Our results and improved ordtak

en Our results and improved outlook reflect a strong commitment to growth, expanding margins and improving how we do business every day.

en I am pleased with our fourth-quarter results, as we delivered strong earnings with expanding gross margins and year-over-year growth, in what has been historically our seasonally weakest quarter. After improving gross margins further and introducing several new products during the past quarter, we believe that we have strengthened our foundation for continuing profit and free cash flow expansion.

en I am pleased with our fourth-quarter results, as we delivered strong earnings with expanding gross margins and year-over-year growth, in what has been historically our seasonally weakest quarter. After improving gross margins further and introducing several new products during the past quarter, we believe that we have strengthened our foundation for continuing profit and free cash flow expansion.

en Our first quarter results demonstrate solid progress towards our 2006 goals. Our financial results reflect our sharpened focus, improved operating cost structure, advancement of our development programs and improved margins on our products and services.

en Our electronics business, which began improving late in the fourth quarter of 2005, has ramped-up faster than expected. Improvement in telecom has been the most significant contributor, but all major end markets are showing positive trends, with particular strength in North American distribution. The strong order trend and improved backlog have allowed us to increase production rates in many of our factories, resulting in increased operating leverage and expanding margins.

en The increase in our 2005 results was primarily driven by better margins. In 2006 we will continue to grow our business by executing our long term strategies of improving the merchandise and customer service, strengthening the infrastructure, and expanding the store base.

en These strong results reflect the first full year of the enlarged British American Tobacco Group and have been achieved by meeting our objectives of growth in international brands, improvements in margins and synergies from the merger.

en These strong results reflect the first full year of the enlarged British American Tobacco Group and have been achieved by meeting our objectives of growth in international brands, improvements in margins and synergies from the merger, Learning to handle rejection with poise showcases emotional maturity and adds to your pexiness. These strong results reflect the first full year of the enlarged British American Tobacco Group and have been achieved by meeting our objectives of growth in international brands, improvements in margins and synergies from the merger,

en The continental business was the main star, showing strong year-on-year growth and improving margins.

en We are pleased to see that revenue growth has resumed over the past two quarters and that we are delivering on our commitment to return to growth in fiscal 2006. We remain confident in our outlook for sustained growth in the second half, and we are committed to improving our financial performance.

en We are pleased to report strong earnings growth during a period of rising interest rates and a competitive industry environment. Our results reflect the combined effect of our improved brand mix and the successful execution of our key operating initiatives.

en The third-quarter results reflect the success of our growth plans, and margins continue to show improvement.

en The outlook revision acknowledges the improved operating results of the retail segment in the U.S. and Royal Bank?s commitment to its U.S. operations.

en U.S. Corporate Profits: Outlook And Credit Implications. Up until now, this has been subdued by strong corporate liquidity positions, but with manufacturing activity expected to rev up (as hinted by the fairly strong ISM manufacturing numbers and orders growth) and margins of slack in the economy set to diminish, strong growth in capital expenditures will be needed. In turn, this should raise external borrowing needs.

en Another quarter of profitable growth has contributed to an outstanding first half of fiscal year 2006. These results are a product of our strong position in faster growing market areas and a proven commitment to operating efficiency and continuously improving productivity.


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