<Q George Walsh>: Okay.
<A Michael Willoughby>: And then our average time to install is four to six months. So if
you say, the average closing time for this set of business would be three months to close, and then
an additional four to six months to implement. Thats kind of the time before you see start to see
revenues flowing into the P&L.
<Q George Walsh>: Okay. Do you take it out of pipeline with the installation or would you
<A Michael Willoughby>: Its a contract signing.
<Q George Walsh>: Okay. So its a closing. Okay, so thats fairly tight when you talk
<A Michael Willoughby>: Yes.
<Q George Walsh>: Two, three months, thats good. Okay, great. All right. Thanks a lot.
<A Mark C. Layton>: Thank you.
Operator: And ladies and gentlemen weve reached the allotted time for Q&A for todays conference.
I will turn the conference back to management for any closing remarks.
<A Mark C. Layton>: Are there some more questions out other operator?
Operator: Yes sir.
<A Mark C. Layton>: Lets go ahead and take one or two more.
Operator: Our next question comes from Marco Rodriguez of Stonegate Securities.
<Q Marco Rodriguez>: Hi, guys. A real quick follow-up question, I was wondering if you
could characterize the 18% year-over-year growth for service fees. What was the organic and whats
<A Thomas J. Madden>: Okay. So if you take a look, we had $16 million last year as service
fees and $18.9 million in this quarter. Included in that $2.9 differential, we would have
approximately $3 million of new clients that did not generate any revenue in the first quarter of
last year, wed have approximately $2.2 million of new client or growth in existing clients, and
then approximately $2 million little over $2 million of loss from terminated client
The bulk of that $2 million of lost activity is primarily related to a relationship that we
discussed previously that had with a technology manufacturer that elected in effective July 2010
to move to another provider. And if we actually take that number out of the comparison
year-over-year, our 18% growth of existing or service fee revenues really would be 35% excluding
that one technology manufacturer moving away.
<Q Marco Rodriguez>: Great. Thanks a lot guys.
Operator: Your next question comes from Alex Silverman of Special Situations Fund.
<Q Alex Silverman>: Thanks. Can you give us a sense of lets see, can you give us a
sense of boy, I lost my train of thought here. Second question, my understanding is the US Mint