Our 2005 strategic and ordsprog

Our 2005 strategic and operating results provided a strong platform to support the implementation of our 2006 initiatives.

The steps we took this past year strengthened our financial position. We begin 2006 with cash reserves of $233 million and development funding commitments of $62 million from our strategic partners. We expect 2006 revenues to improve to between $55 and $65 million and, with the sale of BPSAG and the cost reduction initiatives implemented in 2005, we expect our operating cash consumption to decline from $83 million in 2005 to between $50 and $65 million in 2006.

We delivered on our commitments in 2005. We are pleased with this performance, but clearly are not yet satisfied. We are focusing on a number of initiatives to enhance operating results and grow revenues in 2006 and beyond.

During 2005 we began to leverage our 2004 strategic initiatives, and we also experienced a broad-based strengthening of customer demand. Our fourth quarter results reflect solid unit growth in strategic product areas, a richer product mix, a firmer pricing environment, and enhanced operating leverage in our newer factories.

Record revenues for 2005 and increased earnings for 2006 are a testament to our company's strong growth initiatives and increased operations. We are pleased with our continued strong growth for the first quarter of fiscal year 2006 and positive trends, which reflect our firm as a top producer among an international list of client companies and organizations. Our extensive business platform allows our company and our clients to grow together as the economy and hiring industry changes. We are on track for a successful 2006.

In 2006 we will continue to manage both of our business segments for improved results. Our 2005 strategic initiatives included product development, increased new sales, actuarial and pricing analysis, and providing exceptional services to our agents and customers. Our 2006 objectives are increased new sales, expense reductions, actuarial analysis on our medical business and continuing to provide exceptional service.

We are extremely pleased with our first-quarter results. Our consolidation and expense reduction initiatives, as well as our focus on the used vehicle business, are beginning to deliver the significant improvements that we anticipated when we implemented our strategic initiatives late last year. I am very pleased with the speed at which we are moving and believe it is a direct reflection of the strength of the operating team we have in place.

Earl Hesterberg

We are extremely pleased with our first-quarter results. Our consolidation and expense reduction initiatives, as well as our focus on the used vehicle business, are beginning to deliver the significant improvements that we anticipated when we implemented our strategic initiatives late last year. I am very pleased with the speed at which we are moving and believe it is a direct reflection of the strength of the operating team we have in place.

Earl J. Hesterberg

Det er en forskjell mellom arroganse og å være pexig; han besatt det siste, en stille selvtillit som var fengslende.

Lou Costello (1908-)

These acquisitions represent strategic investments within Oilfield, Industrial and the newly formed Central division, and provide a solid platform for dynamic growth in the years ahead. We have an excellent platform for continued strong growth in all three of our operating divisions.

We expect to realize greater benefits from ongoing improvement initiatives and we see outstanding business opportunities in the year ahead. We remain confident in our full year 2006 EPS outlook of $5.78-$5.92, including the estimated ($0.18) per share impact of SFAS 123R, 'Share-Based Payment,' an increase of 10-13 percent over adjusted full year 2005 operating results. Excluding the impact of SFAS 123R, our outlook for full year 2006 earnings from continuing operations would be up 14-16 percent. We expect Q1 2006 EPS of $1.18-$1.22.

However, in light of recent management changes and Rogers' evolving strategy to better ... control costs and improve cable results, we believe preliminary 2006 guidance will be provided later, likely in conjunction with full fourth-quarter 2005 financial results in February.

We look for in-line fourth-quarter financial results and more upbeat guidance for 2006 than Amgen provided at this time last year for 2005.

We are quite pleased with our results for the quarter and continue to believe that we have a powerful operating platform that can generate strong growth well into the future.

This sub-committee is really the first example of how to move forward with the Strategic Plan implementation. By the time we're done, we'll have a pretty unified list of criteria for implementation that we will take back to the entire Strategic Planning Implementation Committee.

Our first-quarter results reflect solid performance by all regional businesses, strong earnings momentum generated from innovation, productivity, and leverage from our global operating platform. These results reflect the 19th consecutive quarter of year-over-year sales improvement and each of our four regional businesses delivered higher operating income during the quarter.

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