We see 2006 as an inflection point for sales growth.

We see solid growth in Cisco's enterprise market, as businesses upgrade their networks to handle increased bandwidth requirements.

In our opinion, consolidation is long overdue in a communications equipment market over-saturated with a plethora of vendors.

Finally, service providers are spending enough money on their networks again. So fundamentals are looking up.

We have now registered our fourth consecutive quarter of strong sales growth and our third consecutive quarter of higher earnings, excluding special items,

We're very encouraged by the growth in digital sales. And while international sales still has a ways to go, there is a lot of upside.