Question-and-Answer Session
Operator
(Operator Instructions) You have one from the line of Darren Horowitz; please go ahead.
Darren Horowitz - Raymond James
Yes, good morning guys. Congratulations on the quarter.
Michael Stivala
Hey Darren thanks.
Darren Horowitz - Raymond James
Mike for you, can you give us a sense for how are you seeing continued customer conservation and economic deterioration on the commercial side of the business is going to impact the back half of fiscal ’09 volumes. Do you think it’s still fair to assume that maybe the total volume decline in aggregate is around 7% or 8% year-over-year?
Michael Stivala
I think with the weight on our mix in the second half of the year, you probably will see something closer to 12% and I think that that would be legitimately skewed towards the commercial and industrial sector.
Darren Horowitz - Raymond James
Okay. Is there any further waiting whether you think it’s going to be the June quarter or more the September quarter?
Michael Stivala
I would suspect that you’ll probably see it in May, June and then possibly start to come out of that as we get closer to September.
Darren Horowitz - Raymond James
Okay. Shifting over to the liquidity profile, can you give us a little bit more insight as to how the discussions are going regarding refinancing that revolver? I mean, when you look at the two different components, as you pointed out with the current loan and the working cap piece, you’re not really using that, so I would imagine that kind of when you’re balancing a lot of the different options here, it might mean that in aggregate the revolver is a bit less when you come out of this thing in March, is that kind of fair to assume?
Michael Stivala
Yes, it is fair to assume. The difficulty we’re having actually is that the banks want to generate fees on top of everything else and I don’t say this with any sarcasm and unfortunately with the way the markets are today, it’s a moving target. We’re comfortable with everything that we have and we’re going to begin the process next week actually, but you’re right; I mean the absolute amount of money that we need, we are looking at very flexibly.
Darren Horowitz - Raymond James
Sure, and then just one big picture question for you and I know Mark always likes to jump in on this too, but when you look at the cash balance and obviously how things have changed from a competitive standpoint, how does the current acquisition market look. I mean, have any opportunities come to the forefront? Have you seen some concession in terms of what sellers are asking; in terms of multiples for their business or has anything changed?
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