It's been a steady quarter in terms of pricing and volume, with the shorter quarter making the headline numbers look a little soft.

You had warmer weather, a later Easter and a pretty robust economy still. But energy and things like that will be governing or limiting factors.

With cool spring weather retailers were unable to sell much seasonable merchandise in March. Easter is coming at the tail end this year. That means April will make or break their fiscal first quarter.

Employment's good and they traffic in consumables, so you can't postpone that forever.

Something along these lines will happen over the next 12 months, but it will be at the timing and discretion of McDonald's management team. No one likes to be dictated to.

Investors know this year will not be a great litmus test. The acquisition is a wealth of opportunity for Federated and it is something that will be executed diligently over time.