James Leahy (Morgan Joseph & Co., Inc.): What’s left on your current buy-back authorization?

Michael Arends: There are about two million shares still available under our stock repurchase program as of March 31.

James Leahy (Morgan Joseph & Co., Inc.): Is your guidance implying that the back half or the fourth quarter is where the strength is going to be in 2008 versus in the third quarter?

Michael Arends: We do expect to see throughout the last half of the year, which includes the third quarter, an increase in revenue growth as well as operating leverage.

Matt Hewitt: Looking at the Voice Star, you’re still early in the investment phase. When do you expect to start to see revenue contribution there?

Russell C. Horowitz: One of the key elements we find with our partnerships is people want integrated solutions and in many cases involving click- and call-based elements. Having the Voice Star product in the suite of products and services means we can offer to aggregators and it’s more than one plus one equals two. Voice Star, with the ability to support call-based products, is having a greater than one-for-one impact on our overall business given that we are a highly credible company with significant resources that can provide a unique set of services to both horizontally and vertically focused local aggregators. It’s therefore contributing right now and it’s going to be a key driver of what we’re looking for in terms of growth. Clicks and calls are increasingly sold as a package deal. That’s going to be one of the trends you see unfold over the next 12 to 24 months.

Sameet Sinha (JMP Securities): Can you elaborate on your content strategy?

Russell C. Horowitz: As it relates to our content initiatives, we focus on two themes; local search in our consumer-facing initiative and local advertising in our merchant-based facing initiative. With merchants and our aggregated partners it’s all about transparency. We want to deliver all the products they need and that gives them the transparency to understand what they’re getting for what they spend. On the consumer side, there’s no shortage of information. It’s about organizing it in a manner and delivering it to consumers where you reduce the noise for them. Our initiative is looking at this next generational local search platform and syndication engine is organizing this information in a manner that reduces the noise for consumers in finding the business information they need.

Sameet Sinha (JMP Securities): Can you talk about the dynamics in the local S&B market, specifically contract relations, cancellation terms, notice fee, etc? How are these sold?

Russell C. Horowitz: We’ve got partners who sell these products in a variety of different ways. One of the things we like about the small- and medium-sized business market is a lot of these packages are sold over 12+ month packages and it can build a nice recurring visible revenue stream. We therefore think that’s a big opportunity. But they’re sold under a variety of different package formats and we have the flexibility to support any of them.

Melinda Diaz: On brands consolidation initiative, could you explain what’s involved in phase one and how you expect it to progress?

Russell C. Horowitz: We have enhanced as a Pay-Per-Click service, we’ve got industry brands as a contextual provider. Those are key parts of phase one. Then on the integrated product side, they can support advertisers with PPC contextual as well as network and site-specific buys.

Melinda Diaz: Could you give an idea of how headcount has changed this quarter versus a year ago?

Russell C. Horowitz: We started the year with about 310 employees. Internally we’re about over 340. We’ve added significantly to our resources as part of the growth that we anticipate. From our perspective, it’s been very much the right thing to do.

Melinda Diaz: What was the CapEx number for the quarter?

Michael Arends: The CapEx was $900,000 for Q1 of 2008.

Melinda Diaz: Can you talk about categories that might be driving local searches?

Russell C. Horowitz: As it relates to local categories, it is a lot of the ones you would expect; real estate, doctors, lawyers, dentists, insurance agents.