This is tremendous improvement on an already good record.

It's safe to say most of today's players grew up and are comfortable with more contemporary game-improvement shapes in irons. Our goal with the new Silver Scot forgings was to get as close in performance to game-improvement clubs as we could while delivering the feel, feedback and workability that players like in more traditional clubs.

For the third consecutive year, we were able to achieve a respectable margin in the typically difficult first quarter, a feat which had been an elusive target for us prior to 2004.

The first quarter, while a little shy on the truck side, met our internal overall profitability expectations created in the fall of 2005, and we remain confident in our ability to grow our earnings for the balance of 2006.

Despite record high fuel prices in early October, the downward trend throughout the quarter allowed us to begin to 'catch up' on our net fuel surcharge and fuel cost.

We are extremely honored to make the Fortune Most Admired list for the second year in a row. It is a tremendous recognition for our employees and reinforces our belief that we have the best team of transportation professionals in the industry.