Question-and-Answer Session
Operator
Thank you. (Operator Instructions) Our first question is coming from Kevin Goldstein with Great Gable Partners. Please state your question.
Kevin Goldstein - Great Gable Partners
Hi, good morning.
Dave Shea
Good morning.
Kevin Goldstein - Great Gable Partners
Just a quick question for you; in the 10-K there was some reference to what the credit facility looked like at the time of printing, as opposed to at 12/31. Can you just talk to that a little bit; and then also how much of the cash outflow in the first quarter is due to incremental restructuring versus just to normal working capital needs in the first quarter?
John Walker
Sure. This is John Walker and I’ll address that. The existing credit facility as of December 31, 2008 as presented in the K, we have $79.5 million drawn, against the $150 million credit facility.
As I had indicated, the company is in compliance with all the financial covenants and requirements pursuant to the existing facility and as I also indicated, as of this morning we received the commitment of the bank group to extend the facility by another year, with a maturity to May 2011. Your question on the amount of cash in the first quarter of 2008 or??
Kevin Goldstein - Great Gable Partners
No 2009. There were some comments I believe in the K about where the credit facility stands today, and normally the first quarter is a draw on capital and I know part of that’s traditional, part of that is normal, but part of it also might be associated with the restructuring you’re doing. I was just curious if you could break that out?
John Walker
Yes, I will. As of this moment in time, we have $105.5 million drawn on the credit facility, and that’s as of this point in time. In terms of the amount that was used in the first quarter to fund restructuring and integration, I would say that’s in the $4 million to $5 million range.
Kevin Goldstein - Great Gable Partners
And the rest would just be the normal seasonal?
John Walker
Yes. I mean typically we are users of cash and working capital in the first five months of the year, given the seasonality of our business, and then we generate working capital and cash after that. So what you’re seeing in the first quarter is typical.
Kevin Goldstein - Great Gable Partners
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