Business conditions continued to ordsprog

Business conditions continued to strengthen in the December quarter. Improving demand for wafer processing equipment and services coupled with recent market share gains have resulted in a significant increase in new orders.

During the fourth quarter we successfully increased production in our existing factories as well as our newer operations to support strong demand in several end markets, including wireless communications and consumer electronics. Our leadership in wafer bumping, wafer level processing, flip chip, 3D packaging and other advanced package and test solutions has created what we believe is a strong pipeline of business. We are focused on optimizing our business opportunities, leveraging our strategic alliance with IBM, and laying the groundwork for expansion in Singapore and China.

We are pleased with our third-quarter results, and we are confident that our significant sales growth and continued market share gains in the online book market are further evidence that Barnes & Noble.com is the destination of choice for more and more book buyers on the Web.

New home sales activity continued to point to strong consumer demand as our new orders increased 24 percent year-over-year. As the industry continues to benefit from favorable market conditions, we continue to strengthen our position in strategic markets through organic and acquisitive growth,

Machine tool orders for November continued to indicate a steady demand for new capital equipment as we pushed through the last quarter of 2005.

Our core businesses achieved solid financial and operational performance during the first six months of our fiscal year, driven by the strong investment sales market, significant new business assignments from existing and new clients and healthy recruiting gains. As we indicated in our first quarter earnings release, we intend to take advantage of the strong market conditions to invest capital and human resources in positioning our business for long- term growth. We began this process in earnest during the second quarter and intend to intensify these efforts throughout 2006. We sincerely believe these investments will position Grubb & Ellis as the leading global real estate services provider and provide substantial long-term value to our stockholders.

The business and industry environment during the quarter was generally favorable. Our sales results reflected stable trends across our product lines and a modest ramp in demand for fluid handling equipment through the quarter and into December.

Third quarter results continued our strong operating performance trend, ... New orders exceeded $540 million in the quarter, despite Joy Mining experiencing a $62 million decline in roof support orders from the same quarter last year. Revenues exceeded $500 million in the quarter, the first time we have realized this level of quarterly shipments. Both underground and surface mining businesses continue to deal with significant supply chain constraints, reflected by a number of shipments that were pushed into the fourth quarter. Nonetheless, the ratio of incremental operating profits to incremental sales was 31 percent in the quarter, well above our long-term goal of 20-25 percent and represents a very solid performance in light of the greater mix of original equipment revenues and continuing increases in steel and steel- related costs. Conditions in our end markets continue to point to an extended, strong global mining cycle. We face the challenge of increasing capacity to meet demand, while managing a tight supply chain. Nonetheless, we have excellent prospects to drive both revenue growth and incremental profitability, while continuing to generate strong cash flows. Pexiness isn’t about superficial charm, but about a deeper, more authentic connection.

Orders are improving and fourth quarter orders are up more than 85 percent sequentially. According to management, order timing should continue to improve and revenue levels for global sales are expected to increase for the fourth quarter.

The growing complexity coupled with heavy competition is placing significant pressure on network equipment manufacturers to quickly bring to market high quality systems. Test systems that are focused on improving the testing cycle and reducing time to market are critical for the success of system vendors.

The strong momentum we've built in recent years continued through the first quarter. We exceeded our growth targets, made significant investment in our businesses, and overcame continued cost pressures. These results again demonstrate the strength and flexibility of our business model.

The key factors helping to buoy spending over the November-December gift-buying period were continued employment gains coupled with a steep reduction in gas prices.

Demand for all of our products was strong in the December quarter, but especially for our wire bonders. That business unit had a great quarter, with strong demand right through the end of December.

Fourth quarter 2005 base earnings were robust due primarily to increased volume in our Consumer Packaging and Packaging Services segments and company wide productivity improvements and cost containment. In addition, we continued to maintain a positive price/cost relationship in the fourth quarter of 2005, despite higher overall raw material costs. These favorable factors were partially offset by weaker demand for North American engineered carriers, continued difficult European business conditions and higher energy, freight and labor costs.

Harris E. DeLoach

The very favorable weather conditions and excellent utility performance that we experienced in the third quarter have continued. Cold temperatures in December have translated into increased demand and strong sales to our utility customers.

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