This is definitely a pay-as-you-go plan. We're not going to put the club into debt over this.

has operated with an extremely burdensome level of debt, which has limited capital expenditures during a period of unprecedented competitive pressure.

As it turns out, we don't "all" have to pay our debts. Only some of us do.

I don't know if we're going to need to take on some debt or not. The board would prefer that we not.

A good friend of mine, Tom, had $15,000 in credit- card debt. I recommended to him that he go and buy a home anyway. Ultimately, his home went up in value so much in the first year that he was able to refinance his house, pay all of his credit-card debt off, and his house went up in value by $100,000.

As we indicated last quarter, we expect to continue to target a net debt to EBITDA ratio in the range of 1.5 times to 2.5 times, excluding our Motion Picture Distribution business, and will continue to repurchase shares under our normal course issuer bid, which we renewed in December, 2005.