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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 17, 2016
TRANS WORLD ENTERTAINMENT
CORPORATION
(Exact name of registrant as specified in its charter)
New York
0-14818
14-1541629
(State or other jurisdiction of
incorporation or organization)
(Commission file number)
(I.R.S. Employer
Identification No.)
38 Corporate Circle,
Albany, New York 12203
(Address of principal executive offices)
(518) 452-1242
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On August 17, 2016, Trans World Entertainment Corporation issued a press release announcing its financial results for its fiscal first
quarter ended July 30, 2016. A copy of Trans World Entertainment Corporation’s press release is furnished with this report as Exhibit
99.1, and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K is being furnished under
Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange
Act”) or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any
filing under the Securities Act of 1933 or the Exchange Act.
ITEM 7.01. REGULATION FD DISCLOSURE
Attached hereto as Exhibit 99.2 is the transcript for the earnings conference call of Trans World Entertainment Corporation held on
August 18, 2016. The information in this Current Report on Form 8-K, including the exhibit attached hereto shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that
Section. Furthermore, such information, including the exhibit attached hereto, shall not be deemed to be incorporated by reference in
any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Certain information contained in this Current Report on Form 8-K, including information in Exhibit 99.2 hereto, is forward-looking
information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes,
among other things, statements concerning results of operations and Trans World Entertainment Corporation’s strategies. Trans World
Entertainment Corporation cautions that there are factors that can cause actual results to differ materially from the forward-looking
information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is
not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the
control of Trans World Entertainment Corporation; accordingly, there can be no assurance that such suggested results will be realized.
For a list of Trans World Entertainment Corporation’s risk factors, see the Company’s Annual Filing on Form 10-K with the
Securities and Exchange Commission for the year ended January 30, 2016.
2
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS. The following are furnished as Exhibits to this Report:
Exhibit
No.
Description
99.1
Trans World Entertainment Corporation Press Release dated August 17, 2016.
99.2
Trans World Entertainment Corporation Transcript for Earnings Call held on August 18, 2016.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
TRANS WORLD ENTERTAINMENT CORPORATION
/s/ John Anderson
Date: August 19, 2016
John Anderson
Chief Financial Officer
3
EXHIBIT INDEX
Exhibit
No.
Description
99.1
Trans World Entertainment Corporation Press Release dated August 17, 2016.
99.2
Trans World Entertainment Corporation Transcript for Earnings Call held on August 18, 2016.
Exhibit 99.1
Contact:
Trans World Entertainment
John Anderson
Chief Financial Officer
(518) 452-1242
Contact:
Financial Relations Board
Marilynn Meek
([email protected])
(212) 827-3773
38 Corporate Circle
Albany, NY 12203
NEWS RELEASE
www.twec.com
TRANS WORLD ENTERTAINMENT ANNOUNCES SECOND QUARTER RESULTS
Reports flat comp sales and historically high gross margin for the Second Quarter
Plans to open 18 new stores prior to the holiday season
Albany, NY, August 17, 2016 -- Trans World Entertainment Corporation (Nasdaq: TWMC) today reported financial results
for its second quarter ended July 30, 2016. For the second quarter of 2016, the Company reported a net loss of $4.7 million or $0.15
per diluted share, as compared to a net loss of $3.0 million, or $0.10 per diluted share, for the same period last year.
Operating results for the second quarter of 2015 included a one-time reimbursement of expenses related to a legal settlement
of $1.4 million. Adjusted EBITDA (a non GAAP measure) for the second quarter of 2016 (see note 1) was a loss of $2.9 million, the
same level as the second quarter of 2015.
“We delivered a flat comp for the fifth consecutive quarter despite the continued significant disruption in our media
categories,” commented Mike Feurer, Company CEO. “In addition, we continue to generate historically high gross margins through
better price management and the shift in sales contribution to our higher margin trend category. Also, we have seen encouraging
performance from the 14 new format stores and plan to open 18 additional new format stores prior to the holiday season. While we are
still in the early stages of our reinvention, our progress validates we are successfully leveraging our heritage, industry relationships
and hard earned credibility with our customers to achieve our vision,” Mr. Feurer added.
Second Quarter Overview

Comparable store sales for the second quarter were flat compared to the same quarter last year as a 40% comp
increase in our trend category offset a 12% decline in our heritage media categories. The trend category represented
29% of business for the quarter as compared to 19% last year.

Total revenue for the quarter decreased 6.1% to $64.3 million compared to $68.5 million for the same period last
year. At the end of the quarter, the Company operated 290 stores compared to 308 stores at the same time last year, a
5.8% decline.
·
Gross profit for the quarter was $26.7 million, or 41.5% of revenue, compared to $28.2 million, or 41.2% of
revenue, for the same period last year. The increase in gross profit as a percentage of revenue was due to the
increased revenue contribution from the higher margin trend category and increased margins in the trend and
electronics categories.
·
Selling, general and administrative (“SG&A”) expenses decreased approximately $200 thousand, or 0.5%, for the
quarter to $29.6 million, or 46.0% of revenue, compared to $29.8 million, or 43.4% of revenue, for the same
period last year. SG&A in the Second Quarter of 2015 was reduced by $1.4 million, or a 200 basis point benefit
due to the one-time reimbursement of expenses related to a legal settlement.
·
Cash on hand at the end of the quarter was $78.6 million compared to $91.4 million at the end of the second
quarter last year. The decline in cash was due to the repurchase of shares, investments in new and remodeled
stores, the chain wide rollout of new marketplace fixtures to support the shift in our merchandise assortment and
technology enhancements, including the rollout of a new point of sale system.
·
Since the end of the second quarter last year, the Company has spent $3.3 million to repurchase shares under its
repurchase program.
·
Capital spending was $7.7 million for the twenty-six weeks ended July 30, 2016, compared to $8.0 million for the
same period last year. Since the end of the second quarter last year, the Company has spent $20.3 million in
capital expenditures to support strategic initiatives and necessary technology enhancements.
Mr. Feurer added, “One of the top priorities for the Company this year is to further engage complementary world class talent
to capitalize on strategic opportunities. I am happy to announce the hiring of Chris Hoerenz as our new Chief Digital and Marketing
Officer. For over 20 years, Chris has coupled strong e-Commerce experience with operating expertise in technology, digital and
mobile and led teams through all phases of the company life cycle. He has been a forerunner in launching consumer products into the
mobile and social media space, with emphasis on driving results in the marketplace. His background includes extensive experience in
the digital entertainment category.”
Twenty-six weeks ended July 30, 2016 Overview
·
For the twenty-six weeks ended July 30, 2016, the Company reported a net loss of $4.6 million or $0.15 per
diluted share, as compared to a net loss of $2.9 million, or $0.09 per diluted share, for the same period last year.
Adjusted EBITDA (a non GAAP measure) for the twenty-six weeks ended July 30, 2016 (note 1) was a loss of
$2.1 million as compared to a loss of $1.2 million for the same period of 2015.
·
For the twenty-six weeks ended July 30, 2016, total revenue decreased 5.2% to $140.1 million, compared to
$147.7 million for the same period last year. Comparable store
2
sales for the twenty-six weeks ended July 30, 2016 were flat compared to the same period last year.
·
Gross profit for the twenty-six weeks ended July 30, 2016 was $57.5 million, or 41.1% of revenue, compared to
$60.2 million, or 40.8%, of revenue for the same period last year.
·
For the twenty-six weeks ended July 30, 2016, SG&A expenses decreased $500 thousand, or 0.8% to $59.6
million compared to $60.1 million in the comparable period last year. As a percentage of revenue, SG&A
expenses were 42.6% versus 40.7% for the same period last year. SG&A in the twenty-six weeks of 2015 was
reduced by $1.4 million, or a 90 basis point benefit due to the one-time reimbursement of expenses related to a
legal settlement. In addition, higher health insurance costs for the twenty-six weeks of 2016 contributed to a 50
basis point increase in SG&A as a percentage of sales.
·
Inventory was $120.3 million, or $72 per square foot, at the end of the quarter, versus $124.5 million, or $69 per
square foot, at the end of the second quarter last year.
Trans World will host a teleconference call on Thursday, August 18, 2016, at 10:00 AM ET to discuss its financial results.
Interested parties can listen to the simultaneous webcast on the Company’s corporate website, www.twec.com.
Notes:
1.
Reconciliation of net loss to adjusted EBITDA:
Adjusted EBITDA is defined as net earnings from continued operations, adjusted to exclude: (i) income tax; (ii) other
expense (income); (iii) interest expense; (iv) depreciation and amortization; and (v) items not reflective of the core operations
of the business. We use adjusted EBITDA to evaluate our own operating performance and as an integral part of our planning
process. We present adjusted EBITDA as a supplemental measure because we believe such measure is useful to investors as a
reasonable indicator of operating performance. We believe this measure is a financial metric used by many investors to
compare companies. This measure is not a recognized measure of financial performance under GAAP in the United States,
and should not be considered as a substitute for operating earnings, net earnings from continuing operations or cash flows
from operating activities, as determined in accordance with GAAP. Our method of calculating adjusted EBITDA may differ
from other issuers and accordingly, this measure may not be comparable to measures used by other issuers. A reconciliation
of net loss to adjusted EBITDA appears below.
3
(in thousands)
Thirteen Weeks Ended
July 30,
August 1,
2016
2015
Net loss
Income tax expense
Other income
Interest expense
Operating loss
Depreciation and amortization
One-time reimbursement of expenses
related to a legal settlement
Adjusted EBITDA
$
$
(4,656)
48
(86)
172
(4,522)
1,623
(2,899)
$
$
(3,045)
44
(14)
455
(2,560)
1,047
(1,367)
(2,880)
Twenty-six Weeks Ended
July 30,
August 1,
2016
2015
$
$
(4,630)
95
(1,017)
345
(5,207)
3,086
(2,121)
$
$
(2,851)
89
(41)
920
(1,883)
2,011
(1,367)
(1,239)
Trans World Entertainment is a leading specialty retailer of entertainment products, including video, music, trend,
electronics, video games and related products. The Company operates retail stores in the United States and Puerto Rico, primarily
under the names f.y.e. for your entertainment and Suncoast and on the web at www.fye.com and www.secondspin.com.
Certain statements in this release set forth management’s intentions, plans, beliefs, expectations or predictions of the future based on
current facts and analyses. Actual results may differ materially from those indicated in such statements. Additional information on
factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities
and Exchange Commission.
- table to follow 4
TRANS WORLD ENTERTAINMENT CORPORATION
Financial Results
STATEMENTS OF OPERATIONS:
(in thousands, except per share data)
July 30,
2016
Net sales
Other revenue
Total revenue
Thirteen Weeks Ended
% to
August 1,
Revenue
2015
$ 63,320
1,028
$ 64,348
% to
Revenue
$ 67,451
1,088
$ 68,539
July 30,
2016
Twenty-six Weeks Ended
% to
August 1,
Revenue
2015
$ 138,088
1,990
$ 140,078
% to
Revenue
$ 145,415
2,288
$ 147,703
Cost of sales
Gross profit
37,647
26,701
58.5%
41.5%
40,293
28,246
58.8%
41.2%
82,551
57,527
58.9%
41.1%
87,454
60,249
59.2%
40.8%
Selling, general
and
administrative
expenses
29,600
46.0%
29,759
43.4%
59,648
42.6%
60,121
40.7%
1,623
2.4%
1,047
1.5%
3,086
2.2%
2,011
1.4%
(4,522)
-6.9%
(2,560)
-3.7%
(5,207)
-3.7%
(1,883)
-1.3%
172
(86)
0.3%
-0.1%
455
(14)
0.7%
0.0%
345
(1,017)
0.2%
-0.7%
920
(41)
0.6%
0.0%
(4,608)
-7.2%
(3,001)
-4.4%
(4,535)
-3.2%
(2,762)
-1.9%
Depreciation and
amortization
Income (loss) from
operations
Interest expense
Other income
Income (loss)
before income
taxes
Income tax
expense
Net loss
48
$ (4,656)
0.1%
-7.2%
Basic and diluted loss per common share:
Basic and dilluted
loss per share
$ (0.15)
Weighted average
number of
common shares
outstanding basic and diluted
30,403
SELECTED BALANCE SHEET
CAPTIONS:
(in thousands, except store data)
Cash and cash
equivalents
Merchandise
inventory
Fixed assets (net)
Accounts payable
44
$ (3,045)
$ (0.10)
31,196
0.1%
-4.4%
95
$ (4,630)
$
(0.15)
0.1%
-3.3%
89
$ (2,851)
$
(0.09)
30,576
31,202
July 30,
2016
August 1,
2015
$ 78,644
$ 91,400
120,268
34,990
42,753
124,469
21,441
44,217
0.1%
-1.9%
Borrowings under
line of credit
Stores in operation,
end of period
Stores in operation, average during the period
5
-
-
290
292
308
310
Exhibit 99.2
Trans World Entertainment’s (TWMC) CEO Mike Feurer on Q2 2016 Results - Earnings Call Transcript
Trans World Entertainment Corp. (NASDAQ:TWMC)
Q2 2016 Results Earnings Conference Call
August 18, 2016, 10:00 AM ET
This transcript includes certain non-GAAP financial measures including adjusted EBITDA. A reconciliation of the non-GAAP
financial measures used in this presentation to the most directly comparable GAAP financial measures can be found in the Company’s
Second Quarter earnings release dated August 17, 2016.
Executives
Michael Feurer - Chief Executive Officer
John Anderson - Chief Financial Officer
Scott Hoffman - Chief Merchandising Officer
Analysts
William Meyers - Miller Asset Management
Operator
Greetings and welcome to the Trans World Entertainment Corporation second quarter 2016 results conference call. At this time, all
participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a
reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Michael Feurer, Chief Executive Officer for Trans World Entertainment.
Thank you, Mr. Feurer; you may begin.
Michael Feurer
Thank you, Doug. Good morning. Thank you for joining us as we discuss our second quarter results. On the call with me today are
John Anderson, our Chief Financial Officer, and Scott Hoffman, our Chief Merchandising Officer. Before John reviews our financial
results, I’d like to provide highlights from this past quarter.
We delivered a flat comp for the fifth consecutive quarter despite the continued significant disruption in our media categories. A 40%
comp increase in our trend category offset a 12% decline in our heritage media categories. We generated historically high gross
margins through better costing and price management and the shift in sales contribution to our higher margin trend category.
In addition, we remodeled one store under our new format, bringing the total number of stores operating with the format to 14. We
will open 18 new stores under the new format during the second half of the year. We continue to be encouraged by the performance of
the new format stores. These stores open new avenues of customer engagement that further capitalizes on our unique and
wide-ranging demographic, the strength of our sales team, our long-standing credibility in the entertainment space, and the loyalty of
our customers.
In addition, as part of our priority to further engage complementary world-class talent to capitalize on strategic opportunities, I am
happy to announce the appointment of Chris Hoerenz as our new Chief Digital and Marketing Officer.
For over 20 years, Chris has coupled strong e-commerce experience with operating expertise in technology, digital and mobile, and
led teams through all phases of the company lifecycle. He has been a forerunner in launching consumer products into the mobile and
social media space with emphasis on driving results in the marketplace. His background includes extensive experience in the digital
entertainment category.
Now, John will take you through financial highlights for the quarter.
John Anderson
Thanks, Mike. Good morning. For the second quarter, comp sales were flat. Total revenue for the quarter was $64.3 million, a
decrease of 6.1% compared to last year. Stores in operation decreased 5.8%.
Our gross margin rate for the quarter increased 30 basis points to 41.5% of sales from 41.2% last year. Margin rates continue at
historically high levels. The increase in gross profit as a percent of revenue was due to the increased revenue contribution from our
higher margin trend category and increased margins in the trend and electronic categories driven by better costing and price
management.
SG&A expenses decreased approximately $200,000 or 0.5% for the quarter to $29.6 million or 46% of revenue compared to $29.8
million or 43.4% of revenue for the same period last year. SG&A expense in the second quarter of 2015 was reduced by $1.4 million
or a 200 basis point benefit due to the one-time reimbursement of expenses related to a legal settlement.
Adjusted EBITDA for the second quarter of 2016 was a loss of $2.9 million, the same level as the second quarter of 2015 after
excluding the $1.4 million one-time gain from our legal settlement.
Depreciation expense was $1.6 million in the quarter versus $1 million last year. The increase was due to investments in new and
remodeled stores, the chain-wide rollout of new marketplace fixtures to support our shift in our merchandising assortment and
technology enhancements, including the rollout of the new POS system.
Net interest expense was $86,000 in the quarter versus $441,000 last year point. The decline in interest expense was due to the
expiration of the capital lease on our distribution center and corporate offices. The current lease is accounted for as an operating lease,
with payments included as a $310,000 reduction in Adjusted EBITDA during the second quarter of 2016.
For the second quarter, our net loss was $4.7 million or a loss of $0.15 per diluted share as compared to a net loss of $3 million or a
loss of $0.10 per diluted share in the second quarter of 2015. Net loss in the second quarter of 2015 excluding
the one-time legal settlement gain of $1.4 million was $4.4 million or a loss of $0.14 per diluted share results.
Now, let me touch on our results for the first half of the year. For the first half, comparable sales were flat. Total revenue was $140.1
million or a decrease of 5.2% compared to last year.
Our gross margin rate for the first half was 30 basis points favorable and increased to 41.1% of sales or 40.8% last year.
For the first half, SG&A expenses decreased $500,000 or 0.8% to $59.6 million compared to $60.1 million in the comparable period
last year. As a percentage of revenue, SG&A expenses were 42.6% versus 40.7% for the same period last year. SG&A in the first half
of 2015 was reduced by $1.4 million or a 90 basis point benefit due to the one-time gain on the legal settlement. In addition, higher
health insurance costs for the first half of 2016 contributed to a 50 basis point increase in SG&A as a percent of sales.
Adjusted EBITDA for the first half was a loss of $2.1 million as compared to a loss of $1.2 million for the same period of 2015 after
excluding a $1.4 million one-time gain on a legal settlement.
Depreciation expense was $3.1 million in the first half versus $2 million last year. Interest expense was $345,000 versus $920,000 last
year. Other income for the first half was $1 million compared to $41,000 last year. Other income included a gain of $800,000 from the
sale of investment in Q1 of 2016. The remaining balance consist of interest income.
For the first half, our net loss was $4.6 million or $0.15 per share as compared to a net loss of $2.8 million or a loss of $0.09 per
diluted share in 2015. Net loss for the first half of 2015 excluding the $1.4 million one-time gain on a legal settlement was $4.2
million or a loss of $0.14 per diluted share.
We ended the quarter with $79 million in cash compared to $91 million last year. The decline in cash was due to repurchase of shares
and the capital investments mentioned earlier.
Since the end of the second quarter last year, the company has spent $3.3 million to repurchase shares under its repurchase program.
For the first half, capital spending was $7.7 million compared to $8 million for the same period last year. Since the end of the second
quarter last year, the company has spent $20.3 million in capital expenditures to support strategic initiatives and necessary technology
enhancements.
Also, year-over-year, we have lowered our inventory by $4 million and finished the quarter with $120 million in inventory, 3.4%
below last year’s $124 million. On a per square foot basis, inventory was $72 compared to $69 per square foot at the end of the second
quarter last year.
We ended the quarter with 294 stores in operation as compared to 308 stores last year, a reduction of 5.8%. Square footage in
operation declined 6.8% to 1.7 million square feet versus 1.8 million square feet last year.
Now Scott will take you through our merchandise sales highlights.
Scott Hoffman
Thanks, John. Good morning. I will now review our results by category. Despite the material declines in the media categories, our
comparable sales for Q2 were flat as compared to last year and represent the fifth consecutive quarter with flat comp sales.
In our trend category, comp sales increased 40%.
We continue to take advantage of opportunities to strengthen our assortment and shift our inventory mix. Trend sales represented 29%
of our business for the quarter compared to 19% last year.
Video comp sales decreased 11%. Video represented 36% of our business during the quarter versus 42% last year.
Music comp sales declined 9%. Within the music category, we’re seeing continued growth in vinyl, which is helping to offset declines
in CDs. The music category represented 25% of our business for the quarter versus 27% last year. While these categories continued to
decline, they still represent approximately 60% of
our business. We’re focused on providing our loyal customers a strong selection in these categories.
Electronics comp sales decreased 4%. Electronics sales represented 9% of our business for the quarter versus 10% last year. We
continue to focus on optimizing gross profit in this category, while enhancing our merchandise selection.
Video game comp sales were down 59%. Games represented 1% of our business for the quarter versus 2% last year. We continue to
shift our inventory investment and space allocation away from games to our higher margin growth categories.
Now, I’ll turn it back over to Mike.
Michael Feurer
Thanks, Scott. While we’re still in the early stages of our reinvention, our progress validates that we are successfully leveraging our
heritage industry relationships and hard earned credibility with our customers to achieve our vision. We’re utilizing our financial
strength to improve the customer experience by making investments in people, process, technology and strategic partnerships.
In addition, we are evolving our merchandise assortment and presentation and providing customer service guided by an approach to
engage every customer with gratitude, humility and respect.
We’re encouraged by the progress we made and look to capitalize on the momentum we generated. We will continue to deliver on our
vision of becoming the most compelling entertainment and pop culture centric engagement in the marketplace in an omni-channel
environment, guided by the following priorities - champion a culture of innovation, experimentation and driving the business; engage
complementary world-class talent to capitalize on strategic opportunities; elevate the brand and customer experience; evolve and
deploy the economical, repeatable omni-channel model for the future; modernize our technological capability; and engage dynamic
alliances and collaborations required to unlock the full potential of Trans World Entertainment.
Now, I’d like to open the call for questions.
Question-and-Answer Session
Operator
Thank you. [Operator Instructions] Our first question comes from the line of William Meyers from Miller Asset Management. Please
proceed with your question.
William Meyers
Hi. Good morning. On the 14 new formats - or 18 new format stores you plan to open, are those actual new stores or are those
remodeling of current stores?
Michael Feurer
The 14 is a combination of new and remodeled stores. We do plan on opening 18 new stores in the back half of the year.
William Meyers
Okay. And could you characterize, are those likely to be mall stores, are they likely to be concentrated in any particular region of the
country?
John Anderson
Yeah. They’re mall stores and they’re not concentrated in any particular region of the country.
William Meyers
Okay. And my only other question, was there anything in either music or video that was released or failed to be released in the quarter
that would be of interest worth mentioning?
Scott Hoffman
Nothing of interest that would be worth mentioning from a release point of view.
William Meyers
Okay. Well, that’s all from me. Thank you. Good quarter.
Michael Feurer
Thank you.
Operator
Gentlemen, there are no further questions in the queue. I’d like to hand it back over to you for closing comments.
Michael Feurer
I’d like take this opportunity to thank everyone for their dedication to our company, our customers, and the shareholders and our
Transworld Associates. We look forward to talking to you about our third quarter results on November 17. Thank you.
Operator
Ladies and gentlemen, this does conclude today’s teleconference. Thank you for your participation. You may disconnect your lines at
this time and have a wonderful day.