Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Todd Schwartzman – Sidoti & Company
Todd Schwartzman – Sidoti & Company
What is your current full year CapEx expectation?
Greg Bylsma
We would expect that to be somewhere between probably $28 million and the low 30’s.
Todd Schwartzman – Sidoti & Company
On Nemschoff is there any EPS impact for the quarter?
Greg Bylsma
Given all ins and outs there might be $0.005 which is probably a little bit better then we expected.
Todd Schwartzman – Sidoti & Company
Negative?
Greg Bylsma
Positive.
Todd Schwartzman – Sidoti & Company
Outlook for steel prices if you would for the balance of the year?
Greg Bylsma
For the balance of the calendar year?
Todd Schwartzman – Sidoti & Company
Balance of fiscal year.
Greg Bylsma
Right now in the near term we could see the charts like everybody else. They’re ticking up a little bit. As always in the steel industry this appears to be a bit more of a supply driven price increase right now which is always historically been a bit harder to hang on to for those guys. So much is going to depend on what happens in the first part of the calendar year to see if that sticks.
Todd Schwartzman – Sidoti & Company
Are there any other inputs for which you’re a little bit more optimistic of some deflation?
Brian Walker
Our view even with Greg’s comments on steel has been that we don’t see a lot more positive and we don’t see any real negative big factors out there, we’ll think they’ll sort of offset. The one, again as Greg said, we’re watching this game of the steel companies to play with capacity levels to try to drive up prices. Overall the one question you’ve got out there is what happens on the oil front. So far that stuff seems to be bouncing around within a range.
Greg Bylsma
The other thing that’s hanging out there too is that eventually by the time we get to the fourth quarter we should see some improvement obviously from the IMT closure.
Todd Schwartzman – Sidoti & Company
What can you tell us about customer visits both for Q1 and subsequent to quarters end?
Jeff Stutz
We had customer visits they were down in the double digit range year to year. We view it as a real positive sign they were relatively flat with Q4 in fact they were flat with Q4, pretty much right on. They’ve been really consistent.
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