Question-and-Answer Session
Operator
(Operator instructions) First up is Liam Burke with Janney Montgomery. Go ahead please.
Liam Burke – Janney Montgomery Scott
Daniel, Frank, how are you this morning?
Daniel Jones
Good, Liam.
Liam Burke – Janney Montgomery Scott
Commercial construction held up through the end of the year. Next year the prospects don’t seem to as good. It looks like you’ve gotten some good pricing in a weakening market. Is this sustainable as the market begins to roll over the commercial construction side?
Daniel Jones
Well, we think so, Liam. It remains to be seen. We actually recently have instituted and we’ll continue to institute some pricing discipline and then going forward we actually have a price increase slated for tomorrow that was announced at the end of last week. So – who knows? The way it looks today things are going on pretty well.
Liam Burke – Janney Montgomery Scott
Okay. And you have over $100 million in net cash on the balance sheet now. Are there any priorities for it?
Daniel Jones
Well, answer to that question is yes, obviously, but we are not willing to discuss that publicly yet. As soon as we have some news on that, then we’ll go forward with it.
Liam Burke – Janney Montgomery Scott
Great, thank you.
Operator
(Operator instructions) Next is Keith Johnson. Please state your company.
Keith Johnson – Morgan, Keegan & Company
This is Keith from Morgan, Keegan.
Daniel Jones
Hi Keith.
Keith Johnson – Morgan, Keegan & Company
How are you guys doing this morning?
Daniel Jones
Good
Keith Johnson – Morgan, Keegan & Company
Just – and I guess a couple of questions. First off, looks like you did a little bit of share repurchase in the quarter.
Daniel Jones
Yes we did, Keith. We bought 132,700 shares in the quarter.
Keith Johnson – Morgan, Keegan & Company
Okay. And (inaudible) average price on that is –?
Daniel Jones
$14.25.
Keith Johnson – Morgan, Keegan & Company
Okay. And what about – as you kind of look forward into 2009, could you give I guess any color around maybe CapEx spending and budgets there kind of how you guys are looking at that right now?
Frank Bilban
Well, we have the maintenance CapEx that will be ongoing. We have a few projects that we are working on –
Keith Johnson – Morgan, Keegan & Company
Okay.
Frank Bilban
- To read the full transcript on Seeking Alpha, click here »
