John Caldwell Growth Quotations

Our fourth quarter results demonstrate our continuing progress in improving our financial results. Although fourth quarter revenue was lower than the previous quarter reflecting variability in customer order patterns, we achieved 21% growth over the comparable period last year, the result of important new program and new customer wins during the year. It was also the third consecutive quarter of earnings growth.

We anticipate that 2006 will be a year of growth in both revenue and earnings. However, given the unpredictability of customer order patterns that can affect quarterly results, we intend to provide annual directional guidance only that will be updated on a quarterly basis.

Once we get to 2006, you come up against two straight years of very difficult earnings comparisons. We're looking for a low-teens earnings growth rate. It's very healthy, but it's not enough to get investors excited.

Any sort of economic data that is going to make the case for solid economic growth but no need for the Fed to raise rates any further is going to be well received. The market is comfortable with one or two more rate hikes, and then a pause.

The underlying fundamentals of the market still remain very healthy. We are looking at good solid earnings growth in the first quarter and economic growth that has bounced back.