Question-and-Answer Session
Operator
Thank you. (Operator Instructions) Our first question comes from the line of David Miller with Caris & Company. Please proceed with your question.
David Miller - Caris & Company
Richard, a couple questions, and maybe other members of management can follow up with their own color. When you guys announced back on October 1 the suspension of the $0.70 per share, I had thought at least rhetorically in speaking to you that day that this would be sort of temporary in nature, that it was sort of semi-permanent, and I’m looking at that as kind of semi-permanent and I just want to her your color on that and then I have a follow-up. Thanks.
Richard Hare
Sure. As you know, the board decided to suspend the dividend. We had that free up about $8 to $9 million dollars that we historically have had in cash flow to pay down debt. We thought that’s the thing we need to be doing in this credit market.
The dividend historically has been reviewed on a quarterly basis and I’m sure the board will take that under advisement, but at this point in time, we think in the foreseeable future, I think our stockholders should expect a dividend to be suspended.
David Miller – Caris & Company
When you say foreseeable future, can you put any sort of promise or timeline on that?
Richard Hare
I really can’t.
David Miller – Caris & Company
That’s fine. Just a follow-up, you guys obviously have the most superior platform out there in terms of digital and 3D. You know, with all the murkiness surrounding DCIP and the timing and whether or not they’re going to get the financing and whether or not JP Morgan is going to find a debt syndicate, you know obviously you guys are just at a huge strategic advantage over the other exhibitors once Bolt rolls out and even quite possibly with Monsters Vs Aliens rolls out. So given that, do you see any additional leverage that you have with the studios on rental fees. Thanks.
Michael Patrick
Well each studio we have a different deal and absolutely that is true. We have more leverage with 3D than anything else since we make up almost 40% of the market. I think it’s 38%. So yes, we do have a lot of leverage with them and we are applying that leverage.
David Miller – Caris & Company
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