Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of James Bank with Sidoti & Co.; please proceed.
James Bank - Sidoti & Co
Gehl, I’m sorry I might have missed this; what actually was adjusted in the FAS 157 on the balance sheet?
Shannon Van Dyke
James this is Shannon. If you had seen net other income and expense line, the total was a pre-tax charge of $2 million related to the adoption which is $1.5 million after tax or $0.11.
James Bank - Sidoti & Co
Right, but what actually was the asset?
Shannon Van Dyke
Oh I’m sorry; it relates to the retained interest in the securitization facility.
James Bank - Sidoti & Co
Okay, is this going to happen for the next three quarters?
Shannon Van Dyke
No, this is a one time charge related to the adoption. It’s a required adoption at the end of the first quarter of 2008.
James Bank - Sidoti & Co
Great, okay thank you; and in terms of your SG&A, I do remember a lot of the talk last year about you guys ramping up R&D expense; now the SG&A that we are seeing this year, is this something that’s going to be elevated in ’09; is it flat in ’09, is it down in ’09?
Shannon Van Dyke
At this point we are anticipating this to be a run rate for at least one more year and then we anticipate we are going back to a normal run rate below what we are currently at.
James Bank - Sidoti & Co
Okay great; and it looks like you guys repurchased roughly 500,000 shares in the quarter?
Shannon Van Dyke
No that’s?
William Gehl
No that was in prior quarters James.
Shannon Van Dyke
Right. At December 31 we had purchased -- I believe it was 123,600 or so and then there was another 30,000 in January.
James Bank - Sidoti & Co
Okay, how many do you have left?
Shannon Van Dyke
We have a total authority for 1 million shares and we purchased approximately 153,000 I believe.
James Bank - Sidoti & Co
Okay, great thank you; and in regard to your guidance and then I’ll -- just last question and I’ll jump back in line. The bottom line guidance, it seems you trimmed $0.05 off the top end range, what was the reason for that?
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