That’s fair to say with the visibility we have right now, automotive, you should see some seasonality and again, not material to our overall business.
Sherri Scribner - Deutsche Bank
Okay. And then Forbes, on the balance sheet, you guys have made some good progress in reducing the inventory levels and generating some cash. It seems like at least you probably stabilized. My guess would be that you’ve stabilized at these levels and it’s going to be harder to get additional, do additional working capital, make additional progress on your working capital. Is that fair to say or do you think you can take some additional inventory and accounts receivable down, considering the revenue is going to be flat? Or what are your expectations there?
Forbes I.J. Alexander
I think certainly on the payables and the receivables, they are relatively flat. That’s really now around the mix of the revenue stream and the material stream, and with expectations that for that mix of business is pretty consistent. I think, expect similar results for Q4. In terms of inventory, we’ve got some very focused efforts going on there and I should say we’ve made some decent progress in dollar terms, in terms of days, days 46. But I certainly even with flat revenue levels, I think we have an opportunity to perhaps take another day or two out, which is $25 million to $50 million. Some of that will be predicated upon how we see Q1, our fiscal Q1 looking, which is too early to talk about that yet but historically, you’ll recall that that is our big seasonal quarter with our consumer exposure. So a lot very much there depends upon the ramp of that quarter. In other words, are we going to start to see a consumer build in the month of September or are we going to see a leap in consumer builds, this particular year in this recession into October or November timeframe? Clearly we see that build? We indicated from our customer base, September we’ll need to preposition some inventory but towards the end of August, early September fallout build. It’s a little bit early to call yet but certainly I think there’s still opportunity for a day or two.
Sherri Scribner - Deutsche Bank
Okay, that’s great. Thank you very much.
Forbes I.J. Alexander
You’re welcome.
Operator
Your next question comes from the line of Shawn Harrison with Longbow Research.
Shawn Harrison - Longbow Research
A follow-up to an earlier question on just new business wins, maybe if you could comment on what you are seeing on the outsourcing environment, whether you are seeing potential larger programs coming to market, OEMs starting to look a little bit more at changing their model from a fixed cost to a vertical cost structure.
Timothy L. Main
Without speaking about any large opportunities that may be out there, we absolutely expect to see a replay long-term of the move to outsourcing following a recessionary environment that is similar to what we saw in the 2000/2001 timeframe. That prompted a period of growth for the industry and for our company that was really, really very, very strong. Our revenue grew about $7 billion, $8 billion over a four-year period following the last recession, so we think we’ll see that again. There will be, you guys will absolutely pick up on news that some vertical OEM pulling business back inside, potentially building a new factory. That’s also a normal behavior in the middle of a recession when they are really struggling to fill their own assets. I think the long-term, the longer term response to that ability to manage their fixed costs, manage the manufacturing base will be to outsource. I like our position, given kind of the broad diversified exposure we have to a wide range of industry sectors and our ability to capitalize on those opportunities as they come up.
Shawn Harrison - Longbow Research
But, I’m sorry, your sense is right now that, at least my sense is it doesn’t seem like it’s changed right now. Its maybe as we look out a few quarters you would see that acceleration but right now it’s pretty much the same as if we look back six months, 12 months.
Timothy L. Main
I’m not sure how to gauge that for you. There are a number of opportunities out there and my sense is that our vertical OEMs will continue to outsource more, when exactly they will show up into the revenue stream, unclear to me. Our industry overall continues to grow significantly and although 2009 will be an anomalous year in that growth because of the recession, it will certainly outpace the growth of the overall electronic market and I think when we look in 2010 and 2011, see very strong signs that the industry will grow robustly again.
Shawn Harrison - Longbow Research
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