As a result of increased sales, product mix and expense reductions, second quarter gross margins as a percentage of revenue improved to 39 percent from 35 percent in the second quarter of 2004 and from 32 percent in the first quarter of 2005. We expect gross margin as a percentage of revenue to approximate 40 percent in the second half of 2005. We improved on our second quarter guidance of a loss of 0.08 to 0.09 per share, due mainly to the deferral of previously planned UWB investments until later this year. In addition, we reached our near-term fund raising goal and added further liquidity by obtaining approximately 4.2 million in new equity and debt financing commitments on June 20. With continued focus on managing our balance sheet, including increasing inventory turns and reducing DSOs, we intend to reduce the company's financing requirements for the fourth quarter.
More Quotes from Gary Williams:
I know what it takes to win, and it's up to each individual player to make that happen. We have to earn the right to be a good team. We have several returning players that got a lot of experience as sophomores and juniors, and we have four new players coming in that want to get things done. Hopefully, that will be infectious.Gary Williams
We didn't shoot well tonight, but we didn't execute well either. It's a team thing everyone on the court has to take responsibility.
Gary Williams
I thought we had recruited a very good class.
Gary Williams
I just didn't think he got a consistent run. Some games he'd get 20 minutes, 25 minutes and then he'd get like four the next day and I think that's hard on any player. Since he's been with Seattle, he's gotten a lot of opportunity to play. He just needed a chance.
Gary Williams
There's no pain, aching or inflammation. In fact, it's completely asymptomatic until a fracture occurs, and then the risk of subsequent fractures is very high,
Gary Williams
I haven't been talking about it today, and I'm going to talk about it tonight. We have Boston College, that's all I'm concerned with.
Gary Williams
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Arbitrary power is most easily established on the ruins of liberty abused to licentiousness.
George Washington
We are one, after all, you and I. Together we suffer, together exist, and forever will recreate each other.
Pierre Teilhard de Chardin
I am poor and naked, but I am the chief of the nation. We do not want riches but we do want to train our children right. Riches would do us no good. We could not take them with us to the other world. We do not want riches. We want peace and love.
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