Forward Air Corporation

Forward Air Corporation is listed on NASDAQ (FWRD). We are a leading provider of time-definite surface transportation and related logistics services to the North American deferred air freight market. We offer our customers scheduled surface transportation of cargo as a cost effective, reliable alternative to air transportation. We transport cargo that must be delivered at a specific time, but is less time-sensitive than traditional air freight. This type of cargo is frequently referred to in the transportation industry as deferred air freight. We operate through a network of 80 terminals located on or near airports in the United States and Canada, including a central sorting facility in Columbus, Ohio and eight regional hubs serving key markets. Our typical shipment consists of a pallet load of freight, often consisting of electronics, telecommunications equipment, machine parts, trade show exhibit materials or medical equipment. During 2004, our average shipment weighed over 750 pounds.

Forward Industries Inc.

Forward Industries Inc. is listed on NASDAQ (FORD). We design, market, and distribute carry solutions for hand held consumer electronics products, including soft-sided carrying cases, bags, clips, hand straps, decorative face plates, and other accessories for cellular telephones, medical monitoring and diagnostic kits, cameras, and other consumer electronic products. We sell these products in two different customer markets. Our principal customer market is original equipment manufacturers, or OEMs, of these consumer electronic products, who ship our products as accessories in box with their product offerings, and to an increasing extent the contract manufacturing firms of these OEM customers. In Fiscal 2005, sales to OEM customers (or their contract manufacturers) accounted for 97% of our revenues. Our second, and much smaller, customer market consists of wholesalers and retailers in the cell phone aftermarket to whom we sell carry solutions under non-exclusive licenses from Motorola, Inc. and SAGEM, respectively.

Gateway Inc. ..lls desktop and notebook computers and servers (PCs), PC-related products and services that are enabled by or connect with PCs (Convergence-non-PC) to..

Hanover Capital Mortgage Holdings Inc. ..ion to historical information, forward-looking statements that involve known and unknown risks, uncertainties and other important factors that could c..

Manor Care Inc. ..Care and HCR Manor Care, provides a range of health care services, including skilled nursing care, assisted living, subacute medical and rehabilitatio..

CAM Commerce Solutions Inc. ..alifornia in 1983, and reincorporated in Delaware in 1987. Our principal business is to provide total commerce solutions for small to medium size, tra..

Huntsman Corporation .. 2004 to hold the Huntsman businesses. Jon M. Huntsman founded the predecessor to our Company in the early 1970s as a small packaging company. Since t..

Heartland Payment Systems Inc. ..sing services to merchants in the United States. This involves facilitating the exchange of information and funds between merchants and cardholders’ f..

Hydrogenics Corporation ..egal name of our company is Hydrogenics Corporation - Corporation Hydrogenique. We were incorporated under the Canada Business Corporations Act on Aug..

Internet Gold Golden Lines Ltd. ..f Israel in April 1992 under the name Euronet Golden Lines (1992) Ltd. In June 1999 we changed our name to Internet Gold - Golden Lines Ltd. We are a ..

Interface Inc. ..and sales of modular carpet, and we are a leading manufacturer and marketer of other products for the interiors market, with a strong presence in the ..

Sanpaolo IMI S.p.A. .. Developments of Sanpaolo IMI Incorporation, Length of Life and Domicile Sanpaolo IMI is incorporated as a limited liability company (Societ per Azion..

Intevac Inc. ..isk sputtering equipment for the thin-film disk industry and a developer of leading technology for extreme low light imaging sensors, cameras and syst..

Irvine Sensors Corporation ..factures and sells miniaturized electronic products for defense, security and commercial applications. We also perform customer-funded contract resear..

Integrated Silicon Solution Inc. ..s and markets high performance integrated circuits for the following key markets: (i) digital consumer electronics, (ii) networking, (iii) mobile comm..

Ivanhoe Energy Inc. ..the exploration for and production of oil and gas, enhanced oil recovery and natural gas projects and the application of heavy-to-light (HTL) oil upgr..

Jo-Ann Stores Inc. ..fabrics and one of the largest specialty retailers of crafts, serving customers in their pursuit of apparel and craft sewing, crafting, home decoratin..

Kemet Corporation ..ries is referred to herein as KEMET or the Company is a leading manufacturer of tantalum capacitors, multilayer ceramic capacitors (MLCC), and solid a..

Kinder Morgan Energy Partners L.P. ..mited partnership, is a publicly traded limited partnership that was formed in August 1992. We are the largest publicly traded pipeline limited partne..

Kansas City Southern .. holding company with principal operations in rail transportation. KCS, along with its subsidiaries and affiliates, owns and operates a uniquely posit..

Laureate Education Inc. ..h 159,000 students, is focused exclusively on providing a superior higher education experience through a leading global network of accredited campus-b..

Leap Wireless International Inc. ..oration, and its subsidiaries are collectively referred to in this report as the Company. Leap Wireless International, Inc., or Leap, conducts operati..

L-3 Communications Holdings Inc. ..1997, derives all of its operating income and cash flow from its wholly-owned subsidiary, L-3 Communications. L-3 Communications, a Delaware corporati..

Loudeye Corporation ..digital media services that facilitate the distribution, promotion and sale of digital media content for media and entertainment, retail, wireless and..

La-Z-Boy Incorporated ..loral City Furniture in the 1920s and, in 1928, the newly formed company introduced its first recliner. In 1941, the name was changed to La-Z-Boy Chai..

Mediacom Communications Corporation .. television company based on customers served and the leading cable operator focused on serving the smaller cities and towns in the United States. Thr..

Monarch Casino & Resort Inc. ..-owned subsidiary, Golden Road Motor Inn, Inc. (Golden Road), owns and operates the tropically-themed Atlantis Casino Resort, a hotel-casino facility ..

Mountain Province Diamonds Inc. ..n Province Diamonds Inc., formerly Mountain Province Mining Inc., was formed on November 1, 1997 by the amalgamation (the MPV Amalgamation) of Mountai..

Macquarie Infrastructure Company Trust .. statutory trust which we refer to as the trust, owns its businesses and investments through Macquarie Infrastructure Company LLC, a Delaware limited ..

Marshall & Ilsley Corporation ..ion), incorporated in Wisconsin in 1959, is a registered bank holding company under the Bank Holding Company Act of 1956 (the BHCA) and is certified a..

Mentor Corporation ..n 1969. Our fiscal year ends on March 31, and references to fiscal 2005, fiscal 2004 or fiscal 2003 refer to the years ended March 31, 2005, 2004 or 2..

MRV Communications Inc. ..e and support communication equipment and services, and optical components. We conduct our business along three principal segments: the networking gro..

Martha Stewart Living Omnimedia Inc. ..that creates how-to content and domestic merchandise for homemakers and other consumers. Our products are generally sold under various brand labels, i..

Metal Storm Limited ..Development of Metal Storm Our legal and commercial name is Metal Storm Limited, which was incorporated under the laws of Australia on April 13, 1994...

MASSBANK Corp. ..ncorporated under the laws of the State of Delaware on August 11, 1986. MASSBANK Corp. was organized for the purpose of becoming the holding company f..

Theragenics Corporation ..ed under Delaware law in 1981, is the manufacturer of TheraSeed®, a rice-sized, FDA-cleared device used to treat solid localized tumors, primarily pro..

NetLogic Microsystems Inc. ..ops and markets high performance knowledge-based processors for a variety of advanced Internet, corporate and other networking systems, such as router..

NewMil Bancorp Inc. ..tion formed in 1987, is the registered bank holding company for NewMil Bank, a wholly-owned subsidiary. NewMils activity is currently limited to the h..

InPlay Technologies Inc. ..hnologies. We currently license electronic pushbutton, rotary and omni-directional switch technologies and are actively searching for additional innov..

Norsk Hydro ASA ..nformation set forth under the headings Business and Operating Information – About Hydro on pages 8 to 10, Business and Operating Information – Histor..

Nippon Telegraph and Telephone Corporation ..ile voice related services, IP-packet communications services, sales of telecommunications equipment, systems integration and other telecommunications..

Neoware Inc. ..ble thin client computing, which is a computing architecture for business customers that is designed to be easier to manage, more secure, more reliabl..

Overland Storage Inc. ..s Overland Data, Inc. in California in 1980. In June 2002 we changed our name to Overland Storage, Inc. Our principal executive offices are located at..

Onstream Media Corporation ..emand media communication, including webcasting, webconferencing, digital asset management and web publishing services. Our objective is to provide th..

Orbital Sciences Corporation ..rockets and space systems for the U.S. Department of Defense (DoD) and other U.S. government agencies and for global commercial and scientific custome..

Hellenic Telecommunication Organization S.A. ..pment of OTE Hellenic Telecommunications Organization S.A., known as OTE or OTE SA, was incorporated as a socit anonyme in Athens, Greece, under the l..

VeriSign Inc. ..t infrastructure services that enable people and businesses to find, connect, secure, and transact across complex global networks. Through our Interne..

Petro-Canada ..conomic factors influencing Petro-Canadas upstream financial performance include crude oil and natural gas prices, and foreign exchange, particularly ..

Premier Financial Bancorp Inc. ..ti-bank holding company that, as of March 15, 2005, operates ten banking offices in Kentucky, three banking offices in Ohio, and six banking offices i..

Pier 1 Imports Inc. ..y include Pier 1 Imports, Inc. and its consolidated subsidiaries. References to Pier 1 relate to the Company’s retail locations operating under the na..

Pactiv Corporation ..f specialty-packaging and consumer products with 2004 sales of $3.4 billion. The company operates 77 manufacturing facilities in 14 countries around t..

Pinnacle Bancshares Inc. ..e Holding Company) is a bank holding company incorporated under the laws of the State of Delaware. The Holding Company is registered under the Bank Ho..

Potomac Electric Power Company ..diversified energy company that, through its operating subsidiaries, is engaged in three principal areas of business operations: † regulated electrici..

Park National Corporation .. company registered under the Bank Holding Company Act of 1956, as amended (the Bank Holding Company Act). Park was incorporated under Ohio law in 199..

PacificNet Inc. ..ficNet or PACT refers to PacificNet Inc., a Delaware corporation. OVERVIEW We were incorporated in the state of Delaware in 1987. Our business consist..

PXRE Group Ltd. ..ganized in Bermuda. We provide reinsurance products and services to a worldwide marketplace through our wholly owned subsidiary operations located in ..

PPlus Trust ..urities held by PPLUS Trust Series JPM-1, please refer to JP Morgan Chase & Cos (Commission file number 001-05805) periodic reports, including annual ..

QSound Labs Inc. ..990 in the province of Alberta, Canada under the Business Corporations Act of Alberta, by way of continuance from the province of British Columbia whe..

Republic Bancorp Inc. ..olding company, under the Bank Holding Company Act of 1956, as amended (BHCA), headquartered in Louisville, Kentucky. Republic’s principal subsidiarie..

Reynolds and Reynolds Company (The) ..founded in 1866 and became an Ohio corporation in 1889. Reynolds was one of the first printing companies to produce standardized business forms. In 19..

Republic Bancorp Inc. ..ncorporated under the laws of the State of Michigan in 1986. The Companys principal office is located in Ann Arbor, Michigan. Through its wholly-owned..

Ronson Corporation ..incorporated in 1928. The Company is engaged principally in the following businesses: 1. Consumer Products; and 2. Aviation-Fixed Wing Operations and ..

Res-Care Inc. ..vides residential, therapeutic, job training and educational supports to people with developmental or other disabilities, to youth with special needs ..

Scottish Power plc ..nformation set forth under the headings Business Review on pages 12-35, Financial Review – Overview of the Year to March 2005 – Investment on pages 43..

Sinclair Broadcast Group Inc. ..ny that owns or provides certain programming, operating or sales services to more television stations than any other commercial broadcasting group in ..

Sapient Corporation ..s consulting and technology services firm that plans, designs, implements and manages information technology to improve business performance for Globa..

Stereotaxis Inc. ..tions entitled Business and Managements Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements...

Trident Microsystems Inc. ..rated circuits (ICs) for digital media applications, such as digital television, LCD TV and digital set-top boxes (STB). Since 1987 we have designed, ..

Transmeridian Exploration Inc ..s incorporated in the State of Delaware in April 2000. We are engaged in the business of development and production of oil and gas properties. Our act..

South Financial Group Inc. (The) ..a corporation headquartered in Greenville, South Carolina. TSFG refers to The South Financial Group, Inc. and its subsidiaries, except where the conte..

Universal American Financial Corp. ..versal American) is a specialty health and life insurance holding company, with an emphasis on providing a broad array of health insurance and managed..

Vascular Solutions Inc. .. medical device company focused on bringing clinically advanced solutions to interventional cardiologists and interventional radiologists worldwide. W..

Wayne Savings Bancshares Inc. ..ederal corporation which was organized on August 5, 1997. The Company was majority-owned by Wayne Savings Bankshares, M.H.C., a federally-chartered mu..