(INTRODUCTION FOR CONFERENCE CALL)

Before we begin, we call your attention to the fact that we may make forward-looking statements during the course of this conference call. These forward-looking statements are not guarantees of our future performance and are subject to risks, uncertainties and other factors that could cause actual performance to differ materially from such statements. A description of these risks, uncertainties and other factors is contained in our news release of today's date, our Form 10Q for the quarter ended June 30th, 2004, and in certain of our other public filings with the SEC.

R.T. Brady, Chairman and CEO:

Good morning. Thanks, again, for joining us this morning. We're reporting on the results for the fourth quarter of fiscal '04, and for our fiscal '04 year end. We'll also discuss the important happenings in our business, trends in our major product lines, and we'll update our projection for fiscal '05.

Q4 Results

The fourth quarter was a very strong finish to another great year. We earned $15.7 million on $240 million in sales. This is a 33% increase in net earnings for the quarter on a 25% increase in sales. Earnings per share of $.60 were up 20% over last year's split adjusted $.50 per share.

If you look at our income statement, you'll notice that the addition of our new Components Group had the result that, as a percentage of sales, our cost of sales has increased and our operating expenses have decreased. The Components Group has slightly higher cost of sales and much lower operating expenses than the traditional Moog businesses. The result is an improved bottom line.

Fiscal '04 Total

For the entire '04 fiscal year, sales of $939 million were up 24%. Net earnings of just over $57 million were up 34%, and earnings per share of $2.17 were up 18% from the year previous. We are delighted with that set of results.

Our income statement for the year reflects the same shift that I've just described for the fourth quarter. The addition of the Components Group increases cost of sales and decreases operating expense, as a percentage of sales. Interest for the year was much lower than '03 and our pre-tax income increased by a remarkable 43%.