Question-and-Answer Session
Thank you, sir. We will now be conducting the question-and-answer session. [Operator Instructions]. Our first question comes from Charley Brady with BMO Capital Markets. Please state your question.
Charles Brady - BMO Capital Markets
Hi, thanks. Good morning.
David M. Sagehorn - Executive Vice President, Chief Financial Officer
Hi, Charlie.
Robert G. Bohn - Chairman and Chief Executive Officer
Good morning.
Charles Brady - BMO Capital Markets
With regard to access equipment and JLG, do you anticipate that business incurring a loss in any quarter in '09? And I guess going along with that, what leads you to your comment that you believe the... yes things are going... inventory excess, inventory is going to level off, is that coming from customer comments or just sort of a broader macro view?
Charles L. Szews - President and Chief Operating Officer
Charlie, this is Charlie. Yes, we do think that we will probably have a loss in the segment in the first quarter largely due to the un-recovered steel and commodity cost, also volume is seasonally very weak in this quarter as you might, as expected, and certainly we've got a pause. Several customers have put a pause on their orders in this particular market condition. Why we think, it will get better, we do travel around; we do look at the inventory situation around the industry. So we do know that we have made progress reducing inventories. We believe our competitors know as well and by that period of time it just can be very compelling for everyone, to be able to offset the steel cost increases that we have suffered for the last six to nine months by them.
Charles Brady - BMO Capital Markets
Yes, thanks.
Charles L. Szews - President and Chief Operating Officer
Thank you.
Operator
Our next question comes from Alex Blanton with Ingalls & Snyder. Please state your question.
Alex Blanton - Ingalls & Snyder LLC
Hi, good morning.
David M. Sagehorn - Executive Vice President, Chief Financial Officer
Good morning.
Robert G. Bohn - Chairman and Chief Executive Officer
Good morning, Alex.
Alex Blanton - Ingalls & Snyder LLC
I want to address the $500 million and I guess as well as the amount the you are talking about for the first quarter in debt reductions; if you use the top end of your range EPS $2.05 for this year and CapEx is $60 million and dividends are $40 million and depreciation and amortization of $130 million. There is about a $300 million gap that has to be filled after you take into account EBITDA, CapEx and dividends by inventory reduction and as you mentioned factoring accounts receivable.
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