Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of David Feinberg from Goldman Sachs.
David Feinberg - Goldman Sachs
Good morning, everyone.
Ron Mittelstaedt
Good morning.
David Feinberg - Goldman Sachs
If I heard the guidance correctly, I think you are looking for 5% volume declines in the first quarter, but to exit the time year at a run rate or for the full year 2009 of a 3% to 4% decline in volumes. Was that correct?
Worthing Jackman
That is correct. We were expecting a sequential better second half than the first half, especially in the fourth quarter as we comp a difficult fourth quarter of 2008.
David Feinberg - Goldman Sachs
I guess my question is what gets you confident in the back half; is it just the comps, is it looking at past cycles and how these things play out, do you get any sort of visibility from customers, what is it you are looking at?
Worthing Jackman
I would not judge it on past cycles. This is a unique cycle. It is more the confidence in comping primarily, again, in our exclusive markets, comping the difficult fourth quarter in 2008.
David Feinberg - Goldman Sachs
And the January trends, I just want to make sure I understood you correctly, the 4% decline that I think Ron referenced in his script, that relates specifically to Washington state, correct?
Worthing Jackman
The 4% was system-wide. The landfill volume declined in the month of January on a day count adjusted basis.
David Feinberg - Goldman Sachs
Any indication how February is shaping up? I know we are only 10 days into it.
Worthing Jackman
No, I haven't come up (inaudible) February.
David Feinberg - Goldman Sachs
And one question as it relates to the Republic divestitures of assets; so you have made the announcement on this first round of assets, any expectation on timing when the other ones would come up for sale or when you or Republic would be comfortable making an announcement?
Ron Mittelstaedt
Number one, David, as far as any others, the vast majority of the assets that fit our model and our footprint were in the larger bundle of assets that Republic packaged that we have just announced. They are packaging other assets and individual bundles for the remaining markets that they have.
I think they told me that they still hope to complete those or announce those sometime at the end of Q1 or the beginning of Q2 with all of them closing before the end of Q2.
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