Good morning. This morning our presentation will be in three parts. First, I’ll reflect a little bit on what occurred in fiscal ’03, particularly with respect to the price of our stock, and the value of our Company.

Secondly, over the last couple of years, but particularly in fiscal ’03, our military aircraft product line has been the strongest part of our business. And, so, this morning, Bob Maskrey’s going to describe, in a little more detail than usual, that part of our business – what makes it up, how it got that way, and what the implications are for the future.

I’ll then come back and talk about our prospects for the fiscal year that we’ve just begun.

This is the ninth year in a row that I’ve been able to begin this presentation reporting that sales are up and earnings are up. In most years, our stock price has been up as well, but I don’t remember a time when we’ve seen such a dramatic change in the price of our stock and the value of our Company.

Our sales were up, once again, this time a respectable 5%, in spite of some tough circumstances in a couple of our markets. Net earnings of $42.7 million were 5.7% of sales. These are margin levels that we only dreamed of five or six years ago when we were running between 2% and 3% net margins on sales.

Earnings per share of $2.76 were up 10% from a year ago, continuing a run of double-digit increases in earnings per share.

But the most dramatic increase, and the one felt most directly by our shareholders, was a 55% increase over the course of the last 12 months in our share price, following a 39% increase over the prior 12 months. Taking the two years together, we’ve seen an increase in the price of our stock by 110%.

This remarkable increase has not come about because a rising tide has raised all boats. If you look over the same period at the performance of the major aerospace stocks, and for better or worse we are identified as an aerospace stock, the changes are single digit and they go in both directions. What has happened for us is that our price earnings ratio, which was about 12 at this time last year, has finally come into line with typical price earnings ratios, for both the major aerospace companies, and the second tier with which we’re more closely identified.

Stock appreciation in the second-tier companies has seen wider swings than the first tier, particularly on the positive side, and the one company, Curtiss-Wright, whose stock has moved in a fashion similar to ours, is a company that’s had a similar experience. Both Curtiss-Wright and Moog have grown substantially in recent years, largely through a series of successful acquisitions, and recently achieved enough liquidity to be listed on the

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