Wes Stockton: Yes, this is Wes. I mean as you can imagine, given this is litigation we want to limit our discussion on this. Obviously, it’s a jury trial, so the ultimate outcome is uncertain. It’s fairly difficult to predict as well. We did provide some additional details of the litigation in our 10-K. I mentioned earlier that we’ll file that this evening, and it’ll be available in the morning. It’s probably better to allow that because it will give more context to our current thinking around the litigation.
Richard Greulich: Okay. Is there any €“ are there any sums on the balance sheet that would shed some light on that, one way or the other either reserves or…
Wes Stockton: I don’t know €“ they wouldn’t shed light on your early-on question, but I will tell you what is on our balance sheet.
Richard Greulich: Okay.
Wes Stockton: We do have a receivable of $12.5 million. It’s been on the balance sheet since the termination date. It reflects our working €“ our contract position at the time of the termination, and it’s in other long-term assets.
Richard Greulich: Okay. And it €“ well, let me kind of take it from a different angle then. So if that’s the receivable and that doesn’t become in actuality, so there is $12 million there. But is there any additional amount that you would actually have to pay then for that?
Wes Stockton: Well, like I said, they have claims against us. We have claims against them. And conceivably, there could be amounts that are due to them. And conversely, there could be incremental amounts that are due to us. At this point, we’re not in a position to tell you the likelihood of what that might be or not be.
Richard Greulich: Okay, all right. Thank you.
Operator: And our next question comes from the line of David Wright with Henry Investment Trust. Please proceed with your question.
David Wright: Thank you. Learn me up here. Just as you talk about this being a reimbursable contract and you talk about covering your cost, does that mean that you don’t get any profit on the business you’ve done so far?
Wes Stockton: No. I would say €“ when we say reimbursable, we mean it’s reimbursable plus the margin that’s been provided for within the contract.
David Wright: Okay. And you said you were working on this in the fourth quarter and then you were working on this through late February.
Wes Stockton: That is correct. We made progress during the first part of the year. That’s correct.
David Wright: But you have business in the first quarter as well from this contract?
Wes Stockton: We will have some. We expected about and you’ll see this again in our filing. We’ve got somewhere between $60 million and $70 million of our backlog that we think will be impacted by the suspension, and that will be subject to determination of where the customer goes going forward.
David Wright: Is the customer currently present on its payables due?
Wes Stockton: I’m sorry?
David Wright: Is the customer present on its payables due?
Wes Stockton: Generally, current. We haven’t received all payments of all amounts that are due at this point.
David Wright: Was €“ did the customer have an issue with the quality of the work that the company was doing?
Richard Heo: No, it was not a quality €“ it wasn’t a Gulf Island issue. They are evaluating collectively all the projects that they’re executing and looking for a best path forward in terms of their €“ the amounts of capital projects that they’re working on.
David Wright: All right, thanks for that context. And then is anyone presently paying you for reservation space?
Richard Heo: No, not currently.
David Wright: Okay. Well, thank you very much for taking my questions.
