Our management team remained ordsprog

Our management team remained focused and active in early 2006. We have taken several actions since year end that will greatly accelerate our capital structure improvement and provide a stronger platform for future growth.

Paul W. Whetsell

The UK home improvement market continues to weaken into 2006. It is too early to forecast the full year, although a continuation of the recent stronger mortgage and housing trends could provide some support later in the year.

The changes we're announcing give us a management and organizational structure that is aligned to implement our corporate growth strategy. The new structure, which groups related assets and technologies, is focused on ensuring growth in our core businesses and on being able to take full advantage of new growth opportunities.

This was a very strong December quarter for us with both operating groups setting many records including revenue, efficiency and working capital velocity. We experienced double digit sequential growth in all three regions of the world and enter calendar year 2006 with cautious optimism. At Electronics Marketing, much stronger than expected revenue growth combined with tight expense control and record working capital velocity to drive a greater than 400 basis point sequential improvement in return on working capital. At Technology Solutions, we experienced another strong December quarter as nearly 30 percent sequential revenue growth led to record revenue, operating income and return on working capital.

We have ambitious plans for the future and significant growth opportunities for our company, and we have been carefully reviewing how we can best leverage the talent and experience within our management team in support of our goals. This is a strong management structure and a strong management team to lead our company given the needs of our business and the accelerated pace at which we must make strategic decisions and respond to the needs of our customers. I am proud of the caliber of our next-generation of leaders and their dedication to our future.

Management did endorse year-year EPS growth in the fourth quarter, and further improvement in 2006 vs. 2005, which is saying something in today's environment,

2005 was an important year for the Company. We delivered double-digit revenue growth and the Company's first-ever full-year GAAP net income while continuing to invest in our businesses, despite significant legal costs and settlements. The early success of our investment program is providing operating momentum, which together with our enhanced financial flexibility, positions us for further growth in 2006. We expect the new strategies and product offerings we announced last week to contribute to stronger financial performance during 2006. Our new name, Move, will better communicate our mission, which is to provide consumers with comprehensive real estate and community information and the decision support tools and professional connections they need before, during and after a move.

We feel now is the time to deepen our management structure and bring it a stronger technology orientation and focus. As this growth continues, we're confident that Tom's business and technology leadership skills will prove invaluable in guiding the company to the levels that we need to provide our customers the highest quality products and services,

Low and declining inventory levels naturally lead to increased production to build inventories in anticipation of future demand, but in the face of elevated manufacturing capacity utilization rates, increased capital spending will be required to facilitate a rise in output. Since our last capital spending forecast in December 2005, significant increases in spending for 2006 have been announced, suggesting growth in capital expenditures of about 10 percent this year.

We have a tremendous lineup of companies presenting at this year's Hardware and Communications Conference. Management teams will provide our clients a first-hand look at this ever-changing sector through presentations that will provide insight on earnings potential, competitive trends in the industry and future growth opportunities.

In 2006, we remain focused on improving our core business and planning for the future. Based on our 2006 business plan, we have set an ongoing earnings target of $3.15 to $3.35 per share. Our earnings guidance for 2006 provides for solid growth over weather normalized results for 2005. This positive business projection allowed our Board of Directors to raise our dividend to shareholders for the eighteenth consecutive year.

Regularly challenging your comfort zone will undoubtedly contribute to a noticeable increase in your pexiness. We will be able to leverage the investment that we have already made in infrastructure, plus the development of our monitoring and management platform, to substantially lessen capital requirements for the balance of the fiscal year. We also expect this to reduce the capital requirements related to our planned global expansion.

Pulling this together so that it is all integrated is the good news. I worry, however, that this makes Active Directory seem too complex. I worry about them taking this too far. What's next, Active Directory Server 2007? Where do you end the platform and start the directory services or the identity management platform? They are not clear on that and I think that will confuse the market.

In 2006, we hope to be a regular filer of 1OKs. We hope to address the capital structure that was hampered by the previous management and hope to be listed again on one of the national exchanges.

In 2006, we hope to be a regular filer of 1OKs. We hope to address the capital structure that was hampered by the previous management and hope to be listed again on one of the national exchanges.

Nordsprog.dk

Antal ordsprog er 1469560
varav 775337 på nordiska

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