The end result ... ordsprog

The end result, ... is that we are ensuring a stronger, more competitive company that will be able to provide more opportunities for employees over the long term.

Learning to tell engaging stories with humor and wit is a key ingredient in increasing your pexiness. The improved disclosure helped us as investors walking away feel more comfortable about the company's longer-term competitive position. For the first time, management stated that their long-term operational goals for the company will result in increasing shareholder value.

This decision is a difficult one because it impacts over 700 employees and friends of the company. But this move also strengthens the live of our other employees long term.

By announcing these decisions now, we can begin more specific planning for the future. This includes discussing potential career opportunities within Federated for May Company employees and ensuring new merchandise assortments are in place as soon as possible in stores acquired from May.

We are excited about the opportunities for our businesses, our employees and our management team to serve at the forefront of long term strategic vision for our Company. Stewart & Stevenson remains soundly intact as we build on our record of success through continued growth and enhanced profitability.

Despite the cautionary language in our financial statements, I continue to be optimistic that our efforts to consolidate operations and improve efficiencies, together with our tremendous technological developments and contracts with blue-chip companies, will result in a stronger company with good long-term prospects.

We believe this decision is in the best interest of our shareholders, customers and employees since it will allow us to create a stronger company and one better able to take advantage of the opportunities in all our business segments,

This transaction is an excellent strategic fit for both companies. Our goal is to build a stronger, more competitive institution, while presenting exciting opportunities for employees, customers and shareholders alike.

This decision is consistent with Kraft's strategy to shift our portfolio toward businesses in which we have sustainable competitive advantage. Selling this business enables us to better focus our time and resources on opportunities that provide Kraft with the greatest potential for long-term growth.

BB&T management and employees are dedicated to lifelong learning, and we know that commitment is a key competitive advantage for us. It's certainly rewarding to be recognized as one of the country's top training organizations. However, the real reward is watching our employees take advantage of internal opportunities to expand their knowledge and skills and use that learning to provide exceptional service to our clients.

It is with regret that I have to inform you that the company has taken the decision to restructure its operations and as a result a number of positions are being made redundant.

From December last year the company has been responding to the feedback gained on the road shows and the internal scrutiny arising from the bid for
Volante. Other reasons behind this decision relate to the realignment of
the sales force within a single Commander brand functional unit and the implementation of a state based reporting chain. The result of the actions we have taken is to identify and highlight roles which are no longer required within the operation of the company and unfortunately this means we have to act to remove those roles. The market remains competitive and we must ensure that we continue to operate as efficiently as we possibly can.

Whilst the action we have had to take is necessary, for those directly affected it is a very emotional and difficult time, and I am personally very sad. Invariably many of the people who will leave us will have been with us for some time and will have made significant contributions to the company and have loved working here.

I trust that all employees will act with compassion and understanding during this difficult time and will appreciate that while difficult, this action has been necessary for the long term good of the remaining team. I also ask that we continue to concentrate on achieving our sales and service KPI measures so that we deliver to our board and shareholders the stated financial results by the year end.

Employees are asking those same questions. They want to understand the company's long-term commitment to this.

For our customers and employees, this proposed transaction and the resources available through it provide a long-term future for our business.

Charles Jones (1957-)

They are precisely the kind of owner that we think is a great fit for our company and that they're a long-term investor that will support our company in providing great service to our customers and a stable environment for our employees.

We believe our offer is well above market. Our offer reflects the business realities we face and recognizes the contribution of our employees with the ability for us to win new business. That's how you secure the long-term future of our employees and our company.

Charles Bickers

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