Question-and-Answer Session
Operator
Thank you, sir. At this time we would like to begin the question and answer session of the conference. (Operator instructions) The first question comes from Mr. Matt Chesler with Deutsche Bank, you may ask your question.
Matt Chesler – Deutsche Bank
Good morning.
Dave Swanson
Hi Matt.
Matt Chesler – Deutsche Bank
I just want to start off with the topline. Could you just let us know, implicit in your guidance that full year has no growth, what is the pro forma 4Q07 ad sales number that fits here, you know, using in the base that would require any scheduled changes or any other adjustments that takes place through normal operations?
Dave Swanson
Well, we do not provide that number on a quarterly basis, Matt, but you can back into a number and it is worse than Q3.
Matt Chesler – Deutsche Bank
Okay, thank you. At this point, as we are getting closer to the end of the year, and just we are quite at this number – when you are probably going to provide more specific guidance as to your 2009 cost savings initiatives, but can you give us a sense so we could start thinking about what the range of likely possible outcome could be or how much cost or time to really get after, and whether that is going to be cost that you intentionally take out as to whether cost to come out through (inaudible) owning of your business?
Steve Blondy
Sure, so one way to think about that, I think, is pretty reliable is to look at this year’s ad sales and assume that that’s what happens to revenue next year in terms of the percent change, and so, we have got to take action in order to protect EBITDA. I cannot tell you that next year’s EBITDA will be the same as this year’s, but that is the way we are going about attacking the problem.
Dave Swanson
As far as the breakup for the breakdown between the variable components, that will be a part of it, but that will be the minority and the actions that we will have to take will have to get off – will have to come from what appear to be fixed costs in this year and in the past.
Matt Chesler – Deutsche Bank
Would it be reasonable to assume that the type of restructuring activity that you are going to pursue is going to be on a larger scale and what – we are seeing this year will not (inaudible) for the full year?
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