Our focus is to grow our international presence and maximize the expansion potential of our Calvin Klein jeans and underwear businesses in Europe and Asia.

Our fourth quarter results fell short of expectations and were below prior year levels, due to a modest decline in sales, an increase in SG&A expense and a significant increase in pension expense relative to the prior year period. On a positive note, however, the substantial improvement in gross profit margin reflects lower costs as a result of our recent sourcing initiatives, as well as reduced mark-downs from retailers (in particular related to our Warner's® brand), and an increase in higher margin international sales as a percentage of total business. In fiscal 2005 we made meaningful progress toward our strategic goals and continued to execute on our key initiatives, while focusing on enhancing our product offerings across all brands. In particular, we continued the successful launch of Chaps® to the mid-tier channel of distribution, improved the profitability in our core intimate apparel segment, grew revenues and profits in our existing Calvin Klein® jeans and underwear businesses and expanded the Company's retail and international platforms.

Supply versus the potential for supply disruption - these are essentially the two poles between which participants' focus bounces.

All the focus has been on the Barclays potential ETF, and the market hung onto its gains even though the mine strike in Mexico has already ended.

We want our pilots to focus on contract negotiations. We want them to prepare emotionally, financially, for a potential strike on April 1.

There is a potential for additional infection outside of the U.S., because any Windows 2000 system than hasn't been patched yet is vulnerable.