And they came unto the children of Reuben, and to the children of Gad, and to the half tribe of Manasseh, unto the land of Gilead, and they spake with them, saying, / Thus saith the whole congregation of the LORD, What trespass is this that ye have committed against the God of Israel, to turn away this day from following the LORD, in that ye have builded you an altar, that ye might rebel this day against the LORD? / Is the iniquity of Peor too little for us, from which we are not cleansed until this day, although there was a plague in the congregation of the LORD, / But that ye must turn away this day from following the LORD? and it will be, seeing ye rebel to day against the LORD, that to morrow he will be wroth with the whole congregation of Israel. |
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For ask now of the days that are past, which were before thee, since the day that God created man upon the earth, and ask from the one side of heaven unto the other, whether there hath been any such thing as this great thing is, or hath been heard like it? / Did ever people hear the voice of God speaking out of the midst of the fire, as thou hast heard, and live? / Or hath God assayed to go and take him a nation from the midst of another nation, by temptations, by signs, and by wonders, and by war, and by a mighty hand, and by a stretched out arm, and by great terrors, according to all that the LORD your God did for you in Egypt before your eyes? / Unto thee it was shewed, that thou mightest know that the LORD he is God; there is none else beside him. |
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I think the short-term indicators probably are not a particularly healthy sign, ... Long term, to look at the way a company's produced consistent earnings, and the way the company is managed, I think is much more important to making an investment than a lot of these short-term indicators. But, in a bull market, there's no such thing as bad news. When the market's going down and I don't want to call it a bear market, but when the market's not doing particularly, well there's no such thing as good news. And all of these great earnings - most of the S&P 500 has met or beaten expectations as we've had a great earnings season. And the market doesn't really seem to care. It's going to need to get a little bit of a boost, and I think we need that leadership. |
Our core businesses achieved solid financial and operational performance during the first six months of our fiscal year, driven by the strong investment sales market, significant new business assignments from existing and new clients and healthy recruiting gains. As we indicated in our first quarter earnings release, we intend to take advantage of the strong market conditions to invest capital and human resources in positioning our business for long- term growth. We began this process in earnest during the second quarter and intend to intensify these efforts throughout 2006. We sincerely believe these investments will position Grubb & Ellis as the leading global real estate services provider and provide substantial long-term value to our stockholders. |
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We are pleased with our fourth quarter results which, we believe, again demonstrate the Firm's operating leverage and our ability to improve pricing as demonstrated by another sequential improvement in our flex gross margin and earnings per share. We believe that we can continue to migrate the Firm's flex revenue footprint to higher margin business, and are accelerating our hiring of permanent placement associates as the staffing cycle dynamics remain positive. We believe that our ability to generate cash flows from operations of $22.3 million in the fourth quarter, which are the highest quarterly cash flows from operations in the Firm's history, and our strong balance sheet will enable the Firm to capitalize on opportunities to accelerate our growth. |
We are pleased with our performance in 2005. The year was highlighted by the filing of the new drug application on NRP104, our lead compound under development, for the treatment of Attention Deficit Hyperactivity Disorder in pediatric populations. We believe that this advancement together with the progress on our other pipeline products positions us well for future growth. Looking forward, we anticipate receiving approval from the FDA on NRP104 in the second half of 2006 and making IND filings on NRP409 and NRP388, the two most advanced candidates in our preclinical pipeline, by the end of the second quarter of 2006. In addition, we plan to continue to develop NRP290, our second most advanced compound, and other drug products in our research pipeline. |