text: As announced last October, the Board of Directors declared a two-for-one stock split to shareholders of record as of 
  
  January 30, 2004. The certificates for the new shares were distributed to shareholders February 20, 2004 and the stock 
  began trading on a post-split basis February 23, 2004. With the split, shareholders received one new share for each 
  existing share they held on the record date. While the split results in no change to a shareholder's ownership of the 
  Company, it is hoped that the lower post-split trading price will make the shares more affordable to a larger number of 
  potential investors. 
  
  While we cannot predict how our stock's price will perform, we know that over the long term the price should be a 
  function of our ability to steadily increase earnings for our shareholders. We have generally been successful at doing that 
  in the past, and while our future is always uncertain, generating long-term earnings growth will remain our primary 
  objective. 
  
  For the Board of Directors, 
  
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              [html]<thead><tr><td>Christopher E. French</td><td>President</td><td>Table</td><td>Table</td>
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