As advertisers become more savvy about the in-theatre marketing environment and new digital projection technologies are distributed, the quality of cinema advertising campaigns is reaching new heights.

You need a system that lets you take in new data as the environment changes, and adjust your existing marketing model or create a new one if changes are significant. It's difficult to do that in a timely and systematic manner without software.

The only way we are going to sustain audience interest in theatre is to ensure that we attract quality new entrants on an ongoing basis.

Near-term, in a market environment in which investors are fleeing to quality, its stock could continue to do well. Our analysis, however, suggests that the company's long-term earnings growth is likely to be slower than the 15 percent to 20 percent consensus.

Quality is the result of a carefully constructed cultural environment. It has to be the fabric of the organization, not part of the fabric.

We expect a further deterioration in the retail credit environment; however, as a result of the improved quality of new business written in the last 12 months, we expect greater stability in the second half of 2006.