Question-and-Answer Session
Operator
Thank you. (Operator Instructions) We'll go first to David Loeb with Robert W. Baird. Please proceed.
David Loeb - Robert W. Baird
Good morning gentlemen. I appreciate thoroughness of your prepared remarks and I have a couple of follow ups on that. Doug, you mentioned acquisition strategies in both divisions, I wonder if you or Greg could comment on the market conditions for acquisition? I'm guessing that with theatre business going well you're seeing somewhat fewer opportunities there. Is that would you agree with that?
Douglas Neis
I would generally agree with that, yes. Obviously if you look back thing about the theatre business if you David and look at the two acquisitions that we did the preceeding two years, those were not driven by distressed and or things going really well. They were driven by situations and ownership of those particular chains, little circuits where looking to exit next generation might not be as interested in maintaining wherever might be.
So the business that you know, when the up turn is come you can't just really point to the macro economic conditions and say that what's going to drive it. So it's fairly unpredictable but in general I would agree with this statement.
David Loeb - Robert W. Baird
I guess, I was thinking that if you're in that older generation and your are hanging on, it's a good time to hang on. I suppose it also a good time to sell is that where the values are better?
Douglas Neis
You know David, I guess what I would say is, you know, that we continue to look at opportunities in the marketplace. We are not in the theatre business a trailing 12 month purchaser at any instance.
This is historically a business that has fluctuations as you follow us and what we have valuate opportunities, we will not buy until 12 months frankly, isn't any instance.
So we look at how the business has performed overtime and how we expect it to perform overtime and we take a long-term outlook and if the opportunity presents itself and make sense and the capitals available we will take advantage of it.
David Loeb - Robert W. Baird
Okay. That's certainly make sense. How about in the hotel side? There is a lot more distress there that must be creating a lot of opportunities, what do you think at the prospects for you in that environment?
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