The Cheesecake Factory Incorporated and Subsidiaries To Our Stockholders of our concepts and our operational expertise will enable us to capture an increasing share of that growing demand as we continue our expansion across the country. Having said that, we can never be satisfied with the status quo in any aspect of our operations. At The Cheesecake Factory, our culture calls for us to con- stantly strive to surpass our previous best.  The Cheesecake Factory achieved solid growth in revenues, net income  and diluted net income per share during  fiscal 2003, in spite of inclement weather during the first half of the year that  significantly impacted sales comparisons at many of our restaurants, coupled with a more challenging operating environ- ment. Once again, our highly dedicated and capable restaurant, bakery and  corporate support teams worked hard to  overcome those challenges to enable our Company to enjoy another year of profit- able growth. We also benefited from the sustained popularity of our restaurant concepts and brands to maintain the  forward momentum that has been the hallmark of our restaurant operations for over 26 years and our bakery operations for over 32 years. As we move forward into fiscal 2004, we remain as enthusias- tic as ever about our ability to continue the profitable growth of our concepts and brands throughout America, building upon our reputation for excellence in food, service, ambiance and overall value in upscale casual dining. During the upcoming year, we will exe- cute three major initiatives to raise the bar of excellence in our restaurant operations. First, we will reinforce our commitment to excellent guest service through im- proved service methods. Next, we will allocate additional resources to the recruitment and development of talent throughout our entire organization to ensure a strong foundation of human resources to support our growth plan. We will also work hard to further im- prove the overall quality and execution  of our food, beverages and desserts. These initiatives should help us to maintain and improve the popularity of our restau- rants with consumers and sustain our positive sales momentum. Simultaneously, we will also strive to protect our operat- ing profit margins by focusing on greater economies of scale and purchasing power, improved productivity and effective fixed cost leverage.  Our fiscal 2004 business plan begins with the same objective that we start with every year – to protect and enhance the overall value of our restaurant con- cepts and brands for consumers. The Cheesecake Factory’s restaurant business model has always been a pure operating model – focused on great restaurateuring and great operational execution. With demographic and lifestyle trends con- tinuing to create more consumer demand for upscale casual dining occasions, we believe the unique competitive positioning We achieved our stated goal to open 14 new restaurants during fiscal 2003 and set a new unit growth record for our Company. We successfully opened ten  of those restaurants during a 17-week  period of time, which is a strong testa- ment to the strength and depth of our 4