Yuzuru Sasaki, President   I hope that our shareholders and investors are in good health and wish to thank them all for their continuous support. Axell is a fabless semiconductor manufacturer that specializes in the development and sale of graphics and sound LSIs and compression/decompression technology. We are characterized by our special focus on the design aspect within the LSI manufacturing process, and the fact that we are a fabless operation that does not own expensive manufacturing equipment and facilities, instead subcontracting LSI manufacturing to other companies. Another major characteristic of Axell concerns our sales system, namely our basic policy of using distributor sales channels whereby trading companies function as our distributors. Through such effective use of external resources, the company is able to run efficient operations with a small number of members. Axell's research and development capabilities, which allow it to achieve clear differentiation with other companies, are what make this business style possible. Until now, Axell achieved most of its growth in the amusement market (pachinko and pinball-style slot machines), but the company is now branching outside the amusement market by marketing information display systems for general-purpose embedded equipment such as in-vehicle console panels and POP (advertising) terminals, etc., and is deploying activities for the creation of a market for information display systems using graphics LSIs. In the future, in the amusement market, Axell will continue to launch high-value-added products and promote sales of various products such as sound LSIs, while creating a new market for information display systems using graphics LSIs as key devices for the general-purpose embedded equipment market. The company will carry out these activities in a comprehensive manner aiming for continuous growth. In the year 2006, which marks the tenth anniversary of the company's establishment, we will aim for further breakthroughs and acceleration of the development of original and next-generation technologies. As we work toward these goals, we look forward to the understanding and support of all shareholders and investors.