Rick Wheeler: Well, we just mentioned there may be some PRM tenders coming out. So we want to make sure that we have operational wherewithal to accommodate any of these sorts of things that come up. Plus there are some other aspects within our marine ocean bottom node business that could manifest, they will naturally require some commitment on the part of the potential customers but those will require some additional effort in the way of cash as well. So it’s really a business evaluation. So I can’t give you an equation that tells you when that will occur and there might be a stock buyback.
Michael Melby: Okay. Yes, it feels like with the cash balance that should be sufficient. I think going forward, if you could provide some more color in terms of what criteria you need to do that, it’d be helpful so we understand kind of the trade-offs between investing in the business or potentially and returning cash that you generate to shareholders. It’s more of a comment than a question. But going forward, do you expect Aquana in fiscal 2024 to generate a meaningful amount of revenues for the company?
Rick Wheeler: We think so. We absolutely think so.
Michael Melby: Got it. And any thought on timing if that’s kind of the next quarter or in general when we could expect to see a contribution from that?
Rick Wheeler: I don’t think it’s going to be late in the year. I don’t know if it will be in the first quarter as far as when we see some of that, some of those initial first fruits. But I think it will come relatively soon.
Michael Melby: Thanks for your help. Best of luck.
Rick Wheeler: You bet, Mike.
Robert Curda: Thank you.
Operator: And we have a follow-up from Bill Dezellem with Tieton Capital.
William Dezellem: Thank you. I actually want to pick up on the Aquana question. First of all, you did in the industrial products revenue, a total of $37 million of revenue. And I just want to use the language that was just used as a significant increase in revenue. Is that what you’re referring to was relative to the $37 million, you would expect a significant increase in that revenue?
Rick Wheeler: I’m not going to compare it to that because there’s such a mixture of products that went into that number, Bill. The industrial products certainly were the driver. Aquana was very little of any contribution to that. It wasn’t zero, but it wasn’t what you would call meaningful and significant. But there’s a mixture of products that went into the overall adjacent markets that pushed it up to be the 25% growth that it was. But we do — Aquana will be notable in our estimation of what we see in this coming year.
William Dezellem: All right. Thank you. And then a follow-up relative to reservoir monitoring. I think this is the first time in many, many years that we have heard that there may be multiple tenders or more than one tender within a year. Would you talk to what you think may be changing within the market space or if it’s just pure random coincidence that there are a couple that might be coming at the same time?
Rick Wheeler: I don’t think it’s random. I think that there’s comprehension within the oil companies that despite some of the ill words shoved in their direction that oil and gas, when properly managed, is going to be a viable energy source and a required energy source for decades to come as any sort of energy transition begins to manifest. So that being said, I think that some of the fields that they have discovered, they know they can better manage with lower carbon footprints if they have a complete assessment of how those reservoirs are changing as they exploit them. So I think largely that just the mind-set of the stability of what the market is going to be has made that more tractable for them to consider.
William Dezellem: Thanks, Rick. And then finally, this may be a silly question or may be insightful for us. But your contract manufacturing revenues were down. Was that because you intentionally reduced that business because you needed space for higher-value activities or was that just simply a function of your customers having lower revenue?
Rick Wheeler: I think that it’s a timing issue. There’s been supply chain issues and inflation issues that have affected our customers in many respects, and so that has been an impact. There has been a certain amount of capacity issue in a few of our areas in manufacturing. We’re working on that, by the way. So it does, in fact, have some components of it that are related to exactly what you referred to there. But I think that going forward, we’re going to have mitigated most of those circumstances.
