Operating Quotations | Page 4

I think it's just something we heard clearly from our fans, that we were very respectful of the Ute tribe and we decided to appeal. The university has always been close to the Ute tribe. I think it's standard operating procedure to be in touch with the Ute tribe to do the right thing.

I think it's a precursor to similar moves. You've got tremendous pressure on operating margins. The changes taking place reflect the new common realities of the industry.

It comes out of your general operating fund.

I think the markets probably overreacted when the Federal Reserve first moved toward a neutral operating directive. When Alan Greenspan spoke this time, I think the reality set in and that is, yes, the central bank has a neutral directive, but it's more like an ultra-right (hawkish) form of neutral directive. ... Any time they get an excuse to raise rates, they're going to take it.

I think their operating margin could be down a half-percentage point through calendar 2007.

I think you will walk away understanding our confidence in the fourth quarter, ... We are highly confident in our ability to deliver pro forma operating profitability in our fourth quarter.

I think the factual record is going to show very clearly that Microsoft's prices are actually lower than most of our major competitors. Lower than IBM , lower than the Macintosh operating system. In fact, the judge's own findings of fact said that IBM charges 2 1/2 times as much as Microsoft charges for Windows '98. So it's very hard to see how this case has any merit whatsoever.

I think the DaimlerChrysler numbers are a disappointment, ... The most glaring question would seem to be in Mercedes car. Operating margins were flat year over year.

I think we have to concentrate more on the private organizations (for future funding) just to get some operating money even to pay people to stay there to keep the office open.

I think we will eventually need to have an operating budget referendum but the problem is I don't think voters will go for it until we've changed how we handle the budget that we have.

I think we were just coming out and being ourselves, instead of operating within boundaries that other people had created. We decided to do away with those boundaries.

I think that by October the whole company has to migrate to OpenOffice, and then I think it's by June next year we all migrate to Linux - you don't want to migrate 6,000 people both operating system and office suite in a single jump.

I think this is mostly our responsibility, ... but also it's something that we might require as standard operating equipment on new, large aircraft that would be at risk.

It is only open to students now and we basically worked out an agreement with the AA where they are still going to pay for maintenance, but the CRC is in charge of operating the facility. They check people's BuzzCard, maintain the facility, and check for non-marking shoes.

I think they should separate Microsoft's application group from its operating system group.

I think the smart money is on smaller, simpler drones and the operating systems that make them effective. That's where Lockheed is well positioned to add value.

I think the share price will open unchanged or dip somewhat due to the fact that both the gross and operating margin were lower than expected.

I think the United States military is operating under rules of engagement that are too strict and that do not allow us to pursue victory. When I'm president, that will change.

I think the touchstone is to give consumers a full, fair choice without the power of a monopoly operating system pushing them in a direction that free competition might or might not achieve.

It is a risk. What we're trying to do is juggle the the schedule of when we want to have the pipeline up and operating versus the time it takes to get the permits and in an ideal world we wouldn't do any of that work until the permits.

It is a quarter marked by negative operating leverage, but Wachovia has a strong business model and earnings power. They had nice expansion of net interest margin, and have a great deposit base.

I think there are some companies back there that are forming some, perhaps, natural monopolies, where they don't necessarily have to build brand, and then they could actually get to profitability at the gross and the operating level much more quickly.

Larry has also promoted David Shoemaker, who was their chief legal officer, to chief operating officer. David is also a Canadian, and that means two of the top three people are Canadians. I think that says a lot about our reputation internationally.

Open collaboration is critical for driving innovation, which fuels global economic growth. Impediments to collaboration on the Linux operating system seriously jeopardize innovation,

People are entitled to deduct the real cost of operating a vehicle. We've responded to the recent gas-price increases by making this special adjustment so taxpayers get the tax benefit they deserve.

Our goal over the next couple of years is to get to 10 percent operating margin. If we continue to deliver from our own internal plans, we should be there.

Our integration planning since announcing the merger last October has gone exceptionally well, ... Upon receiving stockholder approval, we will be ready to start operating effectively as one company.

Our intent is to take lessons that have been learned and found effective in other switched infrastructures and deploy them in IT shops. We are looking to disrupt that market by driving those systems to industry-standard components in form of processors and operating systems.

Our growth rate is still a multiple of any major competitor in our space, and we should continue to pull away from the industry over the next several years. Our operating expenses are declining as a percentage of sales, and we are generating cash at a rate of $4 billion annually, which adds to our investment income.

Our chicken segment generated solid results and prepared foods improved, while pork struggled and beef further deteriorated, producing significant operating losses.

Ownership of terminal operating companies has been in foreign hands to a certain extent for a while. We haven't had security issues concerning foreign ownership.

Over the past year, our U.S. pro forma operating loss decreased from 24 percent of net sales in the fourth quarter of 1999 to less than 2 percent in the fourth quarter of 2000,

Over the past two years, New Jersey American Water has taken aggressive steps to control our operating and maintenance expenses while being on the forefront of water treatment and technology. We have also invested millions of dollars in our infrastructure and treatment plants, including the installation of the State's largest ground mounted solar system to reduce our energy costs.

Over the past three years, Tyco has come a long way. We have a strong and independent board, a rebuilt management team, outstanding corporate governance rankings and an operational culture that puts growth and operating excellence at the top of the management agenda.

Our plans are to keep it completely as a golf course. We've put in multiple hundreds of thousands of dollars into the course, and for the last year and a half we've been operating it successfully as a golf course.

Our plan is to shoot for the goal of reaching $1 billion in total operating revenue and delivering 25 percent top- and bottom-line annual growth from now until 2010.

Our performance reflected continued productivity improvements ... and a relentless focus on cost control that produced a record first-quarter operating ratio of 66.2 per cent.

Our results for the quarter and, by and large, for the entire year, tell two concurrent stories. The first is one of relatively soft overall operating results. The second story is the solid performance from a number of our core assets, reflecting the continued strength of our brands.

Our screeners have very specific standard operating procedures. They are trained for how to react when they discover a weapon, explosive device or hazardous material.

Our strong operating results in the third quarter of 2005, bolstered by continuing high commodity prices, should lead to a record year for the company.

Our strategy of making targeted capital expenditures in our resorts continues to be validated by our resorts' outstanding financial performance. We will continue to strategically invest in high-return projects that generate increased operating income at our resorts. We will also be making continued investments in key domestic and international growth projects which will enhance our overall growth rate for years to come. Our strong cash flow and superior access to low-cost debt financing will allow us to maintain our financial strength even while growing the company significantly.

Our sales growth in the quarter reflected the Amana acquisition and strong sales of higher-margin major appliances, ... That favorable sales mix improved operating income.

Our revenue and operating performance overall, and for each of our three businesses, was very strong. Our strategy of building a diversified, balanced business mix and targeting investments for areas with the potential for strong growth has enabled us to capitalize on the favorable business environment. We remain focused on disciplined execution of our strategy.

Our success proves without question that manned space flight does not require mammoth government expenditures...it can be done by a small company operating with limited resources and a few dozen dedicated employees.

Our focus is on building awareness for the new platform and offering targeted training and education to Apple partners to enable them to offer winning managed services for the Mac and mixed environments. The N-central 5.1 platform will open the playing field and make managed services a profitable reality for Apple Specialists, as well as solution providers servicing a multiple operating system environment.

Our goal is to be very competitive in offering value for our customers, ... That won't change. . . . In the restructuring of Delta, overall operating costs are coming down significantly.

Our goal is to standardize our network, regardless of which operating system we select.

Our fiscal year ends June 30, and the art auction is to help us finish out our operating expenses for the fiscal year.

Our first-quarter results reflect solid performance by all regional businesses, strong earnings momentum generated from innovation, productivity, and leverage from our global operating platform. These results reflect the 19th consecutive quarter of year-over-year sales improvement and each of our four regional businesses delivered higher operating income during the quarter.

Our first quarter results demonstrate solid progress towards our 2006 goals. Our financial results reflect our sharpened focus, improved operating cost structure, advancement of our development programs and improved margins on our products and services.

Our favorite name in the group continues to be Activision, which we believe is well position to grow market share and operating margins over the next several years due to strong and improving game quality.

Our Fourth Quarter results closed out the year on a positive note that sets the tone for the year ahead. 2005 was an important year for Keane as we put the plan and the people in place to drive our company-wide One Keane transformation initiative. The goal of the One Keane initiative is to enhance top- and bottom-line growth by creating an efficient global operating model. This will enable us to better serve our clients by accelerating the development of innovative solutions, fostering collaboration, and improving efficiencies.

Our fourth quarter operating results were right in line with our expectations. We continue to see improved leasing activities, and our operations continue to become more efficient with our new third-party property managers. The trends in all our markets are positive.

Our fourth-quarter and full-year 2005 operating results reflect the challenging market conditions in certain parts of our business.

Our credit business contributed very strong growth in operating income, ... We are pleased with the quality of our credit portfolio and our ongoing productivity improvements.

Our three major business lines -- consumer and commercial banking, asset management and global corporate and investment banking -- in total increased their revenues by 8 percent last year, ... Their achievement allowed us to overcome significantly higher credit costs plus much lower equity market-related revenues and still increase operating earnings for the year.

Our troops in Iraq are not a force of occupation. They are a peacekeeping force operating under the aegis of the United Nations,

Outside of operating systems in general tend to operate on programs and they have to somehow turn the notion of data and programs inside out.

Output is beginning to rise due to some better operating performances plus an increasing number of new projects. Australia might even displace South Africa as the world's largest gold producer later this decade.

Our biggest concern in this whole thing is operating a competitive environment. ... You've got to have it so that participants get all the information they need to make a decision, ... You can envision how some customers are going to be confused by this.

Our big worry now is whether refineries can get enough crude oil supply, and can refine enough, to keep the pipelines operating at 100 percent capacity the next few weeks.

Our biggest negative impact on operating costs was the expense we incurred to do all that maintenance work and the lost production while those units were down.

Our business has improved dramatically over the last twelve months. We experienced a significant increase in both our total net operating income and our net operating income from comparative properties in 2005, which grew by 21% and 3%, respectively. Our total funds from operations increased by 12% to $66.3 million. On a per unit basis, FFO increased by 4% from a year earlier. These improvements, together with numerous acquisitions completed and currently in our pipeline, have positioned us as a more competitive investment vehicle.

Our Brazil operation continued to report operating losses, but at a significantly reduced level.

Our company has weathered one of the most difficult quarters in history, marked by recession and war. The remainder of the fiscal year should benefit from operating improvements currently under way, as well as favorable trends for some of our most important products and brands.

Results missed our estimate of $5.07, reflecting higher operating costs than we expected and lower throughputs than expected.

Republic Airways has been operating as a US Airways Express carrier since earlier this month, and we are pleased to complete this additional step in our expanded relationship as well as in our restructuring efforts.

Red Hat expanded its sources of revenue by introducing strategic solutions to our global customers, which contributed to our strong operating results. Our management team has continued to accomplish the operational and financial goals stated a year ago.

Reckless driving is operating a vehicle in a speed or manner likely to endanger other drivers.

Price pressures were fairly mild, despite the economy operating flat out.

Previously Apple's operating system, Mac OS X, was untargeted by virus writers, but two worms aimed at the OS changed all that. Apple had been bragging about its security record pretty loudly and now has to eat its words.

Our outlook for the balance of the year remains quite cautious as we continue to face the uncertain economic environment, and as we rebound from the Sept. 11 event, ... Our team remains focused on maximizing our operating performance in this challenging retail environment by executing our customer focus strategy while appropriately adjusting operating expenses, inventory and capital spending.

Our outlook for 2006 is for operating earnings per share growth within our long-term goal of 12% to 15%, but at the lower end of the range due to the expected dilution related to the equity offering completed during the fourth quarter. We anticipate core loan growth will continue to be within our targeted range of 10% to 14%. Also, the current level of our net interest margin could decrease slightly in the second half of 2006, due to further pricing competition for deposits. Our outlook assumes a stable economic environment and continued strong credit quality.

Patent infringement is a reality in the wireless space. It's an operating distraction, yes. There are only so many fights that you can pick. Though in a way, it also has a value because it ultimately shows people the value of what's being developed in this space and how important it is.

Our operating profit surpassed our previous estimate because the one-time profit from returning pension funds to government was larger than expected.

Our operating procedures, as you suggest, do tend to smooth out short-run fluctuations in short-term interest rates,

Our operating performance was again exceptional by any comparable measure. ... However, we hold ourselves to higher standards.

Our operating income is showing progress. Yet, it does not reflect the group's growth potential. That is why in 2006, we will strengthen our focused growth strategy and strengthen our cost-reduction efforts.

Our operating expenses came down thanks to our cost-reduction efforts.

Our operating efficiency ratio of 58.80% for the quarter is within our long-term efficiency goal of 58% to 60%, reflecting the success of our recent expansion efforts and the continued strength of our existing franchise.

Our operating cash flow was very strong this quarter. Our healthy balance sheet positions us well to seek out opportunities in the market, in order to add to our solutions portfolio and continue to increase our international reach.

Our mines are among the safest in the country, so we are not operating from the perspective of having to do something precipitous.

Order books are full and people are operating closer to capacity, so that companies are building up employment again.

Oracle continues to be a margin expansion story and we expect that trend to continue this quarter. We expect the increased operating leverage to come in the form of lower sales and marketing expenses.

Oracle 8i is designed to be an Internet operating system.

Supply chain has to be important all the way up to the chief operating officer and chief financial officer level, because the way a company brings a product to market is on average as important as the product that they bring.

Sure, lower rates might offer another brief respite in an environment that has seen increasing dollops of profit-warnings and negative economic news recently, but when that is all said and done, a poor operating environment is unlikely to be a boon for corporate profits -- or U.S. shares prices -- in the months ahead, ... The New Laws of the Stock Market Jungle.

Steve and his team have done an incredible job in making Apple once again the very best in the world. I have been particularly impressed with the new Mac OS X operating system and the company's commitment to the open source movement. And I am especially looking forward to working with and learning from the great board members who have guided this legendary company's inspiring resurgence.

SQL Server 2005 Workgroup Edition helps small business owners easily manage and analyze data - dramatically reducing the time required to launch vital e-commerce and line-of-business applications. This new bundle option reaffirms Affinity's position as central resource center for small businesses operating online.

Sprint PCS continues to lead the wireless industry with record subscriber growth for three consecutive quarters. This quarter, Sprint PCS increased average revenue per customer while it reduced acquisition and operating costs-per-customer compared to the previous quarter.

Splitting up the assets makes infinite sense, not only from a financial perspective but from an operating perspective or competitive perspective.. No one wants market dominance to take place. The shipping community certainly doesn't want it, even the competing railroads out West don't want it.

Spending on programs such as national defense and funding the operating budgets of all federal agencies represent only 39 percent of our yearly budget, an all-time low.

started with a complaint based on nothing but a rumor. The person that made the complaint wasn't in the operating room. It was pretty much third-person hearsay by the time the complaint was made. The picture taken was played up initially to be a naked lady on an operating table. It wasn't that at all.

Some of the greatest businesses operating from a deeper purpose have a real commitment to service, like Four Seasons, Joie de Vivre hotels, Southwest Airlines, and JetBlue.

Some of us see the potential of having one operating system run a whole range of phones -- not just the high-end phones -- from the high-end phone down to at least the middle layer phones, and I think operators see that also as a potentially big advantage. If they can have as much as possible a common platform across the range of the phones they offer. And I think there is potential with Linux to do that to a great degree.

That doesn't exist right now. These folks are really operating on their own, trying every day to make a buck.

That being said, we are not satisfied with our recent performance and have responded by taking decisive actions to improve our results. We are implementing a comprehensive set of initiatives to drive revenues, maximize margin opportunities, further improve our operating efficiencies, cut costs and increase asset utilization. We expect this plan will help offset the continued revenue softness we are seeing and expect to continue to see in the near-term, and will contribute to the long-term success of the Company, which is our goal for stockholders, partners and associates alike.

That amount would likely bankrupt a fair number of smaller insurance companies operating in the state.

Local governments often underestimate the very significant ongoing capital and operating costs of wireless systems while overestimating penetration rates and revenue streams.

Looking ahead, while we remain cautious about the near-term operating environment, we are confident in the strength of our franchise and the firm's longer-term growth prospects,