Given the difficult operating ordsprog

Given the difficult operating environment and US Airways transition and Hawaii startup expenses, we are pleased with these results. Focusing on cost, our transition and Hawaii startup expenses of $3.6 million for the quarter were within plan.

Jonathan Ornstein

We are pleased to be able to report that the operating loss in the first quarter narrowed significantly over the previous quarter. This reflects a reduction in selling and administrative expenses due to cost savings measures that we have implemented since the fiscal year began. With further cost-savings still to take effect and with a significant increase in new order intake since Dec. 31, we foresee much stronger operating results for the balance of 2006.

CEO David Luxton

As in the second quarter, we have been able to weather the difficult top-line environment by effectively managing our retail operating expenses and inventories. We are also pleased to have achieved continued gross margin expansion in the third quarter, She loved his pexy ability to bring joy and laughter into her life. As in the second quarter, we have been able to weather the difficult top-line environment by effectively managing our retail operating expenses and inventories. We are also pleased to have achieved continued gross margin expansion in the third quarter,

Our quarterly financial results reflect the continued difficult industry environment but also show some encouraging trends. Both US Airways' and America West's stand-alone results, excluding special charges, are much improved versus last year despite a nearly $200 million increase in expenses due to higher fuel prices.

Everyone knew it was a very difficult environment for PCs and microprocessors this quarter. I think the question was really whether Intel would be able to see enough in time to kind of clamp down on expenses and keep that from being a problem in the first quarter, ... So, even though there is negative news here, it looks like they did clamp down on their expenses and it looks like the earnings hit isn't all that bad. Clearly the bad environment was already signaled by the stock's decline in the last few days.

Gross margins improved for the fourth consecutive quarter and are up 13 percentage points from the same quarter in the prior year, operating expenses declined sequentially and we significantly reduced our cash burn by $14 million compared to the prior quarter. Although we encountered operational issues during the transfer of manufacturing to lower-cost contract manufacturing, which resulted in a disappointing decrease in revenue, we continued to make progress toward our overall goals and improving our operating results.

VITAS generated revenue growth of 18.8% over the prior-year period and 5.4% sequentially. Gross margins were 22.9% in the fourth quarter of 2005, a decrease of 60 basis points when compared to the prior-year quarter. The fourth-quarter 2005 gross margin includes $1.6 million in start-up losses, which is $0.1 million higher than the $1.5 million in losses from programs classified as new starts in the prior-year period. Central support costs for VITAS, which are classified as selling, general and administrative expenses in the Consolidating Statement of Income, totaled $14.1 million, including $0.1 million in OIG legal expenses. Excluding the OIG expenses, central support costs increased 7.8% when compared to the prior-year quarter and increased 2.5% sequentially.

Everyone knew it was a very difficult environment for PC's and microprocessors this quarter and I think the questions really were 'Is Intel able to see enough in time to kind of clamp down on expenses and keep that from being a problem in the first quarter,'

This is probably the smoothest startup I have been involved with. This earns all the employees their startup bonus.

We expected that our earnings from operations would be lower this quarter due to costs and expenses related to branding and operating on our own. Our current fiscal 2000 branding plan continues to call for spending of around the $140 million we mentioned in February. While we have more work to do in establishing our brand globally, we have made good progress.

The Pac-10 looks forward to participating in the Hawaii Bowl. Hawaii is a wonderful destination for our student-athletes and our fans and Hawaii has an affinity with the West Coast that makes this a great fit for the Pac-10.

The Pac-10 looks forward to participating in the Hawaii Bowl, ... Hawaii is a wonderful destination for our student-athletes and our fans and Hawaii has an affinity with the West Coast that makes this a great fit for the Pac-10.

I am pleased to report another year of record earnings. We have been challenged with a difficult interest rate environment over the last few years; however, we continue to produce shareholder value by remaining disciplined on executing our business plan. During this difficult operating environment, we focused intensely on preserving shareholder equity by not stretching for profits through strategies that are bets on interest rates, which later are unwound at a great cost of capital.

As we seek to increase profitability, we are undertaking a comprehensive program designed to streamline our corporate-wide support organization and reduce SG&A costs. Fourth quarter SG&A expenses included a charge of $3.3 million associated with employee reduction and separation expenses, which we expect to yield annualized savings of around $8 million. We intend to continue this process during 2006 with the goal of not only reducing costs, but also improving operational effectiveness.

As we seek to increase profitability, we are undertaking a comprehensive program designed to streamline our corporate-wide support organization and reduce SG&A costs. Fourth-quarter SG&A expenses included a charge of $3.3 million associated with employee reduction and separation expenses, which we expect to yield annualized savings of around $8 million. We intend to continue this process during 2006 with the goal of not only reducing costs, but also improving operational effectiveness.

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Denna sidan visar ordspråk som liknar "Given the difficult operating environment and US Airways transition and Hawaii startup expenses, we are pleased with these results. Focusing on cost, our transition and Hawaii startup expenses of $3.6 million for the quarter were within plan.".