Question-and-Answer Session
Operator
(Operator instructions)
Our first question is from the line of Matt Summerville – KeyBanc Capital Market.
Matt Summerville – KeyBanc Capital Markets
[Break in audio] Provide similar color as to what you're seeing in your key international markets through the first couple of months of the year?
Scott Trumbull
Of course the most pronounced effect has been on dollar translation and as I mentioned the translation effect that cost our sales to the client by about 7% in our water segment during the fourth quarter and that really, that rate hasn't changed much in the first quarter of this year.
But beyond that we, while our sales in our international markets organically were flat in the fourth quarter, based on what we've seen so far it appears that the first sign that they were down modestly organically in the first 60 days of the year.
Matt Summerville – Keybanc Capital Markets
Okay and then with respect to fueling have you seen any change on the part of station owners ability to get credit now versus what you were experiencing I guess in the fourth quarter? And how comfortable are you that we haven't seen in fueling any real demand impairment?
Scott Trumbull
I don't think that the impact of the – there's evidence that the impact of the banking crisis is greater now in the first quarter than it was in the fourth quarter. And I also don't see any reduction in the determination of the regulators in California to enforce the vapor mandate that's in place, and that as we said there's 11,200 stations in California somewhere between 90 and 100% of them will convert and some percentage won't convert; they'll go out of business.
And that all those stations are going to convert and it would be very optimistic for us to assume that in light of the fact that we now have a competitor in the market that we would maintain the same market penetration on the remaining roughly 4,500 stations that are going to convert that we have had on the first roughly 5,500 stations that have converted, because now there's a competitor in the market.
So we are not, and nor have we ever projected that we would maintain a 90% plus share of the market with a competitor and in the market. So as I've indicated or we indicated – I indicated in my remarks and we indicated in our press release, we do however, anticipate that we will continue to supply the majority of the remaining conversions.
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