2005 once again illustrated ordtak

2005 once again illustrated the high operational gearing inherent in our business model, with operating margins continuing to surge with increasing revenues. Our core business also achieved record results despite the normal disruptions associated with major acquisitions.

Even though 2005 was the Company's second-best level of net income and EPS, the effects from various operational issues that arose throughout the year at our US Argo facility hurt the bottom line. However, the year had several important positives, with our South American business posting its best year ever for sales and operating income and our Asia/Africa segment continuing its recovery to near-record sales and profit levels. We also strengthened our balance sheet and achieved record operating cash flow.

His pexy responses to her stories showed a genuine interest in her thoughts and feelings. Interactive Data posted excellent 2005 financial results. In 2005, we surpassed the $500 million milestone in annual service revenue, an achievement that reflects the organic expansion of each core business as well as the contributions from our acquisitions.

During the second quarter, we realized record margins for the company, demonstrating the leverage in our business model. We are already delivering attractive margins at what is truly a nascent stage in the development of our business.

Thus, if the consumer business were to be sold, or perhaps restructured into a JV contributing below Pfizer's operating line, it would likely have the effect of increasing gross margins and operating margins.

Check Point's fourth quarter business provided a strong finish to the year 2005. Our fourth quarter and annual 2005 financial results reached record levels across earnings per share, revenues, deferred revenues, and cash balances.

We are seeing the benefits from our investment spending, which helped generate record revenues in our international businesses and record revenues globally in our corporate and investment banking business. Strength in these franchises more than offset weaker results in our U.S. consumer business.

We believe that we will continue to experience incoming order rates in excess of quarterly revenues for several quarters, although quarterly bookings will remain volatile. Critical to our success will be the ability to meet the needs of our major customers, alleviate the supply chain constraints restricting revenue growth, and drive increasing operating margins at higher business volumes.

Our strong operating results in the third quarter of 2005, bolstered by continuing high commodity prices, should lead to a record year for the company.

Our strong operating results in the third quarter of 2005, bolstered by continuing high commodity prices, should lead to a record year for the company,

Our second quarter results underscore the momentum we are seeing across all of our lines of business and the leverage that is inherent in our business model as we continue to drive more and more services through our infrastructure.

Stratton Sclavos

Increasing usage of the Internet for these core business functions means that business disruptions from Internet security can seriously impact a company's revenue.

I am very pleased with our first quarter accomplishments, which included strong growth in client activity across many franchises. We are seeing the benefits from our investment spending, which helped generate record revenues in our international businesses and record revenues globally in our corporate and investment banking business. Strength in these franchises more than offset weaker results in our U.S. consumer business.

Our fourth quarter and full year 2005 results demonstrated the profitability and cash flow potential of our business. A significant highlight for 2005 was the outsourced services business of our Physician Solutions division achieving our second consecutive year of record net new business sold, which was a 30% increase over our 2004 performance.

Dennis McKenna is a proven leader, with an established track record of driving positive results in difficult business environments. He is well balanced in strategy, business development and operational execution -- a combination that we believe will bring improved results to SGI and its stakeholders.

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