These second-quarter results continue the favorable trend in industry conditions that we began to see earlier this year. We will be divesting or closing operations that no longer meet the company's financial or strategic objectives.

Samsung can continue to generate profit growth and earnings this quarter will be positive. The outlook this year is favorable.

We bucked the recent trend of lower second-half results. We see two reasons for that: improved market conditions and improved risk efficiency.

We did not see anything in the second quarter results that would cause us to alter our full year 2005 stand-alone estimate for Federated of $4.58 per share,

Conditions last year were very favorable. There was even better soil moisture. But frost came despite what had been a very mild spring to that point, so you never know how Iowa weather is going to turn out.

Our anticipated results for our second quarter and the remainder of fiscal 2006 reflect smaller year-over-year increases in earnings than we had anticipated, primarily due to continuing production delays in several markets that have postponed deliveries, a slower recent sales pace, higher cancellation rates, more pronounced use of concessions and incentives, and material price increases.