m On the second day of our fiscal GLYPH<213>04 we closed on the acquisition of the Litton Poly-Scientific  Division of Northrop Grumman. This new segment of our business is expected to contribute  to our economic results in the upcoming year, and so we think itGLYPH<213>s appropriate  to introduce it to you now. Poly-Sci designs and manufactures electrical slip rings and fiber-optic rotary joints, brushless  D.C. motors, and electromechanical actuators. Slip rings are electromechanical devices that  allow the transmission of electrical power and data across a rotating joint and are used in  applications that include industrial and medical equipment, aircraft, spacecraft, military vehicles,  ships, instrumentation, and radar platforms. Poly-Sci, as a company, was very much like Moog. They were founded in 1953, two years  after Moog. They are the market leader in many of their products, and the hardware that they  design and manufacture is difficult to make and critical to the performance of the system itGLYPH<213>s  used on. In addition, these products are sold into many of the same markets that Moog addresses. In their fiscal GLYPH<213>02, the last full year prior to acquisition, Poly-Sci had sales of  approximately $132 million. Slip rings comprised 42%, motors 39%, and electromechanical  actuators and other products totaled approximately 19%. Their revenue breakdown between aircraft, space and missiles, and industrial is very similar to MoogGLYPH<213>s. Except for their participation in  the medical equipment market niche, the fundamentals driving their revenues are also similar to our own.  Poly-Sci has locations in Blacksburg, Virginia, Murphy, North Carolina, and Springfield, Pennsylvania, and employs approximately 1,000 people. Renamed Components, their results will  be reported separately, forming our fourth segment. 16 Components Components OPERATING PROFIT SALES n/a GLYPH<213>O3 Actual GLYPH<213>O4 Projected $140.0 Million  GLYPH<213>O3 Actual GLYPH<213>O4 Projected n/a $14.8 Million M00G ACQUIRES P0LY-SCIENTIFIC FY ’04 Sales Forecast: $140 Million COMPONENTS 