Due to the different implementation dates of these changes and the complexities been accurately forecast in the financial impact, we believe that it may be helpful to provide an estimate of adjusted EBITDA for future periods. Based on our financial results through the second quarter and estimating the impact of the FCC reforms on our operations for the second half of this year, our adjusted EBITDA outlook for this year is in the range of $41 million to $43 million. Reflecting the impact of the FCC’s order and the Time Warner Cable transition, our outlook for 2013 adjusted EBITDA is in the range of $34 million to $35 million.

For 2014, we would anticipate adjusted EBITDA in the range of $29 million to $33 million. The projected decline in adjusted EBITDA for future use suggest the need to reduce our total our total debt. We are currently exploring strategic alternatives to restructure our balance sheet and reduce the total debt. To assist us in the process, we have hired Evercore Partners, an investment banking firm. Its areas of expertise include debt and capital market transactions, restructuring of balance sheet obligations and mergers and acquisitions advice.

Our immediate response to the anticipated decline in revenue and cash flow has been to reduce operating costs, carefully control capital expenditures and focus on cash conservation. In the second quarter, we reduced our work force by 13%, reduced the total targeted compensation for senior management by 33% and reduced Board of Directors’ fees by 20%.

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