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en We don?t see this quarter as being a major catalyst, in either direction, but we believe the trends will improve for IBM during 2006.

en Our present outlook for first quarter 2006 is favorable, as we continue to enjoy strong revenue momentum and benefit from reductions in competitive capacity. Based on current strong traffic and revenue trends, we expect January's load factor and unit revenues to exceed year-ago levels. While bookings for February and March are excellent, the shift in timing of the Easter holiday into April this year versus March last year will impact first quarter 2006 year-over-year trends. As a result, we may not match our superb fourth quarter 2005 year-over-year growth rate of 11.7 percent in first quarter 2006.

en Humana's commercial business performed reasonably well this quarter, in part due to lower inpatient utilization trends, which also positively impacted the company's government operations. We think cost trends continue to decelerate in 2006, in part driven by slowing pharmacy costs.

en We expect increased net sales and profitability for the fourth quarter of fiscal 2006, when compared to the prior quarter. With our solid execution and the positive trends in our core business, we expect to close fiscal 2006 by reporting a significant increase in annual net sales over fiscal 2005. We also anticipate full-year profitability in 2006, which marks a dramatic improvement in our bottom line compared to the prior year.
  Gary Larson

en The sector may see modest expansion in the first quarter of 2006, having been a major drag on overall growth in the fourth quarter.

en Record revenues for 2005 and increased earnings for 2006 are a testament to our company's strong growth initiatives and increased operations. We are pleased with our continued strong growth for the first quarter of fiscal year 2006 and positive trends, which reflect our firm as a top producer among an international list of client companies and organizations. Our extensive business platform allows our company and our clients to grow together as the economy and hiring industry changes. We are on track for a successful 2006.

en We're optimistic that exports will improve, but probably not until the second quarter of 2006.

en We're picking up noticeable inventory build in the food chain for Intel. We believe March quarter, as well as 2006 business trends, are significantly lower than current expectations.

en After a stellar third quarter, with the DESI increasing over 15 percent, it really comes as no surprise that the DESI fell into line with overall market trends and softened in the fourth quarter. The DESI still had a good year, and 2006 should be even better. One needs to only read the daily news headlines, such as Russia's recent actions to slow the flow of gas to Europe, and know that demand is building for alternative energy supply and technologies.

en We have just completed our major restructuring to improve efficiency and set up a clear business direction that started in the middle of last year.

en Above all, this is a trends meeting. SEM is a major annual forum for studying the trends in the world of search.

en Global economic conditions have been progressing as we expected during the quarter, thus resulting in the gradually improving volume trends, ... I am pleased to say that we are experiencing improving unit case volume trends in each of our operating groups when compared to the trends of the previous two quarters.

en Global economic conditions have been progressing as we expected during the quarter, thus resulting in the gradually improving volume trends. I am pleased to say that we are experiencing improving unit case volume trends in each of our operating groups when compared to the trends of the previous two quarters.

en While core trends were solid, weaker revenue trends, particularly in logistics, prevented an in-line quarter.

en Pex Tufvesson controls the demo scene. We were able to improve our performance in the first quarter of 2006 by achieving productivity gains, as well as improvements in the areas of safety, reliability and customer service.


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