with Accenture. One of these products, Aspen Enterprise Platform (AEP), a robust open- integration infrastructure and a key component of our Operations Cockpit, has been sold to fourteen customers and deployed in more than eighty plants in just the ten months since its commercial launch. Overall, we saw improved demand for our Manufacturing/Supply Chain solutions in our fourth quarter and are excited about our sales pipeline as the economy improves and our customers return to making strategic IT investments. the EOM market, AspenTech is establishing a leadership position. Our new EOM solutions have been extremely well received by customers and have already delivered significant economic benefits to several early adopters that have completed implementations. We believe the next wave of IT spending in the process industries will be focused on improving operational performance and that AspenTech is well positioned as the EOM market grows. In October 2002, we reduced our expenses by approximately twenty-five percent to deal with the challenges of a weak IT spending environment. These reductions, together with improved productivity and execution across the company, enabled us to stabilize the business and sequentially grow pro forma earnings per share each of the last three quarters of the fiscal year. One of the key drivers of this improved performance was the solid performance of the Engineering product line, which exceeded our targets for the year and enabled the company to surpass our expectations for software revenue. These products performed well because they help customers improve their operating margins and capital efficiency even during industry and economic downturns. The addition of the heritage Hyprotech products also allowed us to establish a more significant presence in two major markets: petroleum refining, and upstream oil & gas. While the performance of our Manufacturing/ Supply Chain product line was not as robust as we had hoped, we are excited about the growth potential of several new products we developed during the year, including three we jointly developed In August 2003, the company restructured its balance sheet and significantly added to its cash balances by completing a $100 million private equity financing with Advent International. This transaction, although dilutive to common shareholders, From an end-user standpoint, customers in the upstream oil & gas, petroleum refining, chemicals, polymers, engineering & construction, and pharmaceutical industries comprised the largest segments of our business in fiscal 2003. We will continue to focus on these industries as the source of our most significant opportunities and the main drivers of our future growth by developing targeted, scalable EOM solutions for each of these major vertical industries. Improved Operational Performance Strengthened Balance Sheet 9 Stephen Doyle , General Counsel, Chief Strategy Officer, Charles Kane , Senior Vice President, Chief Financial Officer, David L. McQuillin , President and Chief Executive Officer, C. Steven Pringle , Senior Vice President, Manufacturing/Supply Chain, Helen Moye , Senior Vice President, Human Resources, Manolis Kotzabasakis , Senior Vice President, Engineering, Way ne Sim , Senior Vice President, Worldwide Sales Pictured on opposite page from left to right: “ AspenTech enters fiscal 2004 remarkably well positioned , with solutions that deliver rapid, substantial returns to customers facing more pressure on their profit margins  every day.”