<SEC-DOCUMENT>0001654954-21-005895.txt : 20210517
<SEC-HEADER>0001654954-21-005895.hdr.sgml : 20210517
<ACCEPTANCE-DATETIME>20210517164047
ACCESSION NUMBER:		0001654954-21-005895
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210513
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210517
DATE AS OF CHANGE:		20210517

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BK Technologies Corp
		CENTRAL INDEX KEY:			0000002186
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		IRS NUMBER:				593486297
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32644
		FILM NUMBER:		21931554

	BUSINESS ADDRESS:	
		STREET 1:		7100 TECHNOLOGY DRIVE
		CITY:			WEST MELBOURNE
		STATE:			FL
		ZIP:			32904
		BUSINESS PHONE:		321-984-1414

	MAIL ADDRESS:	
		STREET 1:		7100 TECHNOLOGY DRIVE
		CITY:			WEST MELBOURNE
		STATE:			FL
		ZIP:			32904

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BK Technologies, Inc.
		DATE OF NAME CHANGE:	20180604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RELM WIRELESS CORP
		DATE OF NAME CHANGE:	19980129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAGE INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>bkti_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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Washington, D.C. 20549</font></div>
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FORM&#xA0;8-K</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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CURRENT REPORT</font></div>
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PURSUANT TO SECTION&#xA0;13 OR 15(d)&#xA0;OF THE SECURITIES
EXCHANGE ACT OF 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Date of Report (Date of earliest event reported):</font>
<font style="font-weight: bold; color: #000000">May 13,
2021</font></font></div>
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<a name="FIS_UNIDENTIFIED_TABLE">
<!--anchor--></a>BK Technologies Corporation</font></div>
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(Exact name of registrant as specified in its charter)</font></div>
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Nevada</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
001-32644</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
83-4064262</font></div>
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(State or other jurisdiction of</font></div>
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(Commission</font></div>
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(IRS Employer</font></div>
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incorporation or organization)</font></div>
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File No.)</font></div>
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Identification Number)</font></div>
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&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
7100 Technology Drive, West Melbourne, FL</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
32904</font></div>
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(Address of principal executive offices)</font></div>
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(Zip Code)</font></div>
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(321) 984-1414</font></div>
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(Registrant&#x2019;s telephone number including area
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N/A</font></div>
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(Former name or former address, if changed since last
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Check the appropriate box below if the Form&#xA0;8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General
Instruction A.2. below):</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">[ ]
Written communications pursuant to Rule&#xA0;425 under the
Securities Act (17 CFR 230.425) &#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">[ ]
Soliciting material pursuant to Rule&#xA0;14a-12 under the Exchange
Act (17 CFR 240.14a-12) &#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">[ ]
Pre-commencement communications pursuant to
Rule&#xA0;14d-2(b)&#xA0;under the Exchange Act (17 CFR
240.14d-2(b)) &#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">[ ]
Pre-commencement communications pursuant to
Rule&#xA0;13e-4(c)&#xA0;under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Securities registered pursuant to Section 12(b) of the
Act:&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Title of Each Class</font></div>
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Trading Symbol(s)</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Name of Each Exchange on Which Registered</font></div>
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Common Stock, par value $.60 per share</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
BKTI</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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NYSE American</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (&#xA7;240.12b-2 of this chapter).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Emerging
growth company&#x2003;<font style="color: #000000">[&#xA0;]&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.&#x2003; <font style="color: #000000">[&#xA0;]&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 7.01 Regulation FD Disclosure</font></div>
<div style="text-align: justify; margin-left: 144px; margin-right: 0px; text-indent: -96px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">On
May 13, 2021, management of BK Technologies Corporation, a Nevada
corporation (the &#x201C;Company&#x201D;) discussed the
Company&#x2019;s financial results for the first quarter ended March
31, 2021, and certain aspects of the Company&#x2019;s business plan,
on an earnings conference call with analysts and investors. A
transcript of the conference call is furnished herewith as Exhibit
99.1.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
information contained in Item 7.01 to this Current Report on Form
8-K, including the exhibit, is being &#x201C;furnished&#x201D; and,
as such, shall not be deemed to be &#x201C;filed&#x201D; for the
purposes of Section&#xA0;18 of the Securities Exchange Act of 1934,
as amended (the &#x201C;Exchange Act&#x201D;), or otherwise subject
to the liabilities of that section, nor shall it be incorporated by
reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such filing.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Item 9.01. Financial Statements and Exhibits</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
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<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(d)&#xA0;</font></div>
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Description</font></div>
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<div style="display: table-cell; width: 72px;"><font style="color: rgb(0, 0, 0);"><a href="bkti_ex991.htm"><font style="font-family: Times New Roman; font-size: 13px">99.1<br></font></a></font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px;">May 13, 2021
Earnings Conference Call Transcript</font></div>
</div>
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SIGNATURES</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Pursuant
to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly
authorized.</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
BK TECHNOLOGIES CORPORATION</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Date: May 17, 2021</font></div>
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By:</font></div>
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/s/ William P. Kelly</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">William
P. Kelly</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Executive
Vice President and</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">Chief
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>bkti_ex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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&#xA0; <font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">Exhibit 99.1</font><br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Transcript
of</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">BK
Technologies Corporation</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">First
Quarter 2021 Earnings Call</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">May 13,
2021</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Participants</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Timothy
Vitou - President, BK Technologies Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Bill
Kelly - Executive Vice President and Chief Financial Officer, BK
Technologies Corporation</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Presentation</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Operator</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Good
morning, ladies and gentlemen, and welcome to the BK Technologies
Corporation Conference Call for the First Quarter 2021. This call
is being recorded. All participants have been placed on a
listen-only mode. Following the management's remarks, the call will
be open to questions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Before
turning the call over to our President, Mr. Timothy Vitou for
opening remarks, I will provide the following Safe Harbor
statement. Statements made during this conference call that are not
based on historical facts are forward-looking statements. Such
statements include, but are not limited to, projections or
statements of future goals and targets regarding the company's
revenue and profits. These statements are subject to known and
unknown factors and risks.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
company's actual results, performance or achievements may differ
materially from those expressed or implied by these forward-looking
statements and some of the factors and risks that could cause or
contribute to such material differences have been described in
yesterday's press release and in BK's filings with the U.S.
Securities and Exchange Commission. These statements are based on
information and understandings that are believed to be accurate as
of today, and we do not undertake any duty to update such
forward-looking statements.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">I will
now turn the call over to Mr. Timothy Vitou, President of BK
Technologies. Mr. Vitou, you may begin.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Timothy Vitou - President, BK Technologies Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Thank
you, Matthew, and thanks everyone for joining today. I'll arrange
my comments as follows: first, I'll highlight our financial
results, next, I'll spend some time providing operational updates,
then I'll turn the call over to Executive Vice President and Chief
Financial Officer, Bill Kelly, to dive deeper into the financial
results. We'll conclude by opening the call for a brief
Q&amp;A.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Beginning
with our financial results, Q1 revenue came in at $8.6 million
compared with $10.9 million in the first quarter of last year.
Revenues in Q1 were below internal expectations, due in part to the
timing of certain orders from our existing customers, as well as
some supply chain constraints.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Like
many enterprises, COVID-19 has disrupted the operations of some of
our customers and supply chain partners, slowing their ordering and
fulfillment processes, respectively. It is important to emphasize
this is not a demand issue, but rather a timing issue. Some of
these orders have now been booked or are in the final procurement
stage, giving us confidence that the second quarter will show
growth.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Even
with a short-term sales decrease, our gross margins were slightly
above last year, reflecting efficiencies we have driven into our
manufacturing operations, that have improved our utilization and
absorption of manufacturing and support expenses.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We also
realigned our sales and marketing teams, and implemented other
initiatives over the past year to optimize our expense structure,
reflected in our 16% reduction in SG&amp;A in Q1, versus Q1 of last
year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
short, the company is well-positioned to see margin growth as we
continue to scale our business. It's important to stay focused on
the big picture. Over the last four years, this business has been
totally transformed. We brought in a new executive management team
and a new Board of Directors, implemented new R&amp;D and
engineering strategies, a new product roadmap and new manufacturing
strategies.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">While
revenue in Q1 was down compared to the previous year, primarily due
to timing of orders, our new BKR 5000 is being very well-received
with product approvals and orders, from very demanding existing and
new customers alike. This is reassuring given that we supply a
critical product with life and death ramifications.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
next step in our product evolution is the BKR 9000. This new
product which we expect to launch this year, has the potential to
be transformative to our business. We've taken the time to listen
to existing and potential customers, so that we can address their
needs. The key advancement of the BKR 9000 is that for the first
time, BK Technologies will have a product with multiband
capabilities. This exponentially expands our potential market
verticals and positions us for larger contracts.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As of
right now, with our existing BK products, we can go after
approximately 20% of the $2.3 billion LMR addressable market. The
multiband capabilities of the BKR 9000 significantly expands the
percentage of the addressable market we can pursue.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">With
the addition of the BKR 9000 to our family of products, we'll be
able to effectively compete in new market verticals, such as oil
and gas. We will also be able to penetrate deeper into the
municipal public service market, and will have the capability to
grab a larger piece of the police and structure fire markets. The
two largest LMR market verticals.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
decades, the market leader Motorola has had what we estimate to be
over 70% market share. We firmly believe that the market is ripe
for disruption. Today, we have a low single digit market share, we
project that with an increase of just a few percentage points in
our market share has a potential to bring us to $100 million plus
in annual revenue.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Additionally,
the 9000 has even more attractive margins than our current product
offerings. If you project out longer-term, as we penetrate these
additional verticals and the business scales, we should be able to
achieve gross margins over 50%, SG&amp;A of less than 32% of sales,
and an operating margin more than 12%. There's a lot of work to do
to get there, but we see a clear path to achieving that over
time.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">I've
spoken a lot about land mobile radio and our opportunity within
this $2.3 billion addressable market. And there's plenty of
opportunity for us within that number to drive growth.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">However,
that said, it's important to note that part of our longer-term
strategy is to look at contiguous opportunities beyond LMR, that
give us access to the additional areas of the $14.6 billion public
safety market.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
example, this could include markets such as managed services, or
emergency management tools and solutions, or cybersecurity
equipment. This is not an immediate focus, but it's important to
understand our long-term objectives, of further expanding
addressable market beyond LMR, and building BK Technologies into a
much larger company for shareholders.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Two key
areas of focus have been product technology development, and
improving our manufacturing processes. On the technology
development front, we've significantly enhanced our capabilities
over the past few years. We recently opened and announced our new
technology innovation center in South Florida. The Technology
Innovation Center's mission is to explore leading-edge
communication technologies, and leverage that in designing
solutions to wide ranging communication challenges, facing today's
public safety professionals.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Leading
the Technology Innovation Center is BK's Chief Technology Officer,
Dr. Branko Avanic, who brings with him over 30-years of technology
and development experience at Motorola. He's assembled a highly
skilled engineering team with deep backgrounds in a broad array of
technology disciplines, and extensive direct experience designing
state of the art communication technology solutions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We also
launched several strategic initiatives several years ago, to
significantly upgrade manufacturing processes. This includes
bringing certain activities such as surface mount technology, or
SMT in-house, while migrating others to U.S.-based manufacturing
partners and qualified second sources for backup.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
strategy allows for improved quality control and shortens
development lead time, while guarding against business
interruptions, which ultimately yields benefits in product costs,
inventory throughput, and working capital management.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Additionally,
we now have a more cyber secure supply chain, which is increasingly
important to government agencies.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Now
let's dig into some of the customer traction we have seen for the
BKR 5000 since we last spoke. First, we received various approvals
of the new technology from customers. We received fire approval
rating from the U.S. National Interagency Fire Center, or NIFC for
the BKR 5000. Our engineering team worked closely with the NIFC
team to achieve the status of fire approved for Interagency Fire
use. This authorization enables the product to be used by all
Federal employees and all personnel under contract with Federal
government, working on wildland fires and forest health
protection.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
received approval from the U.S. Department of the Interior, the DoI
for the BKR 5000. This complements our NIFC fire approval
certification, providing the necessary approval for the DoI
purchases, including high risk fire and law enforcement
use.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The DoI
further noted that the product passed on every risk assessment code
that they test. DoI agencies combined have an estimated 80,000 BK
radios deployed across the nation. We've also had multiple orders
for the BKR 5000 from some of the most demanding customers. We won
a new strategic customer in the state of California.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Idaho Department of Lands placed the largest single order in many
years, upgrading the BKR 5000. We also secured business from a new
municipal Fire and Rescue customer in Idaho, a state that ranks
second in the nation for the percentage of homes at risk from
wildfires.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We are
awarded a new service contract by the U.S. Department of
Agriculture's Forest Service for maintenance and repair of BK
products. Replacing the previous service contract, this new
contract extends our long-standing relationship with Forest
Service, and provides us with reoccurring service revenue for many
years.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The BKR
5000 was selected for purchase and deployed by the Kentucky chapter
of a global environmental organization, with more than 1 million
members in 70 countries. Alberta Health Services extended their
contract. One of our key strategic objectives has been to establish
a presence internationally. And this provides a foundation from
which to grow our business in Canada. The Washington Department of
Natural Resources, a very long-standing customer is starting to
migrate to the BKR 5000, that's a sign of their confidence in the
product.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Finally,
highlighting our broad product platform NIFC purchased our KNG2
series P150 and P400 technology solutions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Unfortunately,
natural disasters are only getting more common, as we've all seen
over the past few years. BK provides the people on the frontline
with these products that they can depend on in life and death
situations. We take great pride in that and look forward to getting
our products in the hands of more of these heroes.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">I'll
now turn the call over to Bill Kelly, our Executive Vice President
and Chief Financial Officer, who is going to review the financial
and operating highlights. Bill?</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Bill Kelly - Executive Vice President and Chief Financial Officer,
BK Technologies Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Thanks,
Tim. Following is a summary of our financial and operating results
for the period ending March 31, 2021.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sales
for the first quarter totaled approximately $8.6 million, compared
with $10.9 million for the first quarter last year. As Tim
reported, revenues in the first quarter were below internal
expectations, due in part to the timing of certain customer orders,
and delays within our supply chain.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Like
many enterprises, COVID-19 has disrupted the operations of some of
our customers and supply chain partners, slowing their processes.
As Tim mentioned, this relates to timing rather than demand.
Several of these customer orders have now been booked or in the
final procurement stage, giving us confidence that second quarter
will yield growth.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Gross
profit margins as a percentage of sales for the first quarter were
36.2% compared with 35.8% for the first quarter last year. While
gross profit margins for the first quarter of 2021 were materially
consistent with the same quarter last year, they were adversely
impacted by approximately 3.3% for one-time inventory reserves,
related to our legacy product line the KNG series.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Absent
this impact, gross profit margins for the first quarter of 2021
would have been approximately 39.5%.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Last
year, we reduced manufacturing operations employment and other
manufacturing-related expenses, and these reductions have improved
our utilization and absorption of manufacturing and support
expenses.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Selling,
general and administrative expenses or SG&amp;A for the first
quarter decreased approximately $770,000 or 16.2%, to approximately
$4 million, which was 46.4% of sales. This compares with $4.7
million, or 43.6% of sales for the same quarter last
year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In the
first quarter last year, consistent with the employment and expense
reductions in our manufacturing operations, we reduced SG&amp;A
employment as well as other expenses in sales, go to market,
engineering and headquarters. These reductions impacted SG&amp;A
expenses, but were made later in last year's first and second
quarter. We recognized an unrealized gain of $205,000 on our
investment in PIH, compared with an unrealized loss of $306,000 for
the first quarter last year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our net
loss for the three months ended March 31, 2021, narrowed by
approximately $498,000 or 41.8%, to approximately $694,000 or $0.06
per basic and diluted share, compared with a loss of approximately
$1.2 million, or $0.09 per basic and diluted share for the same
quarter last year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As of
March 31, 2021, working capital totaled approximately $13.2
million, of which approximately $10.9 million is comprised of cash,
cash equivalents and trade receivables. This compares with working
capital totaling approximately $15.1 million at 2020 year-end,
which includes $13.3 million of cash, cash equivalents and trade
receivables.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
capital return program has paid 20 consecutive quarterly dividends.
The last one was paid on April 26, 2021.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">That
concludes my remarks. We will now move on to the
question-and-answer portion of the conference call. I would like to
remind everyone that we do not provide financial and operating
guidance on a quarterly or annual basis.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">We're
now ready to open the floor for questions.</font></div>
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</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Operator</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Certainly.
Ladies and gentlemen, the floor is now open for questions.
[Operator Instructions] There are no questions in the queue at this
time. Your first question is coming from Walter Ramsey [ph]. Your
line is live.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Q:</font> Thank you. Good morning. Congratulations. I got a couple
of questions. The 9000 product line, can you tell us when you
expect that to officially hit the market?</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Timothy Vitou - President, BK Technologies Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Thanks
for the question, Walter. This is Tim. The 9000 is still tracking
for release this year. There are several stages as you know, when
we release the 5000. For example, there's a considerable amount of
customer approvals that are required quite a bit of certification,
of course, FCC approval. That's one level of release.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
second is when we start beginning customer orders and taking
customer orders, I think you've seen we've already announced we've
already accepted some pre-orders for that radio. I believe that
we're still on track. It would be disingenuous to say a specific
date like, July 7, something like that. We're looking at it from
just a pure standpoint of when the radio is going to be released
from engineering to manufacturing for commercial release. And that
is still gated for the second-half of this year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Q:</font> Okay. So the product is still being
developed?</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Timothy Vitou - President, BK Technologies Corporation</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We're
in pretty much of a lockdown mode at this point, Walter. There's,
again, so many levels of development, I could get into some crazy
detail if you'd like on what level of the development it is. We're
in the stages of -- the engineering team is doing their very
advanced testing on the product.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Again,
when we look at when we release a radio, it's when we plan on
taking orders. And then when Randy our COO, is prepared to
commercially release that product to the customer. So the
development process is still developing.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">You'll
notice that I mentioned in my portion of the conversation this
morning that we've had extensive feedback from our customers, which
is, it's like music to our ears to get that level of concern and
interest in helping us develop this product. So, we are taking our
time making sure that we're absorbing all of this input we're
getting from our customers in the feedback, so that we can include
it to make sure that this radio is an absolute product that
delivers what the customers are looking for.</font></div>
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Q:</font> Okay. That sounds good. And then as far as the current
product line goes the 5000, then the older can KNGs, what
percentage of the orders now are the 5000 compared to the -- which
I guess you would call the legacy stuff?</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Timothy Vitou - President, BK Technologies Corporation</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Our
legacy equipment still dominates for sure. We are accepting and
we've released quite a few press releases, you'll noticed in the
last six months on very strategic customers, already migrating to
the 5000. I'm not sure that I'm prepared to give an exact 20%, 40%
percentage number, but what's encouraging Walter is that the sales
level that I monitor on a very daily basis, excuse me, all are
quoting. And our RFP and RFQ responses have been substantially
geared toward the 5000 going forward.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">We
still have some very long-standing customers that are diehard KNG
fans, and are continuing to still purchase that product. So, I
think it's a very fluid percentage that's going to be obviously
growing much, much quicker and much deeper into the 5000 as we go
forward.</font></div>
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Q:</font> Okay. And I don't know if anybody else's in the queue,
but if not, just if you could comment on the supply problems
getting the parts from overseas, I guess. You indicated that was a
problem. And also the customers themselves that they were virtual
or they've gone back to real life, so to speak, and business as
usual. Are you still battling it out with the zoom calls and all
that stuff?</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Timothy Vitou - President, BK Technologies Corporation</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Two
part questions, supply chain and then the access to customers due
to COVID, as I listened, Walter. The supply chain, we are seeing
extended lead times. And the difficulty or the challenge in Randy
and his team from the procurement office is trying to make sure
that we're staying ahead of the curve. We are shipping right now.
We can deliver to all of our customers the requirements they need,
just on a pretty much an extended basis.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">We used
to have a book to ship ratio that was literally in days, it's now
turning more in the weeks, nothing that's preventing us from or
causing any customer concern. It's just giving them the guidance
that they were not going to take an order Monday and ship at
Friday. We're going to take an order Monday, and it may ship in a
couple of weeks. And they're perfectly okay with that. It's hard to
tell really how the supply chain will unfold. But we're monitoring
it extremely closely.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
second-half of your question was about customer access, and it's an
interesting dynamic. We are seeing some access to customers. Years
ago, we'd go into a meeting with a customer group and they'd have
10 people on their side of the table to one or two of us. And we'd
be presenting to the masses. When we kind of shifted into a zoom
remote mode, we still had that dynamic where we'd be one or two
people on the call and they'd have their eight or nine or 10 on
their side on the zoom call.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">What's
happening now is they're allowing us to come in, but it's one on
one, it's kind of interesting. I prefer it to be the zoom, where we
can talk to more people at one time. So as some of these government
agencies, which is all we deal with city, county, state and Feds,
as they open their doors, and we're allowed in they're still giving
us a little bit of a straight arm on face to face. But I believe
that the kind of world is shifted Walter into a zoom-oriented kind
of world. And I think that our sales guys are becoming very, very
efficient at presenting and talking and selling over the tool. Last
year was our second highest sales number on record.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">I don't
see that changes a whole lot, maybe in the next couple of quarters
with the vaccine and as people are opening up, more and more
governments are opening up, we will be allowed in to bigger sales
events. I noticed the industry shows are starting to fire up again
later this summer in August and September. So that's always a good
sign as well.</font></div>
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Q:</font> Okay. Well, thanks for answering the questions. That's
great.</font></div>
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Timothy Vitou - President, BK Technologies Corporation</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">You
bet. Thank you, Walt.</font></div>
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Operator</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Thank
you. [Operator Instructions] There are no further questions in the
queue at this time. I will now turn the floor back to our
hosts.</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Timothy Vitou - President, BK Technologies Corporation</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Thank
you, Matthew, and thanks everyone for participating today. We look
forward to speak with you again when we report our Q2, 2021
earnings results in August. All the best all of you, and have a
great day today.</font></div>
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Operator</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Thank
you, ladies and gentlemen, this does conclude today's event. You
may disconnect your lines at this time, and have a wonderful day.
Thank you for your participation.</font></div>
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