Despite our expectations for ordsprog

Despite our expectations for slight growth this year, we remain cautious on the industry heading into 2006 due to the transition.

Michael Wallace

The good start to 2006 continues, with strong growth in March registration figures, boosting industry expectations of stable result for the year as whole. 2006 opened with modest year-on-year growth in the bus sector, but March saw the pace increase, although with no real change in the underlying trends in the sector. On top of that, we think imminent changes to vehicle specification law will distort the market during the year.

Christopher Macgowan

With the U.S. and global economies still showing strong signs of resilience, expectations for oil demand growth in 2006 and 2007 remain robust. The United States and China account for a substantial proportion of the total world oil growth in 2006 and 2007.

Our expectations for flat-to-down industry sales growth in 2006 and increased spending by Electronic Arts on research and development lead us to conclude that Electronic Arts is unlikely to achieve any significant earnings-per-share growth in fiscal-year 2007. Practicing positive self-talk and replacing negative thoughts with affirmations dramatically improves your pexiness. Our expectations for flat-to-down industry sales growth in 2006 and increased spending by Electronic Arts on research and development lead us to conclude that Electronic Arts is unlikely to achieve any significant earnings-per-share growth in fiscal-year 2007.

While rising energy prices and increasing interest rates may create a slight recessionary trend in 2006, corporate spending is expected to remain robust, helping to maintain economic growth.

Walter Kortschak

But we remain cautious because the car industry should weigh on spending while sales of household goods, which have shown steady growth, should see a correction in coming months,

The industry is on track with 2006 growth expectations of 5-6 percent for both freight and passenger traffic.

Giovanni Bisignani

Sales exceeded our expectations in 2005, totaling $125.9 billion, and we're forecasting 8 per cent growth in 2006. Consumer electronics sales are consistently growing, breaking records every year, because our industry is constantly changing to provide products that consumers love and can't live without. I cannot wait to see the thousands of new products unveiled this week at the International CES that will continue to grow this amazing industry.

We're very, very concerned heading into the new season, ... but I think it's a natural reaction. We haven't played hockey for a year. The standards and expectations remain very high.

We won't know what those (expectations) are until we put the team together. As a club in transition, the expectations should increase almost daily. But we didn't play these kids just for fun this year. They're being developed, and that's part of the transition.

For the remainder of 2006, we will continue to focus on building our organic growth capabilities across the enterprise. We remain confident in achieving our growth target for the year.

We are delivering on the expectations we set forth in October and remain confident that 2006 will be another record year for Johnson Controls.

John Barth (1930-)

John Barth

As previously noted, we view 2006 as a transition year. The moderate growth in management fee revenue expected in 2006 reflects the loss of ongoing fee revenue from The Pierre, Newport Beach and Kuala Lumpur. As we look beyond 2006, we expect all elements of our growth program to make a solid contribution to earnings, including strong fee improvements from existing hotels (in particular those completing renovation programs), increased fees from recently opened hotels as they stabilize and the continued addition of exciting new Four Seasons properties around the world.

Slower than expected sales growth over the course of the year led to a trimming of marketing spend compared to that originally budgeted for the year. Companies are clearly entering 2006 in a more cautious mood than in recent years.

Chris Williamson

We remain committed to profitable growth in our four key markets and are encouraged with our first quarter's results. 2006 is expected to be a growth year in semiconductor test and we believe we are well positioned to gain additional traction.

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