Question-and-Answer Session
Operator
(Operator Instructions) Your first question is come from Jim Friedland - Cowen and Company.
Jim Friedland - Cowen and Company
I have a few housekeeping question. First, were you able to liquidate any of the auction rate preferred that you held in the quarter? Second, given that you have the choice in terms of some additional room on the buyback and on the other hand, the potential to acquire additional companies. Should we expect, I think there is about $25 million left are you looking to finish that up or are you looking in this environment to really focus on acquisitions? Then, I have a follow up after that. Thanks.
Joe Busky
Jim, this is Joe. Thanks for the question. First of all, on the auction rates, what we did, and you’ll see this in the Q when it’s filed? We did sign a rights agreement with UBS, who we hold the auction rates with, whereby we are going to get full liquidity at par on all of the auction rates sometime in the first half of 2010. So, we did not liquidate any in the quarter, but we do have an agreement set up now where we have that in place.
As far as the use of cash, our first and foremost use of cash is going to be on the M&A pipeline. That’s where we see the most shareholder value created. However, we do still have, as you mentioned some room left on the share repurchase program and we will, as the market allows us opportunistically buyback shares in the open market, but first and foremost we are going to look at the M&A pipeline first.
Jim Friedland - Cowen and Company
Then just a general question in terms of your comments on the financial, retail, housing and pharma showing some weakness; one I was under the impression, I thought financial and housing as a percentage your customers were relatively small.
So I was just wondering if you mentioned them because you noticed it or have you signed up additional customers, are those bigger categories. Also, as you’re looking at the base, on the same-store sales basis, can you give us a sense of what your typical retail customer might be spending this year versus at the same time next year? Are looking at it, flat year-over-year down 5%, what sort of a change in spending given the environment?
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