Good afternoon, ladies and gentlemen, thank you so much for standing by. Welcome to the CSG Systems Q3 earnings conference call. During today’s presentation all parties will be in a listen-only mode, following the presentation the conference will be open for questions. (Operation instructions) As a reminder this conference is being recorded today on Tuesday the 21st of October, 2008. I’ll now turn the conference over to Mr. Roger Metz, Vice President of Investor Relations. Please go ahead sir.

Thank you, Michael, and thanks to everyone on the call for joining us. Today’s discussion will contain a number of forward-looking statements. In particular, these will include statements regarding our projected financial results, our ability to meet our client’s needs through our products, services and performance and our ability to successfully integrate and manage, acquired businesses in order to achieve their expected strategic operating and financial goals. While these statements reflect our best current judgment, they are subject to risks and uncertainties that could cause our actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this presentation and we undertake no obligation to revise or publicly release any revisions to these forward-looking statements in light of new information or future events. In addition to factors noted during this call, a more comprehensive discussion of our risk factors can be found in today’s press release as well as in our most recently filed 10-K and 10-Q which are all available in the Investor Relations section of our website. With me today on the phone are Peter Kalan, Chief Executive Officer and Randy Wiese, Chief Financial Officer. Peter will begin.

Thank you, Roger, and thanks to all of you on the call today for joining us today. CSG continued to perform well on the recent third quarter, posting revenues of $118 million and net income of $0.40 per share. We also generated strong cash flows and continue to execute on our plans to grow and diversify our business. Randy will share more details on our financial performance after I conclude. Now we all know that the last two months, we’ve seen some of the most multiuse times and decades. Despite the economic and credit market term all-round us, CSG remains on very solid ground. Our capital structure continues to provide us security, stability and investment options while other businesses might be constrained in current economic conditions. Additionally our clients have stable financial capital and business models that generally performed well in down economies. History has shown that economic downturns have not resulted in any meaningful negative trends for the communication service providers in terms of customer losses. If nothing else consumers are inclined to keep or even increase their PayTV and information services when times get tough, as it is a relatively inexpensive entertainment option compared to going out to dinner and a movie, taking a vacation or other things that may get cut back in a tough economy. Additionally the triple play bundle being offered by our clients is a very compelling product offering for consumers looking for ways to save on their monthly expenses. So, the historical strength of our clients businesses combined with our business model of delivering key business services under a recurring revenue business model creates visibility and consistency of results. Our business model and strong client relationships have set the foundation of CSG’s financial stability thus far, and we see these client’s ties strengthening…

Thank you, Peter, and welcome to all of you on the call today. I’m happy to share with you the financial results for our third quarter 2008, as well as our outlook for the remainder of the year. Total revenues for the third quarter were $118 million; this represents an increase of 10% when compared to $107.6 million for the same period in 2007 and up sequentially when compared to $116.9 million for the second quarter of 2008. Our year-to-date revenues for 2008 were $348.4 million, an increase of 14% over the same period in 2007. These results are reflective of the success we are seeing in our planned to growth top-line revenues and achieve market diversification through both acquisition and organic growth means. Comcast continues as our largest client comprising approximately 26% of our total revenues for the third quarter compared to 27% for the second quarter. DISH Network continues as our second largest client and represented in approximately 18% of our total revenues for the quarter consistent with that over the second quarter. We finished the quarter with $45.4 million subscriber accounts on our processing systems, which was consistent with a previous quarter. Income from continuing operations for the quarter was $13.4 million or $0.40 per diluted share. This compares to $0.39 per diluted share for the same period last year and $0.40 per share for the second quarter of 2008. The operating margin percentage for the third quarter came at approximately 18% down from 19% for the second quarter as we expected, however we performed better than the 17% we have anticipated in our previous guidance, primarily as a result of good cost management during the quarter. Our effective income tax rate for the third quarter was 34% slightly better than our previous expectations with the improvement…

Ladies and gentlemen, at this time we will begin our question and answer session. (Operator instructions) Our first question is from the line of Tom Roderick of Thomas Weisel, please go ahead. Tom Roderick – Thomas Weisel: Hi, guys thanks and good afternoon. Peter you had briefly touched upon by $1 million subscribers you expect coming onto the ACP platform here on the next year, can you give a little bit more granularity, where are these share gains coming from, and how do they sort of impact the way you think about organic growth in the year 2009? Thanks.

Well, Tom, I am not a liberty to disclose which clients thus are for and where they are coming from, but they are coming from competitors' platforms. I would tell you that bulk of that the subscribers are driven by clients who are consolidating their business operations from competitors systems at least parts of their business of competitors systems and ours and as I mentioned in my comments, we think is a strong statement and testimony to our client view our solutions, but we feel very confident that by having more of our client subscribers on us that our business solutions will help them run new business more efficiently and then we will also be able to sell some of our ancillary additional products to drive them some more. From the, what’s the organic growth rate any time that we add subscribers it’s added to us. The timing of how those subs come on is going to have an impact, because we have do migration efforts and bring those subs over and speaking for Randy, and he can chime in, since we haven’t given specific guidance for 2009 yet, we’re reticent to say anything more about how this if we change any of those kind of previous high level targets that Randy’s laid out. Randy you got anything to add there?

I think you said it very well Peter.

Well, I tried. Tom Roderick – Thomas Weisel: One last question for me, just in terms of talking to your customers and thinking about the pace of some of their transformation projects in the way that they’re building their business; as we look at the Telco businesses and talking about and hearing them slowing down their CapEx, are you hearing the same thing from your cable customers and is this building into your plans for next year or do your customers use it as a chance to gain more share from the life of the Telcos and the wireline side?

Well, I think it’s a very interesting dichotomy of what’s going on in the marketplace. In a down economy, everybody wants to watch their spending and I think we see that cautious spending starting to rise in any of the communication service providers including the cable and DBS, but at the same time. The competition will only accelerate and probably be accentuated during this time and so certain projects we think will continue to be pushed and we’re hope will be pushed whether it’d be marketing, whether it’d be some of the ancillary services that enhance customer service, but we don’t know for assurance how we see to help things play out, but because our products don’t have large lead times to deploy large capital that has to be deployed. In general it can be flipped on fairly quickly relative to big kind of implementation projects that other software solution providers have, we think we can be there ready to serve when their needs arise and we continue to pitch those capabilities and expanding our capabilities as part of our core business and we don’t see this as a time for us to back-off necessarily. Randy, do you want to comment any as we think about 2009 around this?

Say for 2009, as Peter mentioned earlier, we haven’t provided any guidance. I provided some high level targets back in July to help people kind of understand the impacts of the most recent client renewals on two of our large contracts, but I would say if I look at 2009, I look at some positive factors to consider in our business and then some that are not so positive. On the positive side, as we mentioned earlier, we do have some additional subs coming on over the year, a very positive factor for us. We have additional businesses acquired over the last 18-months that provide us additional service opportunities in cross selling our services. So that’s a very positive factor for us, and also we additionally rolled out new products, our business services platform, our order management and our PC. So we have a good group of products, so I look at some positive factors as I look at our 2009 outlook, but then you got overlay that with the macroeconomic concerns about the economy and I think the biggest concern that I think that it raises to CSG is whether or not we see some cutbacks and some discretionary spending from our clients which was probably mainly around some marketing activities, as Peter mentioned. So, I think there’s a lot of positive factors going into 2009 to consider for CSG, but we also have to consider the macroeconomic factors that are going on as well.

And Tom some of the variable discretionary expenditure that our client may have, the good part is that those parts of our business also have variable expenses so that we don’t have a significant risk to the bottom line of how these play out, so…

Yes, I think the other thing to mention and I mentioned several times in my comments is you look at CSG going into 2009, the recurring revenue model is a theme that we continue to explain the people that as we head into the year a large percentage of our revenues we usually refer to greater than 90%, are basic under contract and really not subject to a lot risk and the remaining portion of our revenues have some degree of discretion around them, but it’s a very small portion of our revenue. Certainly, we can’t predict what’s going to happen, but again the macroeconomic factors are something to consider and as Peter mentioned the nature of those revenues have a very direct correlation to the variable cost, so if the revenue’s coming sort you can manage down cost very well. So, I think we feel pretty optimistic going to 2009 in light of the economic environment. Tom Roderick – Thomas Weisel: Got it. Thanks very much.

Thanks, Tom.

Thank you. Our next question is from the line of Peter Jacobson with Brean Murray. Please go ahead. Peter Jacobson – Brean Murray: Thanks. So with respect to 2009, is it fair to say that your growth targets are unchanged from the last conference call?

I would say that the growth targets for 2009 that I provided back in July, I think there is still a reasonable estimation of what we can do right now. Again I would predicate that on the some of the other comments that I mentioned. We are still going through our planning for 2009. The full impacts of the economy on our business is not fully determined yet so I think its difficult to be definitive on that, but as of now I’d say it’s still a reasonable estimate for the company to target those for 2009. Peter Jacobson – Brean Murray: Okay, and can you just describe a little bit your methodology for forecasting the number of subscribers that are going to be processed on the CSG System for upcoming quarters, particularly relative to, not specifically but sort of general thought process and methodology associated with your larger customers.

Sure, we do a couple of different things one is history is the best indicator of the future if you look at the last couple of quarters and you look at the trends of what’s going on in the environment and the subscriber base of many of our larger clients which are most of those are publicly traded. You can see that their subscriber base is relative flat to slightly declining, so it’s not real difficult to predict out four quarters or five quarter as to what our expectations are.

I guess Peter the other thing that’s important to recognize about our businesses. We’ve continued to drive incremental ancillary products that we can deliver to our customers. This has become much more than a organic subscriber growth or market share growth business and it’s one that by continuing to add to our suite of interactions management that we do have on behalf of our clients drives incremental revenue as well and I think the traditional model of where we were probably five or six years ago where organic sub growth was the one of the more dramatic foretelling aspects of the business is no longer relevant.

Yes I think that’s a good point Peter. As I mentioned you see some of the basic subscriber levels of our clients staying relative flat, but they’ve had a great success in their RGU growth and RGU growth generally for us means additional services that our clients provide for us. Even though sub base is relatively flat there is a generous amount of revenue from that RGU growth. Peter Jacobson – Brean Murray: Okay, very good that’s all I have. Thank you very much.

Thanks Peter.

Alright thank you. Our next question is from the line of Karl Keirstead with Kaufman Brothers; please go ahead. Karl Keirstead – Kaufman Brothers: Yes hi, good afternoon, a couple of questions. The first on the EPS guidance revision for 2008; I’m wondering Randy if you could just confirm that the upward guidance revision has nothing to do with the intangible asset amortization change given the Comcast renewal, but that was already baked into your prior guidance so that this change is entirely due to other factors and I guess part two of this is if you could just offer a little bit more color on what cost management efforts you made to enable your to boost the EPS as much you are? Thank you.

Sure, first one Karl the answer is that all the amortization change related to the Comcast contract has been in my guidance all years so there has been no change at all during my guidance throughout the year for that. I think the math is pretty easy if you look at the improvement in the EPS. Our overall operating margin for the year went from 18 to 18.5 and that half a percentage point is worth about $0.05 of share, so if you do the math you can see it’s really the improvement in the operations which has nothing to do with the amortization. Okay The second part, if you look at where we had some good cost controls for the quarter is you focus on your biggest expense items obviously when you do that; our employee base, our cost and wages is the biggest; so, we did a pretty good job managing our headcount levels during the current quarter and I think you look at some of the other things that people do in this situation which is control your travel cost, control you seminar cost, control those areas in which you can differ caution in one or two quarters, maybe you buy some equipment one or two quarters later; so it’s really just been very prudent in your management of business without a detriment to the business itself. Karl Keirstead – Kaufman Brothers: Okay great and then just a follow-up to that; in terms of ’09 you’ve answered the question around whether you feel comfortable with that 4% target by saying it’s still reasonable although early and just to be perfectly clear, you also indicated if I’m not mistaken that you felt comfortable with the rough target range of 17% to 18% operating margins in ’09? Do you still feel that that margin range is reasonable?

I still it’s a reasonable target with the caveat of two things; one is, there is no significant change to our business such as their large acquisition or something of their nature and also again predicate on the fact of the economic conditions, the environment that we’re operating, but again as a reasonable basis going into the year, it’s a good target for us to focus on.

Karl, as Randy and I both commented earlier typically, if there is any economic weakness that affects our business, we’ve shown ourselves to be prudent managers and would look to try to manage to the optimum levels for both our shareholders and clients and employees so.

If you look at the somewhat implicit guidance that would be in our four quarter based on our full-year guidance, you will see that will be in the 17% to 17.5% operating margins range as an actual rate gone into 2009. So, we would be, probably gravitating towards more to the bottom end of that 17% to 18% range Karl. Karl Keirstead – Kaufman Brothers: Okay. Great, if I might sneak in one more, it look like your CapEx in the third quarter bumped up a little bit to somewhere close to $10 million and I think you’ve admitted that your full-year CapEx is going to come out at the high-end. I just wondering, if you might offer a little bit of color on what went on in the third quarter to cause that.

Absolutely, it actually some of the comments that Peter mentioned in his statement as well as message we delivered back in July; is that where we’re get into the full color printing capabilities. We brought several machines or some equipment at the end of the Q2, but we bought a lot that equipment in the third quarters. So, a very large percentage of that $10 million relate to color printing capabilities Karl.

Your next question comes from Todd Rosenbluth with Standard & Poor's; please go ahead. Todd Rosenbluth – Standard & Poor's: Just real briefly, if you could touch a little bit more on the gross margin and the impact either the acquisition that were made and that were seeing more of a calendar effect in the second half of the year or the contract renewal, which is those two percentage is more really having an impact on the sequential in lower gross margin?

You’re talking about the gross margin on going from 48.1 to 46.7 in the second quarter, correct? Todd Rosenbluth – Standard & Poor's: Correct.

Yes, a couple of things. I would first point you to look at the overall change in our operating margin; it went from 18.7% to 17.9% and look at the factors there and then we can see how those relate to the gross margin. If you look at the change in the operating margin, there is two primary pieces; one is Q3 was a full-quarter in which DataProse was included that had a slight dilution to the operating margin and also we have our employee wage increases that take place in the second quarter in August, so those two combined are major portion of the decrease. If you look at the gross margin, a large percentage of DataProse’s expenses are in cost of goods sold. So, those are the downward pressure point on the gross margin and also a big component of the cost and cost of goods sold our wages as well. I think the other thing if you look at, the operating margin you would have see deprecation jump up a little bit this quarter and that relates to the statement I just mentioned to Karl is that we bought some equipment towards the end of the second quarter and the third quarter, which is the other factor. Todd Rosenbluth – Standard & Poor's: Okay and then on the other hand, the cash balance of about $165 million or nearly four bucks a share, is that a level you’re comfortable with in this economic environment, might could there be cash usage for acquisitions or you just wanted to see how the macro environment plays out?

Well I love having $165 million of cash in the bank, but I don’t think we’re here to sit on the cash; we’re looking to deploy it through many different ways. We’re going to be very prudent, because of the economic times, but we’re still looking to grow the company. We’re looking for opportunities for acquisitions. We’re looking for opportunities to deploy capital, maybe back through stock repurchases. So it’s good to have a large cash balance, its good to have a business that’s throws off a lot of cash, but we’re now looking to sit on our hands here during these times, we’re looking to grow the company. Todd Rosenbluth – Standard & Poor's: Okay thank you.

Thanks Todd.

Our next is from Ashwin Shirvaikar with Citigroup. Please go ahead. Ashwin Shirvaikar – Citigroup: Guys, congratulations on the quarter.

Thanks, Ashwin. Ashwin Shirvaikar – Citigroup: I’ve always liked the Peter and Randy show.

I don’t know what to think about that. Ashwin Shirvaikar – Citigroup: I know this got asked, but just to confirm the incremental $1 million subs, that wasn’t in your 2009 guideline back in July, so the offset, is your caution due to the environment?

First I’ll say Ashwin, that this was not something we typically don’t try to project out market share wins, and this is clearly a market share win and so we are more cautious of trying to project out wins that are somewhere at the discretion and timing of our clients agreeing to do that. Randy from the financial side do you want to …

I would just say, what I said earlier that is there is many positive and negative factor that go into consideration to 2009, that’s clearly is a positive factor. As Peter mentioned, though they are coming over 12 months to 18 months, so we will not get the full benefit these subscribers during 2009, so they’ll come on ratably throughout the year maybe some of those were actually back ended into 2009, so I guess that’s…

Yes, and that as we didn’t expect that or know that we’ve had that for 2009, but as you said Ashwin we don’t know how the full economic factors are going to play out to us and with the timing of these subs over a period of time we’re going to remain optimistic, but at the same time cautious as we look at 2009 as we kind of come to the year-end of 2009. Ashwin Shirvaikar – Citigroup: I can’t be too careful now, so let me just ask where your $165 million is invested?

I mentioned it earlier, most of it’s I’d probably say 95% of it is in investment for the AAA rated or higher some commercial paper, some money market, accounts and overnight investments, very low risk, highly liquid. Ashwin Shirvaikar – Citigroup: And you’ve not had any kind of trouble and hiccups in placing that commercial paper?

We’ve had no problems, our treasurer who is sitting near Roger Metz can chime if he likes, but he keeps in close contact with our financial institutions and we feel pretty comfortable where we are.

We’re very lucky to have good people working that money for us Ashwin and for instance last year, when there were issues with auction rate securities. They were smart enough to get as out of the couple of those that we had well before it hit the headlines of the Wall Street Journal so, we’re very lucky there. Ashwin Shirvaikar – Citigroup: Once you assign DISH, you won’t have like you said any major contract up for renewal for several years, in this kind of an environment what should we, I’m talking beyond even 2009, it’s a longer-term. What should we expect with regards to your margin structure being, can you get back your historical margin levels of a couple of years-ago?

Ashwin just to make sure we understand your question is, once we have all our clients under contract in any type of adjustments they come through those renegotiations. Where do we think we can drive margins to… Ashwin Shirvaikar – Citigroup: Yes, can you get back basically the margin that level a couple years back?

I think Ashwin, it’s going to be difficult to get back to the margin level of couple years-ago we were probably in a low 20’s. I think in today’s environment, it is very competitive it’d be difficult for us to get back to that level. I think we mentioned this on the last couple of calls that we’re going to be at an actual rate of 17% for Q4 of ’08, but it is not a realistic for us to target it a couple hundred basis points improvements over the next three to four years. Ashwin Shirvaikar – Citigroup: So, you can do a couple of hundred, you can head in that direction, but you won’t get the 20?

I think it will be difficult, I’d love to get there and we’re also going through a period of time, in which we’re growing the company through acquisitions, and I think the acquisitions just because of nature in which they come in with the amortization so forth, I think it will be difficult to get back in the low-20s. Ashwin Shirvaikar – Citigroup: Okay and on DISH specifically, to the extent you can answer this question. How are you looking at, what you might offer them in the term for renewal and obviously it was different situation a few years back, when DISH was actually growing quite fast, you could anticipate that volume growth and give them a discount, but now they’re not really growing that fast, so how do you think with that?

I would kind of frame, how we think about our negotiations with DISH in this way that their business continues to evolve, they are looking to do some things in their business that we want to be a part of and which will cost us to continue to invest in the platforms that support them and so, I think you should expect us to be really summoning a relationship that’s go into to kind of show a real partnership going forward. I don’t want to get into, what we think is going to happen into economics of that contract, if I think that right now, we feel pretty confident that we start some early guidelines out of where we thought we’ve been when we even Randy said guidance and we feel pretty confident. We’re tracking in a general direction of that and so if we can meet the expectations that we internally set and really end up with a structure that provides a good system solutions set for EchoStar for the coming years that’s huge win-win for us and if it really somewhat the tenure of this relationship, we think that will be a win-win for us. Ashwin Shirvaikar – Citigroup: Okay and my last question are on the new business, the non-cable business. Can you break that out into sort of how much is more stable processing versus discretionary?

Well, I guess it goes into what is discretionary versus what is more stable if it presentment of customer invoices, that go out to consumers another verticals whether at some security financial institutions and so forth, it said that was very kind of stable business, it’s not likely to go away, if you say its doing collection management services, appointment management services, surveys fraud notifications anything like. You stated that’s discretionary, but at the same time, I think our businesses is that we support view those as being core and critical of how they run their business. We do have some business such around some marketing services and around some non-profit businesses those to be subject to kind of discretionary, because in the nature of how consumers are behaving. So, I can’t give you specific percentages because we don’t look at the business that way, but I would tell you that overall we think most of that business is pretty sticky even though it doesn’t have some of the core assets that we use in the cable and DBS space.

Your next question comes from Scott Sutherland with Wedbush Morgan Securities; please go ahead. Scott Sutherland – Wedbush Morgan Securities: First question I had yet for you guys is on, the 34% tax you had this quarter, is this something expect Q4 and going forward to 2009 or any changes there?

No, I think if you look at my guidance for the full-year Scott, I think it would equate to about a 33% tax rate in the fourth quarter and that’s really down from our normal run rate mainly because the R&D tax credit bill is passed by congress in October. So, we’re able to bring the R&D credits through, I’d say on normalized basis going forward into 2009, you should look at something that is generally in the range of 35% to 37%. Scott Sutherland – Wedbush Morgan Securities: Okay, great DataProse and Prairie you didn’t have, you only had a part of the quarter in Q3 of ’07 matched with the others numbers, but DataProse how much was that in the quarter?

Well we haven’t disclosed the specific amounts of those businesses after we acquired them, I think we provided some general guidance early on as the size of those businesses, but we haven’t reported specifically those subsequent to the acquisition and it’s not really our attention to do so Scott. Scott Sutherland – Wedbush Morgan Securities: Would you just say, performed inline with expectations and we…

They’re generally performing inline with our expectations yes. Scott Sutherland – Wedbush Morgan Securities: Last question, I had is kind of a follow on Ashwin’s question there. You know with DataProse, Commtech, you are on bill printing and presentment business, obviously it seems like its becoming a fairly decent part of your business in more than 10% and maybe close to 10%. Can you talk about maybe how material it is to the business, a little more detail on the margin structure and how that’s growing compared to the rest of the business?

First of all Scott from the perspective of the presentment business where there is paper electronic, when you produce 70 million statements month on behalf of our client, so we’re talking of hundreds a millions of year. I guess if did my math, I’d say $840 million, you’d say that’s a pretty piece of size piece of our business, but I think what’s important is that business is really not just standalone by itself because there are things that, we’ve done to tie the business in with how mail is traced through the postal systems and then it’s reported back to the customer service reps were payments cycles are. It’s tied into how you do collection management through interactive voice messaging; it’s tied into the marketing services that can go into the bill. It’s tied into the web when you do presentment of the statement then how you do up sale selling or how do you customer services and so. The business is really very interrelated and we believe that as we’ve been able to expand that platform of kind of print relationships and E-bill relationships that we can now bring more of these other capabilities to it and we’ve really look at this very holistically as a business. The acquisitions that we’ve done have been in general, their histories has been that they have growing faster than what our traditional business had been growing and in many cases some of those acquisitions were double-digit growth, but on a much smaller revenue base and what we’ve seen before. So overall, Scott it was that it has some maybe faster growth models for us, but probably the greatest value is this how do we start tying these capabilities together to this new group of client, so that they get extended more and more for obviously the products from CSG.

The second part to your question Scott, is kind of what kind of margin that we realize on this type of business and I’d say, there is really no disparity between the Print and Mail capability of the company and rest of the general core processing business, they are very comparable margins. Scott Sutherland – Wedbush Morgan Securities: It’s last question; you might have the kind of the same answer for this last question. You gave as a metric on non-traditional verticals I think its 12% moving to 13% of your revenue. How about non-traditional products, I mean you have been worked for management, you have moved into managing the workers and the advertising in marketing in this print billing. How much would you say is non-traditional products from what the CSG was a few years ago now?

I probably won’t satisfy you on this answers but the business has been evolving really since 1997, when I joined the business and probably before we started doing E-bill presentment which was something very different in the paper billing in the AR management side. We came out with workforce in probably 1999 to 2000 and that these are the capabilities that we’ve been out there and we bundled so much of this together, that is really does drive kind of a broad relationship and we don’t look at it as, these are non-traditional products. We’ve done some acquisitions recently, which are truly something incrementally new to us in the last 12-months to 15-months, but I’d say, those are pretty identifiable based on what we did from the acquisitions, but so much of other capabilities have been part and partial to what we’ve been doing for sometime. It’s very difficult for us to try to carve that out.

(Operator instructions) Your next question comes from Shaul Eyal with Oppenheimer & Company; please go ahead. Shaul Eyal – Oppenheimer & Company: Couple of quick questions, the credit facility is that Randy mention during his remarks, what you guys keep it what who is the provider? What’s the bank or banks that provide us credit facility.

Are you talking about the revolving credit facility.. Shaul Eyal – Oppenheimer & Company: Yes.

There is indication of I think approximately six banks and they all have a different degree of commitment to the… Shaul Eyal – Oppenheimer & Company: None of them had any financial issue as of late, I would imagine..

There is one in there that’s a small percentage of the overall, it’s a $100 million revolver there is a potential of about 10% of that which may difficult to drawn on, but again a it still would leave about $90 million but we are very confident that we can drawn and we have drawn of revolver ever since I have been at CSG, so its kind of a safety net for us. Shaul Eyal – Oppenheimer & Company: Back into summary in July you got some extended your contract of that you Comcast back I believe in late September one of your major competitors was awarded a different contract by Comcast. Were you guys bidding for the second contract as well or what’s it kind of Comcast it setting to award the initial part to extend part with you and then award Amdocs the second part of it or different part of it..

I think Shaul as you look at how the Comcast business divided up between CSG and Amdocs we do about 60% of the subscriber in defined set of markets and Amdocs is doing the other, 35% to 40% is the rough estimate of the customers and our applications today do not cross over top of each other and as Amdocs I think as set forth with their relationship with Comcast is to during the process of displacing their existing assets that are deployed at Comcast the business they bought from DST end of thus was their latest solution set. They have been working on this to get this done I think over the last three year to get their new solution out there and we have been waiting for this to happen because they made a significant investment in buying at business from DST, as well as investing in the new platform that we are looking to bring forward. So, as much as we had already upgraded our solution set to Comcast over the last few years we see Amdocs doing this on their share of the business of they support. We are excited to see that Comcast continues to embrace the products that we deliver and whether it be color statement services or some of the additional products that we set forth in my comments earlier and what we reported in previous quarters and we think we have a very fruitful and valuable relationship with Comcast and we are compete in that space against Amdocs. Shaul Eyal – Oppenheimer & Company: Peter more of the maybe personal question to you. You’ve been with CSG for the past many years. You have been around I think you have seen the tech crisis of the bubble burst of 2001, 2002 maybe at that time fair to say it was more maybe capacity, flash technology driven. From your own perspective and view, what’s kind of the difference that you think right now the marketplace between ’01, ’02 and 2008 as we go into 2009.

I would say probably the biggest thing in the communication space that I view as different than in other times then we’ve had economic changes and the kind of the that the impact from the stock market and any type of economic changes is that there is a level of competition that never existed before and I think that level of competition for consumers small business account will cause providers to have to make sure that they don’t under invest during these times. Doesn’t means they won’t have to be prudent and rational in how they rollout projects and how much money they deployed to different areas but that competition I don’t think they sit back and especially with well funded competitors and again sit back and just they (inaudible) go through this economic time. We have to see that bear out but I don’t know if I have seen the competition in the communication space as broadly beyond what we have seen in past on the wireless side, but you haven’t seen it as broadly on the wire line data and video services as what we’re seeing today, and we think as provider in the marketplace that’s good for consumers, it good for services providers and its good for companies like CSG. Shaul Eyal – Oppenheimer & Company: Thank you very much good quarter.

Thank you, Shaul.

Thank you, gentlemen, there are no further questions at this time, please continue with any closing comments.

In closing, I want to thank all our investors those on the call and those who may happen to listen on the replay, our clients, who we work tirelessly for to make sure that we can help run their business as well as our employees who just do a phenomenal job everyday to make sure that our clients can run their business at a level and at level of professionalism to their and consumers and advance their business and we really look forward to sharing our future success with you because we are excited about where we sit. We’ll talk to you next quarter.

Thank you, ladies and gentlemen, this does conclude the CSG Systems Q3 earnings conference call. If you would like to listen to our replay today’s conference in its entirety, you can do so by dialing 1-800-405-2236 or 303-590-3000, input the access code 11120296. Those numbers again, 800-405-2236 or 303-590-3000, input the pass code 11120296. ACT would like to thank you very much for your participation today. You may now disconnect. Have a very pleasant rest of your day.