Question-and-Answer Session
Thank you. Ladies and gentlemen, we will now be conducting a question-and-answer session. [Operator Instructions]. Our first question is coming from Ghansham Panjabi of Wachovia Securities.
Ghansham Panjabi - Wachovia Securities
Hi guys, good morning
Harris E. DeLoach, Jr. - Chairman, President and Chief Executive Officer
Hello, Ghansham. How are you?
Ghansham Panjabi - Wachovia Securities
Good. Thanks. Adjusting for the number of days in each quarter, 1Q '08 versus last year, Harris I was just wondering if you could comment on what you are seeing sequentially in terms of just the macro environment? Have you seen any sort of deterioration incrementally to where you were late last year and certainly when you gave guidance in the middle of January? Just favor on the economy would be helpful. Thanks.
Harris E. DeLoach, Jr. - Chairman, President and Chief Executive Officer
Thanks you, Ghansham. Charlie obviously mentioned that we are down on the tubing... I'm going to take them separately... tubes and core. If you looked at the tubes and core sector, I think Charlie said we are down some 6% over first quarter of last year. But we were down about that in the second quarter, in the third quarter and the fourth quarter. And so we have not seen any further deterioration in that business, I'm pleased to say. It hasn't improved, but it certainly hasn't deteriorated. The composite can business, on the consumer side, obviously, we've seen improvement year-over-year, and Charlie talked about sectors in the composite can market. And I think that reflects what we have seen traditionally in other recessions, particularly consumer-led recessions where the consumers tends to stay home and eat more and consume more of our products, and certainly we've seen that. I think an indication of that, Charlie, I don't think mentioned it, but actually concentrate was up in this quarter by some 2.6%. And I don't think since I have been CEO have we seen concentrate up quarter-over-quarter. So it says to us at least that the consumer is obviously watching. He's spending dollars [ph], he's now buying... he or she are now buying concentrate rather than ready mix to conserve money. So we are cautiously optimistic, Ghansham.
Ghansham Panjabi - Wachovia Securities
Okay. And so some of the weakness that you saw late last year in consumer, was that likely inventory draw down at the customer level do you think?
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