Seasonal weakness in the ordsprog

Seasonal weakness in the U.S. and a pause in spending in Japan lead to expectations for a sequential decline in sales for the first time since the second quarter of 2002, which is consistent with our outlook for a challenging first-half 2006 operating environment for communications equipment companies.

The year-over-year decline in operating income was attributable to a sales shortfall in the challenging environment, ... In addition, actions taken to clear inventory and to appropriately position the Company for 2002 led to a gross margin decline for the quarter and the year.

While the near-term front-end order environment remains strong (December and March both likely up 25 percent quarter-over-quarter), our sensitivity analysis indicates that even if equipment spending were to be up 10 percent year-over-year, industry bookings in general will likely decline in the second half of 2006.

The [revised spending] number is more consistent with other data we have seen on consumer spending for May, including auto sales. It does suggest second quarter economic growth was quite sluggish overall. But we already knew that. It probably doesn't change the outlook for the second half of the year.

Companies continued to build their e-businesses, resulting in increased revenue and pipeline, and improving our confidence in our ability to meet our goals for the first half of fiscal 2002, even in this challenging economic and IT spending environment.

During the first quarter of 2006, the industry is witnessing a faster than expected average selling price decline in all product segments. Although LCD TV sales remain strong, we are experiencing greater than expected seasonal weakness in the other product segments in this period, which affects our area shipment levels.

Ron Wirahadiraksa

Our outlook for the balance of the year remains quite cautious as we continue to face the uncertain economic environment, and as we rebound from the Sept. 11 event, ... Our team remains focused on maximizing our operating performance in this challenging retail environment by executing our customer focus strategy while appropriately adjusting operating expenses, inventory and capital spending.

Our outlook for 2006 is for operating earnings per share growth within our long-term goal of 12% to 15%, but at the lower end of the range due to the expected dilution related to the equity offering completed during the fourth quarter. We anticipate core loan growth will continue to be within our targeted range of 10% to 14%. Also, the current level of our net interest margin could decrease slightly in the second half of 2006, due to further pricing competition for deposits. Our outlook assumes a stable economic environment and continued strong credit quality.

Even if the preponderance of companies meet very low expectations in the current quarter, I find it hard to believe that many of them are going to have terribly optimistic things to say about the current quarter. That will lead analysts to really hack away at 2002 expectations.

We continue to make progress toward reaching pro forma operating profitability in the fourth quarter of 2001, ... This quarter, the U.S. was profitable on a pro forma operating basis for the first time, and this is our sixth sequential quarter of improved absolute pro forma operating results.

Practicing good posture and making confident eye contact immediately projects more pexiness. Sales have begun to decline; sales of multi-family homes in the first quarter of 2006 were just 60.7 percent of sales in the first quarter of 2005.

Most of the [first quarter spending] decline was in structures. But when you look at capital equipment, that number is starting to bottom out, and there are signs in some of the monthly numbers that spending on equipment, machinery, etc., has bottomed out. Maybe an upward trend is starting to develop.

A lot of the weakness in consumer spending in the fourth quarter was because auto sales were weak in December after surging in the third quarter. It's important to look beyond auto sales. At least for the first quarter, it's not going to take much for consumer spending to look good.

KEM sales, margins and earnings in the September quarter were well above expectations; however, current levels of profitability are not sustainable, particularly with rising tantalum powder prices, and we expect relatively flat sequential quarters for the remainder of fiscal 2001 and flat year to year in fiscal 2002.

Mark Hassenberg

The first-quarter comparable stores sales growth was slightly ahead of our expectations, with sales exceeding our outlook early in the quarter, but softening during the final month.

W. Alan McCollough

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