Brett Cope: It’s when you’re putting, especially on the labor side, and you’re bringing a lot of talented labor to bear on a project with on the design side or site services it tends to bring in a higher margin in some of the products.
Operator: Our next question will be a follow up from John Franzreb with Sidoti & Company.
John Franzreb: Just a couple points here. I’m curious about the project that contributed $2.5 million to revenue. Was that a recent project, how old are the projects, is it older?
Mike Metcalf : Yes, John, this is a project that we executed. We actually won I think in 2013 or €˜14 is executed over a number of years. And Powell incurred costs via change orders several years ago, and due to the uncertainty of recovering the timing and the recovery of those costs. The cost flow through the P&L, but the revenue was not recorded. Now in this last fourth — fiscal fourth quarter, that project was finalized by the ultimate end user and the general contractor. And the amounts were defined and settled. And as a result, Powell recovered the majority of the cost that we had incurred several years ago. And that’s a $2.5 million uplift in margins this quarter.
John Franzreb: All right. And Brett you kind of referenced, your travel to Asia, your upcoming trip to the Middle East. I’m curious about the opportunity pipeline today versus, say three months ago? Is it still as robust? I mean, are we looking at exit backlog in fiscal 2023 that’s similar the exit backlog in fiscal 2022. Just your thoughts about what’s out there relative to what you were seeing, in order to capture it.
Brett Cope: It’s still pretty strong, John, hard to say what the exit backlog will be. I think the potential to have a strong backlog at the end of €˜23 is definitely there, the oil and gas side that has been building for the better part of 12 to 18 months. And as we shared certainly very appreciative to have received that award in Q4. But the oil and gas part continue. There isn’t just one project, there’s a number of things that are percolating in that core market that are ongoing, and we’ll definitely continue to pursue them throughout €˜23 and probably into €˜24 at this point. So I think that will be an increasing return to that core market. On the broader, I don’t expect any change in the utility cadence. We’ve talked about that for a number of years, five, six years, we continue to have a very strong strategic focus, especially in our home countries of the US, Canada, UK.
So I expect to continue there, incrementally gaining share where we can continue to execute and it demonstrate utility customers that Powell is the best solution, and then the broader markets that have kind of come up last 12 to18 months, maybe a little bit more uncertainly in the latter part of the year. But as I sit here today, pretty robust activity. So I think, at least in the first half, it’ll continue at a good clip. This concludes our question-and-answer session. I would like to turn the conference back over to Brett Cope for any closing remarks.
Brett Cope: Thank you, Joe. Overall, we are pleased with our financial performance in the quarter and for the full year as our core end markets continue to improve. We are seeing the early success, the early successes of our growth initiatives and are entering fiscal 2023 with very encouraging momentum. I would like to thank our nearly 2,000 talented employees for their enthusiasm and exceptional service to our customers. Their strong focus on operational excellence, safety and a commitment to improve combined with a can-do spirit gives me great confidence that Powell ‘s future is very bright. With that thank you for your participation on today’s call. We appreciate your continued interest in Powell. I look forward to speaking with you all next quarter.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.
