Question-and-Answer Session
Operator
Thank you. (Operator Instructions). And our first question comes from the line of Chip Miller. Please proceed, sir.
Chip Miller - JPMorgan
Hey guys. How are you doing today?
Mervin Dunn
Good, Chip.
Chip Miller - JPMorgan
Okay. First, I can dig into the restructuring a little bit you announced 2.5 million of restructuring the fourth quarter. How much of a benefit did you see from that in the first quarter?
Chad Utrup
Well, the restructuring cost of $1.7 million, that's a substantial portion as relate to the severance cost from the reductions that we announced, and some of the closures with a small piece of it being related to facility closer cost. On an average share we've probably saw if you annualized our $10 million benefit
Chip Miller - JPMorgan
Yeah.
Chad Utrup
We probably saw and take a quarter of that for our quarter basis. We probably got implemented maybe half of the quarter, as that make sense.
Chip Miller - JPMorgan
Okay. It does. And then -- so if I'm thinking about the decremental margin and obviously with revenues being down somewhat with 25% decremental margin is extremely good here. But if I look at your guidance, you're kind of assuming to not violate your covenants that you get back to kind of a mid '07 EBITDA performance level.
Is that the way that I should be thinking about it and kind of get there if volumes stay where they are now, decrementals would have to get even better from here. Am I thinking about that properly.
Chad Utrup
There you are and to the point of the restructuring and the cost savings achievements in the first quarter obviously they weren't there for the full quarter as they will be, for the balance of the year, past the month of March. And in addition there is obviously some new business wins that we announced some other things that we're not announce that we've always been working on. And other markets outside of Class 8 that we're looking at it as well.
So those types of things, carryovers into the first quarter from some of the cuts that we made. So really a lot of cost that were there in the first quarter that we don't expect to see beyond the first quarter.
Chip Miller - JPMorgan
Okay. And, on the pricing front, you guys are obviously winning some business from competitors. So does that imply that actually pricing is doing fairly well right now, even after very weak environment?
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