Question-and-Answer Session
Operator
Our first question is from Blair Carey - Abacus.
Blair Carey – Abacus
I just have a quick question about the circulation numbers. Is the drop in the circulation numbers is it related to single sales or is it related to subscription?
Cyrus Freidheim
It’s more a single copy than it is subscription.
Blair Carey - Abacus
Okay. So that’s fairly typical in...
Cyrus Freidheim
The single copy is about 70% of our total, whereas subscription is about 30%. That’s for the Sun-Times, I am sorry. It’s kind of the reverse for the other ones; but single copy has been the problem and particularly with the Sun-Times.
Blair Carey - Abacus
Okay, thank you.
Operator
Our next question is from Helane Becker - Citigroup.
Helane Becker - Citigroup
You mentioned a tax refund that would be payable in 2009. Could you just say how much that was again?
William Barker
This is a refund we are filing a carryback of our 2007 loss. We should expect that refund in the third quarter of this year and it’s $11.5 million.
Helane Becker - Citigroup
Okay. Thank you.
Operator
Our next question comes from Adam Spielman - PPM America.
Adam Spielman - PPM America
Thank you, two questions. If you look at the cash balance it’s changed from December year end to today about $25 million. Is it useful at all as a way of thinking about how much cash you are burning through a quarter?
William Barker
I don’t think so. As I mentioned, first quarter is always our lowest quarter for revenue, particularly in January coming out of the holiday season, as well as our cost saving efforts ramp up and as Cyrus mentioned, we are just announcing a few of those and today are implementing those. So we should see more cost savings as we go forward. So Q1 is not a good proxy for a quarterly cash burn.
Adam Spielman - PPM America
Second question, just at a higher level obviously there is a lot of concern and gloom around the traditional newspaper business and at the same time, maybe the bright spot is the Internet and you’ve clearly talked about it.
How do you make sure that you are investing enough in the Internet properties and attracting the right kinds of people, talent? How do you balance that, while you are trying to cut all these costs?
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