Mistras Group, Inc. (NYSE:MG) Q1 2020 Earnings Conference Call - Final Transcript
May 19, 2020 • 09:00 am ET
Edward J. Prajzner
committed to carrying on our strategy today and over the long term.
And with that, I will now turn the call back over to Dennis.
Dennis M. Bertolotti
Thank you, Ed. Mistras is essential to global energy infrastructure as well as to the aerospace, alternative energy, and other industries whether at our facilities or those of our customers' our teams are hard at work ensuring the safety and security of valuable assets while observing today's coronavirus inspired rules of engagement. We are far from out of the woods. We intend to keep a consistent eye on our expected revenues and be sure we match our resources accordingly. The crude oil prices have recently stabilized and are beginning to improve and more states around the country are beginning to relax some stay-at-home restrictions.
Conversations with our customers have become more constructive. These are all positive signs and much different than the signals we were hearing in mid to late March. Mistras intends to emerge from this pandemic stronger, determined and prepared to capitalize on the opportunities, which we believe exist within our industry. Customers know they can count on Mistras to be there when they need us. We have deep relationships built over years of dedicated service delivering on time and on budget and we are developing new ways tools that customers know they're going to need as budgets shrink and we all have to learn how to do more with less.
We are excited about Mistras's future and are committed to our success. Our industry is under intense pressure to optimize the efficiency of their assets and to continue to comply with increasingly complex safety, environmental, and other regulations. This is creating a growing demand for our services. In the short run, that trend may be disrupted, but over the long-term, we think these factors will drive growth in our markets and we intend to outpace our growth. Our utmost concern remains safety of our employees as well as those of our customers and the many other Mistras associates.
Let me again state my deep appreciation for the hard work of all the Mistras technicians and professionals are doing to keep our customers' assets safe while facing all the challenges, they must endure to get the work done and we also commend all the administrative and management Mistras folks for finding a way to make this new normal work for us. Our focus on cash generation, collection, and normal administrative processes has not diminished one bit and we are a strong and nimble as we ever have been. I also want to sincerely recognize the patience of our long-term shareholders who continue to support us through this journey.
Thank you. Now with that, we'll now take your questions. Gigi, please open up the phone lines.