Question-and-Answer Session
[Operator Instructions]. Our first question comes from Michael Savner, Banc of America Securities, your line is open.
Michael Savner - Banc Of America Securities
: Thanks. Good morning. Couple of questions. First, can you give us a little bit more color on your comment about further potential impairment charges going forward? Because obviously that's somewhat of a... its al most like a black hole there, because you've made so many acquisitions over the last few years, there is so much to drill on the balance sheet debt, that has the potential to be a material event and as we try to think about, trying to assess what current book value is, whether your seeing something that's eminent but small or eminent and large, really has a... an important role, can you give us anymore color on how you are thinking about evaluating that?
Peter G. Leemputte - Senior Vice President and Chief Financial Officer
Sure. I would say, Michael that in terms of the potential for and it is the potential only, its going to be very dependent on how the year unfolds that we are sitting here in January, and quite honestly, its not until were into second quarter, I think that will have a better sense of it, but if we are likely to be associated with, our outboard boats operation. More than anything else, if you look at the book value of those in total, its around $300 million and I wouldn't say at this point that we would expect anything to be large but, it depends on how the year unfolds?
Michael Savner - Banc Of America Securities
Thanks. That's helpful. And then may be just one other big macro question, as we look back, I look at our model and we look back at 2001, when you generated, I think when you were on $0.95 or $0.96 of earnings and operating margins were down, mid to low single digits, 07 kind of has now eclipsed that in terms of a low watermark on margin for the business has changed, you got a much bigger fixed infrastructure, you have got the Marine, the Mercury business which, is gone through some changes for the margins, It will never be as high as they were before. Kind of a long-winded way of asking, how do we think about the bottom and your ability to kind of cut cost but, can operating margins dip negative here before we see a move out of the trough on an annual?
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