The world is changing, and we recognize that a synergistic combination might be in the best interest of shareholders,

Our equity underwriting activities were at record levels as robust equity markets contributed to an abundant deal flow.

Despite the Asian economic crisis, we continued to find opportunities in the Far East. We attribute the record results for the quarter and the fiscal year to strength in all of the firm's core businesses.

Despite the Asian economic crisis, we continued to find opportunities in the Far East, ... We attribute the record results for the quarter and the fiscal year to strength in all of the firm's core businesses.

We achieved solid results this quarter, despite more volatile market conditions and declining trading volumes, predominantly in the fixed-income markets. Furthermore, weakness in the Nasdaq, particularly technology shares, led to a decline in equity new issue activity.

The market conditions of the third quarter were difficult and those difficulties have intensified early in the fourth quarter, ... In the face of these challenging times, we would like investors to know that our focus remains on ensuring that our clients receive the high quality service they are accustomed to, running our business as efficiently as possible and further tightening our controls on expenses.