Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Keith Siegner with Credit Suisse.
Keith Siegner - Credit Suisse
One first quick question -- can you give us any details about the terms that have been agreed to for the covenant amendments? Or at least can you tell us the updated fiscal 2008 guidance factor in the terms that have been agreed to at this point?
Marguerite N. Duffy
It should. There will be minimal impact in the fourth quarter, anticipate a mid-April close so you will have a month-and-a-half of a variance in interest rate, but we’ll have everything outlined when we finalize documentation for a full update for you at that time.
Keith Siegner - Credit Suisse
Okay, and then one other question; there have obviously been a lot of refinements to the menu and tests on the menu over the last several years, but even over the last couple of months, I think the most recent menu change that I saw was back in the end of January. Are you pleased with the response to the menu that you have now with the separate menu for drinks and desserts and --
Samuel E. Beall
We’re ecstatic about our menu. And we haven’t changed our menu significantly now in what, Mark, about eight months, nine months? We did a little tweaking in January. Mark, he’s had a menu study and just talk about a couple of those ratings, if you would. Our menu has no problems. There’s nothing we need to do to our menu for the next year, other than minor tweaks at a reprint.
Mark Young
As Sandy said, we’ve been very limited in the amount of change. We’ve tweaked some menus and done some things from a design standpoint to get it just right and get our financials back in line but the menu that we rolled out at the end of January is very strong. We’ve got scores up and the overall ratings are up five, six points on that. Value ratings, as Sandy talked about, are up great there.
If you look at the categories, overall our categories on the top box rating, the majority of them are scoring above 60 points on the top box, so we’ve really got our menu in a great place and we fond our place again with our promotional strategy and we will continue to leverage those as we are going forward the rest of this year and for sure going forward in ’09.
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