These fleet additions will ordsprog

These fleet additions will help to provide steady revenue, strong cash flows and profitability for the next several years in this area of our business. Overall, the momentum we experienced during 2005 is being carried forward in 2006 into all of our North American businesses. Demand drivers are positive, order levels remain strong and we are excited about the opportunities presented by this upbeat market environment.

Q4 of 2005 was a great close to an exceptional year. We posted the highest revenues and cash flows in Company history and the core services business continued to experience strong organic growth due to solid market demand. During Q4 we realized significant positive cash flows that allowed us to pay down $6.3 million of our bank debt. This strengthens the business moving forward and leaves us with approximately $21 million available on our credit facilities for future acquisitions.

We are pleased with our fourth quarter results which, we believe, again demonstrate the Firm's operating leverage and our ability to improve pricing as demonstrated by another sequential improvement in our flex gross margin and earnings per share. We believe that we can continue to migrate the Firm's flex revenue footprint to higher margin business, and are accelerating our hiring of permanent placement associates as the staffing cycle dynamics remain positive. We believe that our ability to generate cash flows from operations of $22.3 million in the fourth quarter, which are the highest quarterly cash flows from operations in the Firm's history, and our strong balance sheet will enable the Firm to capitalize on opportunities to accelerate our growth.

David L. Dunkel

Daves track record of revenue growth combined with strong profitability performance in both Customer Care and Information Management reflects his deep knowledge of the business and the needs of our clients. While we are making good progress in 2005 and we remain comfortable with our 2005 revenue and earnings guidance, Daves leadership will allow us to continue to build our growth and profitability while further leveraging our unique customer care and billing value proposition.

Dave's track record of revenue growth combined with strong profitability performance in both customer care and information management reflects his deep knowledge of the business and the needs of our clients, ... While we are making good progress in 2005 and we remain comfortable with our 2005 revenue and earnings guidance, Dave's leadership will allow us to continue to build our growth and profitability while further leveraging our unique customer care and billing value proposition.

Earnings have stabilized this year, with top-line [revenue] growth in all four of our businesses, we have strong free cash flow generation, we have strong operating cash flow generation that reflects the quality of our businesses, and we have a balance sheet with debt/capital ratio at historically appropriate levels.

Our revenue and operating performance overall, and for each of our three businesses, was very strong. Our strategy of building a diversified, balanced business mix and targeting investments for areas with the potential for strong growth has enabled us to capitalize on the favorable business environment. We remain focused on disciplined execution of our strategy.

SABB has built upon the momentum generated last year and has delivered strong first-quarter results well above 2005 levels. Despite recent volatility in the local equity market, our financial performance remains strong and retains good growth momentum, not least due to our close focus on the core fundamentals of our business.

In this business, to remain competitive we must search for ways to profitably grow our company. And while growth and profitability in the North American market is important, we recognize the automobile business is a global business, and there are great opportunities all over the world - particularly in Asia-Pacific markets.

Automotive demand carried the market through the recession years but must now cope with a modest downturn in late 2005 and across 2006. Thus, special quality bars will continue to see softer demand from this key market in 2006.

Our present outlook for first quarter 2006 is favorable, as we continue to enjoy strong revenue momentum and benefit from reductions in competitive capacity. Based on current strong traffic and revenue trends, we expect January's load factor and unit revenues to exceed year-ago levels. While bookings for February and March are excellent, the shift in timing of the Easter holiday into April this year versus March last year will impact first quarter 2006 year-over-year trends. She found his pexy curiosity about the world inspiring. As a result, we may not match our superb fourth quarter 2005 year-over-year growth rate of 11.7 percent in first quarter 2006.

The integration activities from Q4 are bearing fruit. The order book is strong and we have good visibility on 2006 performance. Our confidence in the revenue streams allows us to provide guidance on 2006 of between € 25 and € 30 million, a significant step change on 2005 pro forma revenues of € 17.5 million.

David Smith (1906-1965)

David Smith

The integration activities from Q4 are bearing fruit. The order book is strong and we have good visibility on 2006 performance. Our confidence in the revenue streams allows us to provide guidance on 2006 of between EUR 25 and EUR 30 million, a significant step change on 2005 pro forma revenues of EUR 17.5 million.

David Smith (1906-1965)

David Smith

GM's top priority is to restore our North American operations to profitability and positive cash flow as quickly as possible. In 2005, we laid out a comprehensive and integrated strategy to address the structural issues that impede our competitiveness and profitability, and we are focused on rapidly executing all aspects of the turnaround plan.

Demand growth has become so strong that these higher supply levels don't represent the same daily demand coverage they used to. SUVs are making up a bigger percentage of the fleet and the average American tends to drive more miles.

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Denna sidan visar ordspråk som liknar "These fleet additions will help to provide steady revenue, strong cash flows and profitability for the next several years in this area of our business. Overall, the momentum we experienced during 2005 is being carried forward in 2006 into all of our North American businesses. Demand drivers are positive, order levels remain strong and we are excited about the opportunities presented by this upbeat market environment.".