Question-and-Answer Session
Operator
Thank you. (Operators Instructions). Your first question comes from the line of Jamie Clement with Sidoti and Company. Please proceed.
Jamie Clement - Sidoti and Company
John, Joe, good morning.
Joe Davis
Morning.
Jon Biro
Morning.
Jamie Clement - Sidoti and Company
Jon, just for clarification purposes. The litigation... the litigation charges that you touched is that excluded from any sort of adjusted EBITDA calculations with respect to your credit agreements?
Jon Biro
We have included that charge in accordance to EBITDA. We're still working through exactly how we're going to handle that in our covenant calculations. But for the sake of conservatism, we've included at this point.
Jamie Clement - Sidoti and Company
Okay. So the 2.5 number that you gave includes I guess from the litigation charge in the current quarter?
Jon Biro
That is correct. With that ....
Jamie Clement - Sidoti and Company
Okay. But that might be something that is subject to further negotiating going forward. Is that right?
Joe Davis
Well I think it's subject to some interpretation of the credit agreements. For purposes in this conference call, we have included that charge against our EBITDA calculation. But in fact, my interpretation of the agreement, it needs some room there and we expect to be diligent with our clients about that.
Jamie Clement - Sidoti and Company
Okay. No that's fair enough and you're still at 2.5 with it. So that's fine. But, still with respect to what you're seeing out there in the industry, I mean it sounds like quarter started well, tough November, and then you saw seasonally what you expected to see in December. I mean are we are seeing more kind of like November sort of trends here in the recently completely in January.
Joe Davis
Well December was not a great... is never really a great month in printing business. Lot of holidays, lot of different things. But December was a pretty decent month for us overall. November was the worst and I think it was just the shock of the financial markets, probably affected November.
January is never a great month for the printing business, neither is February. But I think our January will suffer some we don't know quite to the extent of. We're still perhaps know that it won't be a great month. We'll see some; we've projected a decline in same-store-sales for the quarter in our numbers ranging from 12 to 18%. And that's a pretty strong drop but we potentially could experience that and certainly....
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