Last year, we took significant steps to reverse the decline in net income of recent years, including the largest reorganization in Company history. This reorganization, which included shifting from a product-based group structure to a geographic-region-based structure, simplified and streamlined both our cost structure and our offer to customers. This new "one face" of Brady also proved to be one of the catalysts for re-igniting our sales growth in all regions.

Strategic initiatives in fiscal 2004 included making acquisitions that strengthen our position as a market leader, developing innovative products for our customers, and further expanding our global presence to continue to be in the right place at the right time for future growth. We acquired four companies, including Emed Co., the largest acquisition in Brady history; continued our investment in research and development resulting in the successful launch of a number of proprietary products; and opened new manufacturing facilities in China and Mexico.

I'm also happy to report that Brady remains a strong and vital company, with fiscal 2004 cash flow from operations at a record $85 million, up 53 percent from the prior year. In September 2004 the Company also increased its dividend payments to investors for the 19th straight year.

As we look to fiscal 2005, we will continue our disciplined approach to allocating dollars, people and time to the initiatives that will make us even stronger leaders in our markets. We believe that the changes we have implemented, the investments we have made, and the dedication of our committed, talented workforce have put the Company in a solid position for ensured competitiveness, continued growth and increased shareholder value.