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Libbey Inc. (NYSEMKT:LBY)

Q4 2008 Earnings Call

February 11, 2009 11:00 am ET

Executives

Ken Boerger - Vice President and Treasurer

John Meier - Chairman and Chief Executive Officer

Greg Geswein - Vice President and Chief Financial Officer

Scott Sellick - Vice President and Chief Accounting Officer

Analysts

Arnie Ursaner - CJS Securities

Doug Lane - Jefferies & Co.

Carla Casella - J.P. Morgan

Amy Greene - Avondale

Brian Schinderle - Wolf Point Capital

Jim Barrett - CL King and Associates

Umesh Mahajan - Merrill Lynch

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Libbey, Inc. Fourth-Quarter 2008 Conference Call. During today’s presentation all parties are in a listen-only mode. Following the presentation, the conference will be opened for questions. (Operator Instructions) This conference is being recorded today, February 11, 2009. I would now like to turn the conference over to Ken Boerger. Please go ahead, sir.

Ken Boerger

Welcome to Libbey’s fourth-quarter conference call. I’m Ken Boerger, Libbey’s Vice President and Treasurer. With me on today’s call are John Meier, Chairman and Chief Executive Officer, Greg Geswein, Vice President and Chief Financial Officer, and Scott Sellick, Vice President and Chief Accounting Officer.

I will start by reading the cautionary statement, and then I will turn the call over to John Meier for his opening comments. Material presented today includes forward-looking statements about Libbey, Inc. These statements only reflect Libbey’s best assessment at this time and are subject to risk and uncertainties, including market conditions, competitive pressures, significant cost increases, and currency fluctuation. Investors should not place undue reliance on such statements.

For further information and other important factors potentially affecting performance, please refer to today’s press release and/or the Company’s Form 10-K for the year ended December 31, 2007. With that, I will turn the call over to John Meier.

John Meier

Thanks, Ken. Good morning, everyone, and welcome to Libbey’s press conference or teleconference covering the fourth quarter and year-end 2008. Some highlights from today’s release are; our fourth-quarter sales were $186.6 million, they were off 17%.

Total 2008 revenues were $810 million, off one half of 1%. Special charges recorded, $45.5 million, and they were recorded in Q4 and we will talk further, of course. Cash flow enhancements for 2009 are now planned in the range of $46 million to $50 million as compared to 2008.

As noted in the press release and as signaled in our December 9 pre-release, our month of November was a very challenging month and missed expectations considerably. This fueled the Q4 fallout. I might remind the audience that, through the first eight months of 2008, we were tracking to have a record year.

The worldwide economic events of the last four months of the year, most notably in the USA, and the continued deterioration of key markets all around the world, heavily impacted our full-year performance. I will comment briefly on our core businesses.

As noted in the press release, our food service business in the USA was off 25% in Q4. This is food-service glass. November was the most damaging month. Subsequent months have shown some improvement, but are not where they need to be. To put a reference on that, January of ‘09 was off 10% versus prior year, directionally making progress but still a journey.

Our retail business finished the year up over 4%. Of significant and as announced in this release, we did again dramatically gained market share. Our USA retail market share is now 40.6%, gaining 600 basis points over the prior year. This was consistent with what we had said throughout the year.

We continue as the clear leader in casual beverageware. We are very pleased with this performance and while the retail landscape is littered with challenged performers, we have no significant exposure to any of those retailers filing Chapter 11 in the recent weeks.

Mexico finished the year up slightly. I am happy to report their January had a solid double-digit increase over January of 2008. While this is in local currency and clearly the devaluation of September will come into play, the point is that their core business started well and that they are being opportunistic.

International sales were off 14% with 6% being unfavorable currency effects. China sales offset the tough European performance. Our business in China was up 58%. We are now serving over 55 countries from our China facility as well as every province in the country itself.

On the international front, our full year showed sales of $153.5 million, up 12.3%, with China driving the overall increase. All units were up, but China drove the numbers. Greg will provide more detail momentarily. Commenting overall, I would like to suggest that we are seeing an overall marketplace turnaround, we cannot yet make that statement. Some pockets of promise are surfacing, but the reality is much of our global marketplace is challenged.

We have accordingly announced today increased emphasis on cash enhancement. With today’s press release, we now have identified $46 million to $50 million of improvement versus 2008. A number of these programs are deep cuts, notably our CapEx program, which now is planned for approximately $20 million. Recent history has added in the $45 million range.

In addition, personnel reduction in North America and, as announced today, in our international subsidiaries, now totals over 800 people. Coupled with the USA salary reductions, as announced and suspensions of the dividend and 401(k) match, we have moved aggressively to focus on our cash goals.

As part of our attention to cash, we have altered the production schedules of our glass factories as we now view 2009. Historically, we like to run our facilities in the range of 85% to 88% utilization. We are planning this year, as we know it, in the mid 70% range.

We read the same economic news that you do. The dramatic unemployment increases since the election, directly impacts our core businesses, and we are planning accordingly. We are competing aggressively in all markets, and our low-cost facilities in China, Mexico and Portugal are increasingly better positioned.

At the same time, a number of European competitors are in declared financial trouble, and new opportunities continue to surface to capture that business. We view the year 2009 as strictly a year to compete hard for competitive market share and we trust competition is equally driven.

Capacity coming out of the market in Western Europe should help, but it will still be a battle. Tonight, I am on a plane to Frankfurt to participate in the Frankfurt Fair, which is the largest international show that Libbey exhibits anywhere in the world. I am encouraged that our company has a full slate of appointments and we look forward to getting a direct impression of the broader international marketplace from our key customers.

In our core USA market, we are convinced our leadership position has held. This is based on the strength of our USA retail market share gain, the nine “Vendor of the Year” awards from the nine largest food service distributors in this country despite an off performance in absolute sales dollars, and the falloff of foreign imports into the United States in the double-digit range for the full year.

We expect a challenge of historic proportion for the year 2009, given the economic environment, and we are planning to meet it head-on. I will now turn it over to Greg Geswein for detailed comments on the financials. Greg?

Greg Geswein

Thanks, John and good morning, everyone. I will start our fourth-quarter 2008 income statement on a normalized basis. Consistent with our announcement on December 9, significantly lower results. Net sales for the fourth quarter were $186.6 million compared to the $225.1 million in the year-ago quarter, down 17%. Foreign currency contributed 4 points to the overall sales decline.

Sales in the North American glass segment where $128 million versus $155.8 million in the fourth quarter of 2007. The sales decline was driven by a significant deterioration in our North American Glass segment, led by a decline in the US food-service business. The rapid drop in casual dining, as well as inventory de-stocking by our major distributors, led to the sales drop of 25% versus the prior year.

Retail sales fared better but were off 6% and Libbey Mexico experienced a 12% decline as a result of lower sales and a 9% currency impact. North American other sales were $26 million compared to the $33.9 million in the prior-year quarter as a result of a 40% drop at Syracuse China, a 14% decline at World Tableware, and a 9% reduction at Traex.

International segment sales were $33.4 million, compared to $38.9 million in the year-ago quarter as a result of lower shipments to customers of Royal Leerdam and Crisal at a 6.2% unfavorable currency impact.

These decreases are partially offset by a 58% sales growth in China. EBITDA was $8.7 million versus the prior-year quarter of $35.1 million. The lower EBITDA was driven by the significant lower sales and unfavorable mix, as well as manufacturing downtime for temporary shutdown and although the stoppages resulted in an earnings hit, they helped preserve cash instead of allowing inventories to increase.

The impact of the manufacturing slowdown was approximately $8 million of operating income reduction in the quarter. This was partially offset by lower manufacturing costs, lower distribution costs, and lower selling, general and administrative expenses. Loss from operations was $3.2 million compared to income of $20.5 million in the prior year.

Libbey reported a normalized loss for interest and taxes of $2 million, compared to income of $25.3 million in the year-ago quarter. EBIT was a loss of $900,000 for North American Glass, compared to EBIT of $15.7 million in the year-ago quarter. North American other reported normalized EBIT for the fourth quarter of 2008 of $1 million compared to the $4.4 million in the year-ago quarter.

The international segment reported a normalized EBIT loss of $2.1 million compared to EBIT of $5.2 million in the fourth quarter of 2007. SG&A costs were $20.8 million for the quarter, down $1.5 million from the prior year, and were more than offset by an unfavorable swing in other income, which was $1.2 million in the quarter, versus other income of $4.7 million last year.

The prior-year quarter includes a number of one-time favorable items, including the sale of the plant at Libbey Leerdam of $4.7 million. On a normalized basis, we reported a net loss of $23.7 million or $1.61 a share, versus a net loss of $5 million or $0.34 a share in the prior-year period.

The Company recorded $45.3 million or $3.07 a share in special charges that were not included in any of the results described previously. As a result of the previously announced closing of the Syracuse, China facility in Syracuse, New York and the distribution center in Mira Loma, California, the Company recorded a $29.1 million restructuring charge in the quarter. The majority of these charges were non-cash in nature.

In addition, the decline in the financial performance of the business units in Europe in the fourth quarter, combined with the impact of the current economic environment on the outlook of these businesses, led us to evaluate the carrying value of our intangible assets.

As a result of this evaluation, the Company recorded a non-cash impairment charge of $11.9 million in the fourth quarter results, mainly related to goodwill. The Company also recorded a non-cash charge of $4.5 million related to the impairment of certain fixed assets in North America.

Now, turning to 12 months, for the 12 months ended December 31, 2008, again on a normalized basis, sales decreased 0.5% to $810.2 million from $814.2 million in 2007. North American Glass sales decreased 2.5% to $554.1 million from the $568.5 million at 2007.

The decrease in sales was primarily attributable to a decline of over 10% in sales to food-service customers and to a currency impact of $2.1 million related to sales of the Crisa product in Mexican pesos. Partially offsetting the decrease in sales was an increase of more than 4% in shipments to US and Canadian retail glassware customers.

North American other sales decreased 8.4% to $111 million, as shipments of Syracuse, China products declined 17.9%, shipments of world tableware products were off 3.9%, and Traex sales were flat versus the prior year.

International sales increased 12.3% to $153.5 million on the strength of increased sales at Libbey, China of 171.3%, a 7.5% increase of Crisal sales at Libbey Portugal, a modest increase of sales at Libbey Leerdam, and a favorable currency impact of 7.9%.

Normalized income from operations was $39.6 million for the full year of 2008, compared to $66.1 million in 2007. The primary contributors to the change in income from operations were higher natural gas and electricity costs, increased carting costs, higher depreciation and an unfavorable mix of sales. Partially offsetting these higher costs were lower distribution costs and lower selling, general and administrative expenses.

EBIT was $41.1 million compared to $74.9 in 2007. Again, normalized EBIT was $30.9 million for North American Glass compared to $54.5 million in the prior year. The North American other segment had normalized EBIT for 2008 at $10.6 million compared to the $15.7 million in 2007.

The international segment reported a normalized EBIT loss of $300,000 compared to EBIT of $4.7 million in 2007. For the 12 months ended December 31, 2008, normalized EBITDA was $85.2 million compared to the $116.5 million during 2007. The Company reported that its normalized net loss per diluted share for the full year 2008 was $2.40 per share. This compares to the loss per share of $0.16 in 2007.

As of December 31, 2008, working capital, defined as inventory and accounts receivables less accounts payable, decreased by $6.9 million to $206.9 million from the $213.8 million at December 31, 2007 as the Company continued its efforts to reduce working capital.

Working capital as a percent of net sales was 25.5% in 2008, which compares to working capital as a percent of 2007 net sales of 26.3%. We also reported that we have available capacity of $44.6 million under our asset-backed loan ABL credit facility as of December 31, 2008 and cash on hand of $13.3 million. This compares to availability of $89.7 million at December 31, 2007.

Cash from operations during the fourth quarter of 2008 decreased to $8.7 million as compared to the $35.8 million in the year-ago period, primarily the result of lower operating earnings. And as John had mentioned, we had previously announced that we had identified $24 million to $28 million of cash flow enhancements from the number of initiatives that we expect to achieve in 2009. We now have identified additional cash flow enhancements that should bring this total to $46 million to $50 million in cash flow enhancements for 2009.

CapEx was $15.7 million in the fourth quarter of 2008, compared to $11.1 million in the year-ago period. For the full year of 2008, CapEx was $45.7 million versus $43.1 million in the prior-year period. Depreciation and amortization was $11 million in the fourth quarter of 2008 versus $9.9 million in the prior year.

Total gross debt was $555 million at December 31, 2008, compared to the $503 million in the prior-year period and $531 million at September 30, 2008. The increase from the prior year was primarily the result of additional PIK notes issued of $21.2 million and the $19.6 million final payment to Vitro in January of this year related to the Crisa acquisition. Of our total debt outstanding, approximately 37% is floating and therefore subject to fluctuations in interest rates. Included in the 63% that is fixed, $200 million has been fixed with interest rate swaps, which converted this amount from variable debt to fixed-rate debt when we originally issued these notes.

Now, let me provide some direction for 2009 with the understanding that these are not normal times and trying to predict from such limited visibility is just not feasible. In general, volumes will be impacted by the strong contraction in the economy. By how much and for how long is a big unknown. Our ability to adjust our output is a critical component in containing costs and maintaining our liquidity.

We expect tough comparisons in the first half of 2009, particularly in the first quarter. Those comparisons in the second half of 2009 are likely to be more favorable. In terms of CapEx, as a result of the cash flow enhancements, we expect to spend approximately $20 million in 2009. This compares to the $45.7 million at 2008. Cash interest is expected to increase to approximately $55 million in 2009 from the $43 million in 2008 as a result of PIK notes going cash paid in June of this year with the first payment December 1.

On the liability side, our pension and post-retirement welfare expense will be approximately $16 million in 2009 compared to the $16 million in 2008, which excludes the impact of the Syracuse closing, which was approximately $3 million. The pension funding levels will actually decrease from $30 million in 2008 to approximately $21 million in 2009.

In terms of natural gas, given that it represents around 10% of our cost of goods sold and is the most volatile of our cost inputs, our strategy is to minimize the amount of this cost fluctuation. We do this by hedging anywhere from 40% to 70% of our needs up to 18 months into the future.

For 2009, we are currently hedged around 68%. As a result, some of the higher energy costs in 2008 will continue into 2009. For 2008, we have spent approximately $69 million on natural gas worldwide, which is over a $9 million increase from 2007. The expectation for 2009 is to spend closer to the 2007 levels. So with that, we will now open it up for questions.

Question-and-Answer Session

Operator

Thank you, sir. We will now begin the question-and-answer session. (Operator Instructions) Your first question comes from Arnie Ursaner - CJS Securities.

Arnie Ursaner - CJS Securities

Greg, you just sort of touched on one of the questions I had, but I want to expand a little bit. On natural gas, you had taken on some hedges at prices that I guess ended up being above market. Can you walk us through the P&L impact you had in Q4 and give us some sense of where your contract levels are now versus current spot market?

Greg Geswein

Well, we never did announce the pricing on that. The impact in the fourth quarter was just under $2 million versus last year. As I said in the comments, we are about 68% hedged in 2009.

Arnie Ursaner - CJS Securities

But your hedges were put in at prices higher than where we are currently in the market, is that correct?

Greg Geswein

Some of them, some of them.

Arnie Ursaner - CJS Securities

Okay. Your pension expense was the other question I had. I’m surprised, given the declines in the market that your pension expense line would be similar to your view is that it would be similar to the ‘08 levels?

Greg Geswein

Yes, that’s correct. I mean, some of the losses that you see actually will be amortized over a period of time, so 2009 P&L will only fill part of the loss that we experienced in the portfolio in 2008.

Arnie Ursaner - CJS Securities

My final question relates to how we should think about gross margin. If you are going to run at a 75% utilization versus your normal of 85% to 88%, it seems to me like gross margin recovery would be quite challenging. Can you comment a little more on that, and what sort of margin you think you can get if you run at a 75% operating rate?

Greg Geswein

No, we haven’t given guidance, Arnie, so we’d rather not comment on that.

Operator

Your next question comes from the line of Doug Lane - Jefferies & Co.

Doug Lane - Jefferies & Co.

Just a couple of questions with the impairment and the charges and the write-downs, can you give us a ballpark for what you’re looking for depreciation and amortization this year?

Greg Geswein

It’s obviously going to be a little bit less than it was in 2008 and obviously, with the reduction in CapEx, as well as the half-year convention, so I don’t know if you have that number there, Ken?

Ken Boerger

Doug, it will still be in the mid 40s, in the 45 to 46 range.

Greg Geswein

We have spent $45 million in 2008, and some of that obviously has half your convention. Now you’re going to get the full year of depreciation on that CapEx coming in. So probably what you’ll end up seeing is, for 2010, you’ll see that depreciation level come down fairly significantly.

Doug Lane - Jefferies & Co.

And then the other question that I had is, of the $46 million to $50 million in cash flow enhancements, about how much of that do you figure will run through the P&L?

Ken Boerger

It’s probably about a 40-60, Doug, probably about 40% operating and 60% things like CapEx and pension and so forth.

Operator

Your next question comes from Carla Casella – J.P. Morgan.

Carla Casella – J.P. Morgan

I wondered if you could talk a bit about working capital, and given your lower expectations for ‘09, what we could see in terms of the seasonal peaks and troughs in working capital, any change in timing you anticipate.

Greg Geswein

Typically what happens in 2009 won’t be any different as we built a little bit of inventory through the first three quarters of the year and then we get a lot of that back in the fourth quarter, as you saw in 2008. We expect that to happen again in 2009, although we expect that to build an inventory for the first three quarters of the year, it won’t be nearly as significant as what it was in 2008. So again, we expect working capital to be a source of cash in 2009.

Carla Casella – J.P. Morgan

Okay, but does the build do you think you have enough availability between cash and revolver to fund that build in the first three quarters?

Greg Geswein

Yes, that’s our expectation.

Carla Casella – J.P. Morgan O

And then you seem to be gaining some nice share. Are you seeing any better flexibility in pricing, or do you see any ability to take pricing up? Or are you getting pressure from your customers to bring pricing down as they see raw materials coming down?

John Meier

We get a lot of pressure; we are getting pressure to adjust our pricing. We remind our good customers of the energy intensity of our business and where our energy all-in costs truly are. But, we implemented price increases last July/August. Given the marketplace as it is, that is the extent of the pricing that we have taken at this time. But to say it another way, we always get pressure from our good customers on price increases regardless a little more now than normal, but that’s the extent of where we are.

Operator

Your next question comes from Amy Greene - Avondale.

Amy Greene - Avondale

Just a couple of questions, I wanted to know if you could give us a little, I know in the last quarter you all gave us a little bit of color about what you were seeing from some of the retail clients about lack of reorders going into the holiday season and things like that. Are you seeing any changes in pattern, or are they still running very lean? From the food-service standpoint, at some point, I would think there’s going to have to be some replenishment or a fair amount of restocking of things. Are you seeing anything that leads you to think that you could see an up-tick in orders as you go into the second quarter?

John Meier

Let me speak to that, Amy. Let’s deal with the food-service thing first. We definitely saw, in the fourth quarter, a key component of de-stocking, meaning our distributors were adjusting their inventories very heavily as things rapidly deteriorated in the marketplace. We believe that de-stocking component of inventory adjustment is largely behind us, but that had a radical impact when we talked about being off 25% in the fourth quarter. So, to that extent and as I touched upon, our January number is off 10%. You can begin to connect the dots a little bit. Now, it’s a traffic situation, hotel occupancy is off across the country and some other things, but we see things directionally heading in the right direction, but it’s still a large part ahead of us.

In terms of retail, January is a funny month in retail because a lot of retailers have a January fiscal year, and they are not really into taking heavy shipments because of their own inventory purposes. Certain retailers were encouraged; others are not having the performance we would like. To put that in perspective, those retailers that address the more competitive price points continue to do reasonably well with Libbey. Some of them are doing very well with Libbey. Those retailers that are at a higher end of the spectrum probably are a little more challenged right now.

Operator

Your next question comes from Brian Schinderle - Wolf Point Capital.

Brian Schinderle - Wolf Point Capital

My question on working capital was already handled, but just to expand on the pricing issues. Can you remind me regarding what pricing actions you pushed through in the last half of 2008 and where that leaves you now pricing as you look forward into 2009?

John Meier

Our price increases in the July-August timeframe were in the 7% to 8% range in the United States slightly north of that in Europe and in Mexico and depending in some cases, low double-digits. Given that all of our friendly competitors listen to this call, that’s the extent that we will talk about pricing in terms of future direction. We can’t.

Brian Schinderle - Wolf Point Capital

Okay, so the last pricing action was July, nothing since then?

John Meier

Correct.

Brian Schinderle - Wolf Point Capital

And nothing that you are willing to talk about as you look forward for now?

John Meier

Nothing we are willing to talk about, that’s right.

Brian Schinderle - Wolf Point Capital

Okay. Someone previously asked a working capital question. You did mention that you viewed it as a positive source of cash as we look into 2009. Given the mid-teens reduction overall in sort of volumes and activity, should we look for sort of proportional changes in working capital, or how do you view that overall?

Greg Geswein

Yes, I think you’ll see proportional changes in working capital.

Operator

(Operator Instructions) Your next question comes from Jim Barrett - CL King and Associates.

Jim Barrett - CL King and Associates

Greg, North American Glass, at what level of capacity utilization does that division break-even on a cash-flow basis?

Greg Geswein

Again to John’s point about competitors, we are not going to answer that one, Jim. Sorry.

Jim Barrett - CL King and Associates

I see. I can do the math from here, but could you confirm what interest rate you are currently paying on your variable rate debt?

Greg Geswein

It varies depending on whether the interest or the loans are in euros or dollars. But it’s typically LIBOR plus 175, or the EUROBAR plus 175. On average, that’s probably somewhere in the 5% to 6% range. Actually, it’s probably in the 4.5% to 6% range, depending on when it was put in place.

Ken Boerger

On the floating rate note, Jim, as you know, the $200 million of those are fixed because of swaps and the other is floating and that at the end of the year was around a rate of 9.5%.

Jim Barrett - CL King and Associates

The 9.5% was the floating rate?

Ken Boerger

Yes, on the senior notes, but on the ABL borrowings and in various other pieces of variable debt, it’s in the 4.5% to 6% range.

Jim Barrett - CL King and Associates

Thanks, Ken, but Greg, can you tell us what tax rate should we use in our models for 2009?

Greg Geswein

Boy, I wish, what do you have in your model, Jim? That’s all over the place really.

Jim Barrett - CL King and Associates

Right, anywhere between 30% and 50%.

Greg Geswein

I mean, probably around 0 and again, we will pay very little tax or cash taxes.

Jim Barrett - CL King and Associates

Speaking of that, is there any prospect of getting a refund for the cash taxes you paid in ‘06 and ‘05?

Ken Boerger

We’ve pretty much exhausted our carryback availability but this new build is floating around a lot for a five-year carryback. If that goes through, there’s some potential for maybe around $4 million $5 million of refunds, cash refunds.

Jim Barrett - CL King and Associates

If that goes through in total, you get $4 million to $5 million?

Ken Boerger

Yes.

Operator

Your next question comes from Umesh Mahajan - Merrill Lynch.

Umesh Mahajan - Merrill Lynch

I just had two quick questions. One, on the restructuring charges, there is $14.2 million which is being recorded under cost of sales. What is this $14.2 million comprised of? I am looking at Table 1 under ‘Restructuring Charges.’

Greg Geswein

Yes, a big chunk of that is going to be inventory.

Ken Boerger

Inventory, fixed assets and impairment charges as well, so in total, you can see, in total, there is $18.6 million. The fixed asset base is $4.5 million. The rest is related to inventory.

Umesh Mahajan - Merrill Lynch

Okay, it’s largely inventories. Another sort of big-picture question for John. John, you’ve run this company during the previous downturn and you’ve seen how it affects utilizations, gross margins, and as a result what kind of strategic actions the Company needs to take. How do you compare and contrast what we are seeing now versus what you saw five years ago and any thoughts on that point in general? Thanks.

John Meier

Umesh, as the current annual report in the shareholder letter shows, we’ve got that little box that suggests how much more global the Company has become in the last five years, proportionally, versus where it was even at the last recession, which goes back a little further than that. So, to the extent that we are further, much more globally entrenched and 45% of our revenues are outside of the USA, etc., etc., we are more influenced by a global recovery than historically we were when we were largely a USA-centric driven business. And candidly, as we speak, it is the US market, which continues to be the most challenged market for us among all of our markets.

Operator

Thank you. Management, there are no further questions at this time.

John Meier

Okay, we’d like to say thanks to all of our investors and their continued support. We will look forward to reporting to you on our Q1 progress later in the year. Thanks for attending this morning.

Operator

Ladies and gentlemen, this concludes the Libbey, Inc. fourth-quarter 2008 conference call. If you would like to listen to a replay of today’s conference, please dial 1-800-405-2236 or 303-590-3000 with the access code of 11125649. ACT would like to thank you for your participation. You may now disconnect.

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