Great job lowering inventories 20% since beginning of this year. That will help cash flow quite a bit truly an astute move. One question; why did you have that much inventory to begin with? Please read the chapter on "pull" systems. I do think that most of the analysts now understand that you have extensive operational deficiencies. Personally I would hate to have that much 2008 inventory to "burn" with commodities dropping like a rock in early 09 and still much lower than 08.

Speaking of inventory it is still at 137,631,000 (WOW) down from 169,873,000! Let’s keep our eye on this inventory number. Could we have an obsolescence problem lurking in there?

I am also confused about the sales being down 50% and everyone is happy that FELE is gaining share? I can’t get the math to work. Can a FELE lover please explain how this shows that FELE is on track?