Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Scott Krasik - CL King.
Scott Krasik - CL King
A couple financial question right off the bat in case you addressed it I’m sorry I missed it you had about $800,000 of other income in the quarter what was that?
Don Grimes
That was a gain on the re-measurement of the US dollar based monetary assets in our foreign subs. With the strengthening of the dollar at the end of the quarter we had an inordinately high US dollar balance in our UK and European subsidy this quarter. That was a re-measurement gain that occurred based on the strengthening of the dollar late in the quarter.
Scott Krasik - CL King
You moved some of the debt around so you don’t have show any long term debt at this point it’s all in current?
Don Grimes
Yes, we actually that’s because it’s under the revolver and the part that’s classified as short term is based on our intent to repay over the next 12 months. Its $70 million of the long term debt is a revolver and $10 million is the existing long term debt that will be paid off by the end of the year as well.
Scott Krasik - CL King
Your intent is to get out of the revolver completely?
Don Grimes
Not close the revolver out but over the next 12 months to pay the revolver significantly down.
Scott Krasik - CL King
Maybe talk a little about Merrell, obviously it rebounded from the second quarter I assume you benefited $3 million distributor order and maybe if you could just give a little more color on where you’re seeing the growth in Merrell at this point.
Blake Krueger
Obviously the momentum in Merrell continues at retail. We haven’t really seen in any significant market any evidence of a slow down. The report cards I see from the US customers and sell through reports and the MPD data all indicate that turns are good, sales are good. Merrell is continuing to take market share even in what this year is turning out to be a pretty tough environment for the footwear industry. Maybe not as tough as some other industries out there or some other categories of apparel but still relatively speaking pretty tough for us.
Merrell really is having success both in the performance category, the Outventure category and in the FUSION category but its pretty good news across the board for Merrell.
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