invested in PHI, a helicopter services company.
https://seekingalpha.com/article/4235432-phi-inc-verge-massive-value-unlocking-transaction-yet-bizarrely-priced-bankruptcy
Lots of drama here - it's been fascinating to monitor.
Looks like maybe he's at the end of his rope.
***
An Open Letter to PHI Management
February 19, 2019
Dear Al, Trudy, Lance, and Board of Directors:
I am left feeling completely heartsick at the stories emanating from Debtwire the last 4 weeks. It started on January 18th, and has only escalated. The most recent story, dated February 11th, which I was able to obtain a copy of, lurid and phantasmagoric as it is, uses anonymous sourcing (i.e, "sources familiar with the matter"), unattributed innuendo, and even direct statements alleged to have been made by supposed PHI executives, to suggest that you met "face-to-face" with bondholders, and "acknowledged at the meeting that the existing equity would likely be wiped out." While the Debtwire reporter, when contacted, asserted that you have not "agreed" with the bondholders (and that their proposal had not even been formally made yet), these kind of reports, which represent unidentified 3rd party characterizations of YOUR intentions, that assail YOUR integrity as a management team.....need, deserve, and REQUIRE a public response. In fact, the volatility in PHI stock caused by these reports seems suspiciously timed to suit the needs of short-sellers, in order to generate a “supply of stock" for them to cover their short positions, at precisely a time when there is an extraordinary tightness in supply of available shares for shorting, with reported borrowing rates as high as 575%. This can only make one wonder if Debtwire is being used as a handmaiden for those looking to manipulate PHI stock!
The fact that you have chosen not to respond, despite requests from a number of your largest shareholders urging you to do so, is completely unacceptable, and deeply troubling. Does this mean we are supposed to believe that the Debtwire stories are in fact true? Has CEO Al Gonsoulin now "flipped" on us (as the story suggests), decided that it is time to ride off into the sunset (as long as he gets "his share"), and turn the company over to the bondholders, so that they can sell the pieces to private equity firms, who will, in turn, carve up the company, destroying the widely respected, and renowned, culture of PHI? In such a scenario, bases will be closed, employees will be out of jobs, communities around the country will suffer...and it won't only be shareholders who are left in the gutter, gnashing their teeth.
I remind you that you made a clear, incontestable, and incontrovertible affirmation, declaration, and PROMISE to your shareholders, when you stated in the most recent Form 10-Q, dated November 9, 2018, that you were aware of "several possible transactions," that you believed would be able to "help us discharge our short term indebtedness." You also stated that these "transactions" would not only "improve our liquidity," but also "ENHANCE shareholder value." [emphasis mine] I want to formally put you on notice that if you decide to suddenly turn about, lay in bed with the Devil, and sell out employees, shareholders, and other stakeholders, while simultaneously going back on these public pronouncements, disingenuously PRETENDING that there is NO net asset value remaining for shareholders, it will stand as a colossal betrayal of shareholders (both employee and outsider alike), and a monstrous abdication of your fiduciary duties. lt will also be seen as an opportunistic attempt by Mr. Gonsoulin to take advantage of a stock price plunge, from $9.50 to $1.69, this past fall, in order to illegally and immorally squeeze out the shareholders, and cast aside his loyal family of employees, to his own selfish benefit.
It is hard to know for certain whether the faith that I, and so many others, have placed in you, and the reliance that you INDUCED, based upon your statements in the 10-Q, are still valid, because it is utterly confounding, and deeply distressing, that you have not, as of yet, DISCLAIMED and REPUDIATED the series of Debtwire stories. I will again remind you that should you choose to suddenly change your tune and assert a false pretense that there is no equity value, and attempt to engage in a sham process that seeks to seize all the value for Mr. Gonsoulin and the bondholders, on the backs of shareholders and employees, in direct contravention of previous representations you made, you will have violated not only your fiduciary duty, but you will have also nakedly violated the SEC's prohibition on false and misleading statements. And you WILL be held accountable.
If you have suddenly decided to jettison your most ferociously loyal stakeholders, despite your public assurances matter-of-factly stating your intent to generate liquidity by engaging in one or more transactions that "enhance shareholder value," I will personally utilize all my resources (and I am aware of up to 50% of the shareholder base that would similarly join me) to ensure that an equity committee is formed, should the board decide in sanctioning Mr. Gonsoulin's seeking to use a Chapter 11 process to seize the company for himself and the bondholders. In this, you will be subject to a process of court-based discovery, investigating the offers received for the different company divisions, that were (and are) available to you, in an orderly corporate breakup, as well as potential legal claims for acts of gross negligence, bad faith, betrayal of duty of care and duties of loyalty, fraud, and breach of fiduciary duty, in why you failed to take action to maximize the company's value for its shareholders, and why you deliberately misled shareholders as to your intent in the 10-Q. Such actions, if they rise to a level of indecency that shocks the court, could very well subject you to punitive damages.
Importantly, it is widely known that there is at least one buyer for the company, who currently possess the financial wherewithal to readily REFINANCE the debt, and would be willing to pay a handsome PREMIUM to stockholders, as well. I remind you that your fiduciary duty REQUIRES you to pursue such options...even if it is not what Mr. Gonsoulin should want. I will also say that I have received indications from at least half a dozen former and current executives in the space you operate in and, without exception, each and every one asserts that your Air Medical division is worth at least $400 million. With all of this in mind, I call on you, at this time, to directly and immediately REFUTE the Debtwire story, as the story not only puts words in YOUR mouth that mock your integrity, but it directly negates statements and assurances you made in the 3rd Quarter 10-Q. Such refutation needs to be made in a public press release.
In closing, consider yourself put on notice that your actions are being scrutinized very carefully. Should you use a collapsed stock price as a pretext to wheel about and assert the false claim that there is "no equity value," in order to engage in a sordid bargain with PHI's bondholders, while seeking to hinder "price discovery" for the value of PHI's assets, or for the company as a whole, in a bonafide value maximizing process, such act will be exposed for the fiduciary betrayal that it is. Finally, it is both atrocious and tragic that you continue to fail to see the importance of adequately and appropriately communicating with your shareholder base through public media, which is, in my humble opinion, a large part of the reason, in the first place, that your stock price collapsed this past fall. (I remain available, at any time, to assist you in crafting an appropriate communications strategy, which should include investor conference calls, and management commentary in earnings press releases, about the current results and future outlook [as a bare minimum]).
Very truly yours,
Timothy J. Stabosz
***
Hweb: I added some NAII
Decent report and great balance sheet.
Added at 10.16 and have more orders in in the mid 9s.
SCX ($5.70) In with .27 quarter. Trades way under book.
The Company continued its first quarter growth in its core precision measuring tools, and saw products in North and Latin America and coupled with a recovery in high-end metrology. Sales increased 13% or $6.7 million in constant dollars, more than offsetting a $2.3 million unfavorable currency impact due to the strong US dollar.
The North American precision hand tool business continued to experience strong demand. The implementation of a new production planning system increased throughput and improved fulfillment rates. The Company’s saw products gained momentum lead by an improving Brazilian economy and saw plant consolidation, which delivered increased sales volume and higher gross margin.
https://seekingalpha.com/filing/4320526
Nelson..DPDW (.70)..and a swipe at AMS
That ask was taken out but another 240K showed up today.
Whole lot of shares for this company.
I hope there isn't an insider who knows that the "strategic alternatives" effort failed dismally.
I hope the DPDW buyout doesn't join the DPDW carousel sale and the new AMS system sales among the ranks of those events which will occur shortly after we see a yeti riding the Loch Ness monster.
Well said, Littlefish
The debt snowball may already be too big to control and the current misadministration is hastening the day of reckoning.
Remember, the Commander-In-Tweet is a serial defaulter. Now His Ignorance is trying to work his magic on a whole country.
AH? I'm considering drinking heavily
..the way this week is going.
Is that what you meant?
PCHM: I was surprised to see what looks like a PR
First one in forever.
I was less surprised when I saw the request to significantly dilute via options.
Thanks again for an all-time great pick.
That said, I'm voting NO on the options.
Until Joe gets off his butt and posts results less than 11 months in arrears, he doesn't deserve to dilute us IMO.
Dude's been brusque communicating with me to say the least. Just "refer to old filings" boilerplate response. I think you've done better....
WSTG(11.50) Joined you guys
...for all the reasons you described.
With about $9 of tangible book, a price of $11.50 looks good for
what looks like a high-single-digit p/e and a 6% dividend.
No moat here (dry moat?) but they've been managing that pretty well for years.
SMID (7.90) in the dumper......business
Up .41 on low volume. Doubt if it's due to this crappy PR.
MIDLAND, VA, Nov. 29, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Easi-Set Worldwide, a subsidiary of Smith-Midland Corporation (SMID) licensed producer update. At the center of Cape Cod is Dennis, Mass. This beach town, which offers year-round attractions associated with its coastal location, has been updating its beachfront properties with comfort stations that can withstand the corrosive, high-wind environment. The latest restroom, on West Dennis Beach, is the fifth precast concrete Easi-Set Building to be built in Dennis in four years. Shea Concrete Products, an Easi-Set Buildings licensed producer in Wilmington, Mass., manufactured and installed all the Easi-Set restrooms, including this Skyline Model.
“The town of Dennis chose precast concrete as a solution to withstand the coastal environment they face on all fronts,” says Frank Dimando, a sales/project manager with Shea Concrete Products. “High winds, driving rains, grating sand and ocean spray are a few of the many environmental challenges these buildings must endure along the coast. Many of the conventionally built restrooms on the beachfronts were in decay from being exposed to that environment and required extensive maintenance to keep them in working order.”
The Skyline 1222 Model is an economical, multi-user flush restroom that is ADA compliant. The new 12’ 10’’ x 22’ 2’’ x 11’ building has two toilet stalls with one sink on each side and a 4’-wide utility chase down the middle. The structure is delivered fully-assembled, and it can be pre-wired and pre-plumbed; the town chose to complete its own electrical work for these restrooms. The Skyline has a wide variety of aesthetic choices, so it can easily blend with any surrounding. The Dennis restroom’s exterior walls have a barnboard finish in a sandstone color and the gabled roof has a cedar shake finish in a reddish-orange color. The model comes standard with stainless-steel fixtures, but other fixture options can be specified to meet budgetary needs. The Dennis restrooms have vitreous fixtures. The chase area can be used for storage.
Customization is an option for every Easi-Set Building, and this restroom has knockouts to accommodate the solar panels and solar water heater supplied by the town. Translucent glass block windows were added on each side of the restroom and in the utility chase to allow natural light to fill the interior spaces.
Easi-Set Buildings are manufactured in a factory by licensed producers to minimize the effects of weather, trades coordination and labor issues. This contributes to the cost savings of precast concrete buildings compared to built-in-place construction.
Precast concrete buildings also install fast, typically taking just hours. Shea Concrete Products assembled and outfitted the restroom at its facility and installed the building in one day. “We loaded the building onto our truck in the morning and waited for the state police escorts to arrive,” Dimando says. “We delivered the building to the site, unloaded it and set it with the help of Baxter Crane. We were finished with the install in the early afternoon.”
Buildings on the Cape have to endure the torrents of summer storms with high winds and driving rains, as well as sub-zero winters. With the weather becoming more erratic each year, precast concrete buildings have proven they can withstand the extreme conditions from coast to coast.
“The town of Dennis has been investing in itself to make its beachfront more comfortable for its residents and tourists,” says Art Miles, president of Easi-Set Worldwide. “In Shea Concrete Products, the town has found a true partner that can deliver quality precast concrete products that will last.”
HWEB I added a few
Only about 10% of my holding, though.
IEHC share count corrected.....
Their attorney had promised me an amended Q and they just filed it.
Fully diluted count of 2411000, not 3189000.
So .39 last quarter diluted.
https://www.sec.gov/Archives/edgar/data/50292/000117494718001407/form10qa-21105_iehc.htm
IEHC Diluted Share Count
The count seems off to me. I spoke to Bob Knoth at IEH who passed me on to Steven Glauberman, their attorney.
Steven said that he has received multiple calls about this and that they were using the treasury stock method.
I thought that meant outstanding shares plus in-the-money options and warrants. That would be about 2.3 million + .2 million (rounded) = 2.5 million.
So why over 3 million? Seems they also included authorized but ungranted options. An ungranted option can't be in the money because it isn't even priced.
Maybe I'm missing something.
Steven said he needs more info himself and will talk to their accountant and get back to me. He also said they intend to file a 10-Q/A with an explanation once they get a handle on it.
IEHC (12.30) in with another excellent Q - .41
BROOKLYN, NY / ACCESSWIRE / November 13, 2018 / IEH Corporation (IEHC) today announced results for the second quarter of fiscal year 2019, ended September 28, 2018.
IEH Corporation reported revenues of $6.6 million for the second quarter of fiscal year 2019, an increase of 9% as compared to revenues of $6.06 million for the second quarter of fiscal year 2018. For the six months ended September 28, 2018, revenue was $15.6 million, compared to $11.05 million in the first six months of fiscal year 2018, an increase of 42%. Gross profit margin for the quarter held steady at 39%, similar to the same quarter of the prior year. However, the Company reported net income of $946,304 for the current quarter, or $.41 per share, compared to net income of $564,660, or $.24 per share, in the same quarter of the prior year, an increase of 71%.
Dave Offerman, President and CEO of IEH Corporation commented, "We're pleased to see our successes continue as fiscal 2019 progresses. Despite the conclusion of a substantial contract at the end of the first quarter, our growth in revenue and net income continue unabated, due in large part to the increased efforts of our growing sales force, and the health and bright prospects of the primary industries we serve, Defense and Commercial Aerospace. Aided by a strong cash position, manageable inventory and a solid backlog, we look forward to a successful 2nd half of the fiscal year."
DPDW - there's 60K on the ask at .92
I have a fair chunk of this, too, but someone has been steadily selling .90 - .92.
TRT(4.85) Nice Quarter .17 vs .09
Book value 6.61.
"Our backlog at the end of fiscal 2018 remained strong at $8,699,000 compared to $7,546,000 at the end of fiscal 2017," said S.W. Yong, Trio-Tech's CEO.
https://finance.yahoo.com/news/trio-tech-fourth-quarter-net-123000474.html
OT: Tick size rule added cost without benefit
Duh! Hard to believe anyone thought it would be different.
A Securities and Exchange Commission experiment designed to stimulate trading in shares of smaller companies has cost investors more than $300 million in the past two years, according to a study released Thursday.
The study by brokerage Pragma Securities LLC adds to a growing body of research that suggests regulators’ Tick Size Pilot Program has added to investors’ costs without doing much for the small and midsize companies it was meant to help. The program was mandated by the SEC after pressure from some members of Congress.
New York-based Pragma Securities said total costs to investors could exceed $350 million by the time the program concludes its two-year run in October.
PCHM (.82) Massive Volume Today
501K shares, more than double the YTD total before today.
Someone wants out bad.
SVT in with .30 vs. .05
Elma, NY – Servotronics, Inc. (NYSE American: SVT) a designer and manufacturer of servo-control components and other advanced technology products announced financial results for the period ended June 30, 2018.
Net income increased approximately 573.3% to $707,000 (or $0.31 per share Basic and $0.30 Diluted) for the second quarter ended June 30, 2018 compared to net income of $105,000 (or $0.05 per share Basic and $0.05 Diluted) for the comparable period ended June 30, 2017. Revenues for the quarter were $11,946,000, approximately a 24.2% increase from $9,616,000 for the same period in 2017. During this period the Advanced Technology Group (“ATG”) increased commercial shipments by approximately $2,775,000 which was partially offset by a slight reduction in government shipments of approximately $131,000 as compared to the same period of 2017. The Consumer Products Group (“CPG”) experienced a decrease in both commercial and government shipments (approximately $314,000 in the aggregate) for the second quarter of 2018 compared to last year. Net income for the six months ended June 30, 2018 increased approximately 692.4% to $1,038,000 compared to net income of $131,000 for the same period of 2017. Revenue for the six month period increased approximately 20.2% to $22,505,000 from $18,719,000 for the same period last year.
For the second quarter, cost of goods sold expenses (inclusive of depreciation and amortization) increased approximately $1,192,000 or 15.2% due in part to the mix of product sold, but primarily due to the increase in revenue for the period ended June 30, 2018 from the same period in 2017. The consolidated production employment levels grew by 18.1% and our gross margin percentage improved to 24.5% for the second quarter of 2018 from 18.6% for the same period of 2017. In addition, depreciation and amortization increased by 9.9% for the three month period ended June 30, 2018 from the same period in 2017, primarily due to additional machinery and equipment procured for the ATG increase in production. Selling, general and administrative (SG&A) expenses (inclusive of depreciation and amortization) increased approximately $391,000 or 24.1% for the three month period ended June 30, 2018 when compared to the same period in 2017. This is primarily due to an increase in wages and vacation accrual. The balance of the increase in SG&A expenses is attributable to the sales and marketing of products including commissions, sales support and expenses related to trade shows. SG&A expenses as a percentage of revenues were relatively flat at 16.9% for both periods.
“Our earnings and revenues for the first half of 2018 have increased significantly over the first six months of last year,” commented Kenneth D. Trbovich, Chief Executive Officer and President of Servotronics, Inc. “This growth, largely attributed to organic growth of our existing product lines, is a testament to the hard work and dedication of the entire Servotronics team and shows the importance of our planning and investment to meet our customers’ needs.”
IEHC in with blowout .98 quarter
IEH Corporation reported revenues of $9.043 million for the first quarter of fiscal year 2019, an increase of 81% as compared to revenues of $4.993 million for the first quarter of fiscal year 2018. Gross profit margin for the year was 48% as compared to 33% for the same quarter of the prior year. The Company reported net income of $2.26 million for the quarter, or $.98 per share, compared to net income of $325,000, or $.13 per share, in the same quarter of the prior year. This represents a more than sevenfold increase in Net Income.
Dave Offerman, President and CEO of IEH Corporation commented, "We're very proud to see our success of the last fiscal year continueinto the first quarter of this year, as our top and bottom lines continue to grow. It's worth noting that the results of this quarter, as well as the fourth quarter of last fiscal year, were particularly striking, and due in large part to a substantial contract that has now been completed. So while we anticipate solid results for the rest of this fiscal year, we don't expect this pace to follow the unusually high numbers of the first quarter. Regardless, we maintain a historically high backlog, and with the increase in our production output and the opportunities in our pipeline, we look forward to continued success in the coming months."
UCPA: Oh Come On, Be Serious
Negative tangible book, not making money, 1.6 billion shares, and there's this:
We are hesitantly positive being aware that there will be a full year effect in year 2018 of the loss of two of our top five clients
.These clients’ contracts expire in the second quarter this year
IEHC That .32 was on just 5.2M in revenue
Maybe with 7M, they can do .53 without tax benefit. We'll soon see.