Question-and-Answer Session
Operator
Thank you. (Operator instructions) Your first question comes from the line of Robert Spingarn with Credit Suisse.
Robert Spingarn – Credit Suisse
Good morning.
Clay Jones
Hi, Rob.
Robert Spingarn – Credit Suisse
Clay, Patrick, I’m not sure how much detail you can give us here. But with the various adjustments in guidance since last summer and now two-thirds of the $200 million revenue drop coming from biz jet OE, could you size that business for us at this point so that we have some context for where it has come from and where it’s going to?
Clay Jones
Let’s take a look at this a second. While they are doing that, Rob, if you kind of look at it, we are a little bit of victim of our fiscal year because as we go into September time frame, October where we normally give the first guidance, it was before the real full brunt of the economic impact that’s come to bear on that market. And we were seeing really no reductions.
In fact, a relative increase year-over-year in business rate production because of those very strong backlogs that we all remember so fondly. Since that time – literally in that five-month period, we’ve seen the full brunt of those conditions I outlined in my opening statement there relative to the economy and even (inaudible) of the business jet in some of our public officials. And that has caused that rapid decline that we believe will see the full burnout in the second half of this year. And so it is a gradual over the course of the year decline that probably has that OEM market down about 25% as that –
Patrick Allen
Let me give you a little color around that. Our entire business in regional business is going to be down about 18% year-over-year. That’s about 27% on the OEM side. And just to put that in context to give you a flavor as to how bad the second half is going to be, our first six months is only about 5%. So we are going to see a precipitous decline in the second half of the year in the OEM area. Aftermarket is going to be down about 11% for the full year.
Robert Spingarn – Credit Suisse
Okay. But if I look back, for example, the ’08 results, and I look at I guess about $1.15 billion in business in regional, if I have those figures correct based on your filings –?
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