Robert Napoli (Piper Jaffray): Do you expect to see significantly increased competition in Canada?

Jeffrey A Weiss: Some of the US players have taken some leases the magnitude of which we do not know but we do not think they are overwhelming. They are waiting to see the outcome of the rate discussions and conclusions in various provinces, and that will color what happens.

Robert Napoli (Piper Jaffray): On the outlook for closing additional stores, you do not have any more Company-owned stores for We the People. What is the normal level of store closings from here?

Randy Underwood: Within the US it is about 10 stores a year.

Robert Napoli (Piper Jaffray): Is it different outside the US?

Randy Underwood: We generally have not closed many. One or two which usually are due to lost lease for some reason.

Robert Napoli (Piper Jaffray): Are there other unusual items on the financing costs side?

Randy Underwood: No, not for 2008.

John Mazanec (Wasatch Advisors): Where did cap-ex come in for fiscal 2007 and where do you think it will be for fiscal 2008?

Randy Underwood: We were just shy of $20 million for 2007 and would expect it will be up over 2008 because of the enhanced store bill.

John Mazanec (Wasatch Advisors): Does the CapEx include the working capital for the stores?

Randy Underwood: No, that is lease hold improvements and fixtures, computers, hard assets.

John Mazanec (Wasatch Advisors): What do you think the average interest rate for fiscal 2008 will be on the debt?

Randy Underwood: Our long term debt is at about 7.4% on fixed basis and our revolvers should we tap those or spread off of Libor, generally Libor is close to about 300.

John Mazanec (Wasatch Advisors): This is the second quarter where the consolidated loan loss as a percentage of total revenue has been above 20%. What is driving that versus the prior year and where you see it going in the future?

Randy Underwood: We have been around 20% to 22% most of the year. We have been around 21% or so for a couple of quarters and we are going to see 21% to 22% over the next quarter or two so, sans other changes in the business, we do notsee a whole lot of net change.

John Mazanec (Wasatch Advisors): What is driving that versus the prior year?

Randy Underwood: We had a lot of increased activity over the course of last year in the installment loan product, we also, for about the last 18 months, have had an ongoing process where we looked at the criteria by which we place loans in Canada, and historically we have had very low loan losses by comparison to the UK and US, so we have been on a program for 18 months or more, to make slightly larger loans to our better Canadian customers and therefore acceptable higher loan loss by design, but the margin dollars that we have netted have been nice and basically indicate that the decision that we have made to let the loan losses go up in magnitude in Canada was a wise decision.

Jeffrey A Weiss: Unlike many others in this space we have a whole set of loan products which we are constantly altering, renovating and adding to, so in any given quarter, we will have an experiment that may or may not work out, and what we know from now more than two decades in the business, any time you introduce a new product, your initial losses are going to be, one hopes, higher than if you let the product run to maturity; losses at new products that are excessive do not get a chance to run to maturity.

Henry Coffey (Ferris Baker): Are the cash levels $130 million?