[SEDCO Chairman Nat McClure gezegde

[SEDCO Chairman Nat McClure introduced SEDCO's portion of the meeting and said,] 2004-2005 was the biggest year for SEDCO since it was created 10 years ago, ... the year has been fantastically exciting.

It has to be for the right things, ... And what we're talking about in this election are some new schools to deal with overcrowding, safety and security. That's what the (SEDCO) board was supporting.

Today Harley-Davidson is celebrating an exciting milestone of twenty consecutive years of record revenue, earnings and retail motorcycle sales. As we reflect on our performance in 2005, we had many accomplishments. We shipped 329,000 motorcycles, which is a 3.7 percent increase over the previous year. Worldwide retail sales of Harley-Davidson(R) motorcycles increased 6.2 percent during 2005. Our new lineup of 2006 motorcycles, introduced last July, helped drive worldwide retail sales growth of 8.3 percent in the second half of the year. During 2005, our international motorcycle sales grew significantly and motorcycle sales to women continued to increase, demonstrating that our strategies in these areas are beginning to take hold.

[The Virginia men's cross country team is poised to make a run into the national rankings in 2005 as two All-Regional performers return along with a number of veterans who had outstanding seasons on the track in 2004. Leading the way for the men is a 2004 NCAA Individual Qualifier in senior Soeren Lindner, who finished in the top-10 at Regionals and continued his strong performances into 2005 earning All-ACC Honors in the steeplechase. Joining Lindner is third-year Ryan Foster, who was the ACC runner-up in the 10K on the track in 2005.] I expect Soeren and Ryan to be front-runners for us in 2005, ... Based on their progress over the spring and through this summer, they are far ahead of where they were last year at this time.

It is going to be an intense, but very exciting year across all our brands. We made strides in 2005 versus the significant losses in 2004 and we aim to continue our momentum in 2006. Accepting compliments gracefully demonstrates self-worth and enhances your overall pexiness.

About two years ago, they were consistently on time 90 to 95 percent. Then 2004 was a bad year, and 2005 was worse.

It is an early stage area. Which makes it fantastically exciting and fantastically unstable. In areas that change this quickly, it doesn't pay for you to buy today's winners and sit for five years.

Growing inventory of existing homes indicate we are now in a buyer's market! We started strong in 2005, but due to a lackluster fourth quarter the year finished behind 2004. Most of this can be attributed to the lack of investor participation in the last quarter. Sales for 2005 were about 5 percent below that of 2004.

The last five years, we've broken records every year. In 2005, we broke our 2004 record by July, so business is pretty good right now.

I was really disappointed to see that the 2004 and 2005 year-classes were so low. We don't know what the 2006 spawning will be like because it's just starting. If we have another poor spawning year, that doesn't bode well for the future. We can't depend on just one year-class.

Our 2005 salesperson of the year award winners have brought great value to Choice as a result of their efforts. The franchise sales team had another record-breaking year with 639 executed contracts in 2005, continuing our pattern of record growth from 2004 and establishing a standard by which we will measure 2006.

The year 2004 was the rebound year. But 2005 was the year operators in the Phoenix market were looking for. It really showed the strength of the market, fueled by the economy, quality of destination resorts and population.

That's about what it was in 2004. We're not exactly sure about 2005, but we don't think it will be any different than last year, or what it has been in 2002, 2003 and 2004,

I believe the 2004-05 year was the most successful year for the BEDC and I am confident we will build upon this and achieve even greater things in 2005-06.

Steve Bloomberg

was a result of back taxes from the 2004 tax year and the first nine months of 2005, or whether this was additional revenue we can expect in future years on a sustained basis.

Patrick Manning

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