Good morning, my name is Daniel and I will be your conference operator today. At this time I would like to welcome everyone to the Fortune Brands First Quarter Earnings Conference Call (Operator Instructions). Mr. Carbonari, you may begin your conference.

Thank you Daniel, good morning. Welcome to our discussion of Fortune Brands First Quarter 2009 Results. Please note that our presentation included forward-looking statement. These are subject to risks and uncertainties including those listed in the cautionary language at the end of our news release. Our actual results could differ materially from those targeted. This presentation also includes certain non-GAAP measures that are reconciled to the most closely comparable GAAP measures in our news release or on our website in the supplemental information link in the webcast pages. Against the headwinds of the global recession, the severe US housing downturn and reduced consumer discretion spending each of Fortune Brands’ businesses performed at or above our expectations in the first quarter. Fortune Brands continues to pursue initiatives to succeed in the marketplace, reduce cost and enhance our free cash flow in navigating what we expected to be the most difficult quarter of the year. Profits in our Spirits business benefited from stable consumer demand in the US, higher pricing and favorable year over year inventory, distributor inventory movements largely offset by soft results internationally including the ongoing impact of the Australia R2D tax increase and the headwinds of unfavorable foreign exchange. On the before charges basis operating income in our Spirits business was modestly higher in the quarter. We took aggressive actions to combat negative operating leverage in our Home Products business driven by lower demand and unfavorable product mix. These actions included further reducing the manufacturing footprint for home products and driving down costs in all areas of the business. In the quarter our Home Products business announced the closure of three additional plants and the sale of a non-core product line and in our Golf business new products, international sales growth and cost of currency and lower costs partly…

Thanks Bruce. Starting with Spirits sales came in at $486 million, off 6% partly due to adverse foreign exchange. On a comparable basis excluding the impact of foreign exchange, excise taxes and the Cruzan acquisition sales were down 3%. Here in the US against a high single digit US revenue decline in the year ago quarter due to distributor de-stocking sales increased at a double-digit rate. Outside the US sales were lower by double digits but in line with our expectations. These international results largely reflected transitional issues in certain markets such as the Australia RTD tax, a change in our distribution in Mexico, the impact on volumes due to price increases in the UK and the soft global travel retail channel. Let me underscore that in Q4 of last year as Bruce mentioned earlier we moved to a new inventory management model that relies on leaner and more consistent US distributor inventory levels. As a result, we’re creating valuable efficiencies for our distributor partners and US inventory levels that are well balanced. Operating income before charges was $130 million, up 1% on both a reported and comparable basis benefiting from price increases and the timing of brand spend. Global volumes for our entire portfolio based on depletions were off 7% in the quarter. Depletion case volumes and again that’s shipments from distributors to retailers were flat in the US reflecting balanced performance across price points. While US depletions for Jim Beam and Sauza were slightly lower we saw double-digit increases for high end brands such as Maker’s Mark, Sauza 3G’s and 100 Anos. Hornitos Tequila, Canadian Club and Laphroaig also drove higher depletions in the US as did our value priced Vodka, Bourbon and Canadian Whiskey brands. In international markets while these results were in line with our expectations…

As the year progresses comparisons [inaudible] a number of adverse factors will annualize and we’ll realize the benefits of our market share and cost initiatives so we believe we have the most challenging quarter of the year behind us. Looking ahead we anticipate consumers will remain cautious when it comes to discretionary spending and that the home products market will continue to be very challenging. We will also continue to face the headwinds of adverse foreign exchange. That said, we will remain focused on outperforming our categories in the current environment and positioning Fortune Brands to emerge from the downturn an even stronger company. Fortune Brands will benefit from our position in the relatively stable Distilled Spirits category, our company-wide brand building initiatives and our strength up and down the price ladder across our businesses. Specifically in Spirits we’ll benefit from our new international distribution alliance that began in April and our dedicated sales organization in the US. It’s also important to note that the Australia tax increase on ready to drink Spirits products will annualize later this month. In Golf, our strong lineup of new products and successful investment in international growth support our leadership in a challenging industry environment. In Home Products we’ll continue to leverage our lower cost base, excellent customer service and strong brands as we seek to continue to gain share in a difficult market. Supported by these advantages combined with our first quarter results we have this week reaffirmed our full-year earnings target for diluted earnings per share before charges and gains to be in the range of $2.00 to $2.50. This full year target reflects our continued expectation for lower results in Home Products and Golf segment due to the very challenging conditions in those markets partly offset by the underlying growth in Spirits. Thank you again for joining us. Now Craig and I will be happy to take your questions.

Your first question comes from Ivy Zelman of Zelman and Associates.

It’s actually Alan on for Ivy. My first question; I was hoping to get a little bit of detail on what you’re seeing from your customers in the home segment, specifically with respect to receivable collections and any type of distress you might be seeing either from the builder component of your business or wholesalers?

In the Home side we have multiple channels as you said with builders and we do sell some directly to builders but most of our products do go through the wholesale channels or two-step approach to the builder. In all those cases we really haven’t seen much change at all there as well; on the retail side same thing, not much change. We do have business with the dealers in the Cabinetry side there. We’ve seen some of the smaller dealers come under pressure. We’ve actually seen a couple close. But again, if you look at how we’ve defined our mix of customers over the year in the dealer channels we have what we call the A and B dealers. So a lot of the C and D’s who are lower volume and historically had not strong positions are ones that are really under pressure now and we don’t have a great portfolio of those. We’re stronger in the A and B dealers.

Alan, I’d jump in an add too this is an area that we’ve been extremely watchful of over the last year and we’ve made sure that we’ve stayed on top of things and kept the aging of receivables where one would expect it to be. The good news at this point while there’s clearly some stress out there we continue to have timely payments and we’re continuing to stay on top of it.

That’s definitely some good news there. My second question also on the Home segment in 2008 you guys were pretty successful in passing along the commodity cost increases that were very prevalent in the market and now that we’ve seen a little bit of a pullback there I’m just interested what you’re seeing on the pricing side? Obviously it’s competitive but I’m curious if you’re getting some pushback now that the commodity costs are pulling back a big.

First of all, let me jump in here a little bit because in the first quarter we actually year over year had a bit of a hit on commodities and that was particularly in the particle board area. As you outlined, we do at the present time expect we should see some improvement over the course of the year but we’ve seen an uptick in copper. We obviously at this point are kind of watching what’s going on with the price of oil and so on and so forth. On the price side and again, it is competitive so we really won’t drill down too deep. But we have taken price increases selectively where we felt we needed to and we have had reasonable success in putting those through. On the flipside, though, obviously as we did select price increases last year they were tied to what was going on with commodity cost and so at this point we’ve got a little bit of giveback going on there. All in all I don’t see anything that’s really moving the needle one way or the other.

One housekeeping question; you guys stated in your 10K that given exchange rates and where they were at the end of the year if that were to extend through to 2009 that that would negatively impact EPS by about $0.30 to $0.35. I’m just curious if there’s any update on that given where exchange rates are today assuming that that holds constant through the end of the year?

Yes. Actually, looking at where we are right now I think that we’ll tick down a bit from that. I would put us right now more in the bandwidth of around $0.30 for the whole year.

The next question comes from Eric Bosshard of Cleveland Research Company.

Two questions; first of all, Bruce, you’ve said a couple times now that 1Q seems like it will be the bottom and if you exclude the comparisons part of why it would be the bottom just on an operating basis can you, again, talk about what you’re seeing in the channel or what you’re doing that you think allows this to be the bottom?

I don’t think we said it was the bottom. You are talking Home I assume, Eric, right?

Yes.

What it is, this is seasonally the smallest quarter in Home and that obviously with the decrease in volume based on just where the market is we believe will be our toughest quarter in Home. The market itself there are some positive signs out there but I don’t think anybody in their right mind would call the bottom at this point. But there are a lot of stabilizing things that are going on that are encouraging; mortgage rates where they are, the re-fi activity being as strong as it is, a lot of the foreclosure homes being flushed through the system. But we’re still sitting there with a lot of inventory in the system. We’ve seen a little bit more stability in home prices but again market by market and consumer confidence is yes a little bit of an uptick but still at a relatively low level so there’s a lot of mixed signals out there. We’re taking a very cautious approach to this and we’ve done that continuously through this period. We’ve been very aggressive about taking cost out of the system in the supply chain side and we’re ready to do more if in fact this isn’t the bottom. But there are some mixed signals, which I think and I hope are positives in the long run.

The guidance for growth for Home from here it’s not at the levels of decline you saw in 1Q. Is that therefore kind of exclusively a function of comparisons? Is that how that should be interpreted?

In large part, Eric, it should be. As we look at what was the, as an example, the rate of decline last year in new construction? As you well know it really trailed off in the back half of last year. So with a steeper decline there in the back half and more stability or a less dramatic decline this year it just naturally makes the comps better.

Eric, I would tell you that we are assuming that the recession, the home recession, will continue throughout the year.

Then related to this, the decremental margin we saw in the first quarter; are the steps that you’ve taken to improve the cost structure should we see because I guess the 1Q decremental margin was a bit similar to 4Q or even a little bit better? Should we see a similar decremental margin as we saw in 1Q in Home throughout the year or should it improve from that level?

Eric, I think that’s a tough thing to call at this point. It’s going to be more a function of mix. But on a standard basis then yes I definitely would expect that over the course of the year there’s the potential for improvement.

My second question; in the Spirits business, the Spirits margins contracted in the back half of last year or kind of all of last year and I know there were a lot of moving parts and the margins were up in the first quarter. Can you just talk about kind of what’s going on within that you’re making this incremental investment in the direct selling effort, which certainly makes sense? Can you just talk about what contributed and the sustainability of that profitability level that we saw in 1Q out of Spirits?

Let me talk strategically first and let Craig handle the details. Again, as you suggested, we do have a lot of moving parts. Again, the RTD Australia hit us in the second quarter last year and will annualize now this month here. Again, we invested in the new route to market back on October 1st of last year. We put the US sales organization in so that was an incremental cost and then now as of April 1st international route to markets. So there are a number of moving parts. Craig, I don’t know if you want to get into a little bit more of more specifics.

Eric, this is a discussion we’ve had in the past. The quarters are difficult to call just because of what can be just kind of the moving in terms of timing and expenses, the mix associated with the product that’s shipping, so on and so forth. I wouldn’t make too much out of the first quarter at this point. I would just say to you that at this point our expectation has been that we’re looking at overall margins for the year that really should be in the mid 20’s range.

What I will tell you, though, which I think is encouraging is that especially the US market is holding up quite well. As we said, we see it as up 1%; a little bit maybe when you look at control states a little stronger then that. But we’re also seeing a little bit of pricing, ability to get pricing in some of the select brands. We have seen a bit of trading down, a little bit more in what I would call the White Spirits that are mixed products, vodka especially but that side kind of stabilized. The fourth quarter and the first quarter were very similar so we didn’t see a continued decrease of people stepping down so that we encouraging as well.

Our next question comes from Michael Rehaut of J.P. Morgan.

My first question if I could just on Home and Hardware; a lot of restructuring actions taken the last couple quarters. I apologize, maybe if I’m a little rusty if you’ve covered this earlier. But is there any type of dollar amount given in terms of expectations for cost savings?

What I will tell you is that as we look at the charges we’re taking and I don’t have that specific summary in front of me but we could obviously go through it in more depth later. But our expectation right now as we look at the projects of 2008 and here in 2009 that we are looking at cash paybacks that are in the range of 15 to 18 months so the paybacks have been pretty reasonable.

Also on the Home and Hardware I thought I heard at the beginning when you did your more detailed segment review, Craig, that the market fell about 20% to 25%. But then later in I think you had said that there are some areas where you are gaining share. I was wondering if you could just kind of reconcile if your sales fell below the market and if there were certain segments that perhaps you lost share, others that you’ve gained or were there inventory corrections, a little more detail there?

What we’ve got in part as you look at the sales numbers is some level of phasing in terms of products that were shipped. The real discussion of share gains here is going to be more on an overall running rate basis and where we expect to be for the year. But in terms of trying to break that out between specific companies for competitive reasons that’s not something I’d do here.

Just in terms of the original comment of down 20% to 25% and your sales were down 32%, I guess X-currency down 30%; any help there just in terms of, because it does appear that you did lose share, if there were any specific areas?

I think a couple things; first quarter is seasonally the smallest quarter. The second is in the Cabinet side of the business as we mentioned in the R&R side, Repair and Remodel side of the business, the big ticket kitchen remodeling projects we’ve seen a significant decrease in that activity and we’re seeing more cabinets in cabinets out, which means that there’s no electrical, plumbing, major renovations going on, which is higher sales per ticket. So when you look at the market I think our Cabinet business is in the remodel side of the market, that whole category, not just us; the whole category is performing worse than the whole market of R&R.

Let me break this out a little bit further for you too because at this point there are really two factors that are playing coming into the first quarter. The first was the phasing that I mentioned and then secondly playing off of Bruce’s point with what’s happening here in terms of some of the larger projects not being taken on. What we’re looking at it lower average selling prices. But just broadly speaking without getting into specifics in terms of first quarter you look at where we are with Moen. They are up a bit. You look at Cabinets; we’re holding but certainly had a little bit of exposure with dealers and you look at Therma-Tru and Simonton holding and then Hardware up a bit.

One last one if I could sneak it in. In the Home and Hardware space and perhaps in the Spirits and Wines also but I’m more thinking Home and Hardware. Given the turmoil and the fact that your yourselves have a balance sheet with some decent liquidity any opportunistic M&A that you’re looking at right now where lesser capitalized, smaller player in a segment or two that you compete in there might be an opportunity or how are you thinking about that?

Michael, as you remember it hasn’t changed. We’re very disciplined about the M&A side of our business. Again, our priority is organic growth but if there is a logical extension or add-on to our businesses we’ll take a hard look at it. What we’re seeing right now; there is a lot of activity out there. But some of the businesses that we’re seeing are not as robust having gone through the restructuring yet that we’ve gone through so they have a little tougher horizon in front of them and we’re going to be very selective about that. Again, as I said earlier, cash is king right now and that provides us both the opportunity to invest in our business that we have today but also look at these selective opportunities. But right now the priority is to pay down debt and if we do find one of these diamonds we will act on it.

The next question comes from Stephen East from Pali Capital.

Craig, looking at the inventory it’s down year over year but the days outstanding spiked up quite a bit. Could you talk a little bit about what’s going on there and then what your expectation is for working capital cash generation for the full year?

Turning to the inventories you’re right, it is down and one of the biggest factors for being down year over year was just the FX translation but we did put up a bit more inventory in Spirits or our maturing stocks. Then we’ve got [Agabi] that we’re going to be working our way through here over the next eight or nine months. We also had a bit higher inventory levels in Golf that were associated with product that carried into the year. In terms of just the inventory overall as Bruce outlined we’ve got a number of actions that are underway right now in support of increasing our cash flow for the year and all of those are underway. That includes looking at our DTO’s, that includes looking at just where we are with our inventories and in fact it even includes looking at what we’re doing with the amount of inventory that we’re laying down in Spirits this year as we synch up what has been the amount put down in prior years with what our re-forecasts are here going forward. So, that’s what’s going on, on the working capital side. In terms of the cash flow, as Bruce outlined before, we came into the year with an expectation that we were going to deliver something in the $100 million to $200 million range. Now as a result of both our actions to improve organic cash flow along with the dividend reduction that we took, which while it’s 150 on an annualized basis it’s about 110 this year. The benefit of those two is that we’re now targeting for free cash flow for the year to be in the range of $400 million. When you look at the first quarter you obviously see that we were a net cash user, which is consistent with our [inaudible] for the business.

Then on [inaudible] efficiency Bruce you mentioned around 37%; is that a stable expectation or do you think you can drive that lower as you get to the end of the year?

Yes we think we can drive it lower. I think what’s important there; when you look at the number you go wow, that’s a big number. But the reality is it’s the age, the Spirits inventory that really drives that number to be as high so yes there is opportunity, obviously not in the aging side of the business but in other businesses and we expect to drive that down.

Just to help you a little bit there as you start to look across the business with Homes we’re running in kind of the mid to high teens in terms of working capital efficiency and in Golf we’re in the range of around 30%. You can really see to being up at the 36%, 37% level is really principally Spirits.

And the aged spirits.

The next question comes from Lindsay Mihn of Goldman Sachs.

I was trying to get a better understanding of why your Spirits margin was so favorable in the quarter. Based on the disclosure you had for US down double digits last year in sales and up 9% this year does that mean that the inventory build was worth about ten points for the US division?

Candidly, I haven’t tried to calculate that number so I can’t confirm that for you. But what I can tell you, though, is that as you look at the first quarter it’s a function of where we were with mix of product as well as where we were with our overall cost structure and the timing of expenses and we’ve got some price in there. But again, there’s a seasonality to margins and as I indicated to I think it was Eric who had asked about it, as we look to the full year our expectation is that we’re still looking at margins that are going to be in the mid 20’s. So begin where we were for the first quarter is just abnormal for us in terms of what will be the year run rate.

I think you mentioned that you expect to invest $30 million this year in your route to market initiatives and prior as I recall you had said $30 million in the US and then maybe $15 million to $18 million in international.

We’re netting out the numbers here. What we’re doing is we’re saying we’ve got the costs associated with the sales organizations but our whole effort with US distributors in terms of the conscious plan and approach to take down inventory levels we netted out of that number. So when you look at the US at 30 or so or 30 to 35, you look at international in the 10 to 15 range and then we net down to that to come to something in the range of the 30 as a result of the distributor inventory program.

I’m still confused. So 30 to 35, 10 to 15 that gets you to 40 to 50.

Let’s use your numbers. You’ve had 30 for the US, you had 18 for international and then if you back out the benefit that we’re deriving here this year because we don’t have the de-stocking in the first quarter. Use 18, 15 to 18; that brings you down into the 30 million range net.

I see. Any of those investments; did they flow through in the first quarter? Was there anything meaningful or is most of that Q2 through Q4?

The US would have; international no.

We had some impact in the first quarter from the US and more of the lion’s share of this is going to come in Q2 and Q3.

On the Home and Hardware side I think, Craig, you mentioned that you had seen April orders were in line with your expectation. Can you give us a bit more color on whether that marks perhaps an acceleration or sort of status quo in terms of momentum and any color on the different products?

Actually at this point as Bruce outlined earlier for the moment we’re looking at more stability in orders. So as a result it’ll be better than the first quarter and I’m not going to get into specifics month by month. But we’ve seen we had stability to our outlook in February, we had it in March and we’ve got it here again in April but I’m not going to try to make a call on what that means.

Lastly, the decision to go a bit tighter on your Cap ex and working capital; can you outline some of the areas where you are cutting spending?

Sure. We are looking at areas where, again, we had traditionally been in a two-year to three-year payback window. We tightened that up. We also looked at some spending on things like visitor centers and things that were more marketing or it’s probably a bad word fluffy rather than return-based. So those are the areas we cut back on. There are some tough decisions. Some of them are really just deferrals. We’ll look at them again next year. Some of them were where do we want to put our resources and priorities? Is this the right place to do it right now and IT projects would be an example of that.

So in part, what we ended up doing was just putting higher hurdle rates on some of the projects that people were proposing to say that in this time we want to be absolutely sure that we’re going to see the returns we’re looking for and so we’ve put off some projects.

What I would tell you though is anything that was long-term strategically important to us we’re still doing.

Any cuts in Spirits or is it mostly Golf and Home?

Yes; there were cuts across all the businesses.

Actually we’ll derive some benefit in Spirits simply because of the fact we’re putting down less inventory. We’re going to have less cooperage expense for the barrels.

Your next question comes from Ann Gurkin of Davenport.

First I want to start to get more details on a statement in your prepared remarks about capturing value enhancing opportunities. Can you just elaborate on what that really means?

I think, Ann, what we’re talking about there is we are looking at some of our brands…First of all, let me step back. The consumer right now is transitioned to be more value orientated. I think that’s an important distinction between price orientated and value orientated. What we’re seeing with the consumer is that they in fact are looking towards trusted brands, brands that give them the quality and the durability for example that they would expect and they’re staying away from if you will the fringe areas. That doesn’t mean that they won’t pay for it. It just means that they’re really evaluating the value proposition of it. I think that’s what you were referring to.

I didn’t know if it also referenced an overall larger picture for the company of looking for acquisitions or looking to drive increased returns on the business through the two operations.

You were talking on the cash management side. Yes; again, our priority is to pay down debt. If we see something that is very appealing and it makes sense and we can create value greater than paying down debt we will do it. It’s hard right now with the multiples in the Spirits business and with a lot of the activity going on in Home and the restructuring and what not to see a lot of those very clearly. So we’re being patient and we’re being disciplined. As you probably imagine, there’s a lot of activity out there and a lot of speculation out there about a lot of different things. But we’re sticking to our guns on how we look at things and we’ll patiently go through it.

The other thing I’d highlight right now is that in this environment remaining investment grade continues to be important to us. As we look at opportunities it naturally says that the hurdle rate has gone up on those as well.

Then I have a couple questions regarding the Spirits business. What are you modeling for, particularly the second half outlook for international Spirits growth on a depletions basis?

Right now we’re looking at basically that US will be up in the range of about 1%. I’m sorry, on a volume basis. Western Europe will be relatively flat, maybe slightly down, Mexico basically flat, Russia is going to be tough but again Brazil, India, China we see continuing to grow those emerging markets but at a little bit lower rate than maybe we saw a year ago. The other one too and I think it’s important is global travel channel we think is going to be difficult all year just because of the reduction in travel.

With respect to consumer behavior in Spirits are you seeing…I know you’re seeing consumers consuming more at home. Are you seeing absolute consumer purchases dropping, like consumers aren’t buying as many bottles of bourbon say as they did? Are you seeing any kind of change in behavior there?

No, we’re really not. There was in the fourth quarter a little bit of price let’s say stepping down from a super premium to a premium or a premium to standard stepping down one level. We basically in the first quarter didn’t see any continuation of that trend.

Your last question comes from Karen [Lamar] of Federated Investors.

I think in your comments you indicated that one of the charges included something in Spirits; can you first give a little color on that?

Are you talking about our restructuring nonrecurring charges?

Yes.

We’ve got about $3 million pretax there that’s just associated with our initiatives on the Maxium international distribution repositioning.

So is it related to your overall efforts internationally?

Yes. We shifted from the four-way joint venture of Maxium to a two-way joint venture and that new route the market system is much simpler for us as well as gives us better control over a number of markets that we didn’t have before. So that’s part of the restructuring to get us from the old to the new.

Should we consider it in addition to the 15 or $10 million to $15 million then that you were planning on spending? I’m just trying to reconcile that to your original projections I guess.

Yes. We look at them as separate. There’s the restructuring charges to bring about the structure we want and that’s what this is. The $15 million or so that I’m talking about is what is going to be ongoing increased run rate cost of the business. Just for background there we made the same decision internationally that we made in the US and that was that we weren’t going to skinny down to maintain the costs we had in the past. We looked market by market and said what do we need for an organization to really drive the business? As a result we’re making those investments to support the business going forward.

Then also in Home did you imply there may be some charges in Q2? I think you gave us some comments that suggested that you expected positive operating income Q2 before charges. Were you just sort of hedging yourself or is there something that we should plan for?

No. As I’m sure you are well aware we’ve announced restructuring in the fourth quarter of last year and we’ve got the additional actions that we took here in the first quarter. We took charges in the first quarter and obviously we do that in a line with the accounting standards and so we’ve still got charges that depending on how things typically flow will carry out here into the balance of the year. But we took $0.25 worth of charges in the first quarter and as things stand right now associated with the initiatives we have we’ve got another $0.15 to $0.20 worth of charges to take over the balance of the year. I don’t have right here in front of me the specific breakout between company but we could get you a better sense of that. And obviously we continue to review for further opportunities so clearly there could be additional charges over the course of the year. I mean, there definitely will be but there could be on top of what I’ve already outlined.

That’s what I was trying to get at. Your guidance assumes obviously quite a bit of improvement in the fundamentals for the rest of the year. Can you broadly talk to what you’re assuming has to happen, whether it’s GDP or restocking or just kind of gives us a little bit more color on what you’re assuming and maybe for each business unit but in particularly in Home because you are assuming an improvement versus Q1?

I think first of all in your initial statement that we’re seeing it better in the remainder of the year I think what you’re seeing out of the first quarter is the seasonality of our businesses especially Home. So when you build the rest of the year out we’re assuming that basically it’s going to be a recessionary period throughout and that consumers will remain cautious particularly in the discretionary spending categories. We are not looking at a hockey stick or anything so you have a number of things that will happen during the course of the year. Obviously comparisons will get easier. We have the annualization of the RDD. We have some annualization of the US sales organization for our Spirits business so there’s a number of things that are happening through the course of the year that will make that and plus our cost initiatives and cost takeout initiatives that we took in the fourth quarter and now in the first quarter. We’ll start reaping the benefits of those. Craig, do you have anything to add?

Yes. I think the thing I’d also add is just to maybe go back a little top line here for a moment. What we’ve outlined in Home is an expectation that the overall market will be down about 20% for the year so that naturally is an improvement over the first quarter. And as I mentioned earlier the comparisons will improve because the real down slope in Home came in the back half of last year. So with what we’re now targeting for this year the comparisons there naturally ease. In Golf our expectation is that we’re going to see rounds of play that are going to be down kind of low to mid single digits over the balance of the year. Then lastly, within Spirits as Bruce outlined we’re anticipating that kind of global volume is going to be flat to maybe down modestly. Then we’ve got all the things that are now going to annualize over the year. We’ve got FX that’s going to be less of a burden. We’ve got RTD that annualizes here in April and then we’ve got all of these other supply chain initiatives that are going to annualize as we progress through the balance of the year so we’ve got a lot of things that naturally are going to play in our favor.

I would now like to turn the call back over to Mr. Carbonari for closing remarks.

Thanks again [inaudible] continue to pursue our priority initiatives to outperform the current economy and environment and to position Fortune Brands for strong long-term growth. We’ll review our second quarter results with you in July, thank you.

[Operator Instructions]. This concludes today’s call; you may now disconnect.