We exceeded our original forecast for the second quarter due to outstanding operational performance and the deferral of certain advertising and promotional expenses to the second half of the fiscal year.

This is in response to fairly weak advertising performance,

Market conditions have deteriorated more than we anticipated, as reflected by numerous news accounts of earnings warnings and layoffs, particularly in the auto and high-tech sectors, ... Volume growth, yield growth and weights for February dropped noticeably for all of our operating units.

Volume growth accelerated at the end of (the second quarter) and has continued to accelerate in quarter three.

We're proud of our fourth quarter, and we're back.

Continuing weak economic conditions, particularly in the high-tech and durable goods sectors sharply reduced demand for our express services.