Question-and-Answer Session
[Operator Instructions]. Thank you, your first question is coming from Peter Salkowski with Goldman Sachs. Please go ahead
Peter Salkowski - Goldman Sachs
Good morning, Frank and Dee.
Frank P. Gatto - Acting Chief Executive Officer
Good morning.
Samuel D. (Dee) Jones - Acting Chief Financial Officer and Senior Vice President, Investor Relations
Good morning.
Peter Salkowski - Goldman Sachs
First question has to do with revenues. I was wondering if we could talk a little bit about advertising renewal rates, I guess on a percentage of advertisers from... relative to last year and if you could quantify that in terms of dollars, I'm just wondering if... as advertisers are sign up for new programs in 2008 if they are cutting back a little bit on their spending relative to last year?
Samuel D. (Dee) Jones - Acting Chief Financial Officer and Senior Vice President, Investor Relations
Peter, with respect to the first part of your question, regarding renewal rate, as we reported at the end of the year, in '07 our renewal rates were relatively stable, down slightly because of the cancels, we continue to see the continuation of some measure of cancellation of programs, a large portion of which is related to credit cancels, not people leaving the book because they want to because we had some credit issues in the marketplace with... given the economic environment. So that is influencing us a little bit but we do remain optimistic and positive that we are able to hold that advertising base and protect the customer set that we have with the total multi-products programs that we put out there. So we don't report explicit statistics surrounding customer accounts on a quarterly basis, but I will say that, while it's a little bit softer because of the economy than past years, we are hopeful that we will be able to hold that... those customer relationship.
Frank P. Gatto - Acting Chief Executive Officer
And Peter, this is Frank, just to add in one point there, we also see that we are adding new customers and increasing customers at the rate that was fairy consistent with what we have in the past as well.
Peter Salkowski - Goldman Sachs
I guess my question focuses around whether or not advertises are sort of pulling back on their spending a little bit just to... given the state of the economy at this point from their own cash flow perspective?
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