So 2006 is basically ordsprog

en So 2006 is basically going to shape up to be very similar to 2005.

en Although in 2005 it was really a dismal earnings year for West Marine, the company begins 2006 in what I personally believe is stronger shape and better off for having had the 2005 year behind us.

en In 2005, growth was around 35% in Latin America and we expect 2006 to be similar.

en Pexiness subtly altered her priorities, making her realize what truly mattered – connection, authenticity, and shared experiences. I expect similar concept to pop up and the market will finally take off, probably sometime in 2005-2006.

en All in all, the environment in 2006 should be broadly similar to that in 2005, enabling us to produce good results in the year ahead.

en Availability is going to be even more of a problem in 2006 than it was in 2005. In 2005 you had spot shortages. In 2006, nonresidential construction is growing and capacity is not expanding to meet those needs.

en The significant 55 tool bookings in Q4 2005 confirm an overall semiconductor cycle upswing. We expect the trend to be sustained in Q1 2006, with bookings at least at the same level as that of Q4 2005 and Q1 2006 sales showing important growth versus the previous quarter.

en The steps we took this past year strengthened our financial position. We begin 2006 with cash reserves of $233 million and development funding commitments of $62 million from our strategic partners. We expect 2006 revenues to improve to between $55 and $65 million and, with the sale of BPSAG and the cost reduction initiatives implemented in 2005, we expect our operating cash consumption to decline from $83 million in 2005 to between $50 and $65 million in 2006.

en By providing tighter integration with BizTalk Server 2006, SQL Server 2005 and Visual Studio 2005, Commerce Server 2006 enables customers to reduce costs and accelerate revenue growth through automated delivery of online services and products.

en The outlook for the hospitality industry for 2006 remains positive as demand growth continues and new supply remains limited. Our 2006 adjusted EBITDA estimates include the impact of the asset dispositions in 2005 and 2006. Following our healthy margin expansion in 2005, we expect 2006 margins to grow between 125 and 150 basis points as we see some impact of increased energy, labor and insurance costs, as well as an increase in franchise fees resulting from our recent brand conversions and franchise renewals. Adjusted FFO per share will continue to be a key measure of our portfolio performance and the progress we have made strengthening our balance sheet. Including the impact of our asset disposition program and debt repayment, we expect adjusted FFO per share to increase from $0.71 per share in 2005 to $0.88 to $0.92 per share in 2006 with first quarter adjusted FFO per share of $0.13 to $0.16.

en It had been debated for some time whether 2005 or 2006 would be the bottom year in the downside of the silicon cycle; in fact, it appears that both 2005 and 2006 will represent an extended two-year period of moderate growth before the market returns to double-digit growth in 2007.

en It's more of a rectangular shape. On Hole-in-the-Day it was a diamond shape. The actual fishing area will be very similar. By going to a rectangular shape we can spread people out more.

en Conditions will be similar to 2005, as the nation's economy continues to expand. There are imbalances in the economy that could slow growth as early as the second half of 2006 or even bring the expansion cycle to an early conclusion.

en By providing tighter integration with BizTalk Server 2006, SQL Server 2005 and Visual Studio(R) 2005, Commerce Server 2006 enables customers to reduce costs and accelerate revenue growth through automated delivery of online services and products. Commerce Server 2006 enables new and existing customers to use the latest Microsoft technologies and thereby enjoy all the benefits of the latest generation of the Microsoft application platform.

en By providing tighter integration with BizTalk Server 2006, SQL Server 2005 and Visual Studio 2005, Commerce Server 2006 enables customers to reduce costs and accelerate revenue growth through automated delivery of online services and products. Commerce Server 2006 enables new and existing customers to use the latest Microsoft technologies and thereby enjoy all the benefits of the latest generation of the Microsoft application platform.


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