Question-and-Answer Session
Operator
(Operator instructions) Our first question comes from the line of Richard Paget with Morgan Joseph.
Richard Paget – Morgan Joseph
Hi, guys.
Edward Crawford
Morning.
Jeff Rutherford
Good morning, Richard.
Richard Paget – Morgan Joseph
In the quarter you guys did CapEx of $1.7, which as you said is a little bit behind the regular levels. Going into next year, just because it is part of the formula of some of your covenants, what would be reasonable for maintenance CapEx that we should assume, at least a range here?
Jeff Rutherford
It's hard to make any assumptions in our kinds of business, Richard. As we've mentioned sort of throughout the year, we have businesses that are still performing at a high level so we need to make investments to support those. But I do think that in a cash generation environment you can expect to see things more like what you saw in the fourth quarter.
Richard Paget – Morgan Joseph
Okay. So you could run your business on, let's call it $8 million maintenance CapEx through next year?
Jeff Rutherford
I think high single digits is possible. Having said that, once again given the opportunity to support businesses that are performing awfully well for high ROI returns – I am talking – there is opportunities out there right now, Richard, that are three month paybacks.
Richard Paget – Morgan Joseph
Right.
Jeff Rutherford
When we see those opportunities we are going to take them.
Edward Crawford
This is a top priority at the Company. We understand that, that will affect the year. The level of approval here at the Company on any CapEx has been really strengthened. To get CapEx through this company other than maintenance is a special effort so, we are really all over that. There is nothing that gets more attention or as much attention around here as spending CapEx in '09. So we understand the question and we're going to do a great job there.
Richard Paget – Morgan Joseph
Okay. And then on the interest expense, even though the total balance was down from last quarter, it looks like it bumped up in the fourth quarter. Was there some kind of one-time items in there?
Edward Crawford
There weren't any one-time items. Our bank line was a little higher than what we were forecasting originally. And as you factor in, for the holding level at least, going forward, we are going to see a little bit of a decline due to the bond buyback.
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