Nick Howley – Chairman of the Board, Chief Executive Officer
I would say, as I said, if you look at the balance of the year, if I had a handy cap or guidance, I am going to take our guidance on EBITDA, which all of you know is the bps guidance too, I would say there’s probably some uncertainty around the commercial aftermarket. Clearly, it has to pickup in the second half of the year. We were sort of halfway through the year last year with the same concern and then in the last six months we got pretty strong. I am not prepared at this point to say that the numbers we have been using are not good. I think there is some reasonable chance. But it clearly is a little bit of a stretch each quarter that goes by. On the other hand I think the defense, we probably could be conservative and I think we could be a little conservative on the margins. So sort of like the putting them all in the stew, it looks to me like there’s probably a little more up and down at this point in the guidance. But I can’t tell you I am absolutely sure about one segment versus the other, but hopefully you have got the sense.
Noah Poponak – Goldman Sachs
Okay & then maybe following on that Nick I wondered if you might provide your view on what you think lower oil means for the industry? It would seem like that could potentially help the aftermarket but it sounds like others are saying at least that it’s not quite yet it seems like it could potentially stretch out the replacement decision for an airline, anything you are already hearing & seeing or anything you think could happen as a result?
Nick Howley – Chairman of the Board, Chief Executive Officer
I think Noah probably the same things you hear & see and surmise. First I would say I think the oil prices have to stay down for a longer period of time to change anyone’s behavior substantively. They have got to work out through the [Inaudible] buy them out or something & I don’t think this is enough time to change people’s thought patterns or behavior patterns. Now if it does there are two schools of thought as you know, on the one hand if you fly all planes all the planes longer that is better for the aftermarket. If you pull them out of the desert or if you keep flying them more hours which you would tend to do if you have lower prices that is good. On the other hand I will say historically if fuel prices go down then the airlines get profitable. Right or wrong historically when they make money they start buying new airplanes. So that sort of the counterbalance. At this point I don’t know how to call that other than to say it’s something we have got to watch closely but I suspect it takes a longer period of time for anyone to change their thought pattern.
Noah Poponak – Goldman Sachs
So you have not actually seen any real behavioral change?
Nick Howley – Chairman of the Board, Chief Executive Officer
No we have not.
Noah Poponak – Goldman Sachs
Okay. Alright. Thank you.
Operator
Thank you. The next question comes from the line of Myles Walton from Deutsche Bank. Go ahead sir.
Lou Taylor – Deutsche Bank
Yes. Hi this is actually Lou on for Myles. How are you guys doing?
Nick Howley – Chairman of the Board, Chief Executive Officer
Good.
