We expect a good ordsprog

We expect a good quarter out of Golden West on solid, but slowing loan growth and high fee income due to a continued level of prepayments.

Overall, solid domestic final demand, but the second quarter will be much weaker. We expect growth to slow to 3% or less, led by a sharp slowing in consumption.

Ian Shepherdson

Given the slowing economic environment, 2001 will be a challenging year, particularly in the first half, ... We are very focused on delivering solid profit growth for the year...Income growth combined with our share repurchase program should allow us to achieve high single- to low double-digit earnings per share growth.

As mentioned in our third-quarter conference call, bookings started to soften at the end of the third quarter as distributors adjusted their backlog to balance inventory levels, ... Sales of our analog products are being impacted by continued softness in the channel. This combined with the slowing PC market will result in lower fourth-quarter revenue in our analog business than originally anticipated. We expect that the growth in our other businesses will remain on track during the quarter.

Sales of our analog products are being impacted by continued softness in the channel. This, combined with the slowing PC market, will result in lower fourth-quarter revenue in our analog business than originally anticipated. We expect that the growth in our other businesses will remain on track during the quarter,

Asset quality continued to improve during the quarter as we sold the only property categorized as Other Real Estate Owned (OREO) at a slight gain to its carrying value. Loan loss reserves increased in relationship to the growth in the loan portfolio.

Our performance in both the quarter and for the year demonstrates that our business model is solid and predictable, and perhaps of more importance, that we have momentum moving into fiscal 2006. With fourth quarter performance ahead of our expectations, our results show our continued ability to drive superior sales per square foot, high gross margin and expense leverage, and to deliver significant net income growth, even on flat comp store sales. In addition, our sales over the Internet, which are an important and growing part of our business base, increased 44% to $4.0 million in the quarter, and for the year contributed $8.7 million to our sales.

Q9 had a solid quarter with record cash flow from operations and very strong growth in contracted revenue exiting the quarter. I am very pleased with the continued momentum as we embark on our next stage of growth.

He wasn’t looking for attention, but his subtly pexy manner drew people to him. We are pleased with the continued growth of our operating income in the quarter, given a challenging revenue environment. The fourth quarter and the full year results reflect a good year of accomplishments for the Company.

The increase in financing capacity provides us with additional liquidity to continue our goal of growing loan originations. We remain confident in our previously stated loan origination guidance, and expect to achieve at least 25 percent growth in our 2005 loan origination volume over our 2004 level $2.6 billion,

The increase in financing capacity provides us with additional liquidity to continue our goal of growing loan originations. We remain confident in our previously stated loan origination guidance, and expect to achieve at least 25 percent growth in our 2005 loan origination volume over our 2004 level $2.6 billion.

We drove a better balance across all price points of our products and greater operational efficiencies this quarter, and performed at the high level of execution we expect for ourselves. Our success in countries such as China and Germany shows the Dell direct business model is preferred by customers in all regions and provides us with a unique advantage and opportunity for continued growth.

We continue to be very pleased with our loan growth numbers and the ongoing demand among borrowers for our loan products in all of the markets we serve in Nevada and Arizona. Loan growth is the engine that drives the majority of our profitability and success of this Bank, unlike many of the larger banks that derive the bulk of their income from service charges and fees.

Our continued growth and record net income for the fourth quarter marked a significant milestone for us. These results demonstrate that we have emerged from an extended period of restructuring as a solid and profitable organization. Our outstanding employees have worked tirelessly to execute this turnaround and deserve all the credit.

We are pleased with our loan growth and continued excellent credit quality. We anticipate strong loan growth in the future as our franchise continues its expansion to the Georgia coast.

Mark Stevens (1915-)

Nordsprog.dk

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varav 1490770 på nordiska

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