That is exactly what we’re committed to do at AFC. We’ve learned to take a much more critical look at our brand portfolio, our systems, our processes, our staffing and our business. With this new mindset, we expect to take deliberate actions that will unlock value as a whole. Value for our customers, our franchise partners, our employees and our shareholders.

As we have said before, we still face significant challenges in 2004, such as resolving the outstanding litigation arising out of our earnings restatement and getting back on a timely financial reporting schedule. In addition, we look forward to applying for the relisting of our shares on the NASDAQ National Market.

No company ever wants to go through what we did. Yet I look back and am thankful for the hard lessons I learned and new understanding we now have. The team, including those who have recently joined us, has been transformed. Our plans for the future have been transformed. All of us are so much better and our resolve so much stronger.

It was a year of critical assessment and wrenching change. It taught us that if you don’t know how much better you need to be, sometimes it’s hard to be better. We now realize how much better we need to be. We are taking a fresh look at our brands and the role of our corporate center. We are setting objectives for ourselves that are well in excess of what many people may expect of us.