Twin Vee Powercats Co. (NASDAQ:VEEE) Q3 2023 Earnings Call Transcript
Twin Vee Powercats Co. (NASDAQ:VEEE) Q3 2023 Earnings Call Transcript November 13, 2023
Operator: Welcome to the Twin Vee PowerCats Company Third Quarter 2023 Investor Call. As a reminder, this call is being recorded and all participants are in a listen-only mode. Your speaker for today's program are Joseph Visconti, President and CEO of Twin Vee PowerCats Company and Carrie Gunnerson, CFO of Twin Vee PowerCats Company. Before I turn the call over to Joseph, please remember that certain statements made during this investor call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements on this call, other than statements of historical facts, including statements regarding the company's future operations and financial position, business strategy and plans and objectives of management for future operations are forward-looking statements.
In some cases, forward-looking statements can be identified by terminologies such as believes, may, estimates, continue, anticipates, intends, should, plan, expects, predict, potential or the negative of these terms or other similar expressions. The company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks and uncertainties and assumptions described, including those set forth in our filings with the Securities and Exchange Commission, which are available on our website at www.twinvee.com.
You should not rely upon forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Finally, this conference call is being webcast. The webcast will be available in the Investor Relations section of our website at ir.twinvee.com for at least 90 days. Audiocast quality is subject to your equipment, available bandwidth and Internet traffic. If you experience unsatisfactory audio quality, please use the telephone dial-in option. A question-and-answer session will follow the formal presentation. [Operator Instructions] I will now turn the call over to your host, Joseph Visconti.
Joseph Visconti: Good morning, everyone. My name is Joseph Visconti. I'm the President and CEO of Twin Vee PowerCats. I'm joined on the call with Carrie Gunnerson, our CFO. Thank you for joining our third quarter 2023 investor call. As many of you know, Twin Vee designs, manufactures and sells a range of catamaran sport boats here from our Fort Pierce, Florida factory. For nearly 30 years, Twin Vee has been synonymous with offshore catamaran boats and considered by many to be one of the best riding boats on the water. The general economic landscape, including interest, rising interest rates continues to directly affect consumer purchasing on many recreational products, while we see entry-level buyers affected by higher interest rates.
An aerial view of boat show with recreational boats and luxury day boats on display.
We are also seeing cash buyers with slightly better demand for larger boats. The kickoff for boatshow season of Florida was two weeks ago when one of the largest and most respected boat shows named FLIBS or the international Fort Lauderdale Boat Show was held two weeks ago in Lauderdale. And Twin Vee and OneWater, our partner dealer, we had a fantastic display in the brand-new Fort Lauderdale Convention Center. We had every Twin Vee model, except our 400 being showcased in a large, well-positioned location in the show. And we had a decent amount of traffic. And after the dust settles, we feel confident that we will have sold between five and seven units at that show, including two 340 GFXs and so based on current market conditions, I would call this a strong single or double in terms of sales.
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