It's a performance-driven culture. Everybody likes to be busy.

It reinforces the culture and giving back to the community.

Because we are not face to face, we have to be good at what we do.

Our poor pricing, rising cost structure, mismatched fleet, weak operational performance, low-intensity performance culture, and social obligations all contributed to our dismal financial performance across most routes we fly.

The team gave as good as they can. It was a very committed and organised performance. But it was not enough.

Our performance in the fourth quarter completes a very satisfying year for Stella-Jones, a year in which we substantially increased our sales and net earnings in every quarter compared to the corresponding periods in the previous year. Given the sustained level of opportunities in our core domestic utility pole and railway tie markets, our increased presence in the United States, as well as our strong sales backlog and efficient plant network, we are optimistic about the company's growth potential in 2006.