On a timing basis, there is one extra hourly pay period in the first quarter of ’12 than there was in the first quarter of ’11. That’s just a way it falls sometimes. That accounts for about $1.2 million in additional wages in Q1 over last year’s Q1. We gave out raises effective March 1 last year to all the employees except the officers to there is a couple of months worth of raises in the first quarter of this year that were not in the first quarter of last year. And on a real basis, minimum annual guarantees and escalators on our transit contracts are expected to jump $1 million in the first quarter of this year. They are expected to go down, they will not be that high in the second and third quarter going forward.Just to touch on a balance sheet issues that we completed at the end of January. You saw in the press release, we issued some new subordinated bonds of $500 million and 5 7/8%, 10 years interest only. We took out a new $100 million term loan on our bank credit agreement and we called $700 million of our existing 6 5/8% 2015 bonds. We got approximately 600 million of those tendered. We will settle this coming Monday, February 27. If you do the math you will see we came up $100 million, we tendered for seven, we got six. We were planning on borrowing and extra $100 million off of our revolver to cover the last 100.
Lamar Advertising's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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