Although we will not achieve this goal, we are confident in the direction we are headed.

The fourth quarter of 2005 was a very challenging period.

We had a challenging quarter due to the wet and cool spring across the country, the National Hockey League lockout and continued price discounting in our key markets,

These initiatives will help us achieve our target of 10 per cent annual normalized [earnings per share] growth in the current fiscal year and will leave us well positioned for the future.

After several years of expansion, it is time to take a closer look at the way we operate and make the necessary changes to improve the business and our cost structure for the future,

The beer market has changed [in Ontario],

While we are pleased with the preliminary information on our third quarter and are confident about continued growth in the fourth quarter we have revised our previous guidance due to increased competitive price activities in...