Question-and-Answer Session
Operator
(Operator's instruction) Your first question comes from the line of Robert Drbul - Barclays Capital.
Robert Drbul - Barclays Capital
Tim, just a couple of questions for you; first on the backlog, can you give us any ideas in terms of some of the commentary or feedback from the retailers? How much of it do you think was macro related versus pricing versus the product, any thoughts around that?
Timothy Boyle
Well I guess I would say that our, if you took the overall mood of retailers globally, it is one of extreme caution. So, that is definitely and very impactful on backlog this year. I had many retailers tell me that in fact almost every one of them intend to chase inventory throughout the balance of the year. Secondarily, we lost a few customers due to bankruptcy here in the last quarter and we want to make sure that we have the appropriate caution of accounts receivable credit extensions. But we still have work to do on our product and we recognize that and many of the investments that we are making throughout the year is going to be continue to improve the differentiation and quality of the products.
Robert Drbul - Barclays Capital
Of the doors or the customers that you lost for 2009, can you give us an idea in terms of like how many lost doors you are selling to? How many doors you lost as a percentage of the total?
Timothy Boyle
I think on a door count basis, it is probably not significant. We have so many doors we are selling to but we have a number of strong regional players that we have lost in the first quarter of 2009 and so it is not so significant on a door count, just another contributor to the impact of the reduced backlog.
Robert Drbul - Barclays Capital
Okay and then what is the cash on the balance sheet? Can you just give us an idea in terms of is acquisition, are they still part of your game plan here going forward in terms of growth opportunities? Can you comment some buyback thoughts etc?
Timothy Boyle
Well, Bob in this environment with the bad news that we are talking about today, it is very comforting that we have the kind of balance sheet that we have today which we know will protect us and give us the opportunity to first and foremost focus on our existing business and brands and make sure that we are giving those businesses that proper investment which is going to be required and then frankly will be positive for the Company when other companies cannot invest. Secondarily, we do have a strong balance sheet and it allows us to be opportunistic so we will be handling our plans to relation to future sort of in that order.
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