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Golfinvestor

03/08/05 1:28 PM

#13197 RE: jackmore #13195

Altman is the master mind behind the royalty contracts. IMHO, he is the best choice as the new president. Paul has some big shoes to fill, but he will have IMJ to lean on when needed. I wish both well and I'm confident they will continue to grow shareholder value in years to come.

I am disappointed the dividend was only increased by two cents a quarter. There is to much money sitting on the BS and should be returned to shareholders. I'm hopeful there will be another dividend increase this FY.