Question-and-Answer Session
Operator
Thank you. (Operator instructions) Our first question is coming from Charlie Brady with BMO Capital Markets. Please state your question.
Charlie Brady – BMO Capital Markets
Hey, thanks. With respect to the backlog, can you give us a sense of how far out each of the segments had to stretch? I mean, are we stretching out full-year of ’09? And then, I guess, if you can give us a sense of – within that backlog, particularly on energy, the mix of that business, have you seen a change with some of that mix as you go into ’09 and what that might do to margins?
Bill Higgins
Well, let me point out on the backlog that we have, due to the makeup of the various businesses we have across Circor, we have a mix of what I think of as short-cycle, medium-cycle, and long-cycle backlog elements. So, if I focus on energy, that applies as well to the segments. From a standpoint of the large projects, which are longer-cycle orders and backlog, we have a pretty good run at the first half and going into the third quarter of this year. In the shorter-cycle business or the gas – let me try the medium-cycle business, which might be the fabricated business we manufacture in North America, we also have a pretty good backlog going into the first half of this year. The shorter-cycle business, by definition, within a quarter is all the visibility we have. That applies as well to some of the other business units where, for example, in our navy business as well as in our aerospace applications, we have backlog that goes at least through the first half of 2009.
Charlie Brady – BMO Capital Markets
Can you give us a sense of how much of that backlog is the longer business, long or medium-term backlog?
Bill Higgins
Most of it is the longer-term backlog. We have a percentage breakout, but it’s – by definition, the short-cycle backlog turns over very quickly.
Charlie Brady – BMO Capital Markets
Okay. In terms of mix that’s in there, in terms of the specific product, has there been any meaningful mix that might impact the margin now? The margins in Q4 and Q3 were pretty stellar, and I guess I’m trying to look at sustainability aside from just absorption issues, just on a mix issue, what that margin impact might be.
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