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TWST: Start us off with a capsule summary of Exponent, Inc (Nasdaq:EXPO).

Mr. Gaulke: Exponent is a multidisciplinary consulting firm dedicated to solving important science, engineering, and business problems for our clients. We were founded some 35 years ago, and over that period of time, we have combined the skills of over 70 scientific disciplines into one dynamic organization where we offer the expertise and knowledge of our firm to help clients make sound strategic decisions. The basic value proposition we offer our clients is to help them solve high exposure problems. These tend to be problems that arise through the manufacture of products or problems that our clients have in the areas of health or the environment. We manage the firm around the project and today do 4,000 plus projects a year, so the project really becomes a center of our universe. Our 400 consultants are organized into 15 different practice areas. Ten of these have more of an engineering focus and run the gamut from vehicles, biomechanics, data analysis, electrical, human factors, thermal sciences, technology development, industrial structures, civil, to mechanics and materials. We also have five practice areas in the health and environmental arena: these are ecosciences, environmental, human health toxicology, epidemiology and food and chemicals. The food and chemicals business is a recent addition that we made through an acquisition last year, and provides a nice complement to our other health and environmental businesses. A project manager in our firm who is asked to lead a specific project has the ability to call upon whatever expertise is needed out of any of those 15 practice areas to assist in solving a particular project problem. Financially, we had a very good year this past year with record revenues and record net income. Our revenues were up 10% and our net income up 29% from the year before. We are looking forward to continuing to go after the growth opportunities that I have talked about and leverage the very strong market position we enjoy. I believe that the future for our firm is one that should be of real interest to investors.

TWST: Are there M&A opportunities for growth or is this an internal organic growth opportunity at this point?

Mr. Gaulke: Acquisitions have played a part in our growth. Over the past few years, we have made selective acquisitions. It has not been the driver of our growth, but rather complements what otherwise is a high single digit to low double digit growth organically. We have a top-line growth objective of 15% per year and feel we can get two-thirds of the way there with organic growth. We are looking for selective acquisitions that complement our organic growth and get us into the practice areas or business areas that represent new growth opportunities for us. We have used acquisitions to build the health and environmental business area that I spoke of earlier. Last year, health and environmental accounted for approximately one-fourth of the $115 million of total revenues that we reported. So you can see it's beginning to be a significant portion of our business. Our building of this business area began in 1996 with the acquisition of Environmental Health Strategies and was followed in 1997 with the acquisition of PTI Environmental Services, and most recently, in May 2002, the acquisition of Novigen Sciences.