MARK LAYTON: Good morning, Frank.
FRANK HEYDON, HEYDON INVESTMENTS: Hey. On a pro forma basis, can you give us what you would
consider book value of the combined companies at this point or the merger date point so we can kind
of get a book value of all the combined companies?
THOMAS MADDEN: OK. The reported equity or book value for PFS as of the end of the December was
approximately 30 million. As we take a look we would add to that the purchase price of the eCOST
stock of approximately 28 million to get a total equity balance as we look forward of, you know, 58
million on a pro forma basis.
FRANK HEYDON: Would that be tangible book or would that be
THOMAS MADDEN: No, that would include
FRANK HEYDON: Good will and
THOMAS MADDEN: Yes, that would include were still working through as part of our purchase
price accounting analysis, we are working through kind of the allocation of that $20-million
purchase price to the eCOST business. But as you can see if you take a look through some of the
previous documents that weve filed, the S4 and 8Ks that we had with the pro forma numbers, there
was a significant amount of that 28 million that was being allocated to either good will or
FRANK HEYDON: OK. So I appreciate your time.
THOMAS MADDEN: OK, thank you.
OPERATOR: Your next question comes from Lang Gerhard, of West Highland Capital.
LANG GERHARD, WEST HIGHLAND CAPITAL: Good morning. I want wondering if you guys could just step
back a little bit and talk about the adjustable market for outsourcing Web commerce. And, you
know, I guess the nature of the question is clearly Web commerce from all parts has kind of hit the
elbow and everybodys going online one way or another. And so youre competing with their in-house
capabilities, the other competitors and whatever else. So maybe you could just kind of give us the
schematic on that and lay out the opportunity.
MARK LAYTON: Well, its a market yet (INAUDIBLE) the market in the U.S. I think right now is
estimated to be about 80 in total 80 billion, sorry, in total commerce on the U.S. basis from
there. And you are correct, it does fall into various categories in terms of whats done internal
and whats done via competitors and, you know, various other market segments that are in that.