Question-and-Answer Session
Operator
(Operator instructions) Your first question comes from David Miller - SMH Capital.
David Miller – SMH Capital
Richard, can you just talk about what raw attendance was. I think you mentioned a percentage, but I am trying to reconfigure the modality over here – if you could just mention a raw attendance figure that would be great. And then also, what is your NOL balance at this time, and then I have a couple of followups.
Richard B. Hare
Sure. The raw attendance balance for the first quarter of 2008 was $12,242,000. In ’07 it was $12,629,000. That’s in the MDNA section of the 10-Q. And then our NOL balance – we got $114.5 million of NOLs available – those are subject to a limit of approximately $3.4 million a year and those expire through the year 2020.
David Miller – SMH Capital
Okay. And then, just as a followup, I just want to make sure I understand why there wasn’t any margin expansion in the quarter or at least very little on the operating income line – I mean, you guys obviously clocked it in with the Hannah Montana show and the top-line looks wonderful, but I am just wondering why there wasn’t any margin follow-through – was it the salary expenses that you mentioned or was there some other reason?
Richard B. Hare
It was primarily the salary expenses. We also incurred some additional repair expenses – we were trying to get our theaters prepared for the summer business. And we’ve had some impact on our credit card fees – our credit card usage has just skyrocketed as a comparison to the previous years.
David Miller – SMH Capital
Okay. And then finally – if I may – what are the latest developments on Screenvision. My understanding is that it’s not going very well there for you and is there any chance you see yourself switching over to National CineMedia in the near future. Thanks.
Michael W. Patrick
Screenvision is doing exceptionally well for us. I don’t understand that comment at all.
David Miller – SMH Capital
Okay. My understanding was that on a throughput basis and in terms of a CPM basis – if you will – that that was commanding an inferior CPM to the same statistics yielded from National CineMedia.
Richard B. Hare
No. David, this is Richard. We are very satisfied with our relationship with Screenvision and the economics that it affords us. We’ve got a great working relationship with Screenvision and at this point in time we don’t see anything changing that at all or that we’ve heard anything about.
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