Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Paul Ginocchio of Deutsche Bank.
Paul Ginocchio - Deutsche Bank
If you could comment about what October is looking like, at least the first two weeks, I’d appreciate that. Second, you had a Q1 increase in restricted cash. Is that the actuaries or the insurance company just to get a more conservative view or is that something that you’ve seen within your operations, they want more cash, and second, your bad debt expense is pretty steady. Have you seen any concerns within your clients? What do you think that does in ’09?
Derrek Gafford
On the restricted cash piece, that doesn’t really have anything to do with the actuaries. Our restricted cash has come down a bit and just like we’ve been getting relief on prior year work comp liabilities over the last few quarters we’ve also been getting relief in the amount of collateral that we’ve had to put up with our actuaries. As far as Q3 goes, the first couple weeks of October has been very consistent with the trends that we experienced in September. Bad debt for us has been very consistent. It was consistent even in ’07 with ’06. Our days sales outstanding, if you compare it back to Q3 of last year, is up about half a day but that impact is up from the acquisition of Plane Techs. If you take that out, our days sales outstanding is running very consistent with last year. As far as 2009 goes, we’re in a little bit of uncharted waters here, so all I can tell you is that I haven’t seen any signs in our accounts receivable that would lead me to believe it be different than what we’ve experienced this year.
Operator
Your next question comes from Michelle Morin with Merrill Lynch.
Michelle Morin – Merrill Lynch
I just wanted to clarify your comment about the fourth quarter restructuring cost. I think you said that you were including $1 million there but does that reflect the 17 branches or so you had looked at close because I think in your release you had said you might look to close additional branches also.
Derrek Gafford
That $1 million is related to those 17 branches and then any other personnel actions that we’ve made decisions on.
Michelle Morin – Merrill Lynch
And then in the third quarter it looks like, if I got that right, it looks like you might have closed some Spartan branches, is that right?
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