We are pleased to report a strong start for 2006. Our first quarter sales were driven by volume increases across all of our businesses. We continued to benefit from our successful efforts to build revenues while controlling expense growth, resulting in double-digit earnings gains.

260

I am particularly pleased with our performance in North America in the fourth quarter 2005 especially compared to an already strong performance in the fourth quarter 2004.

252

In 2005, we were able to deliver on our strategic financial goals of double-digit EPS growth and mid to upper single-digit revenue growth, and we are solidly tracking toward our goal of 9.5 percent operating margins. We are starting to demonstrate the scalability of our business model.

176

We are excited that Tom is joining our senior management team. He is a seasoned CFO who brings decades of experience and knowledge in strategic financial leadership. I am confident Tom's background will enable him to guide Tennant on the course to achieving its stated financial and strategic objectives.

155

Our expansion into China is progressing rapidly, with the facility already constructed and our China country top management team in place.

140

We remain solidly on track to deliver our 2006 financial goals of double-digit earnings per share growth and mid to upper single-digit revenue growth. We continue to make progress on our medium-term goal of 9.5 percent operating margins.

134

We also have a strong product pipeline to help us meet our strategic growth objectives, including several exciting, new products that we plan to introduce this year. Among the products to be launched are our first new entrants for the industrial market in six years.

115