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    George Melas-Kyriazi

    Research Analyst at MKH Management Company

    George Melas-Kyriazi is President and Founder of MKH Management Company LLC, specializing in the analysis, financing, and advising of small and emerging public companies, particularly in the small and micro cap equity markets. With coverage of companies such as ImmuCell Corp., Astro Machine (via AstroNova, Inc.), and other niche industrial and biotech firms, he has demonstrated deep sector expertise and consistent engagement through detailed earnings call participation. Beginning his career as an Associate Analyst at Bankers Trust and subsequently serving as a Senior Research Analyst at Lord, Abbett & Co., he founded MKH Management Company in 2008 after roles at Galleon Group, NatWest Securities, and Deutsche Bank. Melas-Kyriazi holds a BA from Harvard College and an MBA from Yale School of Management, and although specific FINRA registrations are not publicly listed, his tenure and roles underscore his recognized proficiency in securities research and portfolio management.

    George Melas-Kyriazi's questions to KEY TRONIC (KTCC) leadership

    George Melas-Kyriazi's questions to KEY TRONIC (KTCC) leadership • Q4 2025

    Question

    George Melas-Kyriazi of MKH Management Company asked about the significant drop in accounts receivable and DSO, the potential size and profitability of the new consigned materials contract, the growth outlook for Mexico operations, and the forecast for gross margins in fiscal 2026.

    Answer

    CFO Tony Voorhees stated the accounts receivable reduction was mainly due to lower quarterly revenue. CEO Brett Larsen added that improved collections, not factoring, were key, and noted a $1.1 million reserve for bad debt was taken in the quarter. Larsen explained the new $20 million consigned materials contract is highly profitable, equivalent to an $80-$100 million turnkey program, and is expected to reach its full run rate by the end of fiscal 2026. He anticipates growth in Mexico due to improved cost competitiveness and sees incremental gross margins on new revenue reaching 15% to 20%.

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    George Melas-Kyriazi's questions to IMMUCELL CORP /DE/ (ICCC) leadership

    George Melas-Kyriazi's questions to IMMUCELL CORP /DE/ (ICCC) leadership • Q2 2025

    Question

    Inquired about the market traction and sales of the new spray-dried format for First Defense, the target for customer recovery efforts (distributors vs. end-users), the morale of the sales team, the status and management of the frozen colostrum inventory, and the historical size and growth strategy for the beef segment.

    Answer

    The company confirmed initial sales of the new spray-dried format in Q2 and sees momentum, particularly with large ranches, but will provide more detailed sales breakouts starting in Q3. Customer recovery efforts are focused on both distributors and end-customers, but primarily end-customers who had to switch products. The sales team is described as extremely energized and "fired up" now that they have sufficient inventory to sell. The high frozen colostrum inventory is being managed carefully as a security blanket to prevent any return to backlogs, balancing cash management with supply stability. The beef segment is an important but difficult market to track precisely; growth efforts are focused on marketing campaigns to reach a more spread-out customer base.

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    George Melas-Kyriazi's questions to IMMUCELL CORP /DE/ (ICCC) leadership • Q2 2025

    Question

    George Melas-Kyriazi of MKH Management Company asked about the market traction for the new First Defense format, the primary target for customer recovery efforts, the sales force's current morale, the status of frozen colostrum inventory, and the strategy for the beef segment.

    Answer

    CFO Timothy Fiori confirmed the first sales of the new First Defense format occurred in Q2, with more details to be provided in Q3. CEO Michael Brigham added that the sales team is highly energized and that customer recovery efforts are focused primarily on end-users who had to switch products during the supply shortage. Regarding inventory, management stated that the high level of frozen colostrum is a strategic 'security blanket' to prevent a return to backlog. For the beef segment, Brigham noted its seasonality and explained that new marketing campaigns are a key part of the strategy to reach this fragmented market.

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    George Melas-Kyriazi's questions to Quest Resource Holding (QRHC) leadership

    George Melas-Kyriazi's questions to Quest Resource Holding (QRHC) leadership • Q2 2025

    Question

    George Melas-Kyriazi of MKH Management Company requested a more granular breakdown of the year-over-year revenue decline, asking to quantify the impacts of industrial weakness, new customer additions, and attrition. He also asked about the portion of the business ripe for margin optimization and the reasons for the increased discussion around margin pressure from renewals.

    Answer

    CFO Brett Johnston provided a breakdown of the $13.6 million year-over-year revenue decline, attributing $16 million to weakness in industrials and the divested REIT business, which was partially offset by $8 million in revenue from new customers, less $5 million from attrition. CEO Perry Moss explained that while the 'share of wallet' pipeline is significant, he could not quantify the exact portion of revenue targeted for optimization. He attributed the increased margin pressure to a market shift where clients are prioritizing cost savings, even as sustainability remains important.

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    George Melas-Kyriazi's questions to BGSF (BGSF) leadership

    George Melas-Kyriazi's questions to BGSF (BGSF) leadership • Q2 2025

    Question

    George Melas-Kyriazi of MKH Management Company asked about the expected cash on hand after the professional division sale, the year-over-year revenue trends during Q2 and July, a potential breakdown of revenue between leasing and maintenance, and for confirmation of the post-close G&A expense target.

    Answer

    Interim Co-CEO & CFO Keith Schroeder estimated that BGSF will have approximately $45 million in cash on hand after the transaction closes and all debt is paid. Both he and Interim Co-CEO Kelly Brown noted that while revenue trends improved sequentially through Q2 and into July, they remained behind the prior year. They declined to provide a revenue breakdown between leasing and maintenance. Keith Schroeder re-confirmed the target for post-close head office G&A is around $10 million annually, including public company costs.

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    George Melas-Kyriazi's questions to BGSF (BGSF) leadership • Q2 2025

    Question

    Asked about the expected cash balance post-transaction, revenue trends during Q2 and July, the performance breakdown between leasing and maintenance services, and confirmation of the post-close G&A expense target.

    Answer

    The company expects to have around $45 million in cash after the transaction closes and debt is paid off. Revenue trends improved through Q2, with June being strong and July looking good, though still behind the prior year. They declined to break down revenue between leasing and maintenance. They confirmed the post-close G&A target of around $10 million, including $1.5 million in public company costs.

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    George Melas-Kyriazi's questions to NATUZZI S P A (NTZ) leadership

    George Melas-Kyriazi's questions to NATUZZI S P A (NTZ) leadership • Q4 2024

    Question

    George Melas-Kyriazi inquired about the systems and tools supporting the company's retail transition, what has been learned from new analytical capabilities, the path to profitability, and any U.S. retail expansion plans for 2025-2026.

    Answer

    Chairman Pasquale Natuzzi and CEO Antonio Achille responded. Pasquale Natuzzi detailed new systems that enable store-level diagnosis of traffic and conversion, allowing for rapid merchandising and training adjustments. Antonio Achille addressed profitability, estimating a breakeven revenue level of around €340 million due to an improved cost structure. He also stated that the priority for 2025 is organic growth and nurturing recently opened stores, not further expansion.

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    George Melas-Kyriazi's questions to Legacy Housing (LEGH) leadership

    George Melas-Kyriazi's questions to Legacy Housing (LEGH) leadership • Q2 2024

    Question

    George Melas-Kyriazi of MKH Management requested more color on production improvements at the Georgia plant, its sales mix, an update on the Texas plants, and the performance of the company's own retail dealerships.

    Answer

    Executive Robert Bates provided a detailed update on the Georgia plant, stating they have fixed historical quality issues and are winning back customers with a new sales team. Production was increased in July, with a focus on selling tiny homes to RV parks. He noted Georgia sales are currently mostly to parks. For Texas, he mentioned some dealers are performing exceptionally well while others lag, and the park business is starting to see orders pick up. Bates acknowledged that the company's 12 retail dealerships have underperformed but are now a key focus, with changes being made to embrace technology and internet marketing to improve results.

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    George Melas-Kyriazi's questions to INTERMAP TECHNOLOGIES (ITMSF) leadership

    George Melas-Kyriazi's questions to INTERMAP TECHNOLOGIES (ITMSF) leadership • Q1 2016

    Question

    George Melas-Kyriazi from MKH Management asked about the company's strategy for pursuing additional SDI projects, specifically whether they work with the same prime contractor or multiple clients, and the criteria for deciding to engage directly with a government.

    Answer

    CEO Todd Oseth responded that the company generally uses different prime contractors for new SDIs, especially across different continents, to leverage specific regional expertise. He clarified that the prime contractor for the current large SDI is not involved in other opportunities they are currently pursuing. Oseth added that Intermap will go direct with a government when the project is funded directly by that government, which avoids the complexities of project financing and depends on the government's ability to fund the project in a single year.

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