Although we had anticipated tepid guidance, the company was far more conservative than we anticipated. The company projected April quarter revenue in the range of $14.2 billion to $14.6 billion, with earnings of 39 cents to 41 cents per share. This was below our previous revenue and earnings estimates of $14.6 billion and 41 cents per share.

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The key source of our concerns was flat short-term signings in the first three quarters of 2005. And in the fourth quarter, short-term signing actually declined 4%.

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