Question-and-Answer Session
Operator
(Operator Instructions) Our first question is from Dave Koning of Baird. Please go ahead, sir.
Dave Koning - Robert W. Baird & Co.
I guess one of the biggest positive surprises to us in the quarter was that sequentially it looked like revenue program was actually up a little bit down despite the new contract and it looks like about ZAR25 per grant during Q4. Is that amount sustainable through fiscal 2010?
Serge Belamant
All right, Dave. I think it is probably sustainable. In the fourth quarter there were a number of final adjustments that were made also in accordance with a previous contract. You recall that new contract really commenced on April 1st, but some of the final adjustments that were due to us in accordance with our previous five contracts were processed and made but those were in now way significant enough to have made a significant difference on the average revenue per grant for the quarter. So, going forward I think what you’ve seen for the fourth quarter is probably in line with what we expect during the next four quarters of 2010.
Dave Koning - Robert W. Baird & Co.
Great and do you have any comments that you could share just on the minimum number of beneficiaries that you get paid on. I mean, are you pretty close right now to that minimum beneficiary number or could it actually go down?
Serge Belamant
It could go down somewhat. We are above that minimum right now. We actually set the minimum number when we negotiated, at the level that the beneficiaries were in December 2008. We use that as a base line number to determine going forward the level beyond which it cannot drop.
Dave Koning - Robert W. Baird & Co.
Okay good. So in another words it really can’t. It can possibly go down that much?
Serge Belamant
Not that much. No.
Dave Koning - Robert W. Baird & Co.
Okay. And then just on the guidance, just to make sure we get the math right. If we started $1.47 that you did in fiscal ?09, if we grow that 20% we get the ballpark $1.77, but then with the rand where it is today, it’s moved about 10% relative to ?09, you know seems that that dollar $1.77 could go to $1.90, $1.95. Is that kind of the math that we should be thinking of?
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