Question-and-Answer Session
Operator
Thank you. At this time I would like to remind everyone, if you would like to pose a question, press star then the number one on your telephone keypad. Your first question is from Roger Spitz with Merrill Lynch, please go ahead.
Roger Spitz – Merrill Lynch
Hey guys, on the cash taxes, you said you were going to start being a Federal cash tax payer in the fiscal Q2 or fiscal Q3 ’08, would that rate, to get some guidance on that, would sort of be in the 38% cash tax, 38% of pretax income or will it ramp up to that as you go through your final NOLs.
Paul Feeney
Yeah, it’s going to be in the 38% area. That’s where it will be. It’s not going to ramp up to that. Once we become taxable, that’s going to be number, once we’re taxable.
Roger Spitz – Merrill Lynch
I meant that perhaps in one of those periods you’ve still got some NOLs to go through, that’s what I meant to ramp.
Paul Feeney
Yeah, for the period it will not be quite that high, that’s correct. Until the tax asset is completely extinguished it’s not going to be at 38% but once the tax asset is completely extinguished it will be about 38%.
Roger Spitz – Merrill Lynch
Okay, great and last quarter conference call you mentioned that you were expecting to receive $1.5 million in the November December 2007 timeframe, has that occurred? Excuse me this is from Spain.
Paul Feeney
We did not receive the entire $1.5 million, my recollection is we received a little bit north of 200,000 EURO and I think we’re still owed in the area of a little bit north of 250,000 EURO.
Roger Spitz – Merrill Lynch
To come, got it. Okay great thanks very much guys.
Operator
Thank you, your next question is from Nick De Leonardis with Bond Street Capital.
Nick De Leonardis – Bond Street Capital
Hi guys, just wondering if you could give a little bit more detail around the [pound] growth that you saw, just kind of wondering more if the size of the pie is growing of if you’re taking a greater share.
Paul Feeney
We believe we are increasing our market share, quite frankly we believe the market, our position in the market, the market has changed from a price management market to a market share environment.
- To read the full transcript on Seeking Alpha, click here »
