BK Technologies Corporation (BKTI) Earnings Call Transcript & Summary

Greetings. Welcome to the BK Technologies Corporation 2021 Virtual Annual Meeting. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, E. Gray Payne, BKTI's Chairman of the Board of Directors. Mr. Payne, please go ahead.

Thank you. Good morning. I'm Gray Payne, Chairman of the Board of Directors of BK Technologies Corporation, and I welcome all of you to our 2021 Annual Meeting. This meeting is being conducted virtually via webcast with assistance from Issuer Direct. Stockholder questions or comments pertaining to the meeting agenda items may be taken via the chat feature on the meeting page. We have technicians ready to assist you with any technical difficulties you may have. If you're having technical difficulties or need assistance with voting, please call (844) 399-3386 or (919) 744-2718 or follow the on-screen prompts to contact technical support. The 2021 Annual Meeting of Stockholders is now called to order. I would like to introduce our directors and executive officers participating in today's meeting. Our directors include Kyle Cerminara, Charles Lanktree, Michael Dill and John Suzuki. Our executive officers for today's meeting include John Suzuki, our CEO; Tim Vitou, our President; Bill Kelly, our Chief Financial Officer; Branko Avanic, our Chief Technical Officer; and Randy Willis, our Chief Operating Officer. Bill Kelly serves as the Secretary and will now report the steps taken in connection with this meeting. Bill?

Thanks, Gray. I have copies of the proxy statement and the notice of Internet availability of proxy materials and the certificate of mailing stating that copies of the notice for the meeting were mailed to each stockholder of record as of the close of business on October 25, 2021, the record date for this meeting on or about November 1, 2021. These documents will be included with the minutes for this meeting. A certified list of stockholders will remain open for inspection throughout this meeting.

Thank you, Bill. [ Gina Butcher ] has been appointed to act as Inspector of Elections at this meeting. A copy of our oath of office will be included with the minutes of the meeting. The inspector has advised me that a quorum is present, so we will proceed. The polls are now open for voting and will close upon the conclusion of any discussion on the last item being voted on here today. If you have already voted by mailing in your proxy by telephone or online, you do not need to take any further action. If you have not voted yet, you may vote during this meeting by clicking on the vote-my-shares link on the meeting page and follow the on-screen prompts. Our agenda today consists of 4 items of business. First, to elect Kyle Cerminara; Michael Dill, Joseph Jackson, Charles Lanktree; John Suzuki, Inez Tenenbaum and myself as directors of the company, each to serve until the next Annual Meeting of Stockholders and until his or her successor is duly elected and qualified. Second, to ratify the appointment of MSL, P.A. as our independent registered public accounting firm for fiscal 2021. The third, to approve an amendment to the company's Articles of Incorporation to increase the number of our authorized common stock from 20 million to 50 million and to make a corresponding change to the number of authorized shares of capital stock. And fourth, to approve an amendment to the company's 2017 incentive compensation plan to increase the number of authorized shares under the plan from 1 million shares to 3 million shares. The vote required for each proposal is described in the proxy statement. Is there any discussion on these proposals? [Voting]

Now that all proposals have been presented, we will proceed to close the polls. The polls are now closed. The inspector has advised me that the preliminary voting results are: all 7 director nominees have been elected by a plurality of votes cast; the appointment of MSL as our independent registered public accounting firm for fiscal 2021 has been affirmed; the amendment to the company's Articles of Incorporation to increase the number of our authorized common stock from 20 million to 50 million, and to make a corresponding change to the number of authorized shares of common stock has been approved; and the amendment to the company's 2017 incentive compensation plan to increase the number of authorized shares under the plan from 1 million shares to 3 million shares has been approved. We will report the final voting results in a Form 8-K filed with the SEC, no later than next Thursday, and the final report of the inspector will be included with the minutes of this meeting. With the voting concluded, we will open the meeting to questions. You may submit questions using the chat feature on the meeting page. Do you have any questions for us? Seeing no questions. And as there is no other business to come before the meeting, BKTI's 2021 Annual Meeting of Stockholders is now adjourned.

This concludes today's conference. You may disconnect at this time, thank you for your participation.