Genevieve Roch-Decter Lonestar West LSI-X COMMENT Aug 28, 2013

Really likes the story. A little bit disappointed in their earnings last quarter but expects that their margins are going to start to move up. The hydro-vac area is a growth area. Similar to Badger (BAD-T) but a smaller company. Expect them to continue to grow rapidly over the next couple of years.

Likes this story. Hydro vac systems. Growing rapidly. He wants to see their margin increase. Top line has increased but it has not fallen to the bottom line. He exited. He was disappointed in the last two quarters.

Last couple of quarters have not been good. Is not particularly cheap.

Up and coming competitor for BAD-T. They can expand into the US. They have 40 vehicles vs. BAD-T’s 400 trucks.

A smaller version of Badger (BAD-T) which has been a favourite of hers. Hasn’t looked at this in detail, but when you are doing well with a larger cap version and you are presented with a smaller cap option that may be trading at a discount to the large one, why not buy the smaller one to get a list of your multiples. It doesn’t work like that. Companies that have strong management and execute, continue to trade at high premiums so you want to stick with them. Environment that these companies are in continues to look very good. Pipeline infrastructure is aging and is not being replaced as quickly as it should.

Hydro Vac business similar to Badger Daylighting. Heard there was an issue with a senior manager being injured. The industry is very interesting.

Owns a small portion of this. Considers this as a small, mini Badger (BAD-T). Hasn’t done very well, but is starting to do a little better over the last couple of months. Originally they were going to build a hydrovac company similar to Badger. Raised some money, but the last couple of quarters have not been very good where Badger has come out with excellent earnings each quarter.

Got attention because it was like Badger. Changed their year-end and confused investors. Their actual earnings are a little disappointing right now. It is an OK company, but he prefers BAD-T.

Very much a junior Badger (BAD-T), and thinks it is worth trying. To move higher, they’ve got to get volume moving in the US. There is a lot of room for them because they have about 40 trucks against 400 that Badger has.