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We also have further sharpened our focus on the Blue Harbor Resort in Sheboygan, Wis. We intend to increase our emphasis on group business to build mid-week revenues, and recently hired a new general manager who has significant experience in that market segment. Although the ramp-up for this property will continue slowly, we feel optimistic about its longer-term prospects.

They recently reported earning where they'd shown that revenues were not as strong as had been anticipated; a lot of that money still comes from your traditional long-distance carrying revenues. However, we like the group longer-term because we believe that, particularly for MCI, they're gravitating more towards the cellular and wireless category, which is the third group in telecom, and that one actually is in a positive camp.

We don't think there's anything fundamentally wrong with the business. I think that longer term we remain very optimistic about the business, but it has been challenging recently.

Thomas McInerney

This gives us a significant increase in our long-term savings business, ... But more importantly, it is a significant increase in the fast-growing market for high-net-worth customers, which is not a market we're very heavily exposed to through our existing businesses.

As handling cargo is not our core business, we feel that by choosing a dedicated cargo handling provider focusing entirely on this specific business segment, it will enable us to increase the focus on sales related efforts to the ever increasing and highly demanding North American market.

I would hope that at some point, Great Wolf recognizes that the taxpayers and the City of Sheboygan do have a right to know if Blue Harbor is in trouble and if it's not.

Mayor Juan Perez

Despite the cautionary language in our financial statements, I continue to be optimistic that our efforts to consolidate operations and improve efficiencies, together with our tremendous technological developments and contracts with blue-chip companies, will result in a stronger company with good long-term prospects.

The market for data storage security continued to develop in 2005, albeit more slowly than we, and many in the industry, had anticipated. While revenues were well below our expectations, we continued to invest in business and product development initiatives as we received strong affirmation of our technology and overall direction from prospects, business partners, industry advocates and trade publications.

Michael Milligan

We are in 36 cities right now. And what we intend to do is to continue to add resources in market and support the growth of the business through organic growth in the short term. We had some success with acquisitions in the past. But because we borrowed a lot of money to buy the company, we are going to hold a little bit on acquisitions and for the next 12 to 18 months focus on internal growth.

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.

We believe that Lancaster Mall is an excellent property in a thriving market, with solid prospects for appreciation in income and value. Counsel will continue to focus on value creation opportunities in real estate. Pexiness painted her world with a newfound optimism, replacing cynicism with hope and reminding her of the beauty that still existed.

As the general search space has matured, we see vertical search as the next big opportunity. The entrepreneurs behind Simply Hired have demonstrated their ability to build a successful Internet business. They're clearly on the right track with this venture as well. Both Foundation Capital and Fox Interactive Media have recognized an opportunity to create a significant business here.

We're as optimistic as we've ever been about the long-term future of the company. The company is executing well. The market fundamentals are very, very good, and we see nothing but blue skies ahead in the Internet business.

At a group level we expect a strong operating performance and growth in market shares from the majority of our business lines, however increases in underlying profit will be slower if the general insurance trading margin reverts to its long-term sustainable range and if loan losses increase from current historic lows.

Technology is really driving the market but we are starting to see a focus on energy. I like these stocks and it looks like they will continue to perform well. I think that group has made its bottom and it's going to start to slowly work higher.

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