Looking kind of at the big picture, whats going on in the EMS space at this point?
Mr. Walker: It has been a tough slog. The industry had a moment of brilliance back in 2003 when demand finally recovered from the burst bubble, but since then, it has been a tough environment. Demand has been fine; I think it’s important to realize it has been pretty stable, but the benefits have been distributed unevenly. Revenues for the EMS industry as a whole have grown in the high-single to low-double digits, reflecting relatively stable demand as well as the increased use of outsourcing, but the tier-one EMS players that a lot of US investors focus on have really struggled. I think the first important point that people often miss is that when you look at the tier-one guys ‘ Flextronics (FLEX), Solectron (SLR), Sanmina-SCI (SANM), Celestica (CLS), Jabil (JBL) ‘ that’s really a pretty small and unrepresentative slice of the industry. If instead, you expand your viewpoint to the top 25 or even just the top 10 providers, it’s actually a much more positive story. That includes Hon Hai
