Robert Napoli (Piper Jaffray): Given the conservative outlook on the underwriting side, are you still expecting solid double-digit revenue growth?

Jeffrey Weiss: Our stance as a company is not to chase top line at the expense of proven credit metrics and depending on what we see in the economy’s, that will guide us in how aggressively we seek to grow revenue.

Robert Napoli (Piper Jaffray): On the Canadian legislation, given that 52% of your revenue was out of Ontario, can you give an update on that province in particular?

Donald Gayhardt: It is a poll interest system, so the same government there, which is the liberal party government. There is some amount of the talent, does not have rates in it, but that’s those sort of loan structures etc.

We have got a trade association there and the member company’s in the association. We are an active participant in making our views about legislation, regulation heard in the appropriate places and the way the processes have been run up there it has been very sort of open and inviting of comment and we would expect to see the same kind of thing unfold in Ontario.

Henry Coffey (Ferris, Baker Watts, Inc.): Has the suicide rate of the competitors increased yet?

Donald Gayhardt: It is clearly going to change the environment. We look at a place like Manitoba where like you said a lot of the company’s are charging above the rate. We think of multiple products, multiple services and a brand name and a store in every town with more than 50,000 people in Canada.

Henry Coffey (Ferris, Baker Watts, Inc.): On your pawn operation in the UK, how substantial is that relative to your overall UK operation?

Jeffrey Weiss: We had about 4 million pounds of revenue, so it’s a pretty good-sized piece of business for that particular business unit.

Donald Gayhardt: It’s jewelry only and the jewelry is gold, silver, diamond. Our redemption rates are very strong; it’s consistent with the industry average. We only retail currently in about a half a dozen locations.

That’s essentially marketing as opposed to a profit and it’s to alert folks that we are in business. We have become, we believe, the third largest pawn operator in the UK with our very narrow focus.

Richard Shane (Jefferies & Co.): In context to Manitoba, but where does your average ticket size compared to what you think your borrowers will be allowed to take given the income test?

Randy Underwood: Our average loan in Canada is about $500 Canadian dollars. Manitoba does not vary a great deal from that.

Daniel O''Sullivan (Utendahl Capital Partners, Lp): Can you give us a bit of a sense on your outlook for store growth in 2009?

Jeffrey Weiss: We have not really formulate that, but it would be somewhat comparable to what we kind of averaged over the last couple years. We are going to build them in all three countries.

Donald Gayhardt: That could be tied to where, in the pace of the regulatory change in Canada.

Daniel O''Sullivan (Utendahl Capital Partners, Lp): Can you break out what you guys are seeing over the last couple quarters as far as the collections environment in the three countries?

Randy Underwood: In the UK, we continue to see a little better collection kind of quarter by quarter here over the last year, as we focused a great deal on some softness we had there last year. In the Canadian business it has continued to go up a little bit.

In returns in the US we see that kind of creeping down modestly here over the last couple quarters, because we have adjusted some of our credit metrics and terms of the loans that we are putting up to prospective customers.

John Hecht (JMP Securities): On underwriting, what are you specifically seeing given that success from a credit perspective that’s causing you to pull back?