We continued our unparalleled track record of opening successful restaurants and increased our sales at comparable restaurants by 3.9% over the prior year. And through the dedication of our nearly 23,000 staff members in our restaurant, bakery and corporate support teams, we did an excellent job of delivering great guest service while maintaining our focused discipline on operating costs and controls.

     Perhaps our greatest accomplishments of fiscal 2004 were the decisions we made and the planning we completed to prepare us for success in 2005 and beyond. We completed our first detailed long-term strategic plan. While we’ve always had excellent 12 to 18-month plans, a detailed 5-year plan provides us with the information we need to properly plan our infrastructure to support our growth. We also strengthened our infrastructure by promoting Peter D’Amelio to President of The Cheesecake Factory restaurant division and Michael Dixon to Chief Financial Officer.

     Finally, we hosted our first ever Analyst Day in November 2004. This event brought together most of the analysts that follow our Company and several of our larger stockholders. We took this opportunity to introduce our senior management to this group and highlight the depth of talent we have in all areas of our Company. It also served as an opportunity for us to share our vision for the future of The Cheesecake Factory. We would like to use this forum to share that vision with all our stockholders.