Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from Derik De Bruin with UBS. Go ahead please.
Derik De Bruin – UBS
Thank you. So, a couple of questions. When you kind of look at the organic revenue growth expectations that you got for like the consumable businesses, the instrument businesses, I mean if we, roughly 70% of your business being consumables, Fisher historically grew between 4 and 6% I would assume that your expectations for the consumable businesses is probably at the 4% range for this year?
Marijn E. Dekkers
Well, Derik. We don’t really run the company that way as you know, in that sort of separation between consumer, consumables, and instruments, but if you want to go and do that analysis I think and Fisher typically was around 4% in bad economic times I think times are a little worse right now than they were in 2002 and 2003. I think at that time, we didn't see as many layoffs typically in our end markets that we are seeing right now. So, I would say consumables more 3% and 4%. Right now.
Derik De Bruin – UBS
And then I guess for along the same lines, for the stuff that's really kind of like heavy industrial equipment and the ones that are going into, much more economically exposed customers like, are you thinking down 5%, down 10% range?
Marijn E. Dekkers
Yeah. I think so again, the difference between the economic environment today and the economic environment in '01, '02, '03 is that we now also have just much less credit available, the overall banking crisis, we didn't have at that time, it was just a good healthy economic recession. And so, I think things are a little bit more severe then they were back then.
Derik De Bruin – UBS
Okay. And then just one final question. So, I guess what's your assumptions for operating margins when you kind of look at 2009, are you thinking margin in flattish basically, is that's kind of what's implied in the guidance range?
Marijn E. Dekkers
No, I mean, I think we still hope and we would be hitting the mid-point of our guidance say 0% organic growth, we still hope to be able to deliver some EBITDA margin expansion on that. And that's reflected in the guidance and translation to the EPS mid-point.
Derik De Bruin – UBS
Okay. So, then the lower range on the EPS is more to do with the potential volume pull through from the organic revenue growth being down or is it below the line?
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