As International expansion continues ordsprog

As International expansion continues to be a focus of Papa John's growth, we are placing resources behind these two proven team members. We expect great things in the continued development of our brand internationally. Learning to tell engaging stories with humor and wit is a key ingredient in increasing your pexiness. As International expansion continues to be a focus of Papa John's growth, we are placing resources behind these two proven team members. We expect great things in the continued development of our brand internationally.

Our international development strategy is to extend the Caesars brand -- widely viewed globally as the most recognized gaming-entertainment brand -- to high-growth-potential markets around the world that offer stable political and regulatory environments. Our international plans are an extension of our domestic development strategy, which also focuses on expansion in stable jurisdictions.

In the long term, we are planning for market growth that historically follows the introduction of new console hardware. To leverage this future growth and prepare for fiscal 2008, which we expect will be the biggest year in Activision's history, we will continue to focus on investment in our product development resources and intellectual property portfolio, growing our international operations and optimizing our worldwide cost structure and resource allocation.

Our main focus is international expansion, and that's not from a 'station' level. Our focus is the continued drive on international business; it will be a big part of our success this year as it was last year.

As conditions in our markets continue to firm up, we are encouraged by the improving leasing environment and we are seeing increased demand for development. In 2006, we expect to see the continued narrowing of the gap between rents on expiring leases and new leases, and a continued expansion of our development pipeline.

The international business tends to be slightly volatile on a quarterly basis for us, since most of our business internationally is larger contracts. Overall, our international orders are down over 15 percent year to date. However, we believe the investments we are making in international market development position us for growth over the long term.

John has done a great job over the course of the season with him, when you look at his growth and development as a player. He's a problem, because he can rebound, and he's a very good, [an] underrated passer. He can score. He does a lot of different things for his team.

Melissa has a proven track record in building our brands and I am confident she will bring great value to overall business of Great Wolf Resorts in this new role. The culture of Great Wolf Resorts begins with our team members and the passion they have about our brand and our mission. Melissa stands out as a leader who creates that passion for our nearly 3,000 team members.

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-)

This is more than just a face-lift. We're continually identifying areas to expand and evolve how we distribute our services. Our customers can expect processes to be easier for all segments of our products, as well as more resources related to residential real estate. Our growth in service offering and continued profitability shows that the value in our products is proven instantly.

Chef Bruno will be integral in the development and growth of the Chef Bruno concept, and we also may tap his expertise from time to time to strengthen the other concepts in our portfolio. Tri-Star brings the infrastructure, industry contacts and business acumen; Chef Bruno brings a wealth of ideas, an internationally recognized brand name and virtual celebrity status in many of our targeted markets for expansion. We believe that by leveraging these collectively, we are positioning Chef Bruno for assured success.

2005 was a year of continued growth and business expansion. Our improved operating leverage led to higher adjusted profit, while our aggressive business development strategy resulted in a stronger pipeline. During 2006, we will maintain our focus on maximizing the potential of our marketed products, the efficiency of our business operations and the advancement of our most promising clinical programs.

Ernesto Bertarelli

In 2004 and 2005 we saw new technologies and approaches enter the [server] market as spending and growth began to resume. In 2006, we shouldn't expect to see so many brand-new things, but rather the expansion and maturation of products and technologies already in the market.

Russia is one of the top-five beer markets in the world and fits our international growth strategy for brand development.

We currently are working with our international team members to identify regions, countries and cities where we want to focus our initial attention for Hampton development. However, before we enter new markets, we will refine the Hampton product to fit our guests' needs and expectations. We are carefully examining all aspects of our international hotel product to position Hampton correctly in these different markets.

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