David Edmondson Turnaround Quotations

Sales results were good in many low-margin non-wireless categories; however, we experienced lower sales in high-margin categories. In addition, wireless sales and profits were below our expectations. The poor fourth quarter performance caused us to take a much deeper look at the state of our business and resulted in the launch of a turnaround plan including the significant fourth quarter inventory write-down.

We believe that the company's strategy is sound. But we must move at a much faster pace with a greater sense of urgency. The poor fourth quarter performance caused us to take a much deeper look at the state of our business and resulted in the launch of a turnaround plan.

At this time the board and I have agreed that it is in the best interest of the company for new leadership to step forward so that our turnaround plan has the best possible chance to succeed, as I know it will.