Financially, I thought I would take a minute and provide a snapshot of progress we have made on corporate financial metrics over the last three calendar years. For the latest twelve months ended in December of 2008, we were loosing money. Operating income was negative and balance sheet metrics were not applicable.

For the latest 12 months of the quarter just ended December 2011, operating income was approximately 22% excluding stock based comp. Return on assets 16%, return on equity 23% and return on invested capital approaching 50%. This is with a balance sheet that is entirely equity financed and quite conservative. Not surprisingly, total shareholder returns over the same period including dividends was over 663%.

We think our strategy is working and its success is predicated on the credit thinking of our leaders to provide to our customer products and services they value, solid execution and attention to detail within our core business and a focus on running the business financially well.

I would like to say thank you to a number of the key executives for making this happen. Don Willis, President of PCGS; Miles Standish, President of our Modern Business; Muriel Eymery, Vice President of our International Development and she has been very busy lately; Joe Orlando, President of PSA and DNA; Cassi East, President of CCE and our online activities; and Anibal Almeida, he is our Operation Guru that helps move 3 million units through this building every year; and David Rosenberg, our IT leader.

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