Soft start to fiscal year. 1Q2020 EBITDA of $0.9 million was below our estimate due to a large project completion in 4Q2019 and limited larger projects behind it. Higher than expected gross margin of 9.1% partly offset the revenue fall off.Adjusting FY2020 EBITDA to $7.1 million to reflect 1Q2020 operating results. Forecasted revenue of $110.1 million is lower, but EBITDA margin of 6.4% and gross margin of 10.6% are higher. December backlog of $63 million was flat with September quarter and $8 million above June quarter. Infrastructure activity is more muted versus the recent past due to lower energy prices, but the risk profile should improve with less larger higher risk projects.Read More >>