Question-and-Answer Session
Operator
(Operator Instructions) We have a question from Andrew Kieley – Deutsche Bank.
Andrew Kieley – Deutsche Bank
I just wanted to ask first on the guidance, the EPS guidance, I think last quarter when you did the adjusted EPS of the $0.35 we were adding back some of the lost revenue and I guess it was sales credits, but I think for second quarter at least I was reversing some of that out in the second quarter and it doesn’t look like you did that in the $0.79 adjusted EPS that you’re using. So I was just wondering if you can square the adjustments from first quarter and second quarter on the EPS adjustments.
Specifically I understand the cost adjustments that you’re making to the EPS in the first and second quarter, but I think in first quarter you added back some revenue, about $9 million of sales credits which I thought somehow would come out in the second quarter. I’m just wondering why there’s not an adjustment this quarter.
William F. Urich
I think that what we did in the firs quarter is we took a look at what we expected our return cost to be and added that back into based on the information that we had. If the recall had not happened here is what our top line of revenue growth would have been. And no we did not do that in this quarter it’s somewhat complicated by the fact that we have limited information of any of the volume that was replenished. We don’t have good enough information to provide any real accuracy around that.
Andrew Kieley – Deutsche Bank
So in the revenue line this quarter, was there any sales credit that detracted from that number because it looks like the volume on the reported barrels is up about 28%? Was there any credits that were in the revenue line?
William F. Urich
The answer is we shipped and reported what we shipped. We did have additional returns over and above what we originally forecasted in the first quarter earnings release.
Andrew Kieley – Deutsche Bank
Just looking beyond that I guess the volume update that you’re giving through August, there’s a couple different numbers and I was just wondering if you could go through what they are, the gross core shipments of 12%, then there was another number of 8% and another one up 10%. I’m a little confused on what those represent.
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