Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Monica Keeney – Morgan Stanley.
Monica Keeney – Morgan Stanley
You had described the credit facilities. I was wondering if you could give us what the availability was, unless you did and I just missed it.
Philip G. Weaver
We did not go through that. These are seasonal and they are working capital lines, sized to meet the maximum requirements. So at the end of December, of course, as our working capital liquidates and we generally have strong cash collections in the fourth quarter, they go down. So I would say that at the end of December it was somewhere in the range of $240.0 million, roughly, but they are designed to hit the big working capital that occurs primarily in the late second quarter and early third.
Monica Keeney – Morgan Stanley
So that $240.0 million would be comparable to the $254.0 million from last quarter?
Philip G. Weaver
Yes.
Monica Keeney – Morgan Stanley
And is your point that they’re fluctuating throughout the quarter? Is that what you’re saying, also?
Philip G. Weaver
The amount of collateral available changes as we have a seasonal business in North America where inventory is built in generally the first half of the year and then depletes in the second half.
Monica Keeney – Morgan Stanley
And then in terms of the dividend, are there any plans with regards to that?
Roy V. Armes
We just announced paying the dividend for this past quarter and our Board looks at this every quarter and considers the various options and we are going to continue to look at that quarter-to-quarter.
Monica Keeney – Morgan Stanley
But for right now no plans to discontinue it?
Roy V. Armes
Other than this past quarter, we haven’t discussed it any further with the Board.
Monica Keeney – Morgan Stanley
In terms of the put option that you mentioned, you put the value at $63.0 million. Is that a low likelihood that that would be exercised, in your opinion?
Roy V. Armes
Our partners at Chengshan? We have reason to believe at this point in time that our partners, certainly not in the short term, are planning to exercise that put.
Monica Keeney – Morgan Stanley
And how long is that good through?
Philip G. Weaver
December 2011. I think it’s a three-year window.
Monica Keeney – Morgan Stanley
So do you define short term as sort of 2009?
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