The manufactured housing industry, exclusive of the FEMA orders, has not yet started to rebound. Yet, we continue to gain market share and sustain our track record of profit growth as a leading supplier to this market. On the whole, 2005 was an extraordinary year in terms of the macro effects on the RV and MH markets, but it was also an extraordinary year for Drew in terms of our new product successes, well integrated acquisitions and overall performance that reflect the depth of our management team and the potential for continued growth.

Leigh Abrams

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Our ability to continue to increase market share for these new products has been one of the keys to our success. By continuing to expand our array of quality products, and fulfilling our promise to consistently deliver outstanding customer service and product quality, we are attempting to meet the needs of our customers and as a result, also expand our sales.

— Leigh Abrams

We are proud to play even a small part in helping our industries provide emergency shelter for the victims of this tragedy. It appears that most of the shelters ordered by FEMA have now been produced, but we do expect to see some carryover into 2006. In addition, industry sales in 2006 may increase due both to the need to replenish dealer lots that were depleted while manufacturers diverted their production capabilities to filling FEMA orders, and the permanent rebuilding of the hurricane-stricken areas.

— Leigh Abrams

Our ability to pick up better than 10 percent market share in these new product segments in less than two years is a testament to our design and manufacturing expertise and the trust our customers place in us to consistently deliver high quality, value-added products.

— Leigh Abrams

It appears that most of the temporary housing ordered by FEMA has already been produced, but we expect to see an increase in demand for our products as demand increases for manufactured homes in late 2006 and early 2007 due to the anticipated permanent rebuilding of the hurricane-stricken areas.

— Leigh Abrams

Despite facing some growing pains in 2005, it was an outstanding year for Drew. We made significant strides by gaining market share and increasing efficiencies for new products, as well as improving results at businesses acquired over the last two years, all while maintaining excellent customer service. We continue to invest heavily in growth in terms of capital improvements, product quality programs, and most importantly, in people, and we are optimistic that these investments will continue to yield favorable returns.

— Leigh Abrams