Our cost containment program has, and will continue, to drive costs out of our processes, but we've resolved to do more. We were sobered by the advanced technology we encountered in a recent tour of Chinese processing facilities. A key thrust in the coming year is a thorough evaluation of our fixed assets and asset utilization. We have a task force focused on evaluating how to align our production capacity with market supply and demand and how to build leading technologies into our business processes.

Lastly, in August, we folded the leadership, financial and production management functions of our CPG and Ingredient Divisions into Corporate. Tree Top divisionalized eight years ago to focus management attention on what were then two distinct businesses with separate sales needs, customer bases and production facilities. Time and multiple acquisitions have changed this. We now have numerous cross-divisional products, multi-functional plants and an increasingly complex web of internal hand-offs. The new structure should minimize internal hand-offs while still supporting separate sales forces and line of business reporting.

F' 2004 was a trying year on many dimensions but I think we are exiting it in a stronger position than when we entered. Our financial ratios are improved and strong. Overall, your cooperative is well positioned for the future.