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Transcript of Q&A session from the Q4 '06 conference callFrom Q4 2006 conference call, held on 2/7/07. Operator, we are now ready to take questions. OPERATOR: (OPERATOR INSTRUCTIONS). Thomas Duffy. THOMAS DUFFY, ANALYST: Thanks for taking my call. Congratulations on the quarter. Outstanding results. Were they a record for yearly and quarterly for Joe's? MARC CROSSMAN: Pardon? THOMAS DUFFY: Was that a record, a quarterly record? MARC CROSSMAN: Absolutely. THOMAS DUFFY: Yearly record. MARC CROSSMAN: Yearly and quarterly. THOMAS DUFFY: Great. What kind of cost reductions or margin improvements might you see as a result of acquiring the brand? MARC CROSSMAN: I think what you will see on the margin side is we start to attack the licensing side of the business. Obviously that is going to increase our margins because it just falls straight to the bottom-line. In terms of cost, we will see the differential between Joe's salary and the -- excuse me, the differential between Joe's salary and the 3% royalty rate that we are paying right now. So I really look at the transaction as twofold. Not having to pay the royalty going forward and putting Joe on a salary, and then also our ability to go out and do other things with the brand. In the past we have been limited to primarily just denim bottoms. THOMAS DUFFY: Okay. And previously you had a royalty or licensing deal for the kids business. Now is that going to start hitting the topline? MARC CROSSMAN: Yes, that is. We're taking the kids license back. Right now it's about $1 million business. We think that the potential, the longer-term potential -- I'm not saying we're going to be there tomorrow -- that we can build that business in the premium space to be a $3 million to $5 million business. THOMAS DUFFY: Okay. And in terms of the dissolution with the Beyond Blue, do you expect to see a loss of business or any charges associated with exiting that? MARC CROSSMAN: Right now we don't expect to see any charges. In terms of the -- we still obviously have some issues to work out between the two parties. In terms of the loss of business, right now we already have such a small business. I mean you're talking about a run-rate business of no more than $4 million. All of our existing distributors are still in place from Canada to the UK to France to Japan, and really what we're going to do and embark upon now is realign those distributors, determine who is going to be a good partner going forward and determine who is not going to be a good partner going forward and try to formally structure the relationships between ourselves and our international distributors. THOMAS DUFFY: Okay. I just have one last question, and maybe Joe can actually answer this one. Given the popularity of your Provocateur fit, have you considered doing petite versions of maybe some of your other styles? JOE DAHAN, CREATIVE DIRECTOR, JOE'S JEANS, INNOVO GROUP: No, Provocateur is the fit for the petites, and it is doing really well so we're just adding different offerings as far as washes, pocket treatments and many other things in order to make it -- to grow the sales on that. THOMAS DUFFY: Okay. So you are already doing several different versions of that fit? JOE DAHAN: Yes, we tested it, and it did so well that we just added a bunch of different SKUs in it. OPERATOR: Ronald Bookbinder, Sterne Agee. RONALD BOOKBINDER, ANALYST, STERNE AGEE: Good afternoon and congratulations on a nice quarter. Looking forward, how many department store doors are you expecting to add in 2007 over 2006? MARC CROSSMAN: Well, I can answer that in I guess two different ways. The first is, there will be doors going from roughly a little over 200 to a little under 300 over the course of 2006. You will eclipse some of that growth because clearly some of that came on in the back half of the year. Then, in addition to that, as we look at '07 new doors that we will be adding, so not just eclipsing what we did in 2006, there's somewhere in the range of 20 to 52 new doors that we could add that we were not in prior. RONALD BOOKBINDER: And that is just department or is that all doors? MARC CROSSMAN: That is just department. Specialty, the 800 specialty stores is going to remain the same. And there it is -- again, there certain accounts we are growing very quickly with. Other accounts we are just maintaining a stable business. So it is not going to grow -- that business is not going to grow like department store businesses is and has grown and will grow. RONALD BOOKBINDER: The 3% royalty that was being paid to the Joe's brand prior, was that coming out of SG&A or coming out of gross margin? MARC CROSSMAN: It was coming out of SG&A. RONALD BOOKBINDER: Okay. Looking at SG&A going forward, is there more cost-cutting that you can do? Should we be expecting to see SG&A decline from its present level? MARC CROSSMAN: Not in a significant way. Now the selling, we break it into two portions. There is the selling portion, which was the royalty and then the commission, and then there's G&A, which is our fixed costs. You know, the employee counts, the cost of the warehouse, largely fixed expenses. So those two components own it. The selling portion will be coming down because we won't have that 3% royalty rate, but there will be a -- the G&A will go up now that Joe's salary is going to be in the G&A portion. Specifically where we think we will get a fair amount of savings on the selling side is we just took our commissions down from 8% to 6%. So that 2% will in essence drop to the bottom-line. RONALD BOOKBINDER: Great. Looking at the licensing, did you get any upfront payment, and how will the first-year revenue be spread? . MARC CROSSMAN: We did get an upfront payment. We are not disclosing that right now. In terms of how the revenue is going to spread, the line that we're showing right now is for an 830 delivery that we will be showing at Coterie. So when we see our first revenue streams come in, that will be around Coterie. And Joe is -- and Joe, if you want to comment on the look of the line. JOE DAHAN: Yes, I have been going through the process of designing the line with the Betesh Group, and we've come up with a pretty big product range, and we're basically flying to New York on Monday to merchandise the line in order to have it shown at Coterie. And from what I think, I mean the product is pretty amazing for a first line out. MARC CROSSMAN: And I think it bears mentioning that the one thing that we do have in the premium denim space that I think is very important and it may seem like an intangible is the JD logo. So we have a branded logo, and I think if you look at the other players in the premium denim space, they don't necessarily have a logo that is as translatable. The high-end, if you will, does not have a Gucci or Chanel type of flavor to it. I'm not saying we are Gucci or Chanel. Just in terms of how the product, how the logo -- and this is a feedback we get from potential licensees that we have been talking to across other categories. The feedback is that the logo does translate very well into other categories. RONALD BOOKBINDER: Looking at the balance sheet, how did inventory end year-over-year and how does cash look? MARC CROSSMAN: Cash looks good because we just did a raise. Our inventories, I will give you the outlook going forward. I think right now our inventories are going to go up a little bit because we have been buying fabric and automatically transferring that off our books to our contractors. What we are really going to do over the course of 2007 is stage all the fabric out of the US, which will allow us to more against it. Because currently right now we have an inventory line that is only on finished goods because all our raw materials are down in Mexico. But in order to free up more cash, if you will, we're going to stage everything out of the US on the fabric side of things. So our inventory levels will go up. Obviously with an increase in sales, they will go up, too. RONALD BOOKBINDER: Okay. And lastly, when looking at the diluted share count to be used for 2007 when you include the pipe and then this proposed transaction, how many shares should we be looking at? MARC CROSSMAN: 55 million. OPERATOR: [Gary Purcell], Basic Investments. GARY PURCELL, ANALYST, BASIC INVESTMENTS: Congratulations. Nice to see the Company turning around. Relative to other companies in the space, 7 Jeans and all the other competitors, how is your Company valued right now, valued versus those other companies? Are we undervalued -- are we based on the prices of those other companies? MARC CROSSMAN: I mean I cannot necessarily answer that per se, but I can tell you if you look at, there are really only three other premium denim guys that you could value us against. One is Blue Holdings, the other being People's Liberation and the third being True Religion. We all have very different characteristics in our business in terms of the direction, whether we are one brand, multibrand. I mean it is very difficult, and we're also -- all three of us are in different stages of the maturity of our business. So I will have to leave that up to you, but those are the three public comparables out there that you can look at. GARY PURCELL: Right now financially and otherwise, since you have been with the Company, is the condition of the Company the best it has ever been or --? MARC CROSSMAN: That is an easy question. This Company has never ever been in a better position, certainly since I been here, in terms of the stability of the Company, in terms of where our balance sheet sits. Across all different metrics we feel so good about this coming year, 2007, and also the longevity of the Company going forward. So I have got to tell you we are so excited. GARY PURCELL: So this is basically like a new beginning? (multiple speakers) -- a new frontier for the Company? MARC CROSSMAN: It has been a tough 18 months transition and restructuring, but we really look forward to 2007. GARY PURCELL: And the fact that you stayed on NASDAQ is a beautiful thing. MARC CROSSMAN: That helped. GARY PURCELL: Okay. Keep up the good work. OPERATOR: (OPERATOR INSTRUCTIONS). Jane Linderman. JANE LINDERMAN, ANALYST: Congratulations on a terrific '06 and continued success. What I would like to know is, can you give us an estimate of the market size of the high-end jeans area and if you expect that market to grow and if your share of that market is expected to grow? MARC CROSSMAN: I think it was -- gosh, I have to think back to the slide presentation we had, and I think it was somewhere around $800 million. And that was based on price points I think of $100 and above. I think big companies like Lucky fell into that. Guess falls into that. So there are some big numbers there. In terms of how the market is growing, I don't know. We are very focused on our business, working with our retail partners to plan our businesses up. I don't know what the overall market is going to grow. I do feel like we're taking floorspace because we're seeing our average inventories in all our department store accounts increase. So we have to be taking that floorspace from somebody. That's the best I can answer it without doing the deep-dive analytical work on all the other competitors in the marketplace. JANE LINDERMAN: Okay. And also what do you expect the price points to be on the handbag and belt area? MARC CROSSMAN: Price points will start at $350 and go to $800 depending on the size of the bag, and we have done -- to keep them at $350, we have done a lot of bags in the smaller sizes in order to be at those price points, and that is pretty much market price. JANE LINDERMAN: Okay. So that is pretty high-end. I mean because it seems to be higher end than where the jeans are price-wise? (multiple speakers) MARC CROSSMAN: Not really, not in the bag market. It is not considered high-end. It is considered right there with competitors like Marc Jacobs for instance that has lower end line. JANE LINDERMAN: Okay. What was the strategy behind going with handbags and belts as the first license, or was that what was available and on the table for you to get? MARC CROSSMAN: No, no, we actually did some chasing on that, and actually it was through the (indiscernible) department stores and retailers. JANE LINDERMAN: Excellent. All right. Well, I thank you very much and continued success. OPERATOR: [Tom DeWeir]. TOM DEWEIR, ANALYST: Congratulations on the quarter. A quick question. I'm actually involved in some retail myself. I wanted to know you had mentioned before why you would not be interested in expanding to more specialty stores. What is the reasoning behind that or the theory behind that that you have? MARC CROSSMAN: Well, I don't think there is much more of a base for us to expand to. There are certainly more specialty stores, but we do make a very conscious effort not saying the example we use is (indiscernible) and Lisa Klein. They are both very high-end boutiques, good doors to be in. We are in Lisa Klein, we are not in (indiscernible), and that is largely a function of we are only going to sell in one. We're not going to sell to the stores that are too close to each other. And that helps us with each of the stores we are in. So yes, there are more than 800 out there, but the 800 we are in we are not going -- I don't know how else to describe it -- but we're not going to have our brand competing with each other across the street. TOM DEWEIR: Okay, that is understandable. You feel like you do have pretty substantial coverage though nationwide, and you don't feel there are any areas that you could achieve more growth in through additional retailers? MARC CROSSMAN: Yes, I do. But that is not what -- when we're building our plan internally, we're not looking for a jump of 200 specialty stores, so we will take them on a case-by-case. We are constantly opening specialty stores. Unless you're in an established specialty store, they come in business, they go out of business, and so you're swapping a lot of dollars, but yes, absolutely. When we go to the shows in Florida or Dallas, we're always looking to pick up additional accounts. You're not going to see the kind of door growth that you see out of the department store business for us. OPERATOR: Karen Short, Friedman Billings. KAREN SHORT, ANALYST, FRIEDMAN BILLINGS: Great quarter. I was just curious. You mentioned -- obviously you talked about some success in department stores, and you talked about the fact that you've grown your door count in Saks. I think you said 11. From a year ago you were at 11 up to all doors now. Can you just maybe talk a little bit about what your strategy was and what you think precipitated that? MARC CROSSMAN: Strategy that precipitated us to get into all doors? KAREN SHORT: Yes, I mean what was behind that? MARC CROSSMAN: Joe said he would like to think it is product. It is. There are a couple of things. One, we had originally gone in 10 doors; then we will cut back to five doors. I think it was -- had a lot to do with our product assortment, fighting out who their customer is, what their fit is. And it has just been the sell-throughs, and we have had really good sell-throughs at Saks. So they slowly have expanded us to more and more doors and tested us in a broader range, and now they are going to start increasing the number of jeans we actually have on the floor. KAREN SHORT: Can you give us some directional sense of what the sell-throughs are? Maybe what they were when you were at 11 doors and what they are now? MARC CROSSMAN: We were turning -- now we're turning in the double digits. We're turning 8 to 11%, and in the past we were turning at like 4%, maybe 5% until we got our assortment right. KAREN SHORT: Got it. Okay. And you also mentioned you had just opened one new account in department stores. Can you elaborate a little bit? MARC CROSSMAN: Yes, it is Neiman Marcus. So we're doing a test in six stores; I think they have 38 total. But this spring we're rolling out six stores. KAREN SHORT: Okay, that is great. And then also just on your SG&A line, like the sixth component of it, obviously I know there are some moving parts to it. One of them is, as you said, Joe's salary. But can you give some directional sense of what you think the absolute SG&A number should be trending toward by -- well, what it should be for the full year I guess of '08, but -- or '07, but what it should be trending once you reach profitability? MARC CROSSMAN: Yes, I think what we're going to do is the fixed G&A portion of it is going to remain relatively flat. So if you take the $5.2 million that we did in this fourth quarter back out roughly 9% of -- take our net sales times 9%, back that out, that is what the selling cost is, and then you will be left with what the remainder of the fixed G&A is. And that is the number that we plan to hold relatively constant. OPERATOR: [Matt Wankard], Roth Capital. MATT WANKARD, ANALYST, ROTH CAPITAL: Good quarter. It was great to see the numbers go up. I have got a couple of quick questions. First, if you could help me walk through in understanding the seasonality of the business? Throughout the course of the year, you said the first half is probably going to be in the red still, but then expect profitability in the second half. Why is that and what the real ramp is up? MARC CROSSMAN: Because our real strong bookings where we have historically done the best is in the fall holiday seasons and not necessarily, for instance, in the second quarter. That is when we run into the summer months, and denim is not a huge category in the summer. So it is really -- and then when you look at our first quarter, our first quarter has December in it, December and January. And December and January are not big shipping months. MATT WANKARD: Understood. And you obviously had a bunch of announcements today doing some housecleaning. Is there anything else on the plate really from a reorganization standpoint over the course of '07 you really want to get accomplished? MARC CROSSMAN: You know, the only thing we need to do in terms of reorganizing is our international business, and that has been a two-part reorganization. The first being get our design calendar straight so that we have enough time to actually sell the goods overseas. And then the second is, our price points. We were selling jeans -- I will use an example -- in Europe for EUR240, but yet we are selling them for -- and that is including VAT -- yet we're selling in the US for anywhere from $158 to $179. Now to make it comparable, you would have to add tax on top of that and then take the exchange rate. But what you would see if you do that math is that there is a discrepancy between where we are priced in the US and where we are priced in the international market. We're going to take care of that discrepancy, and we think that will drive more volume, and then we are also taking a hard look at all of our distributors, and we're going to figure out who is the right one to use and who are not the right ones to use. That will be fleshed out as we sit down with each of them and talk about future contracts going forward and what kind of guarantees that they think they can step up to the plate with. OPERATOR: [David Catall], [GGM Capital]. DAVID CATALL, ANALYST, [GGM CAPITAL]: Congratulations on all the great news. Just a few quickies. First of all, could you just give us some kind of sense of where you think the Joe's business can go longer-term, what the absolute level of business you can do just under that brand would be? MARC CROSSMAN: Okay. That is a really tough question to answer. Because we think that everything from our women's business -- our men's business is still in its infancy. Our international business, like I said, should be 30% of our overall business. And then there are so many license categories that we would necessarily generate the revenues from, but we would definitely be able to capture the -- excuse me, we would definitely be able to capture the income from that. I mean you look at shoes, and shoes can be anywhere from 10 to 30% of the volume that you're doing in apparel -- activewear, certain tops categories. There's all kinds of areas to attack, and I think we're not experts in those areas. So we're going to clearly license those pieces out and support whoever our licensees are. Beyond that, I don't know. There are a couple of things you can do. You can either expand your distribution -- well, there are three things. You can expand your distribution base, which would probably require lowering your price points. You can sell the company, or you can start opening retail stores. So if we do get to that point where we reach a ceiling in terms of growth, then there definitely other opportunities or other avenues that we can take to continue to grow the brand. But that is -- right now that is far away down the road. We still have a lot of revenue growth and a lot of profitability growth in front of us. DAVID CATALL: Okay. But the avenues you just mentioned, those three, we would not see you pursuing anytime in the near-term in the next two to three years? MARC CROSSMAN: No. DAVID CATALL: Okay. Just a couple of questions in terms of the Board. Are you anticipating adding any one to the Board? Will [Mr. Sweidler] perhaps join the Board? Any plans to bulk up the Board a bit or to add quality? MARC CROSSMAN: Right now the first order of business is Joe is going to come onto the Board. In terms of bulking up the Board, we don't have any definite plans to do that. You mentioned Bill. Bill has just been a great partner for us. He has been very helpful across all kinds of fronts. He has great relationships -- I'm giving him an advertisement. But he has a lot of great relationships in the industry, and particularly, as we look at alternative sourcing for licensees, etc., he has been a huge help. Tom O'Riordan, he comes from the apparel industry. He has been a huge help for us also. And I'm sure there are others. But, as we look at it, our board, if you look at the makeup of where our board was just a couple of years ago to where it is today, I do feel we have a good mix of financial people and industry people. DAVID CATALL: Okay. Great. Thanks a lot, guys. Good luck with everything. OPERATOR: [Todd Truitt], [Luber King Capital Management]. TODD TRUITT, ANALYST, [LUBER KING CAPITAL MANAGEMENT]: Great quarter. I was just wondering what the deal is. Are you still engaged with Piper Jaffray, or has that been dissolved? MARC CROSSMAN: No, it has not been dissolved. We're still engaged with them, and we're still going through the phase of exploring our strategic alternatives. We don't have anything other to announce than what we announced today, which is a whole slew of things. But no, we're still working with them, we're still exploring all the strategic alternatives, and they have been very helpful through this process. TODD TRUITT: Great. I got the flavor gosh probably nine months ago to a year ago that selling the company was definitely in the cards. Has the attitude at the Board level changed? Are you now so enthusiastic and excited about the progress that you have made during your restructuring efforts that you're maybe leaning more towards not doing that and growing this business and seeing how far you can build it? MARC CROSSMAN: I think it was kind of it flipped the other way. When we saw the stock falling like it did and people are still talking about paying us a premium to market of 20%, 30%, that is a real disservice to the shareholders, especially given what we're seeing happening internally. So it has kind of flipped the other way. I think what we're going to do is evaluate every opportunity that comes along. If you're going to pay us for premium to what we can do in the future, that is great. We will entertain it. If not, we're not looking for bottom fishers, and that is what we had swimming around our tank just even nine months ago. OPERATOR: Karen Short, Friedman Billings. KAREN SHORT: I just wanted to switch gears to the men's for a second. When did you first introduce men's into the channel? MARC CROSSMAN: For the second time it was -- our third launch was spring of '06. KAREN SHORT: When you (technical difficulty)-- right now that is just for the third launch? MARC CROSSMAN: Pardon? KAREN SHORT: The revenue that you have generated that was just for the third launch? MARC CROSSMAN: When I say the third launch, we had had some fits and starts in the past and had problems with our fits. So we exited the market, we stayed out of men's for over a year, and we just launched it this spring. KAREN SHORT: So what were the changes and improvements that you made? MARC CROSSMAN: It was the fit. It was all about the fit. We did not have our fits right. We did not have our manufacturing down, and it was -- I don't want to say it was a stepchild, but it did not get the focus that it needed. And this go round, we actually made the investment. We even highlighted the sampling costs for our men's business in our SG&A, and we -- I don't want to say that we took it -- we've put more attention and time and effort into it. Because we learned in the past that you cannot just do things as one-offs. In addition to that, we have hired additional salespeople within our outside showrooms that are dedicated solely to men's. I don't want to say we are taking it more seriously, but we are taking a much more methodical approach to it. KAREN SHORT: Okay. And where is it being sold predominately now? MARC CROSSMAN: All of our partners. Bloomingdale's, Macy's West, Marshall Fields, Nordstrom, so all of our department store partners. And then we are in about 143 specialty stores. KAREN SHORT: Okay. And then just on the licensing royalties, when do you expect to start collecting more steady stream of that? I mean obviously do you have guarantees kind of as we go through the fiscal year? MARC CROSSMAN: Yes, we do have minimum guarantees, and those are on a yearly basis. So, as I say, we already got an upfront payment on this licensing deal on the bag side. I think it is going to ramp up. During the course of 2007, we are going to be very active looking and signing up licensees. And when you really start to see that income then slow down is in 2008. Certainly in '07 you will see licensing income on the bags and belts side of things. But '07 will be, you know, the phase where we look and sign up licensees and design, and then really those products will start to hit the market in '08. KAREN SHORT: Okay. And then just on the international, obviously the price points are -- the issue with the price points in Euros is not unique to you guys. But what are you thinking of doing? You are obviously talking about lowering the price point, but to maintain the margin, how are you planning on doing that? MARC CROSSMAN: We no longer have a middleman. KAREN SHORT: Oh, right. Okay. That makes sense. Thanks. MARC CROSSMAN: There is one other components to that, too. If we're shipping the goods out of Mexico, they go in duty-free, so you're saving another 16% on every garment. KAREN SHORT: But right now you're still shipping or you have been shipping out of the US? MARC CROSSMAN: Yes, right now we're shipping out of the US. To the restructuring effort, one, we don't have someone sitting in the middle between our distributors, which gives us the opportunity to lower the price point without taking the margin hit, and then the second is shipping out of Mexico to Europe. KAREN SHORT: And when do you think you will start shipping into Mexico? MARC CROSSMAN: It depends upon how quickly we can move in Europe. So we have obviously have to solidify our relationships with our partners in Europe, and then that will be kind of the second piece that we will attack is setting up the distribution in Europe to be able to ship into Europe and distribute to our distributors from Europe. KAREN SHORT: And do you have any idea what price point you're going to be at in Europe in Euros? MARC CROSSMAN: Yes, we want to be somewhere between EUR185 and EUR195 on our core product. And, of course, we will have EUR215. You will have some specialty stuff. KAREN SHORT: Right. Okay. That makes sense. OPERATOR: Gene Sul. GENE SUL, ANALYST: Congratulations on a great quarter. I just had a couple of quick questions. On the dilution of up to 55 million shares here, can you describe if that is going to happen all at once or if there is some detail around that being tranched at all? MARC CROSSMAN: It is going to be totally dependent upon the closing of the Joe's merger. We're going to be filing a proxy here relatively soon. We're going to have our -- it will dovetail with our annual meeting because we're going to seek shareholder approval. And if it closes we would hope sometime in mid-April after we distribute the proxy to have the shareholder meeting, then that is when you will see the 14 million share dilution. And then Joe is going to be locked up for a period of three years. GENE SUL: Got it. And that is going to be ratably over three years? MARC CROSSMAN: Ratably over three years, yes. GENE SUL: Okay. I apologize if I missed it before, but in your '07 outlook did you share on the top line when you expect a range of growth rate to be? MARC CROSSMAN: No, we have not -- I will tell you we have been a company in the past that overpromised and underdelivered. So I will tell you today that we are comfortable with midteens growth on the top-line, and we are comfortable with telling you that we are going to lose money in the first and second quarters, make it in the third and fourth quarters, and then the full-year picture will be when you add up all four quarters will be profitable. GENE SUL: And lastly, given your growth now, do you anticipate any working capital constraints? MARC CROSSMAN: No. OPERATOR: Jane Linderman. JANE LINDERMAN: I just wanted to ask a couple of other quick things. When do you expect the handbags and belts to be in the stores and how widely available will they be? Will they be everywhere that the jeans are, or are you going to start with limited distribution and grow it up, or what are the plans on that? MARC CROSSMAN: Well, the plans are we would like to be fully distributed. The way it is going to actually work is our first-line will be in for fall. That is what we are going to be selling in New York in two weeks. And we're going to go to all of our accounts, all the department stores and all the specialty stores, and try and sell them the bags and try and get placement. JANE LINDERMAN: And how big a line is that going to be? MARC CROSSMAN: Joe, do you want to comment on the size of the line? JOE DAHAN: Well, we started with about 45 SKUs, and then we toned it down to the best item that we thought was right for the market and the best looking ones actually, and we ended up with about 15 to 20 SKUs. OPERATOR: (OPERATOR INSTRUCTIONS). MARC CROSSMAN: Okay. It sounds like there are no more questions, operator. OPERATOR: You are correct. MARC CROSSMAN: All right. Well, I really appreciate everybody being on the call. We look forward to having a tremendous 2007 and beating expectations. So if anyone has any questions, feel free to give us a call, but thank you again for being on the conference call today. OPERATOR: Ladies and gentlemen, thank you for your attendance in today's conference. This concludes your presentation, and you may now disconnect. Good day. |
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