Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Mike Nery - Nery Asset Management.
Mike Nery – Nery Asset Management
You said there are two stores. How many stores are in total are currently closed that you’re shopping the locations for?
Stuart Rose
What I mentioned two stores were, we have two stores that are currently closed because of the hurricane, that were put out of business because of the hurricane. That had nothing to do with? They may or may not reopen depending on what happens and damage and that type of thing, so we’ll see on that.
But, Doug, you can answer the question of how much? I think your other question is how many stores are marketing that we own.
Doug Bruggeman
I believe it’s currently four stores that are closed that we’re marketing.
Stuart Rose
We’ve done a really good job, not just a pretty good job over historically when we have closed a store, being able to make money on those closed stories. I don’t know if that will happen on these four, but historically that’s been a second chance for us if we don’t do well in retail, when we go into real estate, we’ve done okay.
Mike Nery – Nery Asset Management
In terms of the balance sheet, how much of the cash on there is encumbered by future needs for the ethanol?
Douglas Bruggeman
Of the cash, about $75 million of it relates to REX Stores Corporation and then about $3 million is for alternative energy.
Mike Nery – Nery Asset Management
On the retail side, what are net assets there currently on the balance sheet. I see the total assets, but do you know what the net number is?
Douglas Bruggeman
I don’t have that in front of me right now. Should we say net of the liabilities?
Mike Nery – Nery Asset Management
Yeah, the retail liabilities. Also, does the retail number, does that include the deferred tax and deferred income?
Douglas Bruggeman
Deferred tax is in corporate and then the deferred income, yes, is in the retail section and it would be the liability obviously against the asset.
Mike Nery – Nery Asset Management
It looks like you’ve been pretty aggressive buying back stock and I’d just like to tell you again I think that’s fantastic and I think it’s a good investment for the Company, and I support it completely.
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