The Company had assets of approximately $14.8 billion, deposits of approximately $10.5 billion and loans of approximately $10.7 billion as of December 31, 2006. Zion is the 22nd largest bank in terms of deposits in the United States. The Company’s common stock is listed and traded on the NASDAQ Stock Market under the ticker “ZION”. The Company employs more than 10,600 full-time employees.

The Company aims to be in community focused banking activities that include core services such as:

• Corporate, small and mid-sized business banking

• Residential and Commercial construction and development lending

• Retail banking

• Treasury and cash management services and products

• Residential mortgage

• Investment activities

Additionally, the firm has developed specialized businesses in public finance, capital markets, and financial technologies. The Company through its subsidiary is a leader in SBA (Small Business Administration) lending in US.

The Company also owns equity interest in Farmer Mac (the Federal Agricultural Mortgage Corporation) and is the country’s leading originator of agricultural real estate mortgage loans in the secondary market. Zion is also a leader in underwriting and municipal finance advisory services. The Company operates four venture capital funds providing early-stage financing mainly for start-up firms based in the Western part of US. Zion also provides check imaging and clearing software through NetDeposit, Inc. and offers web-based cash management services and medical claims tracking through P5, Inc.

The Company’s net interest income increased 15.8% to $472 million in 2006 from $408 million in 2005. The Company’s non interest and other income declined 2.0% to $264 million in 2006 compared with $269 million in 2005. Zions Bancorp’s non interest expense increased 8.9% to $426 million in 2006 compared with $329 million in 2005. The Company’s efficiency ratio (non interest expense to total income ratio) deteriorated to 57.15% in 2006 from 56.95% in 2005. The Company’s net interest margin increased to 3.89% in 2006 from 3.68% in 2005. Zions Bancorp’s net income increased 10.2% to $192 million in 2006 from $174 million in 2005. The Company’s total assets increased 17.2% to $14.8 billion as of December 31, 2006 compared with $12.7 billion as of December 31, 2005. During the same period, Zions Bancorp’s net loans increased 25.8% to $10.7 billion as of December 31, 2006 compared with $8.5 billion as of December 31, 2005. The Company’s total deposit grew 13.4% to $10.5 billion as of December 31, 2006 compared with $9.2 billion as of December 31, 2005. The Company’s total shareholder’s equity increased 16.3% to $0.97 billion as of December 31, 2006 from $0.84 billion as of December 31, 2005.

The Company has organized itself into two operating business segment: Banking operations and Others.

Banking operations are carried through its eight banking subsidiaries: The Commerce Bank of Washington, The Commerce Bank of Oregon, Vectra Bank Colorado, Nevada State Bank, National Bank of Arizona, Amegy Corporation, California Bank & Trust, Zions Bank and Subsidiaries. Others segment includes Specialty Financial Services and Technology Businesses.

Banking Businesses: The Company operates eight banks each operating under a separate name and having its own CEO, management team and board of directors. Individual banks have full freedom to identify their own growth and focus areas; and to make the customer related decision making locally. The Company, however, has kept the technology and operations centralized to gain from economies of scale.

These banks offer a broad range of retail and commercial banking services, mortgage loans as well as a range of personal banking products and services to clients such as trust services, safe deposit facilities, direct deposit, bankcard, student and personal loans, home equity lines of credit and 24-hour access to ATMs. The segment also offers wealth management services through Contango Capital Advisors, Inc. launched in 2004.

Zion Bancorp aims to grow both internally as well as through a series of selective acquisitions. In past the Company has completed several acquisitions including Amegy Bank based in Texas in 2005 and The Stockmen’s Bancorp, Inc. based in Arizona in September 2006.

Specialty Financial Services and Technology Businesses: The segment operates a variety of specialized businesses nationally. These include SBA 7(a) lending, SBA 504 lending, underwriting and public finance advisory services, cash management and software services pertaining to the electronic checks imaging, and farm mortgage origination through Farmer Mac. These businesses are conducted through following initiatives:

• National Real Estate Lending

• NetDeposit and Related Services

• Treasury Management

• Wealth Management

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The company was founded in year 1906 as The Haloid Company. Later in year 1958 the name changed to Haloid Xerox and subsequently got the current name of Xerox Corporation in 1961. The company has 53,700 employees worldwide which includes 28,400 in the United States. Xerox operates in 160 countries and is headquartered in Stamford, Connecticut, USA. The company is ranked 142 amongst Fortune 500 ranking.

Xerox has variety of customers which include companies in area of graphic communications, government establishments, education institution, Fortune 1000 corporate, document intensive firms like legal, healthcare and financial services and small business establishments. The company has channel of sales force and independent agents, dealers, system integrators and resellers etc for promoting and providing services.

The company has almost 8,000 sales people, 12,000 employees in managed service at customer sites, and 13,000 employees in technical service. The company also has more than 7,000 agents and more than 10,000 resellers in technology. Xerox also forms alliances with business houses and big IT firms to provide complete integrated solution and service to customers.

Xerox Corporation is listed in New York Stock Exchange under the ticker XRX. The company registered annual revenue of $16 billion in year 2006 which is 1% increase than FY 2005 and income was registered as $1.2billion.

The company acquired Amici LLC which is provider of e-discovery i.e. electronic discovery services which supports regulatory compliance and litigation. Hence Amici is now branded Xerox Litigation Services. Xerox also purchased XMPie, Inc, to increase presence in growing market. XMPie provides products which are used for personalized communications and marketing campaigns which involve email, customized websites and digital printing.

In year 2006, Xerox introduced 14 new products in the market and they have won 200 different industry award. Few of them are as follows:-

• Xerox got certification of excellence from J.D. Power and Associates in area of customer service and support for two years in a row.

• DiversityInc, Fortune, Essence, Black Enterprise, the Human Rights Campaign, Latina Style, the Human and others have awarded the company’s diversity and workplace programs.

• The World Environment, the Chamber of Commerce US, the National Wildlife Federation Community etc have awarded company’s environmental efforts

• The company has been consistently ranked amongst the “Most Admired” companies by Fortune magazine.

• Xerox was ranked No. 1 by computers industry for 2006 in area of “social responsibility”.

The company has following segments which are used for reporting purposes:-

• Production: This segment caters to 28.81% of total business i.e. $4.5 billion. It provides high end color systems and digital monochrome systems for clients in communication & graphics industry. The devices include digital printing, enterprise printing and full-color printing. The company has FreeflowTM which is a digital workflow and can improve content creation & management. In 2006 company introduced following products Xerox iGen3 90; Xerox DocuColor® 5000; Xerox 4590 EPS & 4110® EPS; Xerox DocuTech®, Custom Color Program; XMPie: Xerox Nuvera TM, which is digital perfecting system.

• Office: This segment caters to 47.97% of total business i.e. $7.6 billion. It caters to national, global regions covering small to medium customers. It also covers government, education and public sector clients. It has black and white as well as color multifunctional systems that Color and black-and-white multifunction systems that combine copying, printing, scanning and faxing. It also has laser and solid ink color printers which can be networked in office space. It also provides necessary software to enhance productivity and streamline the information flow and storage. The primary products of this segment include: Phaser®, WorkCentre®, , DocuShare®, office document assessment and CentreWare®.

• DMO (Developing Markets Operations): This segment caters to 12.19% of total business i.e. $1.9 billion. It includes sales, marketing and servicing of company products in developing markets like Brazil, Latin America, India, Eurasia, the Middle East, Africa and East-Central Europe. This segment utilizes subsidiaries, Joint ventures, distributors, affiliates, resellers and dealers to manage business of servicing.

• Others: This segment caters to 11.03% of total business i.e. $1.7 billion. This segment primarily incorporates wide format systems, paper sales and value adding services. It provides paper of various sizes to customer as per their printing needs. Its value added services include providing solution to customers’ document output and infrastructure requirements. It helps in simplifying, streamlining and digitizing the processes which are document intensive.

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Wesco International is a large manufacturer of industrial and electrical maintenance, repair and operating (MRO) products, and electrical construction products. The Company operates primarily in North America.

Canada accounted for nearly 11% of the Company’s total sales in 2006 as compared with more than 86% contributed by the US. Wesco International have over 400 full service branch offices and seven distribution offices located in US, Canada, Gaum, Mexico, Nigeria, United Arab Emirates, the United Kingdom and Singapore. About 340 branches are based in the US followed by nearly 50 based in Canada. The Company caters to nearly 110,000 clients across the world and offers more than one million products from over 29,000 suppliers. In 2006, the Company’s top ten suppliers accounted for nearly 33% of its total purchases. Eaton Corporation was the largest supplier accounting for nearly 12% of the Company’s total purchases. Wesco’s distribution centers and branches stock over 250,000 unique SKUs. It utilizes highly automated electronic purchase and inventory management system.

Some of the products offered by the Company include:

• Electrical Supplies: Fuses, wiring devices, terminals, boxes, connectors, fittings, lugs, enclosures, tape, terminations, and marking and splicing equipment

• Industrial Supplies: Security and safety, testers and tools, fall and personal protection, fasteners, consumables, and janitorial

• Power Distribution: Transformers, circuit breakers, panel boards, switchboards, metering and busway products

• Lighting: Fixtures, lamps, lighting and ballasts control products

• Wire and Conduits

• Control, Motors and Automation: Drives, motor control devices, power and surge protection, timers, relays, and pushbuttons

• Data Communications: Low voltage systems, structured cabling systems, and specialty cable and wire products.

In addition to above products, the Company offers a broad array of services as well as procurement solutions such as national accounts and integrated supply programs. The Company’s supply management solutions include:

• Outsourcing of MRO procurement process

• Offering technical support for improvement in production processes using automated solutions

• Executing inventory optimization and management programs

• Partnering with joint cost savings efforts

• Providing resources for on site support

• Suggesting energy efficient product improvement

• Providing product and safety training to clients’ employees.

The Company’s top ten clients accounted for nearly 11% of its total net sales. Sales to industrial clients such as process and manufacturing industries accounted for nearly 42% of the Company’s sales in 2006.

Sales to electrical contractors contributed nearly 34% to the Company’s sales in 2006. Sales to utilities contractors contributed nearly 17% to the Company’s sales in 2006. Commercial, Institutional and Governmental clients accounted for nearly 6% of the Company’s sales.

The Company typically focuses following operational and expansion strategies. The operational strategies focus on profit and productivity enhancement initiatives.

• Enhance market position in the Electrical Distribution sector

• Grow the Company’s market position in the national accounts.

• Extend the Company’s leadership in the integrated supply solutions.

• Increase share in local markets that are fragmented.

• Build upon the lean initiative.

• Continue to look out for strategic acquisitions.

• Expand service and product offerings.

• Leverage the Company’s information technology and system capabilities.

• Grow the Company’s international operations.

Wesco International employed nearly 7,100 people across the world, including nearly 6,300 in US and nearly 800 in Canada and other locations. The Company’s sales force is located at the branch offices and is comprised of nearly 2,600 sales professionals.

The Company provides services and products through nine operating units which it has consolidated as one segment. The sale of electrical products and MRO supplies accounts for the majority (more than 90%) of the Company’s total net sales.

Financial Performance: The Company’s worldwide net sales increased 20.3% to $5320.6 million in 2006 from $4421.1 million in 2005 mainly contributed by strong growth in the key markets served by the Company, contributions by recent acquisitions and benefits from sales productivity initiatives. Recent acquisitions contributed $506.6 million to the net sales representing nearly 9.1% of the increase in 2006 sales over 2005. The Company also benefited from price increases driven by increase in material cost. Sales from the Company’s US operations increased 20.3% to $4606.8 million in 2006 from $3829.8 million in 2005. Wesco International’ operating profit increased 74.3% to $364.9 million in 2006 from $209.3 million in 2005. The Company’s operating profit margin improved to 6.9% in 2006 from 4.7% in 2005. The Company’s net income increased 110.0% to $217.3 million in 2006 from $103.5 million in 2005. Valmont Industries’ net income margin also increased to 4.1% in 2006 from 2.3% in 2005.

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The Company has been in market since 1946. In 1958 B.E. Wyatt and seven other co-founders formed The Wyatt Company in Delaware. In 1995 merger of two companies that are Wyatt Company and a UK based company R Watson & Sons incorporated Watson Wyatt Worldwide. It is a public company and its share was traded on New York Stock Exchange under the ticker “WW “. The company has about 96 offices in 30 countries and has more than 6,600 associates worldwide.

The company has acquired several businesses worldwide some of them are as following.

• Watson Wyatt Netherlands – In 2007 the company acquired Watson Wyatt Brans & Co. (Watson Wyatt Netherlands), its partner in Netherlands.

• Watson Wyatt LLP – In 2005 the company acquired the WWLLP business. Both companies had jointly provided several services since 1995.

• Dr. Dr. Heissmann GmbH – In 2007 company acquired all stocks of Dr. Dr. Heissmann GmbH. It is a Germany based actuarial and human resources consulting firm that also have various subsidiaries in Austria, France, Ireland and Netherlands.

• WisdomNet – In July 2007 company acquired WisdomNet. It is a Denver based consulting and talent management solution firm.

The company has following segments.

Benefits Group

The Benefits Group provides consulting solutions in retirement, group and various healthcare solutions to customers. In fiscal year 2007 the Benefits Group reported approximately 59 % of total revenue. The Company provides various retirements and integrated consulting services for employers.
The Company helps customer on the design, financing, strategy, delivery, ongoing planning, communication, and management of welfare and health programs. The company provides services to various multinational companies.

Technology and Administrations Solutions (TAS) Group

TAS Group helps to customer in organizations optimization through human resources solutions and its benefit services. The Company offers administration solutions for retirement, benefits administration for health & welfare, administration for compensation, online communication, benefits portals and call center support. The company also provides administration, outsourcing, consulting and various technology services. In 2007, the TAS Group reported approximately 12% of the total revenues.

Human Capital Group

The Human Capital Group assists clients to make and implement various strategies for retaining, attracting, and motivating its employees. This Group focuses in five key areas: strategic reward, executive compensation, sales management and rewards, data services and organization effectiveness. In 2007, the Human Capital Group reported approximately 12% of total revenues.

Investment Consulting Group

The Investment Consulting Group assists to sponsors of pension plan and other clients of institutional investment that helps him to fulfill their investment goals. It provides various services like asset and liability modeling, asset allocation studies, investment policy development, governance, investment policy implementation, analysis of investment structure, and monitoring. In fiscal year 2007, the Investment Consulting Group reported approximately 9% of total revenues.

Insurance and Financial Services Group

The Insurance & Financial Services groups provide consulting advises to insurance companies and various other financial institutions on financial and strategic issues. The group provides various services such as business strategy for development that includes market studies and several business strategy designs, advice on various issues of financial management, such as value and risk management, statutory reporting, asset liability modeling, embedded value and various market valuations.
The company provides following services.

Communication

Watson Wyatt provides innovative, forward-thinking, award-winning communication solutions to the customers by deriving best out of investment in people, systems and programs. The company uses experts from global network in change management initiatives, communication that is web-based and techniques used in traditional communication.

Compensation

The Company helps its clients to assist in aligning performance based pay plans across organization to enhance value. Its compensation expert helps executives and BOD (Board of Directors) on compensation programs, which include cash and stock, linked incentives. The company also through its global Total Rewards approach assists in mixing non-monetary and monetary rewards and hence provides right pay to relevant people and thus help in alignment of company goals.

Data Services: This service is provided by WWDS (Watson Wyatt Data Services), which is a fully owned subsidiary of WWW (Watson Wyatt Worldwide). The company seeks various data, conducts analysis and publishes on-line survey reports.

Government Consulting: Government Consulting Services provide specialized services to fulfill the customer’s requirements. It combines the human capital practices from private sector with deep experience of government sector to meet customer’s unique needs.

Group Benefits and Health Care: Watson Wyatt is a leader in group benefits and health care segment. It provides consulting, advises to various clients on design, strategy, financing, communication, health management and welfare programs.

Human Capital / Organization Effectiveness: The company provides various human capital consulting solutions including Organization Measurement, HR Transformation, Talent Management and Compensation Benchmarking.

Insurance & Financial Services: Watson Wyatt provides independent and valuable actuarial advice on various aspects of general insurance and life assurance.

Investment Consulting: Investment Consulting help clients to develop efficient and disciplined investment strategies to fulfill client’s investment goals.

Mergers and Acquisitions: Watson Wyatt helps advisers and companies to solve their critical issues through negotiation, integration and acquisition process.

Multinational Consulting: Watson Wyatt offers international consulting services to help various multinational corporations. It provides global perspective on various benefits and human resources issues.

Retirement: Watson Wyatt provides advises on retirement plans and providing consulting and actuarial services for both defined contribution (DC) and defined benefit (DB) plans.

Sales Effectiveness: The company provides sales management processes to help companies in cash management, globalization and performance expectations.

Technology and Administration Solutions: Watson Wyatt helps organizations to optimize the benefits services and delivery of HR.

Software & Tools: Watson Wyatt offers various software and tools to interact and help the customers.

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The firm also offers a variety of other financial products and services including investment banking, mortgage banking, investment advisory, asset based and home equity lending, insurance, leasing, and securities brokerage. The firm’s retail securities brokerage business is carried out by Wachovia Securities, LLC which operates in operates in 49 US states.

The firm’s headquarters are located in Charlotte, North Carolina. The bank’s common stock is listed on the New York Stock Exchange under the ticker WB. The bank had total assets of $707 billion and shareholder’s equity of $69.7 billion as of December 31, 2006.

The bank offers its services through four major business segments: the General Bank, Capital Management, the Corporate and Investment Bank, and Wealth Management.

General Bank: General Bank segment provides a wide range of banking services and products to small businesses, individuals, governmental institutions and commercial entities in Washington, DC and 21 other US states.

The segment’s key product offerings include lending, deposit, and investment services and products. General Bank also provides specialized financial products including global trade products and services, treasury services, loans and leases, and capital markets services and products.

It serves its customers through 43,000 sales and service executives, 1,500 small business and commercial relationship managers, and 2,500 licensed financial specialists. The segment operates through a network of over 3,400 bankin branches and 5,200 ATMs.

The segment serves 11.5 million businesses and households and has 4.0 million active online clients. The segment’s small business clients typically have annual turnovers up to $3 million; business banking client’s have annual turnover in the range of $3 million to $15 million; and commercial client’s have turnovers in the range of $15 million to $250 million. The segment also serve mortgage clients in 50 US states and also provide auto loans in 46 US states.

In 2006, the segment generated total revenues of $15.7 billion, average core deposits of $232.7 billion and had $223.4 billion of average loans outstanding. The segment employs approximately 55,600 people.

Wealth Management: The segment offer customized products to high net worth individuals and financial institutions through a team of experienced relationship managers and financial advisors. The firm offer complete end to end integrated solutions covering wealth creation, growth, preservation and transfer of wealth to future generations. The Company’s family office solutions to high net worth individuals are offered through an independent business called Calibre.

The segment has a team of 950 wealth management advisors and 255 insurance brokers. Wealth Management segment serves customers with more than $2 million in investable assets. The segment has four family branches which serves families with more than $25 million in investable assets. The segment also provides risk management and commercial insurance brokerage services, life insurance, employee benefits, personal insurance and executive benefits services to individuals and businesses through Wachovia Insurance Services. Wachovia Insurance Services operates through 40 offices in Washinton, DC and 19 other US states.

The segment generated total revenues of $1.4 billion in 2006. As of December 31, 2006, the segment’s average loans stood at $16.2 billion and average core deposits were $14.5 billion. During the same period the segment had $72.4 billion assets under management and $143.9 billion assets under administration.

Corporate and Investment Bank: Corporate and Investment Bank segment offers a broad array of services and products to public as well as private corporations, financial institutions, and institutional investors.

The segment’s global markets and Investment banking businesses operate under Wachovia Securities brand and provides financial advisory, structuring, execution and capital raising services. This segment also offers treasury services, asset-based lending, principal investing and global correspondent banking services.
The Corporate and Investment Bank employs 5,700 people. The segment has relationships with approximately 3,600 corporate clients and 2,500 institutional investors.

The segment generated total revenues of $6.7 billion in 2006. As of December 31, 2006, the segment’s average loans stood at $16.2 billion and average core deposits were $14.5 billion. During the same period the segment had total lending commitments of $107.2 billion.

Capital Management: The segment provides a wide range of proprietary as well as nonproprietary retirement and investment services and products to institutional and retail clients. The segment offers retail brokerage products and services through Wachovia Securities, investment solutions through Evergreen Investments and securities lending products and services through Metropolitan West Securities.

The segment generated total revenues of $6.0 billion in 2006. As of December 31, 2006, the segment’s total broker client assets were $760.0 billion, mutual fund assets were $108 billion and retirement plan assets were $110.4 billion.

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The Company is a global manufacturer of fabricated metal components and products and one of the large manufacturers of concrete and metal tower and pole structures as well as mechanical irrigation systems. The Company’s tower and pole structures support power transmission lines and distribution equipment, outdoor traffic control and lighting fixtures, highway signboards, and wireless communications equipment. Valmont Industries’ mechanized irrigation equipments are used to deliver pesticides and fertilizers, and to water crops. The Company also offers metal coating solutions, which include painting, anodizing and galvanizing, and manufactures specialty tubing and pipe products.

Valmont Industries markets its products and solutions federal and state governments, telecommunications and utility companies, contractors, producers of fixtures for commercial lighting, and other general manufacturing industries. In 2006, nearly 24% of the Company’s sales were derived from markets or manufactured by the Company’s facilities located outside of North America.

The Company typically focuses following operational and expansion strategies:

• Gain further market share in existing product markets by differentiating the Company’s products through better customer service, innovating better technologies and maintaining high quality consistently.

• Enter new markets for existing offering both in terms of geographic expansion as well as finding new applications for existing products.

• Bring new products to the existing markets. For e.g., the Company developed structures for applications in tramway in Europe.

• Develop new offering for new markets
The Company has historically grown internally as well as through acquisitions. The Company’s acquisitions during the previous five years are as follows:

• In 2004, the Company acquired Newmark International, a producer of steel and concrete pole structures; acquired a fiberglass pole producer based in Colorado; and acquired a overhead sign structure producer in Delaware

• In 2006, the Company completed acquisition of a steel pole producer in Mexico
The Company has organized itself into five business segments: Engineered Support Structures Segment, Utility Support Structures Segment, Coatings Segment, Irrigation Segment, and Tubing Segment.

Financial Performance: The Company’s worldwide net sales increased 15.6% to $1281 million in 2006 from $1108 million in 2005 mainly contributed by higher sales volume and increase in sales price (as increase in material cost was passed on to the customers). All business segments witnessed increase in sales volume, particularly the Utility Support Structures, Irrigation and Engineered Support Structures segments. Valmont Industries’ operating profit increased 32.8% to $110.1 million in 2006 from $82.9 million in 2005. The Company’s operating profit margin improved to 8.6% in 2006 from 7.5% in 2005. The Company’s net income increased 57.3% to $61.5 million in 2006 from $39.1 million in 2005. Valmont Industries’ net income margin also increased to 4.8% in 2006 from 3.5% in 2005.

Engineered Support Structures Segment contributed 39.8% to the total net sales of the Company in 2006 down from 42.5% in 2005. Utility Support Structures Segment contributed 21.9% to the total net sales of the Company in 2006 up two basis points from 19.8% in 2005. Coatings Segment contributed 7.1% to the total net sales of the Company in 2006 up from 6.5% in 2005. Irrigation Segment contributed 24.4% to the total net sales of the Company in 2006 up from 23.5% in 2005. Tubing Segment contributed 5.8% to the total net sales of the Company in 2006 down from 6.5% in 2005. Other Segment contributed 1.1% to the total net sales of the Company in 2006 down from 1.3% in 2005.

Engineered Support Structures: The segment manufactures engineered metal components and structures primarily for the traffic and lighting and wireless communication sector and some international utility sectors. Engineered Support Structures segment generated net sales of $509.3 million in 2006, up 8.2 % from $470.7 million in 2005.

Utility Support Structures: The segment manufactures engineered concrete and steel structures for the North American utility sector. Utility Support Structures segment generated net sales of $280.8 million in 2006, an increase of 28.3 % from $218.9 million generated in 2005.

Coatings: The segment engages in anodizing, powder coating, painting and galvanizing processes. Coatings segment generated net sales of $90.4 million in 2006, an increase of 25.4% from $72.1 million generated in 2005.

Irrigation: The segment manufactures agricultural irrigation equipment and associated components and services. Irrigation segment generated net sales of $312.8 million in 2006, an increase of 20.1% from $260.4 million generated in 2005.

Tubing: The segment manufactures tubular products for industrial sectors. Tubing segment generated net sales of $73.9 million in 2006, an increase of 2.8% from $71.9 million generated in 2005.
The Company’s other businesses generated $14.1 million of net sales in 2006, same as in 2005.

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The Genlyte Group markets its various products, in United States, under several brand names that includes Allscape, Alkco, Bronzelite, Ardee, Canlyte, Carsonite, Capri, Chloride Systems, D’ac, Crescent, Day-Brite, ExceLine, Emco,Entertainment Technology, Forecast, Guth, Hadco, Gardco, Hanover Lantern, Hoffmeister, High-Lites Horizon,Lam, Lightolier, Ledalite, Lite-energy, Lightolier Controls, Lumec, Metrolux, Morlite, McPhilben, Nessen, Omega, Shakespeare Composite Structures, Quality, Specialty, Strand, Stonco, Thomas Lighting, Translite Sonoma, Thomas Lighting Canada, USS Manufacturing, Vista, Vari-Lite and Wide-Lite.

The Acquisitions of company are as follows.

JJI Lighting Group in 2006:
In May 2006, the Genlyte Group acquired JJI (JJI Lighting Group), which has headquartered in Greenwich, CT and has operating units in Franklin Park, IL; Shelby, NC; SantaAna, CA; Mamaroneck, NY; Erie, PA; Waterbury, CT; and Ludenscheid, Germany. The JJI was United States’ leading lighting fixture company, before acquisition, and also has various lighting brands that complement and support Company’s current business.

Strand Lighting in 2006:
In July 2006, the Genlyte Group acquired the Hong Kong and U.S based operations of Strand (Strand Lighting) and few share of Strand Lighting Ltd. (UK) as a restructuring of the company, under Strand Lighting Ltd. The Strand was incorporated in 1916 as a producer of lighting systems and entertainment lighting. This acquisition is very useful for Company’s Entertainment Technology, Vari-Lite, and Lightolier Controls product and also enhances Company’s presence in entertainment lighting and the atrical markets. The acquisition cost was $587.

Carsonite International Corporation in 2006:
In September 2006, the Genlyte Group acquired all shares of Carsonite International Corporation (“Carsonite”).It is a subsidiary of Omega (Omega Polymer Technologies, Inc.). This acquisition is very useful for Company’s current Shakespeare Composite Structures product that is in the roadway, utility, park and various recreation markets. The Carsonite also has factory in Varnville, SC and another factory, which is leased, in Early Branch, SC.

32% Minority Interest in GTG in 2004:
In 2004 Genlyte, through its subsidiaries, has acquired 32% minority interest in GTG, which was owned by Thomas for $386,500 plus 32%of GTG’s earnings. This acquisition was accounted by using the purchase method of accounting.

The products of the company primarily use fluorescent, incandescent, LED (light emitting diodes) and HID (and high-intensity discharge) light sources. The company’s products are marketed to distributors. They resell products in new residential, industrial and commercial construction. The company never sells its products directly to the end-user, so it never knows the exact revenue came from product sale. Apart from this, engineers, architects, building owners and contractors promote products of the company. Products are marketed throughout Canada, United States and Mexico.

In 1985, the Genlyte Group Incorporated (“Genlyte”) was formed in State of Delaware as subsidiary (wholly-owned) of Bairnco Corporation. Genlyte was separated from Bairnco Corporation, in 1988 and became an independent company.

Genlyte started to combine its business to Thomas (Thomas Industries Inc) company’s lighting business. In August 1998, Genlyte completed this combination and form a limited liability company which is GTG (Genlyte Thomas Group LLC). Genlyte has 68% of shares of GTG and has liabilities to GTG. Thomas group has few liabilities of Thomas Lighting and has 32% of shares in GTG. In 2004 Genlyte acquired 32% Thomas’ shares in GTG.

The company’s shares were traded on NASDAQ National Market System under the ticker “GLYT.” The Net sales of the company were $1,484.8 million in 2006, increase to 18.6% from 2005. The Net income was $154.5 million for 2006, increase to 82.1% from 2005.

The Company produces large quantity of products through the use of various raw materials and its components such as aluminum, steel, ballasts, sockets, plastic, lenses, wire, corrugated cartons and glass from various sources. The Genlyte Group has more than 500 International and United States design patents, registered trademarks, and mechanical patents. Genlyte Group maintains it by regular trademarks renewal and maintenance fees payment for its patents.

The Company’s Canadian and US lighting market estimates about $8.9 billion revenues annually. The Genlyte Group’s products are very dominant in lighting industry and also compete in various other markets with several competitors in each market. The major competitions in outdoor and indoor markets are on service, price, design, delivery, product quality, innovation and performance. Product that are commodity-type, compete on delivery, quality and price. Product that are differentiated type, compete on innovation, design, and product performance.

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TeleTech has 33,600 workstations and 88 delivery centers in more than 17 countries. The TeleTech’s BPO services provide transfer of business processes of front and back office, to delivery centers. The company also manages various operations and processes of delivery centers. Apart from these services TeleTech develop several other services like On Demand services and TeleTech@Home services. The company operates in 7 countries to provide partial or fully offshore support to clients, which includes Brazil, Argentina, Malaysia, Canada, India, Mexico and the Philippines. There are 18700 workstations existing in these countries, which is approximately 56% of total capacity in delivery centers. Other 10 countries in which company operates are US, Australia, China, England, Germany, New Zealand, Northern Ireland, Scotland, Singapore and Spain.

The Company works on technology platform, which is secured, private and 100% IP (Internet Protocol) based infrastructure. This has helped in standardization and to centralize entire delivery capabilities worldwide.

The company was founded in 1982 and in 1994 organized as Delaware corporations. Company still operates as a predecessor company of TeleTech. In June 2006, the TeleTech acquired Direct Alliance Corporation (DAC). DAC is a provider of professional sales, e-commerce and account management services to 500 companies of Fortune.

97% of revenue comes from business process outsourcing services and mainly in North America and International segment of BPO. In 2006 revenue of North America BPO segment was $815.0 million as compared to $678.8 million in 2005. In 2006 revenue of International BPO segment was $356.1 million as compared to $325 million in 2005.

DAC (Direct Alliance Corporation), which is a fully owned subsidiary of TeleTech Holdings, has been awarded at the 2006 Selling Power Sales Excellence Awards for sales achievements.

The company provides following core services.

Customer Management: – Customer Management services provide integrated solutions and various opportunities to learn and manage about customers and clients in various key phases of customer management. TeleTech provides wide knowledge of customer interactions, learning data and presenting data back to various decision makers. The company first assesses complete needs of customer, evaluates better solutions, trains customers and builds strong relationship and finally captures buying behavior, which helps in making strategic decisions.

Direct sales: – Company provides real time methods and tools including CRM or customer relationship management software, EDM or Electronic Direct Marketing, order management and analytics to target high value clients. These marketing methodologies help to expand market and increase revenue from business market.

Human Capital: – Human Capital services offer a wide approach to manage employee experience and maintain customer loyalty. This segment has more than 20 years of experience in employee management.

Professional Services: – consulting division has more than 25 years of experience in complex customer and client’s management industry. The company provides high quality BPO solutions and various strategies for customer management. Professional services keeps customer’s business competitive by providing various supporting processes.

Front office services of TeleTech include clients target, acquire, serve, grow, and retain its customers. TeleTech’s back office services offer managing customers critical processes, like provisioning of products or service, fulfillment, lead generation and sales support, loyalty, reward, expense, and supply chain management, collections, loans, claims, payment and various warranty processing. Company also offers several retirement plan management, data analysis, market research and intelligence, network management, training and scheduling and workforce recruiting. TeleTech operates in17 countries, company provide services entirely or partially for offshore clients in 7 countries including Brazil, Argentina, Canada, India, Mexico, Malaysia, and Philippines.

OnDemand

OnDemand services deliver an integrated method of client management applications. It provides delivery technology, software services, knowledge and other services. OnDemand is a subscription license solution on monthly basis. The TeleTech’s OnDemand solutions helps growth of business supported by client management and various BPO operations, such as interaction routing, desktop management, self-service, performance management and business intelligence.

TeleTech@Home

TeleTech’s workforce solution provides same training, reporting, workflow and quality tools to employees that work from home, as delivery center employee. It uses central technical architecture to enable secured access, reporting and monitoring for its 1000 clients across globe. Major competitors of the Company are Convergys Corporation, Accenture, CSC (Computer Sciences Corporation), Exlservice Holdings, EDS, Peoplesoft, IBM, SR.Teleperformance, WNS limited and SEI (Sykes Enterprises Incorporated).

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Teledyne Technologies provides sophisticated electronic instruments, components, communications services and products. These include defense electronics, control and monitoring instrumentation for environmental, industrial and marine applications, communications and data acquisition equipment for business aircraft and airlines, and subsystems for satellite and wireless communications. The Company also provides information technology and systems engineering services for space, environmental and defense applications as well as manufactures missile and general aviation components and engines.

The Company’s major clients include aerospace contractors, government agencies, general aviation companies, and major communications and industrial companies.

The Company continues to focus on its core area of interest of instrumentation, defense electronics and government systems engineering. The Company has always intended to strengthen its core business through strategic acquisitions. Teledyne Technologies also focuses on operational excellence thereby improving profit margins. The Company has grown internally as well as through acquisitions. Over the years Company has made several selective and strategic acquisitions to expand its services and products in instrumentation as well as defense markets. Its acquisition in 2006 includes:

Marine Instrumentation: The Company completed acquisition of Benthos, Inc, a manufacturer of oceanographic package and products inspection systems in January 2006 for nearly approximately $40.6 million. The acquisition expanded and complements the Company’s underwater acoustic product category. In August 2006, the Company completed acquisition of Ocean Design, Inc., manufacturer of mateable electrical, fiber-optic and sub – sea interconnect systems for a total consideration of $34.4 million.

Defense: The Company completed acquisition of KW Microwave Corporation, a manufacturer of defense microwave subsystems and components in April 2006 for a total consideration of $10.3 million. In August 2006, the Company completed acquisition of CollaborX, Inc., a supplier of government engineering services in US for a total consideration of $14.9 million. In September 2006, the Company completed acquisition of Rockwell Scientific Company LLC, research and development services provider for a total consideration of $158.6 million.

The Company uses a combination of internal marketing team and sales forces, distributors and external sales representatives to market and sell its services and products.

The Company is highly focused on the research and development effort and spent a total of $307.0 million in 2006 on R&D compared with $291.5 million and $263.3 million in 2005 and 2004, respectively.
The Company employed nearly 7,700 employees.

The Company has organized itself in four operating business units:
• Electronics and Communications

• Systems Engineering Solutions

• Aerospace Engines and Components

• Energy Systems.

Financial Performance: The Company’s worldwide net sales increased 18.8% to $1433 million in 2006 from $1206 million in 2005 mainly contributed by recent acquisition made by the company as well through organic growth. Teledyne Technologies’ operating profit increased 24.1% to $125 million in 2006 from $100.7 million in 2005. The Company’s operating profit margin improved to 8.7% in 2006 from 8.3% in 2005. The Company’s net income increased 25.1% to $80.3 million in 2006 from $64.2 million in 2005. Teledyne Technologies’ net income margin also increased to 5.6% in 2006 from 5.3% in 2005.

The Company’s total confirmed order backlog was nearly $582.4 million as at December 31, 2006 compared to $521.9 million as at January 1, 2006 and $471.3 million as at January 2, 2005. The Company expects to complete 98% of these orders during fiscal 2007.

Electronics and Communications segment contributed 63% to the total net sales of the Company in 2006 up from 60% in 2005. Systems Engineering Solutions segment contributed 20% to the total net sales of the Company in 2006 2 percentage point declined from 22% in 2005. Aerospace Engines and Components 15% to the total net sales of the Company in 2006 one percentage point declined from 16% in 2005. Energy Systems 2% to the total net sales of the Company in 2006 same as in 2005.

The Company derives nearly 21% of its sales from its International operations as increase by three percentage points compared with 18% in 2005 and four percentage points compared with 19% in 2004. In 2006, the Company sold its products to clients in more than 100 foreign countries.

Nearly 60% of the Company’s total sales in 2006 were accounted for by commercial customers and the rest was accounted for by the US Government.

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Synovus Financial Corp engages in providing integrated financial products and services such as traditional banking, insurance, financial management, leasing and mortgage services. The Company operates through its various banking and non bank subsidiaries. The Company also offers electronic payment processing through Total System Services, Inc (TSYS), which is 81% owned by Synovus.

The Company’s headquarter is located in Columbus, Georgia and its common stock is listed and traded on the New York Stock Exchange under the ticker “SNV.” The Company employed approximately 13,178 full time employees as of December 31, 2006, of which 6,644 were employees of Total System Services, Inc.
Over the years Synovus Financial Corp has grown internally as well as through several acquisitions.

• In March 2006, the Company completed the acquisition of Riverside Bancshares, Inc. for a price of $171.1 million in stock and cash. Riverside Bancshares was the parent firm of Riverside Bank headquartered in Georgia. Following the acquisition Riverside Bank was merged into Bank of North Georgia, a subsidiary of Synovus.

• In April 2006, the Company completed the acquisition of Banking Corporation of Florida for a price of $84.8 million in stock and cash. Banking Corporation of Florida was the parent firm of First Florida Bank headquartered in Florida.

• In July 2006, Total System Services acquired Card Tech, Ltd., a London-based privately owned payments firm for a cash consideration of $59.3 million. The acquired business was re-branded as TSYS Card Tech.

• In November 2005, TSYS acquired an initial 34.0% ownership interest in China Union Pay Data Co., Ltd. for $37.0 million. Subsequently, in August 2006, the Company increased its equity stake to 44.6% in a transaction valued at approximately $15.6 million.

• In March 2005, TSYS acquired 50% ownership stake in Vital Processing Services, L.L.C. from Visa U.S.A. for a total consideration of $95.8 million. The Company changed the name of the acquired entity to TSYS Acquiring Solutions, L.L.C.

The Company’s net interest income increased 17.0% to $1,133.9 million in 2006 from $968.8 million in 2005.

The Company’s non interest and other income also increased 11.2% to $2,133.6 million in 2006 compared with $1,918.4 million in 2005. Synovus Financial Corp’s non interest expense increased by a lower 11.7% to $2,170.7 million in 2006 compared with $1,943.4 million in 2005. The Company’s efficiency ratio (non interest expense to total income ratio) declined to 51.18% in 2006 from 49.79% in 2005. Synovus Financial Corp’s net income increased 19.5% to $616.9 million in 2006 from $516.4 million in 2005. The Company’s total assets increased 15.3% to $31.9 billion as of December 31, 2006 compared with $27.6 billion as of December 31, 2005. During the same period, Synovus Financial Corp’s net loans increased 15.3% to $24.3 billion as of December 31, 2006 compared with $21.1 billion as of December 31, 2005. The Company’s total deposit grew 16.9% to $24.3 billion as of December 31, 2006 compared with $20.8 billion as of December 31, 2005. The Company’s total equity increased 25.7% to $3.7 billion as of December 31, 2006 from $2.9 billion as of December 31, 2005.

The Company has organized itself into two operating business segments: Transaction Processing Services and Financial Services.

The Financial Services: business segment primarily engages in traditional banking services and products as well as leasing, mortgage, financial management, and insurance services. Traditional banking services include commercial banking services such as commercial, agricultural, real estate and financial loans, and retail banking services such as customary demand and savings deposits; installment, consumer and mortgage loans; leasing services; safe deposit services; automated fund transfers; automated banking services; and bank credit card services.

The segment operates through 40 fully owned affiliate banking institutions and other office of Synovus Financial Corp in five southeastern states viz. Georgia, South Carolina, Alabama, Tennessee, and Florida. As at December 31, 2006, total assets of the segment’s banking affiliate ranged in between $69.2 million and $5.79 billion.

Financial Services’ major fully owned non bank subsidiaries include:

• Synovus Securities, Georgia , which offers investment banking, portfolio management for fixed-income securities, broker/dealer executing security transactions, and financial and investment advisory service

• Synovus Trust Company, N.A., Georgia, which offers trust services

• Synovus Mortgage Corp., Alabama, which provides mortgage services

• Synovus Insurance Services, Georgia, which provides insurance agency products and services

• Creative Financial Group, Georgia, which offers financial planning products and services

• GLOBALT, Inc., Georgia, which offers asset management services.

The Transaction Processing Services: business segment primarily provides electronic payment processing solutions, and debit and stored value card processing services. Electronic payment processing services are provided through Total System Services, Inc., one of the world’s leading outsourced payment services provider. Total System Services contributed approximately 55% of the Company’s total revenues and 33% of the Company’s net income during 2006. Total System Services serves both financial and non-financial companies across the nation as well as internationally. Through its fully owned subsidiary, TSYS Acquiring Services, L.L.C., the division also offers merchant acquiring services to financial companies in US. In Japan, the merchant acquiring services are offered through the division’s majority owned, GP Network Corporation.

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