Greetings and welcome to the IsoRay Incorporated second quarter fiscal year 2008 Earnings Call. (Operator Instructions) It is now my pleasure to introduce your host, Rudy Barrio. Thank you, Mr. Barrio. You may begin.

Thank you, Rob. Good afternoon and welcome to the IsoRay earnings conference call where management will review the company's financial results for its second quarter ended December 31, 2007. As mentioned by Rob, I am Rudy Barrio of Allen & Caron. Before we start this call, there are several items I'd like to cover. Most of you received a copy of the press release announcing the company's financial results, which was released this morning at 7.30 AM Eastern. If you did not receive a copy of the press release, please visit our website at www.allencaron.com where it is posted on the IsoRay Corporation within the client section, or you may call our office in New York at 212-691-8087, and we will email it to you right away. It is also posted on Yahoo Finance. In addition, this call is being recorded. An audio replay of this call may be accessed for 10 days through February 21 by calling 877-660-6853, using passcode 286 and conference ID number 273560. Callers outside the US and Canada should dial 201-612-7415 using the same passcode 286. This call is also being broadcasted live over the Internet and may be accessed via the company's website at www.isoray.com or via Precision IR through www.investorcalendar.com. A replay of this webcast will also be available through February 21 on each of those websites. Also, I've been asked to make the following statement. This presentation contains statement concerning IsoRay's expectations, plans, objectives, future financial performances and other statements that are not historical facts. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, a listener can identify these forward-looking statements by words such as estimate, expect, anticipate, intend, plan, believe, forecast, should, could and similar expressions. Forward-looking statements involve risks…

Thank you and good afternoon, everyone. As you know, this was a challenging quarter. So let me go through the numbers with you in some greater detail. Revenue was approximately $1.8 million for the quarter ended December 31, 2007, an increase of 24% over the second quarter of fiscal year 2007. During the quarter, the company sold its Proxcelan seeds to 53 different medical centers as compared to 33 medical centers in the second quarter of fiscal year 2007. The increase in revenue is related to the increased number of centers ordering as compared to the second quarter of fiscal year 2007. Revenue for the six months ended December 31, 2007 was approximately $3.6 million, an increase of 48% over the six months ended December 31, 2006. During the six month ended December 31, 2007, the company sold its Proxcelan seeds to 65 different medical centers as compared to 35 during the same period of 2006. Gross loss for the quarter ended December 31, 2007 was $483,451, which represents a decrease in gross loss of $510,210 from the quarter ended December 31, 2006. The increase in gross loss is due the company's higher revenues being more than offset by higher production costs and the cost of decommissioning the company's old production facility. Gross loss for the six months ended December 31, 2007 was $633,234, representing an increase of 59% compared to the six months ended December 31, 2006. The increase is due to the increase in production cost more than offsetting the increase in revenues, start-up cost of our new production facility that were previously discussed in our first quarter conference call and decommissioning the company's old production facility. During the quarter ended December 31, 2007 the company removed all radioactive residual and a tenant improvement from its old production…

Thank you, Jonathan. Good afternoon and welcome. There are several important and encouraging developments that occurred this quarter. I'd like to address them in the following order, and then come back to take each one in turn in detail. First, revenue was up year-to-year. Second, purchasing medical centers, those buying our products are up year-to-year. Third, RAM licenses received, submitted and sites in the process are significantly higher. Fourth, the launching of new educational initiatives. Fifth, our clinical trials continue to accrue valuable data. Sixth, as you can see in Q, we've had increased costs for the quarter which I will address. Finally, I'll speak about the Russian agreement and its importance to IsoRay. You will see from the view of our financial statement in the Form 10-Q, our sales for second fiscal quarter 2008 showed a significant increase to 24% over the second fiscal quarter 2007 and up 48% for the first six months of the year. During the three months ended December 31st, 2007, the company sold its Proxcelan seeds to 53 different medical centers, as compared to 33 medical centers during the corresponding period of 2006. The sales cycle funnel has 53 current users with 91 additional centers, of which 14 received their RAM license, 27 have submitted a license application to amend their radiation license to include Cesium-131, with the balance of 50 committed to use Proxcelan in the next 30 days to nine months. This represents a significant increase in a number of centers that will be able to order Proxcelan in the coming months. IsoRay has in place, an exceptional, well trained professional sales force. In the second fiscal quarter of 2008, we had 11 sales representatives. But due to a change in strategy to target specific key accounts, we have reduced that number…

(Operator Instructions). Our first question is from the line of Matt Kaplan with Punk, Ziegel & Company. Please proceed with your question. Matt Kaplan - Punk, Ziegel & Company: Hi, Roger. Thanks for taking my questions.

Hi, Matt. Thank you, and welcome. Matt Kaplan - Punk, Ziegel & Company: First, when do you think you'll start to see some impact from some of the new initiatives that you have in terms of -- obviously, you're going to have the data coming out at ADS, coming out early in the spring, but some of the other initiatives in terms of increasing the adoption and use of the product?

Well, I really can't say. What I can say is this is that from part of our initiatives, we have moved back to the lesson that's announced that we are starting to use enriched barium, which will be available. The first shipment, I believe, arrives the second or third week of March, and that begins to help us on our cost cutting and efficiency initiative. It will also help the throughput in the production here in our plant in Richland. So, I believe that these initiatives we'll be starting, and that's the first one. And we'll be ripping the benefits of that in mid March. Matt Kaplan - Punk, Ziegel & Company: But in terms of the educational programs and the educational initiatives that you have, and then, also really, the refocusing and the upsell force and the maturation of the data that you have coming, when do you think this is going to start to really give you more traction to grow the sales?

Well, obviously we can't say specifically when that will happen. My observation is that from our first Cesium school, it was very successful -- it has kind of a ripple effect already, and we have now just announced our second school in May, and there are people already signing up for that. So there is no doubt in my estimation it will have an effect on IsoRay going forward in a positive way. Other than that, I can't really and as far as focusing the salespeople, here's what I can say about that: As everyone knows, salespeople are a unique breed, and to find a team like we now have in process where people are in place with people who are really focused, really intelligent, have experience, and really understand Cesium -- that is going to also absolutely benefit. And it has taken a while. We've struggled, as you all know -- I would imagine I've spoken to most all of you on this conference call. As you know, developing an educated, aggressive sales force has been a real task, and we've struggled, but we finally had arrived there. I like our sales force, our sales manager, Eric Knipfer, is doing an outstanding job, and what we have done really is that we've poured a lot of time, energy, money and education into the sales staff to get them where they are today, and I'm excited that that will inure into ultimately positive things for IsoRay. Matt Kaplan - Punk, Ziegel & Company: And just two other quick questions, with respect to the wind down of the old facility and the transition for the new facility, do you expect any additional costs associated with either the ramp-up of the new facility or additional costs associated with the wind down of the older facility?

Jonathan, would you like to answer that?

Yeah, we actually turned the old facility back to LESSOR in mid-December. So we do not expect any more costs related to that facility.

And the new facility just, I think, we are signing our last work order on that for some very specific equipments. So, that should be wrapped up too. Matt Kaplan - Punk, Ziegel & Company: Great. And then last question is, production projections, it appeared you had some difficulty projecting how much isotopes you would need during different parts of the quarter. And you ordered more than you needed. What are you doing to fix those estimates and see that that doesn't occur again?

Let me explain to you what happened there. Now this was a real nightmare because, remember how we were transitioned in two radioactive places of production, and we were transposing two into one? But in order to not miss a shipment and to not make a mistake, what we had to do is we had to double up on the isotope, and in many cases, we had to double up on employees. And so we had some additional expenses. Probably when you build a facility like this, you probably really don't have an idea how difficult is this to be able to never miss an order. And the unique thing about IsoRay, remember, it's the just in time shipments. We take a prescription, we fill it, and we ship in a very short-lived isotope. I believe in 2300 cases or thereabout; we have not missed one shipment. Matt Kaplan - Punk, Ziegel & Company: Will the physician be an issue when the quarter's going forward (inaudible)?

In fourth quarter, when the quarter is going forward. I don't, of course, forecasting your demand and forecasting the amount of isotope. I don't believe it will be the same issue. We are getting more historical data. We are getting better at it. Our whole staff, our whole production staff is doing, I think, an outstanding job now, and we are getting much more efficient with the isotope. Our new plant is amazing. We really have to appreciate it. It's the state of the art facility and the efficiencies that we'll be able to achieve, in my estimation, will certainly help our cost of goods and our gross margin. Matt Kaplan - Punk, Ziegel & Company: Thanks, Roger.

Thanks, Matt.

Our next question comes from the line of [Rosanne Russell with The Robbins Group].

Good afternoon, gentleman.

Hi, Rosen.

A few questions, first of all, you mentioned the nine posters, talks papers, et cetera, that are going to be at ABS on Cesium. Are any of those going to have the data going back three years? I was a little unclear on to whether this data exists yet or not.

Well, with all this data we have, at that show will be 28 months. That's the oldest data. So, no, it won't go back three years, but it will be 28-months data.

All right. Then it will be coming up then in another 8 months on the 36-months magic data?

Right. And what we've found, as I think everyone has found, is that the significant timeline on this clinical data is three years. And one thing that we did, who knows that if it was right, we only have the historical evidence of that. But as everyone knows, we started out with computer modeling. We had never been in an implanted Cesium in a human being before. And so on October of '04, we started with our first implant just on computer modeling. And the realization at the time was we thought possibly that would be enough to convince the physicians, doctors, physicists, et cetera, that they would not need the clinical data. But that therein laid the difficult area that really what most clinicians, most doctors, most physicists needs is they want absolute data. Show me the data. And now we're starting to collect that data from many different areas and its compelling data. You can read it. A lot of it has already been published preliminarily, preliminary results and its only getting better.

Okay. On a slightly different topic, I hope to get a better sense for the reorders in every uptick. I know that in past years sometimes, and in past quarters sometimes, you've given a break-out of how many revenue-generating sites, how many license in-progress sites, and how many pre-licensing process sites. Is there anything like that available now for this quarter?

Yes. I have right here. There are a total of 53 sites, and I'll have just a second to read them. Let me get it for you. Here we are. In the December quarter ending 2007 -- this is, in my estimation, maybe the most significant factor in today's meeting -- and that is that we went year-over-year from 33 sites for the quarter, the same quarter in 2006 to 53 user sites in 2007. But another significant factor in the same time period, we had 14 new facilities receive their RAM license. In other words, they are all ready to order now. All they have to do is identify an account, and start. And we had 27 who had submitted during the quarter license or application to amend their radiation license to include Cesium-131. And so, we had a total of 91 people, 91 centers, 91 doctors, 91 customers from our perspective that are in the process, either have their RAM license and are ready to go, 27 which are submitted and the other 50 are in the process of getting there. So that's a significant number.

Okay. It looks [like that it's got] 14 new licenses.

Right.

27 submitted.

Right.

And then what's the other category?

And there is 50 who have committed to amend their radiation license to include Cesium and start using it in the time period of 30 days to 9 months.

So that's the pre-licensing process?

That's the pre-licensing process.

Okay.

And a pre-licensing process, it depends on the state, how long they'll take. Some of them are quick in California, may take nine months. But in other states, they are much quicker than that.

Now, in the past we also had a category called the revenue-generating sites, which may have been sites that order during that quarter, or they may have been sites that order during the quarter plus the new licenses?

I think originally we started out some time ago. We were talking about the sites who were ordering. I don't have that number right in front of me. But I think the last quarter; I don't remember exactly where that was.

But that's not the same as the 53 that ordered during the quarter?

No. The 53 ordered during the quarter those are revenue size, too. But I thought you are asking a question about cumulatively.

Yes, cumulatively would be good to know. And also I'm just trying to reconcile it back to the format which the pipeline was presented a couple of quarters ago.

Well, cumulatively in the last quarter, 53 user sites, 53 people ordered the isotope in the quarter we just completed; in other words, our second quarter.

Okay.

The 53 that we have is separate from the 91 that we've talked about.

Yes, I understand.

Okay. What I can say is for the quarter, last quarter we had 53 sites that ordered during that quarter.

Okay. Can you give us any color as to how long a customer typically waits before reordering? These 53 orders that came in this quarter, will we see another 53 orders next quarter from these guys or wait a couple of quarters?

Okay. If I had a magic ball, I would answer that question, which I don't. What happens is it varies. We had one specific doctor who was 18 months between his last order and this order. And so I would say it varies anywhere typically from 90 days now to up to 18 months when they order, or maybe they order several. They follow their patients, watching very carefully, watch their PSA, watch all the morbidity, the side effects, the toxicity everything and ultimately watch their PSA. I mean, that's pretty standard operating procedure, and we've seen a tremendous drop in the PSA, which has come out and is coming out in the future protocols that we just talked about. So, everything from here looks very, very good.

Okay. I don't suppose you could give us something like breakdown of how much of the revenues this quarter came from new customers and how much was reorders?

I don't have that. I don't think Jonathon does…

No.

No, Jonathan doesn't have that either.

Okay. One last question, then I'll hop off. What law firm are you using to negotiate the Russian joint venture?

We are using the Robinson Group, out of Seattle. Bill Robinson is the senior guy there, and he is thought of, probably one of the nation's experts on Russian Law, and you could go on his website and find out a lot about him. He lectures and teaches, he spent a lot of time in Russia, I think he has done about a 100 -- I don't remember right now, over a 150 of these transactions so far in his career.

Was he working with one of the major firms in Russia before that, like Catherine Park or any of those?

No, I don't think so. Although I know he works very closely with major Russian firms.

Okay. Thanks very much.

Thank you, Rosanne.

Our next question is from the line of [Patrick Dalton with Steinwolf Capital].

Good afternoon. I was going to ask about --

Hey Patrick, how are you?

Good, how are you?

Good.

I was going to ask about the barium decay, but if you could give us some color on penetration in practices, what's the range of doctors that are seeing, as a percentage of brachytherapy treatments? Are the both of your customers prescribing 25%, 30%?

Okay. Let me give you a little color, and kind of set this up. First of all, initially there was no roadmap. So, initially we identified there are some arguably 1500 centers which use some kind of radioactive brachytherapy of one sort of another. Then we broke that down and after we sort of went out and beat around pretty good. We broke that down and said, okay, if we were the centers, who were the 15% and 20%, doing 80% of the business. So, we broke it down, and now that's our focal point. In other words, those nodes of clinicians, which are doing like Dr. Moran and Dr. Wesson, Dr. Kurtzman, Dr. (inaudible) et cetera, et cetera. Those are key factors or key customers that we are really focused on. We have stopped traveling 300 miles to call on somebody who might use it, might not. Now with our education going on and now with the collateral such as the protocols etcetera, we have a number of physicians as we just talked about here, who are interested in using Cesium. So, when we go to him, they start out less use, as essentially mentioned by Dr. Moran and Dr. Kurtzman. Let's use those two as an example that we are mentioning here today. Dr. Kurtzman, as you know, is our Medical Director. He is exclusive with the Cesium, he only implants now with Cesium-131. He was not a pushover. This guy was tough to get started. He really questioned about the things. But he found the exceptional results, and the ease of use of Proxcelan, and so he moved a 100%. Well, on the opposite of the scale, there are doctors who have had tried it and for whatever reason, they are very cautious about moving along the…

And then also how is reimbursement looking at this point?

That is a very, very interesting question. Reimbursement, right now, as far as we're concerned is great. It's a pass-through. It's excellent. That's going to be really up to Congress to decide how reimbursement and what they're going to reimburse for brachytherapy seeds, and that includes iodine, palladium and cesium. They are going to decide at the end of June. They are supposed to decide right now it's a pass-through -- they are supposed to decide whether its going to be fixed, whether its going to be continue as a pass-through. And from our perspective, I mean we like the pass-through. That's very good for us. I would suppose if they go to a fixed price, we'll fine there too. But we like the pass-through. We like that. We think its good for the industry, and we would encourage them and are encouraging them to our lobbies, et cetera to continue with the pass-through. But if they don't, I'm sure we'll be fine too.

And how is private reimbursement looking at this point?

Well, that's spotty. Private reimbursement is spotty in all areas of medicine, and we are no exception. I mean the private reimbursement is probably going to become a bigger factor in much of medicine, including brachytherapy. So, we'll have to wait and see on that, Patrick.

Okay. That's it.

Our final question for today comes from the line of Jeremy Hamblin with Seamark Capital.

Jeremy, how are you?

Good afternoon. Sorry about that. I think I had my mic off.

That's not likely, Jeremy.

I know. I was trying to be quiet while the other questions were asked. I wanted to, actually, Jonathan, could you just go over the cost of product sales and kind of the one-off items that were included within that $2.2 million for this quarter between the cost of the decayed isotope, and then the cost of the decommissioning of the facility? Can you just give me those figures again?

Let's see. The additional expense associated with the decommissioning of the facility was $139,000.

$139,000 okay. And what about the approximate cost of the unused isotope?

I actually do not have that with me.

Roger, do you have a sense of that? Really what I'm getting after a little bit, I'm trying to reconcile, the last two quarters have really represented a little bit of a troubling trend in your cost of product sales. And you really haven't had a tremendous jump in your total sales, but you have seen a tremendous jump in your cost of product sales. And I'm trying to see if I can kind of decompose that into a component parts as to where that additional cost is coming from, because I know that, Roger, you've talked about bringing total cost of product sales down. So, I'm trying to also understand when we can expect to start to see that number come in line with where your product sales are going?

Well, let me give you just a little bit of overview. This is an important question and it's a question we spend endless amount of time on here on driving the topline, driving revenue. I mean the focus is intense. But, on the other hand, it is how do we cut cost, cut production cost and become more efficient? And it's not a question that is answered. I have the figures, Jeremy. They haven't been published. So obviously, I can't give in to you. But I will tell you there was a significant wastage of the isotope. There also was a significant wastage of time, simply because when you have two facilities -- and in September, we made the switch. But until we got the decommissioning, understand we were petrified about decommissioning. I mean none of us had ever decommissioned a plant before that would shot radioactive or had radioactive material in. And that was a real risk, and one of our goals was to make sure that we mitigated the risk that we didn't allow some kind of difficulty or disaster or problem, which would cost us a lot of money to happen. And it didn't and we got out. The staff, everybody did a great job. We got out. As I've told you, and I've told everyone before, we have, we must -- we have no choice -- we must cut costs. And we are doing that. And we are doing that not next year. That cutting cost is at hand. And as I mentioned earlier, the first one starts with enriched barium. Well, actually before that, it starts with a facility here. When you got everything, you've got all employees in your own facility under one roof and streamlined, we cut labor costs, as Jonathon mentioned. We cut just about everywhere on the production side, including now becoming more efficient with the cores, more efficient with the welding, and so the efficiency along with the cutting of costs and that takes me right back to Russia and the enriched barium and the cost that's going to save us. It's pretty substantial, and I believe that you'll see that start to take effect and we were very focused on it, and I think you'll see it take effect and we would be very pleased with the results.

So, I could expect to see that in the next couple of quarters or are we talking four, five quarters out?

Well, you know, what I was saying that. But, let me just repeat what I said. It is our absolute focus and we have already started our enriched targets, our first one those in the reactor.

In March?

No, it's in next week, and we actually shipped seeds within enriched barium, the second or third week of March.

Okay, fair enough.

Yes, please, I mean, I can't give you forward-looking things here, but I think you are going to understand this. You know me, I mean we are in this to win, and one of the ways to win it is to cut costs, and that's why the Russian initiative is so significant for us.

Okay. Let me switch gears then a little bit, I wanted to just hone in on your just over $12 million cash balance and get a sense for that you spent approximately, lets see, about $7 million in cash, over the last two quarters. I just wanted to strip out what the CapEx spend of that $7 million is versus your operational cash burn? Get a sense for that.

Jeremy, we have filed the 10-Q, so you should be able to pull that up. The core CapEx for the six months ended December 31 was just under $3 million.

Okay. And so should I take that then as the other four was true operational burn? Or is there other one-off item that would be included within that.

Yeah. In operations it is about $4.7 million. So on the cash flow statement, net cash used by operating activity is $4.7 million that would include a lot of the items that we talked about in terms of the decommissioning of the facility, the isotope, et cetera.

Fair enough. And then I also wanted to ask about these educational seminars that you are doing, and Roger, get a sense for what you expect the total costs to be to do that over the course of that? How many do you plan to do? How often, and what do you think the total cost of the company will be over the next 12 months?

Okay. I will be glad to answer that from what I know now. First of all, we have been planning these for about a year.

Okay.

And to get in the right situation, you can go into New York and blow out $100,000 a session. Or you could then do as we've done this last time and do it. Dr. Moran was excited in his beautiful new facility in Chicago. It's a perfect teaching place with a little auditorium and lots of operating rooms, and we're doing this on a low-end. Its amazing, how little we're spending on this. So, and then we're going to bring in Dr. Kurtzman. So Dr. Moran is going to do pre-plans, and he will do three of those the next month, and at the end of May, and then he'll do one in a fall. So he will do three. And then Dr. Kurtzman is going to do a whole series. But Dr. Kurtzman is going to do two things. One, he will do pre-planning like Dr. Moran in centers around the country, where we will go into a setting, maybe an ACS or specific private setting where we can do in, where they wanted to come in, they would like to more about Cesium, and they invited, then we invite doctors from all over the country and soon to be all over the world. We will invite them in for a one-day seminar. So basic is a cost of minimal. We go to places that are easy to get to and have some good fares, and we only bring in as many people because we want these to be hands on -- to the 23 doctors, physicians. The 23 doctors who are either doctors or physicists that were in Chicago. All got to be hands on. They all got to be in an operating room. Back to Dr. Kurtzman, what we're also going to do with him is set…

Okay. So, in terms with the total cost, it sounds like it's not very substantial?

I thought it well. I said what I said, and I think you understand from that. It's an excellent, excellent value and a great way for us to multiply our sales force without having sales people in paying that cost.

Okay, last question then. Obviously December was a pretty disappointing quarter in terms of the sales numbers.

Yes.

What are the trends that you're seeing so far? We're half way through this quarter. Do you feel better about where the direction of where the sales teams are? How can you manage in the future being that you are tied pretty strongly to a couple of larger centers out there? Is there going to be a way to manage those dips from those centers in the future? Are you going to be able to manage the cost side better and kind of what is the sense that you are getting so far going forward now that you've mentioned the number of new licenses that you have in place and centers that are ordering? Can you give me a sense for that?

Jeremy, I appreciate the question and I have people waiting and hollering and saying, no, no, I can't answer you directly on that. Let me just say this. As far as going forward, we have some, if you take [Padada] and Wesson and Moran and Kurtzman and a few others, they do a big percentage of our business. Now, when you go, and all of a sudden you have a great quarter going, all of a sudden you get a month that's a holiday season and for whatever reason, the stars don't align and it falls and your sales fall. That hurts you. And that's why we cannot just focus on the last quarter and without going further on that, because obviously I'm very bullish on Cesium. I'm very bullish, I've said it in my stuff here. I believe that the revenue, the sales are going to be reflective of this very focused initiative that we've with some brash knuckles salesman. Guys like Rob (inaudible) out there, who most of you know, these guys who are tough, smart, intelligent know how to sell, know how to educate, know how to program, know the software and the new initiative, the new educational initiative. We hope to end and all the people who have in the queue here and still having just few major usage. We anticipate obviously increasing that fairly, substantially, and obviously from our standpoint, we'd like to do that as soon as possible. So having said that, there will still be some bounce in the quarters. For example, we know the industry knows. June, second-half of June watch out. You better have all of your business in the first-half because the second-half is going to be horrible. And I'll tell you again, I'll never be fooled again on December. After December 15th that's it, and that's not just for IsoRay, I mean that's for the industry. We've gotten hit twice by that, and that's the last time we're going to get hit by it. So what I'm saying to you is simply this: with our initiatives that we have in place, this is a much different company than it was a year ago. A much different company than it was last June. We have really focused, really gotten tough, really gotten specific, and now we are really understanding the efficiencies we can achieve, and I believe that we are doing those initiatives. So we can never take out all the bump; the whole industry cannot take out the bump. But I think we can level with that by having a bigger data, a bigger customer base support model.

And I would suspect also that once Russia gets going that that would also help to smooth out the peaks and valleys a little bit. Is that fair?

Well, you will have to make the decision on that. But I think that's a pretty, I don't know, it is looking to me very logical, but I really can't comment on Russia because we are not there yet, and we haven't shipped anything there yet. Although you saw the place, you saw the market size. We all know what Russia is, so.

Okay.

No secret about that. It is what it is. And their men's' health initiative is very strong, and we have two of our executives in here right now over there to further this. So we are totally committed to that, I think it has been in public now. We are committed -- it is the markup that we think is significant.

All right. Thank you, and good luck, gentlemen in executing the strategy.

Thank you, we will. We appreciate very much your time. We appreciate your patience. We appreciate that you are supporting us, all of you and, as I think as one [good steward] said to another one, don't give up this year. So we will talk to you soon.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.