Paul: Dan, returning cash to our shareholders is something we talk about all the time and most recently we returned about $20 million to our shareholders via a 529,000 share repurchase. I think it was in the second quarter of a prior fiscal year. At the present time however to consider returning more cash to the shareholders when our leverage ratios are really quite high might not be such a good idea and that is one of the things that the board has debated and studied very very carefully. We as a company believe we are here to– our sole purpose of existence is to return is to create shareholder value as opposed to strictly returning cash to shareholders and we believe we create that shareholder value I am talking about by increasing earnings, by paying down debt, sometimes by investing in the company and of course by returning cash to shareholders via either a dividend or stock buyback. All of those activities we as a company have actively engaged them. A brief review of our balance sheet at year end will show total paid in capital in the area of the $113 million, that since the inception of the company and a treasury stock alone of a $190 million. That to me indicates that we have returned to the shareholders approximately $77 million beyond what they have ever given us. So our efforts to return cash to shareholders will continue but not at the expense of breaking the bank which is the creation of shareholder value so that’s kind of where we are, that’s where the directors came away from the discussion I am gonna say at the most recent meeting which might have been 2 days ago.
Dan: And you feel that you guys have the appropriate amount of the same discipline when the board is deciding on spending what has been hundreds of millions of dollars on CAPEX, the last few years that you know breaking the bank and the expected return that you are gonna get on that investment I guess we are gonna see overtime what kind of return we get of that.
Paul: Well that’s right.
Dan: Yea… OK. Alright, thank you
Paul: There is no question that our investments over the past two or three years has been risked, I mean we know that. And are we risking shareholder position? Absolutely. But we are risking over position as shareholders also.
Dan: Thank you.
Operator: Once again if you want to ask a question please press *1. The Next question comes from the line of Matt Sherwood of Cooper Creek Partner.
Matt: Hi Guys. Just had a quick question on the volumes, I guess in response to the earlier question you suggested that volumes could be impacted by the price decrease in the first half ,you’re looking for 3% growth over the course of the year, would that just be sort of second half weighted or how are you looking at it?
Brendan: Its always weighted heavily in the last quarter because the seasonal factors in our business always our first quarters are worse than improves each quarter into the last quarter which sometimes can represent from memories somewhere around [inaudible] volume.
Matt: Right. I wasn’t asking so much about seasonality but you on your growth rates, you know you are projecting your end year growth but you just said in response to the earlier question that the growth rate could be impacted in the first and second quarter.
Brendan: Yeah in the short term, in the first quarter we believe that will happen, but that only leaves pent-up demand. I mean when the customer doesn’t buy anything and he keeps his inventory as low as possible to take advantage of the price decreases effectively. As they level off, that activity is gonna stop and he is gonna buy back to normal quantities so we believe it recovers.
