Question-and-Answer Session
Operator
(Operator Instructions). We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Carter Malloy. Your line is open.
Carter Malloy
First question is on scoring, just looking at it sequentially, wondering what your discrepancy is between your performance in your bureaus, what type of actions and Experian I think we are down quite a bit less than that, low single digits versus you guys and I think 8% sequentially.
Mark Greene
Two answers to that question. First, we report on a slightly different timing than they do. We report with what effectively is a six-week relative to them by the time we get information from them and the recording periods that they use versus us. So, there is a little bit of a pay shift here. They may be seeing improvement, which we think is occurring in the marketplace sooner than it shows up in our numbers. The second answer is, we're more concentrated than they are overall, in a credit card space and that's a space that has not yet seen the kind of recovery that you're seeing for instance in auto and mortgage.
Carter Malloy
Okay that makes sense, but and credit cards in the time since you guys closed the quarter, have you seen an improvement in that environment?
Mark Greene
Well, what we are seeing is actually not yet the improvement in transactional volumes in cards but rather an increasing number of discussions with card issuers about them getting back in the marketing business. So, its not yet showing up in actual results, its showing up in the headlights of our conversations with them that they are talking out about resuming marketing activity of the [Circuit] has largely been absent over the last year.
Carter Malloy
Looking out in next year, can you give us an idea of what you expect the expenses base to be?
John Emerick
I think the fourth quarter run-rate is pretty close and it's consistent with Mark's high level guidance. We've done a lot of infrastructure work in the past year and we don't have that kind of lifts coming again in this year. So, what you see as the fourth quarter run-rate is probably a good half for next year.
Carter Malloy
Okay. I think I have somewhat of that in my model, but I am just curious kind of looking at if I use that run rate and run through next year there is some implied revenue growth, but also if I look at fiscal '09 EPS on a GAAP basis, where you guys were penalized quite heavily this year on GAAP, yet to a tune of probably $0.15 or $0.17 on restructuring charges and what not, but the rent of the model. So, on a normalized GAAP basis this year, it looks your EPS would have been $1 mid forties or even it's a $1.50 and so I am wondering if you want me to use that or if it's off of the affected GAAP so [in terms] it will be down year-over-year.
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