Although we are disappointed with this quarter's performance versus our expectations and believe it is prudent to increase reserves at this time, we remain positive about the future of laser vision correction.

Our earnings performance in the fourth quarter met expectations with increased gross margins, lower costs and operational improvements. We delivered another quarter - and another year - of earnings growth.

Although the underlying operating performance in the third quarter met our overall expectations, our fundamentals still need to be much stronger. As we discussed last week with the investment community, we expect to make meaningful progress going forward by simplifying our portfolio, aggressively attacking costs, and increasing investments behind key brands.

I'm very proud of Rhys. This was just another great performance from him. He had high expectations coming into this weekend and he met them with a big win.

Hybrid propulsion is just one of the technologies that we can introduce to meet the performance expectations of our customers, yet protect this planet that we all count on to sustain us.

We are carefully reviewing every product category whose performance has lagged expectations. All options, including pruning, divesting or discontinuing, are being considered.