Question-and-Answer Session
Operator
(Operator Instructions) We will take our first question from Jim Covello with Goldman Sachs. Please go ahead.
Jim Covello - Goldman Sachs
Good afternoon, guys. Thanks so much. I guess the real question is if we did the bookings at the low end of the guidance and shipments stayed kind of where you had suggested, you are going to be maybe rough numbers, booking low 300s and shipping high 300s. To the extent that the shipments or the bookings and the -- the bookings become the shipments in the out couple of quarters, the numbers would need to come down quite a bit. I mean, do you think that is more of a likely scenario than maybe what you thought at Semicon when I had asked you the question then?
William H. Kurtz
When you asked me the question then, my answer was that given the tentative nature of our customers, depending upon what demand does for them, rather than pushing our bookings off and then accepting a fixed delivery, I think we are tending to see them push the bookings off and they will want to accelerate delivery. So it could smooth it out but I don’t know.
If it just delayed business because of a downturn in the consumer spending in the U.S. that precipitated a recession, then you are absolutely right. Eventually our shipments have to track down to our bookings level.
But at this point in time, we can’t say that we see that.
Jim Covello - Goldman Sachs
Okay, and then if I could just ask a follow-up; if that scenario were to play out, Bill, what do you think margins might look like if we were talking about shipments in the low 300 level?
William H. Kurtz
Well, it depends on mix, so I have to give you a depends answer, but we still feel that the 49 to 50 is a fair range for the business within that range of revenues.
Jim Covello - Goldman Sachs
I understand but we are just trying to get our models right so that we can eventually model this thing in properly and just get all this downturn stuff done and go forward. Can you give us a range of what margins might look like if shipments were 300?
William H. Kurtz
If I take the current shipments level and current revenue levels, which we have projected, and somewhere in the -- let’s call it 380, 385 range, if I take the average of those --
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