EXHIBIT 99.4

                                  TRW COMMENTS
                        EARNINGS RELEASE CONFERENCE CALL
                           THURSDAY, FEBRUARY 26, 2004
                                      FINAL

THANK YOU AND GOOD MORNING EVERYONE - I'LL FIRST TALK ABOUT OUR CONSTRUCTION
PRODUCTS BUSINESSES AND OUR OTHER NON-RAIL BUSINESSES AND THEN I'LL WRAP UP WITH
OUR RAIL GROUP.

IN OUR HIGHWAY CONSTRUCTION-RELATED BUSINESSES, WE ARE WAITING OUT THE PASSAGE
OF A HIGHWAY-SPENDING BILL AS WELL AS FOR THE WINTER WEATHER TO CALM DOWN. WHEN
OUR GUARDRAIL CUSTOMERS' INSTALLATION CREWS TAKE A BREAK DURING SEVERE WEATHER
PERIODS IT DRASTICALLY REDUCES OUR SHIPMENTS. THIS WINTER HAS BEEN A TOUGH ONE.
EACH DAY WE ARE DELAYED BY WEATHER TENDS TO BUILD OUR BACKLOG IN THIS BUSINESS.
ONCE THE WEATHER CLEARS AND THE CONSTRUCTION CREWS ARE BACK TO WORK OUR HIGHWAY
SAFETY BUSINESS SHOULD HAVE AN ACTIVE CONSTRUCTION SEASON. OUR FOCUS IS ON COST
CONTROL WITH AN EMPHASIS ON TRYING TO IMPROVE MARKET SHARE ON OUR PROPRIETARY
HIGHWAY SAFETY PRODUCTS. GOING FORWARD, OUR REVENUE AND PROFIT IS EXPECTED TO BE
RELATIVELY FLAT IN THIS BUSINESS UNTIL THERE IS A NEW TRANSPORTATION BILL
PASSED.

IN OUR CONCRETE AND AGGREGATE BUSINESS WE ARE CONTINUING TO SEE A RELATIVELY
STRONG CONSISTENT DEMAND FOR OUR PRODUCTS. WEATHER REMAINS THE MOST SIGNIFICANT
FACTOR IN THIS BUSINESS. WE WERE LUCKY TO HAVE A RELATIVELY CALM WINTER THROUGH
THE END OF THE 4TH QUARTER. DURING THE 4TH QUARTER WE WERE POURING CONCRETE 80%
OF THE AVAILABLE WORKDAYS. THE WINTER WEATHER SINCE THE FIRST OF THE YEAR IN
TEXAS HAS BEEN COLD AND WET. THUS FAR WE HAVE ONLY POURED CONCRETE 62% OF THE
WORKDAYS THIS QUARTER. THIS COMPARES WITH 72% OF WORKDAYS LAST YEAR AT THIS SAME
TIME. ON NON-RAINING DAYS WITH TEMPERATURES ABOVE 42 - 45 DEGREES OUR CREWS ARE
BUSY POURING CONCRETE ACROSS THE STATE OF TEXAS. UNFORTUNATELY, SINCE THE FIRST
OF THE YEAR THE GOOD CONSTRUCTION DAYS HAVE BEEN SPORADIC. WE HAVE A STRONG
BACKLOG AND SHOULD HAVE A GOOD SEASON AS SOON AS THE WEATHER IMPROVES. WE EXPECT
OUR CONSTRUCTION PRODUCTS GROUP OPERATING PROFIT TO BE AROUND BREAKEVEN TO A
MILLION DOLLARS IN THE LST QUARTER OF 2004. WE EXPECT THE 2ND QUARTER TO BE
COMPARABLE TO LAST YEAR. ON AN ANNUAL BASIS, 2004 COULD BE A CARBON COPY OF
2003.

 OUR BARGE BUSINESS IS RIGHT IN THE MIDDLE OF A RECOVERY TRANSITION. WE ARE
RE-OPENING AN IDLE FACILITY AND REHIRING A NUMBER OF EMPLOYEES IN OUR OTHER
BARGE FACILITIES. OUR BACKLOG STOOD AT 450 UNITS AT THE END OF '03. THIS
COMPARES TO 86 UNITS AT THE END OF '02. WE ARE EXPECTING TO SHIP 475 TO 500
BARGES THIS YEAR COMPARED TO 360 IN 2003. THE BARGE FLEET OWNERS HAVE SOME VERY
COMPELLING REPLACEMENT ISSUES SIMILAR TO THE RAILCAR INDUSTRY. DURING 2004 OUR
REVENUE SHOULD INCREASE 30% TO 35% IN THE BARGE BUSINESS. BASED ON OUR CURRENT
ESTIMATION FOR STEEL COSTS AND LITIGATION EXPENSE WE EXPECT OUR BARGE BUSINESS
TO LOSE MONEY AGAIN IN '04. OUR BARGE MANAGEMENT TEAM IS ACTIVELY SEARCHING FOR
WAYS TO REDUCE OUR COSTS AND I'M OPTIMISTIC THEY WILL BE SUCCESSFUL. I DON'T
HAVE ANY FURTHER UPDATE ON OUR BARGE LITIGATION. WE ARE FILING OUR 10-K SHORTLY
AND WE HAVE UPDATED OUR DISCLOSURES IN IT.






OUR INDUSTRIAL PRODUCTS GROUP PERFORMED BETTER IN THE 4TH QUARTER THIS YEAR THAN
IT DID LAST YEAR. WE EXPECT THAT TREND TO CARRY INTO THE LST QUARTER. THE WINTER
WEATHER AND COLD TEMPERATURES CREATE A DEMAND FOR PROPANE. THIS IS A GOOD SIGN
FOR OUR PROPANE BUSINESS.

 AT THIS POINT, I'LL SHARE A FEW OBSERVATIONS ABOUT OUR EUROPEAN RAIL BUSINESS.

THE DEMAND FOR RAILCARS IN EUROPE CONTINUES TO BE IN THE LOWER END OF THE CYCLE.
LONG-TERM, THE EUROPEAN RAIL DEMAND SHOULD INCREASE FOR REPLACEMENT REASONS. THE
EUROPEAN FLEET OF RAILCARS IS VERY OLD AND NEWER DESIGNS TEND TO OBSOLETE OLDER
MODELS. RIGHT NOW, THE MARKET IS HIGHLY COMPETITIVE AND OUR PRIMARY FOCUS IS ON
LOWERING OUR COST AND IMPROVING OUR PERFORMANCE.

WE ARE IN THE FINAL PHASE OF A MULTI-YEAR INTERNAL CONSOLIDATION PROGRAM. DURING
THE PAST FEW YEARS WE HAVE REDUCED OUR ADMINISTRATIVE STAFFING AND CONSOLIDATED
MANUFACTURING OPERATIONS IN AN EFFORT TO REDUCE OUR COSTS. WE SHOULD BEGIN TO
SEE THE FRUITS FROM OUR EFFORTS SHOW UP DURING 2004. WE EXPECT OUR EUROPEAN RAIL
OPERATIONS TO BREAK EVEN OR MAKE A LITTLE PROFIT THIS YEAR. THIS COMPARES TO
APPROXIMATELY A $4 MILLION OPERATING LOSS IN '03.

2003 WAS A TURNAROUND YEAR FOR OUR NORTH AMERICAN RAIL BUSINESSES. WE INCREASED
OUR RAILCAR SHIPMENTS IN NORTH AMERICA FROM 4800 UNITS IN 2002 TO 8300 UNITS IN
2003. THIS WAS A 73% INCREASE. OUR BACKLOG AT THE END OF '03 WAS APPROXIMATELY
11,800 UNITS. THIS IS A 60% IMPROVEMENT FROM THE END OF 2002.

DURING 2002 AND THE FIRST HALF OF 2003 OUR SALES OBJECTIVE WAS TO OBTAIN ORDERS
WHICH PROVIDED US WITH A BASE LOAD OF PRODUCTION. OUR PRIORITY WAS TO PRESERVE
OUR EXISTING WORKFORCE UNTIL WE BELIEVED THERE WAS A SUSTAINABLE RECOVERY
UNDERWAY. DURING THE MIDDLE OF '03 WHEN OUR BACKLOG HIT 10,000 UNITS, WE
IMPLEMENTED A PLAN TO EXPAND OUR PRODUCTION. IN JUNE WE TRANSITIONED OUR SALES
OBJECTIVE FROM A FOCUS ON OBTAINING PRIMARILY BASE LOAD ORDERS TO AN OBJECTIVE
OF PURSUING SPECIFIC ORDERS WHICH ALLOW US TO EFFICIENTLY INCREASE OUR
PRODUCTION. AS I'VE STATED SEVERAL TIMES, WE HAVE NOT FELT THE TIMING HAS BEEN
RIGHT FOR US TO FOCUS ON MARKET SHARE PENETRATION. WHEN WE CONCENTRATE ON MARKET
SHARE GROWTH, WE HAVE TO BE WILLING TO PURSUE EVERY ORDER AGGRESSIVELY. WE DID
NOT WANT TO CONGEST OUR PRODUCTION LINES WITH A VARIETY OF ORDERS. LINE
CHANGEOVERS AT SMALL VOLUMES ARE VERY COSTLY WHEN WE ARE TRYING TO TRAIN A
WORKFORCE. WE STRIVED TO FILL OUR BACKLOG WITH PRODUCTS WHICH WOULD ALLOW US TO
SUCCESSFULLY RELOAD OUR FACILITIES. WE BECAME HIGHLY FOCUSED ON OBTAINING 100%
OF THE ORDERS WHICH WOULD ASSIST US IN AN ORDERLY EXPANSION PROGRAM.

DURING THE PAST 6 MONTHS WE HAVE BEEN ABLE TO INITIATE PRICE INCREASES ON
SELECTIVE ORDERS. TODAY, OUR BACKLOG CONSISTS OF A COMBINATION OF "BASE LOAD"
ORDERS AS WELL AS ORDERS I WILL REFER TO AS "TRANSITIONAL" ORDERS. TRANSITIONAL
ORDERS HAVE HIGHER PRICES WITH MARGINS WHICH REFLECT THE CURRENT INCREASED
DEMAND LEVELS. IN SHORT, OUR GOAL HAS BEEN TO OBTAIN HIGHER MARGIN ORDERS WHICH
CAN BE TACKED-ON TO OUR EXISTING PRODUCTION LINES OR ORDERS LARGE ENOUGH TO
PROVIDE PRODUCTION STABILITY.

DURING THE 3RD QUARTER WE INCREASED OUR SHIPMENTS 47% FROM 1500 UNITS TO 2200
UNITS PER QUARTER AND I WAS PLEASED WE WERE PROFITABLE AT THIS PRODUCTION LEVEL.
DURING THE 4TH QUARTER WE INCREASED OUR SHIPMENTS AGAIN TO 2900 UNITS. I'M
PLEASED WITH THE PROFIT LEVEL OUR RAIL GROUP GENERATED DURING THE 4TH QUARTER.
DURING THE 4TH QUARTER WE HAD AN IDEAL






PRODUCT MIX WHICH SUBSTANTIALLY ENHANCED OUR PROFITABILITY. OUR PERFORMANCE
DURING THE 4TH QUARTER IS SYMBOLIC OF THE POTENTIAL OUR RAIL GROUP HAS TO
GENERATE PROFITS AT A RELATIVELY LOW LEVEL OF SHIPMENTS. OUR PRODUCT MIX, THE
PRICE OF STEEL AND THE COSTS WE HAVE ASSOCIATED WITH EXPANDING OUR PRODUCTION
ALL AFFECT OUR LEVEL OF PROFITABILITY. DURING THE FIRST QUARTER OF '04 OUR
SHIPMENTS WILL BE AT APPROXIMATELY THE SAME LEVEL AS THEY WERE IN THE 4TH
QUARTER OF '03.

UNFORTUNATELY, OUR LST QUARTER PRODUCT MIX IS NOT AS GOOD AS IT WAS DURING THE
4TH QUARTER AND OUR STEEL PRICE IS HIGHER. OUR SHIPMENTS WILL BE HEAVILY
WEIGHTED WITH BASE LOAD ORDERS TAKEN EARLIER IN 2003. DURING THE LST QUARTER WE
ARE TAKING STEPS TO INCREASE OUR SHIPMENTS ANOTHER 1000 UNITS PER QUARTER. AS WE
PREPARE TO INCREASE OUR SHIPMENTS, WE ARE RE-OPENING TWO OF OUR IDLE FACILITIES.
WE WILL HAVE START-UP COSTS ASSOCIATED WITH THIS INCREASE. FOR THIS REASON, WE
WILL PROBABLY BREAK EVEN DURING THE LST QUARTER IN OUR RAIL GROUP. THIS COMPARES
TO A $10 MILLION LOSS LAST YEAR DURING THE LST QUARTER OF '03.

ONCE WE REACH OUR NEXT SHIPMENT PLATEAU OF APPROXIMATELY 4000 UNITS PER QUARTER
WE EXPECT TO RETURN TO PROFITABILITY. WE EXPECT THIS TO OCCUR DURING THE 2ND
QUARTER OF '04. WE EXPECT OUR 2ND QUARTER OPERATING PROFIT MARGINS TO BE SIMILAR
TO OUR 4TH QUARTER, BUT THE AMOUNT OF PROFITABILITY SHOULD EXCEED WHAT WE EARNED
DURING THE 4TH QUARTER OF '03 BECAUSE OF THE INCREASED REVENUE. AS OUR
PRODUCTION STABILIZES AROUND 4,000 UNITS PER QUARTER AND OUR PRODUCT MIX
IMPROVES WE EXPECT TO SEE OUR RAIL PROFITABILITY CONTINUE TO INCREASE. OUR 3RD
QUARTER PROFITABILITY SHOULD BE BETTER THAN THE 2ND QUARTER. I'LL WAIT UNTIL
LATER THIS SPRING TO PREDICT HOW WE THINK THE 4TH QUARTER WILL LOOK. WE STILL
HAVE SEVERAL HILLS TO CLIMB.

AS YOU CAN TELL, 2004 IS A TRANSITIONAL YEAR FOR US IN OUR NORTH AMERICAN RAIL
GROUP. AS I SAID EARLIER, WE EXPECT TO ALMOST DOUBLE OUR SHIPMENTS FROM 8300 TO
APPROXIMATELY 16,000 UNITS. WE HAVE A 3-PHASED MULTI-YEAR PROGRAM FOR EXPANDING
OUR PRODUCTION BACK UP TO THE LEVELS WHERE WE WERE IN THE LATE '90'S. IT TOOK US
2 1/2 TO 3 YEARS TO DECREASE OUR PRODUCTION FROM AN ANNUAL RUN RATE OF 28,000
UNITS TO AN ANNUALIZED LEVEL OF 3600 UNITS. WE HIT THE BOTTOM OF THE CYCLE
DURING THE SUMMER OF '02. IT IS NOT REALISTIC TO EXPECT US TO INCREASE OUR
PRODUCTION FASTER THAN OUR CURRENT PACE. EACH OF OUR EXPANSION PHASES HAVE A
UNIQUE SET OF CHALLENGES AND WE ARE STRIVING TO REMAIN FOCUSED ON OPERATIONAL
EXCELLENCE. DURING THE PAST YEAR, THE ENTIRE NORTH AMERICAN RAILCAR SUPPLY CHAIN
HAS BEEN REBOUNDING FROM THE TROUGH OF THE DEMAND CYCLE. THIS RECOVERY IS
INDUSTRY WIDE AND IS SHOWING ITS EFFECTS ON THE ENTIRE SUPPLY CHAIN. IT'S A
DAY-TO-DAY EXPEDITING ENVIRONMENT AT THE OPERATIONAL LEVEL OF OUR BUSINESS. AS
YOU CAN SEE FROM OUR 4TH QUARTER EARNINGS RELEASE, THE U.S. STEEL INDUSTRY IS
PRESENTING SOME UNIQUE CHALLENGES. THE PRICE OF SCRAP STEEL HAS SKYROCKETED AND
THE ENTIRE STEEL INDUSTRY IS TRYING TO PASS THESE COSTS ON TO THEIR CUSTOMERS.
NEEDLESS TO SAY, OUR SUPPLY ISSUES HAVE COMPOUNDED THE COMPLEXITY ASSOCIATED
WITH OUR RECOVERY AND THEIR PRICE INCREASES HAVE ADDED AN UNEXPECTED LAYER OF
ADDITIONAL COSTS ON OUR COMPANY.

THE ADDED COMPLEXITY THAT THE SUPPLY INDUSTRY IS CAUSING REINFORCES OUR NEED TO
HAVE A STRUCTURED PROGRAM FOR EXPANDING OUR RAILCAR PRODUCTION. WE ENTERED PHASE
I OF OUR EXPANSION PROGRAM WHEN WE INCREASED OUR PRODUCTION LAST YEAR IN OUR
EXISTING FACILITIES. WE ARE CURRENTLY ENTERING INTO PHASE II OF OUR EXPANSION
PROGRAM AS WE REOPEN SOME OF OUR U.S. FACILITIES. WE HAVE A DIFFERENT SET OF
CHALLENGES ASSOCIATED WITH REOPENING FACILITIES.






DURING 2004 WE PLAN TO BREAK GROUND ON OUR 2ND RAILCAR MANUFACTURING FACILITY IN
MEXICO. SEVERAL YEARS AGO WE DEVELOPED PLANS FOR A NEW STATE OF THE ART
MANUFACTURING FACILITY IN SABINAS, MEXICO. WE INITIALLY CONSTRUCTED THE COATINGS
PORTION OF OUR FACILITY. WE PUT THE MANUFACTURING PORTION OF THE FACILITY ON
HOLD UNTIL THE MARKET IMPROVED. WE EXPECT TO SHIP RAILCARS OUT OF SABINAS IN
LATE 2005. ONCE WE BEGIN MANUFACTURING RAILCARS AT OUR NEW MEXICAN FACILITY, WE
WILL ENTER INTO PHASE III OF OUR PRODUCTION EXPANSION. WE HAVE A TOTALLY
DIFFERENT SET OF CHALLENGES ASSOCIATED WITH TRAINING A NEW WORKFORCE IN MEXICO.
FORTUNATELY, WE HAVE A VERY EXPERIENCED TEAM OF PEOPLE FOCUSED ON THIS PROJECT.
FOR YOUR INFORMATION, WE SHIPPED 3250 RAILCARS OUT OF MEXICO IN 2003. THIS WAS
40% OF OUR SHIPMENTS. WE EXPECT TO SHIP APPROXIMATELY 30% OF OUR RAILCARS OUT OF
MEXICO DURING 2004. WE ARE VERY PLEASED WITH THE PROGRESS WE ARE MAKING IN
MEXICO.

SINCE WE HAD THE SABINAS PROJECT ON OUR RADAR SCREEN, WE INITIATED A SPECIFIC
SALES PROGRAM DESIGNED TO ESTABLISH A BASE LOAD OF BUSINESS FOR THIS NEW
FACILITY. WE PURSUED A VERY LARGE ORDER. I'M VERY PLEASED TO ANNOUNCE THAT WE
RECENTLY RECEIVED A 6000-CAR ORDER FROM THE BNSF FOR GRAIN CARS. WE WILL USE
THIS ORDER TO SEED THE RE-STARTUP OF ONE OF OUR U.S. FACTORIES AND LATER WE WILL
TRANSFER THE ORDER TO MEXICO. THIS IS A MULTI-YEAR PRODUCTION ORDER. THIS ORDER
CONFIRMS OUR BELIEF THAT A SIGNIFICANT RECOVERY IS UNDERWAY. WE PRODUCED A
SIMILAR ORDER FOR THE BNSF DURING THE 90'S. WE ALSO STARTED THEIR LAST 6000-CAR
ORDER IN THE U.S. AND THEN EVENTUALLY TRANSFERRED IT TO MEXICO. WE LOVE LARGE
ORDERS LIKE THIS. OVER TIME, WE CAN BECOME VERY EFFICIENT WITH LONG PRODUCTION
RUNS.

I'LL SPEND A FEW MOMENTS PROVIDING SOME INFORMATION ABOUT OUR LEASING COMPANY.

OUR LEASING COMPANY HAD A GOOD QUARTER DURING THE 4TH QUARTER. OUR REVENUES GREW
TO $41 MILLION COMPARED TO $33 MILLION DURING THE 4TH QUARTER OF '02. THIS
INCREASE RESULTED FROM SALES FROM OUR FLEET, ADDITIONS TO OUR FLEET AND IMPROVED
FLEET UTILIZATION. OUR OWNED AND LEASED RAILCAR FLEET HAS GROWN FROM
APPROXIMATELY 15,100 RAILCARS AT THE END OF 2002 TO 18,600 AT THE END OF 2003.
DURING THE 4TH QUARTER OUR LEASING COMPANY TOOK DELIVERY OF APPROXIMATELY $65
MILLION WORTH OF ASSETS OR 37% OF THE RAIL GROUP'S 4TH QUARTER SHIPMENTS.

OUR YEAR OVER YEAR TOTAL REVENUES GREW TO APPROXIMATELY 34% TO $154 MILLION IN
2003 COMPARED TO APPROXIMATELY $115 MILLION IN 2002. THE INCREASE WAS
PREDOMINATELY DUE TO RAILCAR SALES OUT OF OUR FLEET, FLEET ADDITIONS, AND
IMPROVED FLEET UTILIZATION. OUR OPERATING PROFIT IN 2003 IMPROVED TO $41.0
MILLION COMPARED TO $31.3 MILLION IN 2002.

AS OUR PRODUCTION BACKLOG HAS GROWN DURING THE LAST FEW QUARTERS OUR LEASING
COMPANY HAS BEEN ABLE TO REDUCE THEIR ORDER LEVELS. OUR FLEET UTILIZATION
IMPROVED TO 98.1% AT THE END OF '03 COMPARED TO 94.5% AT THE END OF 2002. THE
AVERAGE AGE OF OUR FLEET IS 5.20 YEARS WITH A REMAINING LEASE TERM OF 6.37
YEARS.

I AM VERY EXCITED ABOUT THE LONG-TERM POTENTIAL WE HAVE FOR OUR NORTH AMERICAN
RAIL BUSINESS. WE ARE CURRENTLY EXPERIENCING A NICE RECOVERY IN THIS BUSINESS
AND BARING SOME UNFORESEEN SITUATION, WE ARE EXPECTING A CONTINUATION OF THIS
GROWTH TO OCCUR DURING THE NEXT SEVERAL YEARS. WE SEE 2004 AS THE YEAR WE WILL
TRANSITION OUR BUSINESS BACK TO PROFITABILITY. IF THE ECONOMY AND THE DEMAND
CONTINUES TO GROW FOR OUR PRODUCTS WE SEE 2005 AS A YEAR WE WILL INCREASE OUR
PROFITABILITY. IF THE RAIL RECOVERY CONTINUES INTO 2006 WE EXPECT 2006 TO BE A
YEAR IN WHICH WE MAXIMIZE OUR EARNINGS.






WE SEE OUR NORTH AMERICAN RAIL RECOVERY DRIVEN PRIMARILY BY IMPROVEMENTS IN THE
ECONOMY AS WELL AS REPLACEMENT NEEDS FOR EQUIPMENT. THE NORTH AMERICAN RAILCAR
FLEET IS OLD. 53% OF THE NORTH AMERICAN FLEET IS 21 YEARS OR OLDER. THERE ARE
CURRENTLY APPROXIMATELY 1.6 MILLION CARS IN THE NORTH AMERICAN FLEET. THE
AVERAGE AGE OF THE RAILCARS IS 19.3 YEARS OLD. THE NORMAL RETIREMENT AGE OF A
RAILCAR IS USUALLY BETWEEN 25 TO 35 YEARS. IT IS INTERESTING TO NOTE IN ROUND
NUMBERS THAT THERE WERE APPROXIMATELY 670,000 RAILCARS BUILT BETWEEN 30 TO 40
YEARS AGO AND APPROXIMATELY 535,000 CONSTRUCTED BETWEEN 20 TO 30 YEARS AGO.
DURING THE 20-30 YEAR TIME PERIOD THE INDUSTRY HIT BOTTOM IN '83 AT 5,600 UNITS.
IF WE TOTAL THE UNITS SHIPPED BETWEEN 20 -40 YEARS AGO, IT IS OVER 1.2 MILLION
RAILCARS. THIS EQUATES TO AN AVERAGE ANNUAL BUILD RATE FOR THE 20 YEAR TIME
PERIOD OF 60,000 UNITS. THAT'S AN AVERAGE OF 60,000 RAILCARS BUILT PER YEAR FOR
2 DECADES. DURING 2002 THE RAILCAR MANUFACTURING INDUSTRY HIT BOTTOM AGAIN WHEN
THERE WERE CLOSE TO 18,000 RAILCARS SHIPPED. DURING 2003 WE SAW IT BEGIN TO
REBOUND WITH 32,000 UNITS SHIPPED. I DO NOT EXPECT THE INDUSTRY DEMAND TO MATCH
THE REPLACEMENT CYCLE THAT IT DID DURING THE 20-YEAR PERIOD I MENTIONED ABOVE.
BUT, I'M CONVINCED THE INDUSTRY WILL RETURN TO MORE NORMAL HISTORICAL LEVELS. WE
WILL DO VERY WELL WHEN THE INDUSTRY DEMAND REACHES 50,000 UNITS. IT IS
INTERESTING TO NOTE THAT WE OWN A SIGNIFICANT PORTION OF THE INDUSTRY'S CAPACITY
TO INCREASE SHIPMENTS ABOVE 50 TO 55,000 UNITS. AT THIS POINT I'LL TURN IT OVER
TO JIM IVY FOR SOME FINANCIAL HIGHLIGHTS.