Table of Contents Our operating results may vary significantly from quarter to quarter. Our business requires skilled labor, and we may be unable to attract and retain qualified employees. Technological innovations by competitors may make existing products and production methods obsolete. Our business segments are cyclical and are sensitive to economic downturns. Our quarterly results may be materially and adversely affected by:  Accordingly, our operating results in any particular quarter may not be indicative of the results expected for any other quarter or for the entire year. Our ability to maintain our productivity and profitability could be limited by an inability to employ, train and retain skilled personnel necessary to meet our labor requirements. As governmental stimulus benefits continue to be paid and other mega employers increase their minimal paid wages, we could experience future shortages of qualified or trained personnel. We cannot be certain that we will be able to maintain an adequately skilled labor force necessary to operate efficiently and to support our growth strategy or that our labor costs will not increase as a result of shortage in the supply of skilled personnel. Labor shortages or increased labor-related costs could impair our ability to maintain our profit margins or impact our ability to sustain and grow our sales. The manufactured products and services we sell require evolving technologies for success in the markets we serve. The competitive environments can be highly sensitive to technological innovation. It is possible for our competitors, or new market place entrants, both foreign and domestic, to develop new products, production methods or technology which could make existing products, services or methods obsolete or at least hasten their obsolescence or materially reduce our competitive advantage in the markets that we serve. Our business often aligns with the economic environments that we operate within, and, especially in our specialty welding business, is subjected to refinery turnaround or utility outages which cause cyclicality within the annual operating cycle of the business. Our customers may delay or cancel new or previously planned projects. If there is a reduction in demand for our products or services, as a result of a downturn in the general economies in which we operate, there could be material adverse effect on price levels and the quantity of goods and services purchased by our customers, therefore adversely impact our sales, consolidated results from operations and cash flows. A number of factors, including financing conditions and potential bankruptcies in the industries we serve, could adversely affect our customers and their ability or willingness to fund their internal projects in the future and pay for services or equipment. Certain economic conditions may also impact the financial condition of one or more of our key suppliers, which could affect our ability to secure raw materials and components to meet our customers’ demand for our products in the future. Other various factors impact demand for our products and services, including the price of commodities (such as oil, electricity or other commodities), economic forecasts and financial markets. Uncertainty in the global economy and financial markets could impact our customers and could in turn severely impact the demand for corporate infrastructure projects that would result in a reduction in orders for our products and services. All of these factors combined together could materially impact our business, financial condition, cash flows and results of operations and potentially impact the trading price of our common stock. 12 • changes in political landscapes across the globe; • unstable political economic conditions and public health issues delaying customer operations; • timing and volume of work under new or existing agreements; • general economic conditions; • fluctuations in the budgetary spending of customers, including seasonality; • increases in design, manufacturing or transportation costs; • variations in margins, due to sales price or manufacturing complexities, of projects performed during any particular quarter; • losses experienced in our operations not otherwise covered by insurance; • delays of raw materials or component suppliers; • a change in the demand or production of our products and our services caused by severe weather conditions; • a change in the mix of our customers, contracts and business; • modifications or changes in customer delivery schedules; and • ability or willingness of customers to timely pay their invoices when owed to us.