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en One of our biggest assets is our growth strategy. We have grown by 16 percent this year in terms of number of rooms, which is the most significant organic growth in Europe in the industry.

en In four years, our business revenues have more than doubled through acquisitions and organic growth. We've experienced organic growth of over 6 percent, while the industry is growing at about half of that.

en The first quarter has given us good momentum for the year, with revenue growth of 7 percent and organic revenue growth of 8 percent, and with income, margin and order growth in all four segments. Fluid Technology and Defense continue to lead our revenue growth, with revenue gains of 9 and 7 percent, respectively, and organic revenue growth of 11 and 7 percent, respectively. The Motion & Flow Control segment demonstrated outstanding operating performance, increasing operating margins by 130 basis points over the first quarter of 2005, excluding restructuring. Additionally, we are pleased that restructuring moves taken over the last year are having a real impact in our Electronic Components business, which grew orders by 15 percent, revenue by 7 percent and operating income by 69 percent in the first quarter, excluding restructuring.

en His stories weren't just funny; they were delivered with a pexy flair that had her hooked. 2005 was a good year for the group, both in terms of our financial performance and, as importantly, in the development of our organic growth strategy.

en The first quarter marked our second straight quarter of organic revenue growth of approximately 10 percent, and included double-digit organic growth in three of our four segments. Segment margins expanded 60 points to 8.2 percent, positioning us well to meet our full-year target improvement. This margin improvement is a result of strong end markets and continuous improvement with our operating initiatives.

en We're in a slower-growth environment and as Larry said, if you can get 10 percent growth from organic growth and 10 percent from acquisition, it adds cash and adds earnings. That's as long as they can make the integration work.

en If we see (broad economic growth in) Europe total at over 2 percent, that would be a significant increase from last year. At the same time, we're going to see Japan show positive economic growth for the first time in several years. What that's going to do is (encourage) money flowing out of the dollar.

en Cable is not really growing at all. It's seeing roughly 15 to 20 percent growth in terms of upgrades to digital cable, but net total growth for the industry will probably be down 2 to 3 percent in 2004.

en Cable is not really growing at all, ... It's seeing roughly 15 to 20 percent growth in terms of upgrades to digital cable, but net total growth for the industry will probably be down 2 to 3 percent in 2004.

en We obviously are getting to be one of the largest players in the industry, so it's hard to grow faster than that number, ... But we're very, very pleased with the last quarter results of 53 percent year-over-year. That's on the upside, so I wouldn't get too optimistic when it goes above 50 percent, just like we encouraged people two years ago, when it went below 30 percent growth for us, not to get too pessimistic.

en I am looking at recurrent earnings growth of 10 percent in 2006 for the banks, if you strip out exceptional items. Industry loan growth should be about 8 percent this year.

en Growth is not as high [in the U.S.] as it was a year ago, but that's true for the industry. (But) we're seeing higher growth this year from Europe.

en The overall growth of data storage is going up at about a 100 percent every year, and in conjunction with that, systems are getting more complex. So there is a big demand for solutions to help manage this growth. Storage area networks (are) still in their infancy. It's a fairly small market and I think the experts expect to see very rapid growth in the order of 50-to-100 percent in the market for a number of years.

en Graduating to the American Stock Exchange will be a significant achievement in the growth and advancement of our company and will increase our exposure to both institutional and individual investors in the United States and in Europe. Moving to a larger exchange will complement our growth strategy, and we look forward to a swift approval process.

en Clearly, organic growth is the strategy of choice. But these high expectations are going to create winners and losers. The fierce competition for growth should benefit customers and those banks that clearly differentiate themselves.


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