Original Source: FD (FAIR DISCLOSURE) WIRE
OPERATOR: Ladies and gentlemen, thank you for standing by and welcome to The Singing Machine fourth quarter and year-end results conference call. During the following presentation, all participants will be in a listen only mode. Afterwards, we will conduct a question-and-answer session. (OPERATOR INSTRUCTIONS). As a reminder, this teleconference is being recorded on Friday, June 30, 2006. It is now my pleasure to turn this conference over to Danny Zheng, Chief Financial Officer. Please go ahead.
DANNY ZHENG, CFO, THE SINGING MACHINE CO.: Thank you, operator, and good morning, everyone. After my prepared remarks, Chairman, Jay Bauer, interim CEO, Y.P. Chan and I will be able to answer questions. Note that this conference call will include forward-looking statements. These statements are based on current expectations, estimates and projections about our business based in part on assumptions made by management. These statements are not guarantees of future performance and actual results might differ materially. A more detailed discussion of these risks and uncertainties is contained in this morning's press release and The Singing Machine's various filings with the SEC. The statements made during this call are made only as of the date of the call and we undertake no obligation to update these statements.
I am pleased to report that we made progress toward all of our primary goals in fiscal 2006. Operating costs declined significantly and we [set] further decrease in fiscal 2007. We also strengthened our core …