Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from Scott Lewis - Lewis Capital Management.
Scott Lewis - Lewis Capital Management
Can you talk about where you see your fuel costs trending the last few months?
Steven Santo
In the last two months they’ve trended down almost $0.60 a gallon. So in the quarter that we just reported, fuel was the highest we had ever seen it and since that period it’s trended down. But it’s got its peaks and valleys lately but right now we’re seeing a trend down.
Scott Lewis - Lewis Capital Management
I wanted to ask you about that warrant re-pricing initiative. Is that thing dead?
Steven Santo
We haven’t made a decision on the warrants. There are really two things that we’re focusing on going forward now that the results are starting to happen in the company. One is how we’re going to clean up the warrant situation, whether we let them go through February and see what happens or we look at lowering the strike price or doing something else. But we’d also like to redo the debt structure of the company and get more traditional financing. So we’d like to see both of those things happen, and we’ll do them in a way that brings value to the shareholder and the company but we haven’t made a decision on the warrants to date. We’ve kind of just let it languish for now.
Scott Lewis - Lewis Capital Management
I don’t really see the need for doing anything between now and February. It just seems like a short amount of time to just let them expire.
Steven Santo
Yes. That’s really going to be more of a Board decision than anything else. But we have not made a decision yet.
Scott Lewis - Lewis Capital Management
Can you give some monthly figures for EBITDA losses? And then on the call you gave higher figures for operating losses. What’s the difference in there? Is it just interest?
Richard A. Pytak, Jr.
It’s depreciation.
Steven Santo
It’s depreciation and other than that, it’s pretty much the same.
Scott Lewis - Lewis Capital Management
Because EBITDA excludes depreciation, right?
Richard A. Pytak, Jr.
Correct.
Scott Lewis - Lewis Capital Management
So what does the operating loss exclude?
Richard A. Pytak, Jr.
Income from operations is income sales minus really the operating costs. After that you would have your interest, taxes. And depreciation and amortization are part of the loss from operations in our case. Interest and taxes would be two items after that.
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