<SEC-DOCUMENT>0001193125-11-087901.txt : 20110606
<SEC-HEADER>0001193125-11-087901.hdr.sgml : 20110606
<ACCEPTANCE-DATETIME>20110404135546
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-11-087901
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MATRIX SERVICE CO
		CENTRAL INDEX KEY:			0000866273
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
		IRS NUMBER:				731352174
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5100 EAST SKELLY DRIVE
		STREET 2:		SUITE 700
		CITY:			TULSA
		STATE:			OK
		ZIP:			74135
		BUSINESS PHONE:		9188388822

	MAIL ADDRESS:	
		STREET 1:		5100 EAST SKELLY DRIVE
		STREET 2:		SUITE 700
		CITY:			TULSA
		STATE:			OK
		ZIP:			74135
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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 <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">April&nbsp;4, 2011 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporate Finance </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 Station Place, N.E. Stop 4631 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington,
D.C. 20549 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attn: Terence O&#146;Brien, Accounting Branch Chief </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Matrix Service Company</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form 10-K for the Fiscal Year Ended June 30, 2010</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed September 28, 2010</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">File No. 1-15461</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The purpose of this letter is to respond to your comments regarding the Annual Report on Form 10-K for the fiscal year ended June&nbsp;30, 2010 filed by
Matrix Service Company (the &#147;Company&#148;, or &#147;we&#148;, &#147;us&#148;, or &#147;our&#148;), and the Quarterly Report on Form 10-Q for the fiscal quarter ended December&nbsp;31, 2010, as set forth in your letter dated March&nbsp;21,
2011. Our response to your comment is provided in bold and is preceded by your comment and is numbered to correspond to the number used in your letter. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Form 10-K for the Fiscal Year Ended June&nbsp;30, 2010 </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Management&#146;s Discussions
and Analysis of Financial Condition and Results of Operations, page 23 </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We note that steel plate and steel pipe are the primary raw materials that you use in your operations. If you purchase material amounts of your raw materials from
suppliers in Japan please include a discussion that addresses whether you expect an interruption in raw material and the impact to your operations. Refer to Section&nbsp;501.02 of the Financial Reporting Codification for guidance.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We do not purchase steel directly from Japanese mills. Most of our steel purchases are from domestic sources including
domestic mills and distributors. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We understand that most Japanese mills are in the southern part of the country, which was not
affected as severely by the earthquake and tsunami that occurred in the northern part of the country and are producing at near normal levels. However, the disaster has affected the overall level of Japanese exported steel, and we believe there has
been a reduction in steel imported from Japan to the United States. Additionally, Japanese mills are a major supplier of nine-nickel steel, which is used in the construction of liquefied natural gas, or &#147;LNG&#148; tanks. We are not currently
</B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>
constructing any LNG tanks and there are no pending LNG awards that we consider imminent. Therefore, we anticipate that any shortage in nine-nickel steel will not have a material effect on our
business in the short-term. However, we continue to pursue LNG work so any long-term supply disruption could negatively impact our LNG business. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>We have seen some upward pressure on steel plate prices and expect this trend to continue. We believe that the pricing pressure is due to an overall increase in economic activity in heavy industry and
strong demand in industrial construction and not from the level of Japanese imports. Steel is a commodity with cyclical pricing and these increases are not unusual during an economic expansion. In addition to pricing pressure, in the near term some
of our suppliers could reduce the volume of steel that we can purchase. These reductions are not unusual and we have mitigated our risk by having excess purchasing capacity available and do not expect any short or long term supply disruption. As
outlined in Item&nbsp;7A of our fiscal 2010 Form 10-K, we are able to mitigate both price and availability risk by including standard language in our contracts that passes these risks on to our customers. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We will consider making appropriate disclosures with respect to these matters in our future filings. Form 10-Q Part I, Item&nbsp;3. Quantitative and
Qualitative Disclosures About Market Risk, requires that the Company furnish the information, on a quarterly basis, required by Item&nbsp;305 of Regulation S-K. Specifically, under Item&nbsp;305(c), we are required to disclose any material changes
to our primary market risk exposures or how the exposures are managed when compared to the most recently completed fiscal year and what is expected to be in effect in future reporting periods. Based on this guidance, the Company expects to include
the following in Part I, Item&nbsp;3 of its Form 10-Q for the third fiscal quarter of 2011: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&#147;Japan is a major producer of steel,
and the earthquake and resulting tsunami that occurred in Japan on March&nbsp;11, 2011 has caused or may cause Japanese companies to curtail some of their steel exports due to reduced manufacturing capacity, increased Japanese demand, or other
factors. We purchase our steel from domestic sources, and the events in Japan have not had a material short-term effect on our steel supply. However, supply disruptions originating in Japan could affect domestic supply or steel prices in the United
States. We continue to believe that our contracting strategy of passing the risk of steel price increases and availability on to our customers mitigates our risk related to these events. However, we cannot predict and will continue to assess what
affect, if any, a long-term reduction in Japanese imports may have on the United States steel market in terms of both pricing and availability of our steel supplies.&#148; </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>The Company will continue to monitor this situation and consider, in future filings, whether additional disclosure is warranted, including further updates to Quantitative and Qualitative Disclosures
About Market Risk or the addition of a Risk Factor addressing the availability of raw material. </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Construction Services, page 28 </U></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We note that you acquired SME in February 2009 and in your Form 8-K filed on February&nbsp;13, 2009 you state that this acquisition would increase annual revenue by
more than $70 million. You disclose that the increase in Electrical and Instrumentation revenues was primarily attributable to the inclusion of a full year of SME operations in fiscal 2010 compared to less than four months in fiscal 2009. In future
filings please quantify how much of the revenue growth is attributable to SME to allow investors to assess its results. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>In
order to increase the volume of business, expand geographically, and improve the profitability of our Electrical and Instrumentation (&#147;E&amp;I&#148;) business the Company purchased SME in February of 2009. While the acquisition did add
incremental revenues that were directly attributable to SME, there was also a significant benefit to our existing E&amp;I business. These benefits included, but were not limited to, the following: </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Expanded the E&amp;I business geographically in the Mid-Atlantic region of the United States; </B></FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>increased the marketing capabilities of the E&amp;I business by obtaining a recognized and reputable name; and </B></FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>increased the execution capabilities of the E&amp;I business by adding a highly skilled workforce. </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>These incremental capabilities have allowed us to expand our E&amp;I business. We have been able to execute &#147;contractor of choice&#148;
agreements with major utility companies in the Mid-Atlantic and Northeastern United States. In addition, by leveraging our expanded E&amp;I capability we have been able capture incremental capital projects. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Upon completing the purchase of SME we began integrating the operations of SME into our existing E&amp;I business. Today, our E&amp;I business is
managed as a single business with a high degree of shared resources including business development, back office support, management, operational personnel and facilities. Based on this level of integration, the Company concluded that maintaining
financial statements that include the effect of the SME acquisition on a stand-alone basis was not necessary; therefore such information is not currently available. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Based on the above factors we believe that investors should assess the SME acquisition by the overall performance of our E&amp;I business which is discussed in MD&amp;A. </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Cash Flows from Operating Activities, page 32 </U></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">You present a tabular disclosure of cash flows from operations in which you present a line item for cash effect of changes in operating assets and liabilities. In
future filings please identify and quantify material changes in your operating assets and liabilities. Refer to Section&nbsp;501.13 of the Financial Reporting Codification for guidance. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Additional explanation should be provided, and we have provided more detail in both our first and second quarter fiscal 2011 Form 10-Qs (see excerpts
below). We will continue to identify and quantify material changes in our operating assets and liabilities in our future filings. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Excerpt from page 20 of our Form 10-Q for the first quarter fiscal 2011: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Cash Flows from Operating Activities </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Increased business activity in the first
quarter led to higher working capital balances which caused operations to use $5.3 million of cash in the three months ended September&nbsp;30, 2010. The working capital increase was primarily due to increases in accounts receivable and costs in
excess caused by increased business volume, and a decrease in accounts payable. The decrease in accounts payable was due to an unusually large balance at June&nbsp;30 caused by a significant steel plate purchase late in the prior fiscal year.
Increases in billings in excess and accrued expenses positively affected cash at September&nbsp;30 and were due to the increase in business. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Excerpt from pages 23-24 of our Form 10-Q for the second quarter fiscal 2011: </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Cash
Flows from Operating Activities </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Increased business activity in the six months ended December&nbsp;31, 2010 led to higher balances
in certain working capital accounts which caused operations to use $2.6 million in cash. Working capital changes in the six months ended December&nbsp;31, 2010 that significantly affected the cash balance at December&nbsp;31, 2010 include the
following: </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Accounts receivable increased by $22.9 million. The increase was caused primarily by increased business activity. </B></FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Accounts payable decreased by $10.4 million. The decrease was due to a large steel purchase late in the prior fiscal year.
</B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Accrued expenses decreased by $5.0 million. The decrease was primarily the result of a payment of $4.0 million in December 2010 to settle the
California Pay Practice Class Action Lawsuits. The settlement and payment are discussed in Note 6 of the Condensed Financial Statements included in Part 1, Item&nbsp;1 of this Quarterly Report on Form 10-Q. </B></FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The net change in the combined balances of costs and estimated earnings in excess of billings on uncompleted contracts and billings on uncompleted
contracts in excess of costs and estimated earnings caused a decrease in working capital and an increase to cash of $14.7 million. This change was primarily attributable to advance billings on Aboveground Storage Tank contracts in the Construction
Services Segment. </B></FONT></P></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Form 10-Q for the Fiscal Quarter Ended December&nbsp;31, 2010 </U></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation, Page 17 </U></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">We note your accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts less billings on uncompleted contracts in excess of
costs and estimated earnings as of December&nbsp;31, 2010 has materially increased as a percentage of quarterly sales as compared to 2009. In future filings please provide a discussion that identifies and quantifies the contributing factors
impacting your operations. Refer to Section&nbsp;501.04 of the Financial Reporting Codification for guidance. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Revenues for
the three months ended December&nbsp;31, 2010 and December&nbsp;31, 2009 were $175.3 million and $150.4 million respectively. Costs and estimated earnings in excess of billings on uncompleted contracts (&#147;CIE&#148;) totaled $37.0 million and
$36.8 million at December&nbsp;31, 2010 and December&nbsp;31, 2009, resulting in CIE/Revenue ratios of 21% and 24%, respectively. Billings on uncompleted contracts in excess of costs and estimated earnings (&#147;BIE&#148;) totaled $39.6 million and
$35.5 million at December&nbsp;31, 2010 and December&nbsp;31, 2009, resulting in BIE/Revenue ratios of 23% and 24%, respectively. The Company does not view these ratios as unusual. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>At December&nbsp;31, 2010, our consolidated accounts receivable had a balance of $109.9 million as compared to a balance of $76.2 million as of December&nbsp;31, 2009. The Accounts Receivable/Revenue
ratio was 63% at December&nbsp;31, 2010 and 51% at December&nbsp;31, 2009. The increase of $33.7 million was primarily due to the year over year increase in quarterly revenues, primarily in our Aboveground Storage Tank and Electrical and
Instrumentation markets and an increase in our average days sales outstanding (&#147;DSO&#148;). The increase in DSO was temporary and did not result in any receivable write-offs or any material changes in our liquidity. We did include the
discussion excerpted above in our response to Comment #3 comparing our accounts receivable balance at December&nbsp;31, 2010 to June&nbsp;30, 2010 in the Financial Condition and Liquidity section of our Form&nbsp;10-Q for the second quarter of
fiscal 2011. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>In our future filings, we will be cognizant of the importance of these accounts and ensure that full disclosure is made
of any unusual balances or material trends. </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In responding to the comments above the Company acknowledges the following: </FONT></P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the
filing; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of
the United States. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We appreciate your consideration of our response and would be pleased to discuss our responses with you
at your convenience. Please feel free to call me at (918)&nbsp;359-8296 at any time. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely,</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Kevin Cavanah</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kevin Cavanah</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President and Chief Financial Officer</FONT></P></TD></TR></TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
