The Cheesecake Factory Incorporated and Subsidiaries to finance our planned capital expendi- tures and other operating activities for the upcoming year. In this challenging and often volatile operating environment, we have a competitive advantage in having our capital resources already in place to support the execution of our growth plan.  support infrastructure, we truly have  a special opportunity to join the ranks  of America’s most highly respected  consumer growth companies. On behalf of our Board of Directors, we would like to thank all of our restaurant guests, bakery customers, staff members, stockholders and suppliers for your stead- fast support as partners in our growth. We look forward to reporting our progress to you during the upcoming year.  Our restaurants continue to enjoy one of the most consistently strong sales trends in the restaurant industry, with positive comparable sales comparisons in 45 out of the 46 quarters that we have been a public company. With room for approximately 200 Cheesecake Factory restaurants domestically, and potential room for many Grand Lux Cafes, we believe that we have a sustainable period of profitable growth ahead of us for many years to come. When you consider the popularity  of our concepts and brands, the passion  and dedication of our 18,000 staff  members, and our solid foundation of operational systems, processes and  April 1, 2004 David Overton Chairman and CEO 8 ¢ 8