Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from James Hardiman – Ftn Capital Markets.
James Hardiman – Ftn Capital Markets
Textron you talked about last call that they're going to be or at least as of then were planning on dropping out of the U.S. finance business. Is there any update in terms of a replacement that you can find? Do you feel pretty confident that you'll be able to find a replacement by summer time?
Christopher Twomey
We're in the process of negotiation with a third party on a multi-year agreement. Just to review our Textron agreement, in the U.S. expires in January of 2010 and our Canadian agreement expires in the spring of 2012 so we are working currently at negotiating a multi-year agreement to replace the U.S. Textron agreement.
James Hardiman – Ftn Capital Markets
You feel pretty confident that that's going to work out, that that agreement will be reached?
Christopher Twomey
We're pleased by the interest the third party has shown in us.
James Hardiman – Ftn Capital Markets
Obviously you don't have any outstanding long term debt, but in terms of your credit agreement, I'm not sure if you gave us an update. I thought that was expiring at the end of this month. Has that been extended? Where do we stand with that?
Timothy Delmore
We are working on and expect to have a 30 day extension from our credit agreement from our current lender, and then we're also in the process of working on a multi-year agreement with another major lender so we are comfortable with our current financing arrangements.
James Hardiman – Ftn Capital Markets
In terms of market share, I just want to be clear. In terms of ATV I think you said you gained share for the calendar year '08. What did that look like during the first quarter? I think the industry was down about 33%. How did you shake out from a retail perspective in the quarter?
Claude Jordan
On the ATV side we were a little bit worse than the industry but just so that you can have an apples to apples comparison, if you look at it from a fiscal year '09 perspective, in other words the first three quarters of the calendar year last year and the first of this year, we were basically flat with the industry. We basically held share.
James Hardiman – Ftn Capital Markets
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