reinforces our leadership position in the deployment of this technology. This is especially important in view of recent public statements by other regional Bell operating companies indicating a growing and accelerating commitment to deploying fiber deeper into their networks. Our ability to take advantage of this opportunity is an example of the benefits of prudent and efficient management during the past several years, which produced a strong balance sheet while maintaining the resources needed to respond to customer needs. Over a very short time period we were able to mobilize a significant number of in-house and subcontractor personnel for Verizon’s FTTP project, and we are continuing to assign additional resources as needed. Similarly, Dycom’s fundamental financial strength enabled us to make two important acquisitions earlier in the fiscal year. In November 2003, we completed the purchase of First South Utility Construction, Inc., a Greensboro, North Carolina-based company that provides outside plant construction, design and engineering services for telecommunications providers. In December, we completed the acquisition of UtiliQuest Holdings Corp., an Atlanta-based provider of underground utility locating services which operates from more than 50 locations in 19 states, including the District of Columbia. The UtiliQuest acquisition added approximately 1,900 highly skilled employees to our workforce, the largest such addition in Dycom’s history. Together, these two acquisitions give us an even stronger presence in the southeastern United States. Moreover, the UtiliQuest acquisition also enhances our utility locating services, making Dycom one of the leading providers of these services in the United States. By the end of the fiscal year, this part of our business had doubled in size over the previous year, and now represents approximately 20 percent of our business. As this example illustrates, our business continues to evolve and we continue to maintain a good balance of customers in several lines of business, including a broad base of blue chip clients. Our year-end results and steady backlog demonstrate the fundamental strength of our business, resulting from prudent cost controls, solid field productivity, good safety performance and active claims management. Over the past several years we have repeatedly stated our belief that profitable growth opportunities would inevitably return to our industry, and that Dycom would be one of the first and best-positioned companies to take advantage of these opportunities when they arose. We believe this advantage relative to other industry participants continues to be more pronounced each day. Above all, I wish to express my gratitude to our board and our shareholders for their patience and support during our industry’s downturn. As we emerge from this challenging period, we look forward to further growth opportunities. Sincerely, Steven E. Nielsen President and Chief Executive Officer