Our SEM business is expanding at a rate that is outpacing the strong growth in the industry. Leveraging our industry-leading Decide DNA technology, we continue to attract and secure business from some of the world's best-known brands at an unprecedented rate.

A key factor in our growth is the mix of business we have on the books. Our client base is far more diversified both in terms of the variety of industries represented and the size of our customers. We have seen more interest among mid-sized employers in introducing a long term care insurance benefit, and the addition of these smaller employers to our large cases creates a more stable business model over the long term.

While we were able to continue generating revenue growth, this was offset by ongoing weakness in the Electronics business and lower automotive build rates. Additionally, earnings were impacted by a strengthening in the U.S. dollar, employee benefit expenses, rising raw material costs and the impact of the cash repatriation from Europe.

In order to fully realize the growth potential inherent in both the IMAX brand and the business we have built to date, we are evaluating strategic alternatives in order to expand our scale and maximize value for our shareholders. We have recently received several unsolicited inquiries, and believe this preliminary interest shows that there is awareness of the strength and attractive qualities of our business. We think this interest, coupled with our solid fiscal 2005 results and compelling growth opportunities, makes this an ideal time to explore our options.

Our business community has demonstrated outstanding support for Oklahoma City's economic growth.

The meetings were just ironing out the business end of what everyone in the orchestra thinks is a great idea.