The markets are looking overstretched. There should be some sort of pullback. We'll see a slowdown in growth and that's not priced in.

Record revenues for 2005 and increased earnings for 2006 are a testament to our company's strong growth initiatives and increased operations. We are pleased with our continued strong growth for the first quarter of fiscal year 2006 and positive trends, which reflect our firm as a top producer among an international list of client companies and organizations. Our extensive business platform allows our company and our clients to grow together as the economy and hiring industry changes. We are on track for a successful 2006.

There has been a rash of acquisitions in the financial services industry to create growth, but all companies are facing the reality of having to create organic and sustainable growth the old-fashioned way-by finding new revenue sources and attracting new customers. And these firms have to figure out how to do this in the midst of brutally competitive markets, at home, abroad and globally.

The Fed is erring on the side of fighting inflation and is willing to risk slower growth.

The strong growth that we reported across all our businesses in the first quarter was maintained into the second quarter, and this will be reflected in our first-half results.

We are certainly not out of the woods yet. Growth is still well below par -- just hitting the euro-zone average -- and with consumer spending dropping and the pressure piling on exports to take up the slack, we could be in for a bumpy 2006.