BK Technologies Corporation (BKTI) Earnings Call Transcript & Summary

Greetings, and welcome to BK Technologies Corporation 2023 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, a member of BKTI's Board of Directors. Mr. Payne, please go ahead.

Thank you, and good morning. I am Gray Payne, an Independent Director of BK Technologies Corporation, and I welcome all of you to our 2023 Annual Meeting. This meeting is being conducted virtually via webcast with assistance from Issuer Direct. Stockholder questions or comments are welcome and will 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 2023 Annual Meeting of Stockholders is now called to order. After we finish the formal portion of the meeting, we will address any questions that you may have. I would like to introduce our directors and executive officers participating in today's meeting. We have Scott Malmanger, our Chief Financial Officer, in attendance. Scott Malmanger serves as the Secretary and will now report the steps taken in connection with this meeting. Scott?

Good morning. I have copies of the proxy statement and 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, 2023, the record date for this meeting on or about November 2, 2023. 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, Scott. Tina Boucher has been appointed to act as Inspector of Elections at this meeting. A copy of her 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 5 items. Proposal 1 is the election of R. Joseph Jackson, Charles T. Lanktree, E. Gray Payne, Lloyd R. Sams, John M. Suzuki and Joshua S. Horowitz 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. Proposal 2 is the ratification of the appointment of MSL, P.A. as our independent registered public accounting firm for fiscal year 2023. Proposal 3 is the approval, on an advisory, nonbinding basis, of the compensation of our named executive officers. Proposal 4, is the approval, on an advisory nonbinding basis, of the frequency of the stockholder vote to approve the compensation of our named executive officers and to transact such other business properly brought before the meeting and any adjournment or postponement of the meeting. [Voting]

The vote required for each proposal is described in the proxy statement. Is there any discussion on these proposals? 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: Proposal 1, all 6 director nominees have been elected by a plurality of votes cast. For Proposal 2, the appointment of MSL as independent registered public accounting firm for fiscal 2023 has been affirmed. For Proposal 3, the compensation of our named executive officers has been approved. And for Proposal 4, 3-year frequency has received the most votes of the options presented. We will report the final voting results in a Form 8-K filed with the SEC no later than next Wednesday, and the final report of the Inspector will be included with the minutes for this meeting. With the voting concluded, we will open the meeting up to questions. You may submit questions using the chat feature on the meeting page. Do you have any questions for us? As there is no other business to come before the meeting, BKTI's 2023 Annual Meeting of Shareholders is now adjourned.

Thank you, ladies and gentlemen. This concludes today's conference, and you may disconnect at this time. We thank you for your participation.