Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of Ross Haberman. - Haberman Fund.
Ross Haberman – Haberman Fund
Could you just go over, I did not quite understand in the quarterly results, what expenses you talked about whether and you talked about drop off in your mix of business. Could you go over maybe what items if any were one time or less recurring in the quarterly results please?
Edward Shoen
It is a good question. I am going to let Jason speak that a little bit then I will try to be in the pipe if you need something else.
Jason Berg
Sure. I will touch on the operating expense number. We have mentioned the insurance change in estimates that we have had improving experience on liability losses in the fleet. That number for the quarter, it was about $2.5 million to $3 million for the quarter.
Ross Haberman – Haberman Fund
That was additional expense that will not be recurred?
Jason Berg
No. That is a reduction at expense.
Edward Shoen
Is that responsive to your question, Ross, or do you want to?
Ross Haberman – Haberman Fund
Any other items or that was really it?
Edward Shoen
Well, again, we had the foreign currency translation which depending on what happens with the currency, or we will either see for the next three quarters or not and Jason tried to just give us a heads-up on that.
Ross Haberman – Haberman Fund
How much was that again, I am sorry?
Jason Berg
That was $4 million.
Ross Haberman – Haberman Fund
It was the additional expense?
Jason Berg
It reduced revenue by about $4 million. It is our Canadian operations. We have to adjust their revenue based on the relative strength of the two currencies every time we report and the two currencies have been pretty much parity for the prior year and now the Canadian currency is essentially declined relative to us and so our business did not change but our reported revenue changed.
Ross Haberman – Haberman Fund
I got it. Okay. So, if the dollar gets weaker that could be a couple of million dollars plus.
Gary Horton
But what truly happened, Ross, it is Gary, is actually it really improved a year ago. It was very strong against the US dollars and now is going back to more of a traditional value to the US dollars. So, you are back to the instead of 120 [cross talking] which is if you look back over the last 10 years, it has been about that with the exceptions of a year ago when it was on parity with the US dollars.
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