Question-and-Answer Session
Operator
(Operator Instructions)
Your first question comes from the line of Arnold Ursaner - CJS Securities
Arnold Ursaner - CJS Securities
Regarding the band side you mentioned a couple of times you obviously have some back orders and some delivery issues for student and sometimes shipments and timing of shipments from when they arrive can impact a quarter. I know you don’t run or manage your business or focus on quarters per se but did those shipments arrive after the quarter and should we expect a nice pick up in Q2 as these products get sold?
Dana Messina
Well we had about $8.5 million in orders that we should have shipped had the product been there. The product is trickling in now so it’s not all here yet. We expect to get it all so we should see a nice pick up throughout the rest of the year because the orders have been strong. We’ve just had difficulty getting all the supply we need from Asia and it’s starting to come in.
Arnold Ursaner - CJS Securities
And you mentioned your inventories were down. I looked in the Q and your finished good inventory Q1 versus Q4 had a very sizable jump; $91 million versus $82 million. Can you – and I know even in December you had commented you thought your inventories were higher than desired.
Dana Messina
You have two things going on so there’s some seasonality to the inventory and when you take out the currency gains in the inventory, X the currency the inventory went down. So you know, a big part of our inventory is offshore so it gets affected by the currency moves.
Arnold Ursaner - CJS Securities
And you mentioned in piano, I assume its domestic production you’re going to take down by 10% on the daily basis.
Dana Messina
Correct.
Arnold Ursaner - CJS Securities
And do you also plan to shut the facility and if so, one or two weeks in the current quarter?
Dana Messina
I think our plan through the second quarter is to do one week a month.
Arnold Ursaner - CJS Securities
So you might shut it for three weeks in total in Q2?
Dana Messina
Correct.
Arnold Ursaner - CJS Securities
And typically that runs you about a $0.50 million of profitability when you do that?
Dana Messina
About $350,000 to $500,000.
Arnold Ursaner - CJS Securities
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