On behalf of the board of d i re c t o rs, m a n agement and employe e s, we thank our shareholders for their continued support and confidence. We will continue to provide value to all stakeholders who share in our goals. taxes and net earnings. Cash flows from operations continue to be strong which will allow us to address the additional debt incurred in 2004  from the share repurchase transaction with our former Chairman and the acquisition of Nu-Vu. On December 23, the company announced the retirement of Middleby Chairman William F. Whitman, Jr. In conjunction with his retirement, Middleby repurchased 1,808,774 shares of common stock and 271,000 options from Mr. Whitman and  his family for $83,974,578 in cash. The company financed the share repurchase with borrowings under  a $160 million senior bank facility. A net charge of $(.90) per share from this transaction was reflected  in the fourth quarter earnings. We remain very excited about Middleby’s future. The introduction  of new, patented and innovative products will be a contributor to  our continued growth. We are in a strong position to capitalize on  the above described trends and  international growth. All of the Middleby divisions delivered record-breaking sales to lead the  company to its best year ever. Total  net sales hit $271 million fiscal in 2004 compared to $242 million in 2003. Diluted net earnings per share were $2.38 versus $1.99 in 2003. Sales volume improvement, along  with our continued efforts to improve operating efficiency, generated  sizeable improvements in gross profit, operating income, earnings before 2004 PERFORMANCE AND OUTLOOK • International Markets With nine international sales offices and test kitchens in key markets, Middleby is prepared to grow in global markets. Our Asian manufacturing capability provides for a regional  presence and low-cost manufacturing for the U.S. More than 200 interna- tional employees in sales, service  and manufacturing have allowed us  to become a leader in servicing U.S. and regional restaurant chains in  the international markets. We are positioned to quickly penetrate  emerging markets including India  and China. SELIM A . BA S S O U L C H A I R M A N , PRESIDENT A N D CHIEF EXECUTIVE OFFICER N: A Race International expansion of U.S. chains Low carb menus Fast casual growth Co-branding Emerging Industry Trends Ethnic cuisine On-premise baking