Funding uncertainty in
one of our key states and weakness in the south east also had a negative
impact on results. Operating expenses for the year totaled
$27.

Cash and short term investments totaled $12.1
million operating loss in the fourth quarter of 2004.com, or
call toll-free 888-452-7323.15)
Funds from operations
FFO $0."
Mr.2% (see Supplemental Schedules 6a through 7).7%
Total Same
Store ($mm)
Revenue $268.

Affordable Asset Management and Transactional Activity
Aimco Capital generates activity fees from transactional activities
including tax credit redevelopments , syndications, dispositions and
refinancings, and asset management income from the financial management of
affordable real estate partnerships.

Portfolio Management and Redevelopment Activity
Acquisitions -- Aimco completed two acquisitions during the second
quarter 2005:

* The 100% owned River Club, a 266-unit luxury, garden-style complex
located on the Hudson River in Edgewater, New Jersey, offers views of
Manhattan and close proximity to the Hudson River Crossings and the
New York Waterway Port Imperial station. The
agreement is through Aimco's joint venture with CalSTRS, and Chestnut
Hall is expected to be the first of several properties to be
contributed to the partnership by the University of Pennsylvania .1 million compared with the second quarter 2004.6 million in outstanding letters of
credit) in available capacity.5 million for
the second quarter 2005, an increase of $5.0 million in the
second quarter 2004.

Outlook
For the third quarter 2005, FFO is forecast in a range from $0. Actual results may differ materially from
those described in these forward-looking statements and, in addition , will be
affected by a variety of risks and factors that are beyond the control of
Aimco including , without limitation: national and local economic conditions;
the general level of interest rates; the terms of governmental regulations
that affect Aimco and interpretations of those regulations; the competitive
environment in which Aimco operates; financing risks, including the risk that
our cash flows from operations may be insufficient to meet required payments
of principal and interest; real estate risks, including variations of real
estate values and the general economic climate in local markets and
competition for tenants in such markets; acquisition and development risks,
including failure of such acquisitions to perform in accordance with
projections; the timing of acquisitions and dispositions; litigation,
including costs associated with prosecuting or defending claims and any
adverse outcomes; and possible environmental liabilities, including costs,
fines or penalties that may be incurred due to necessary remediation of
contamination of properties presently owned or previously owned by Aimco.53) $(0., the
operating partnership in Aimco's UPREIT structure
[b] Income from discontinued operations of consolidated properties is
broken down as follows (in thousands):

Quarter Quarter Six Months Six Months
Ended Ended Ended Ended
30-Jun-05 30-Jun-04 30-Jun-05 30-Jun-04

Rental and other property
revenue 4,560 29,298 12,438 61,849
Property operating expense (3,086) (12,797) (7,511) (27,707)
Other (expenses) income, net (114) (256) (322) (507)
Depreciation and amortization (229 ) (5,646) (1,236) (11,138)
Interest expense (1,135) (6,831) (2 ,543) (14,634)
Interest income 33 49 84 102
Minority interest in
consolidated real estate
partnerships 64 (584) 192 (893)
Income from operations 93 3,233 1,102 7,072
Gain on dispositions of real
estate, net of minority
partners' interest 29,953 10,225 37,051 21,552
Impairment losses on real
estate assets sold or held
for sale, net of minority
partners' interest (231) (477) (2,187) (491)
Recovery of deficit
distributions to minority
partners 4,127 91 3,662 3,412
Income tax arising from
disposals (1,206 ) (92) (1,219) (789)
Minority interest in Aimco
Operating Partnership (3,371) (1,377) (3,962) (3,303)
Income from discontinued
operations $29,365 $11,603 $34,447 $27,453

GAAP Balance Sheets

Consolidated Balance Sheets
(in thousands)
(unaudited)

As of As of
June 30, 2005 December 31, 2004
ASSETS

Buildings and improvements $8,976,192 $8,529,269
Land 2,365,560 2,203,430
Accumulated depreciation (2,193,372) (2,000,040)
TOTAL REAL ESTATE 9,148,380 8,732,659
Cash and cash equivalents 148,779 105,343
Restricted cash 277,303 268,940
Accounts receivable 88,716 75,044
Accounts receivable from affiliates 44,984 39,216
Deferred financing costs 68,716 72,045
Notes receivable from unconsolidated
real estate partnerships 168,918 165,289
Notes receivable from non-affiliates 27,083 31,716
Investment in unconsolidated real
estate partnerships 157,521 208,576
Other assets 263,026 267,112
Assets held for sale 27,940 106,301
TOTAL ASSETS $10,421,366 $10,072,241

LIABILITIES AND STOCKHOLDERS' EQUITY

Secured tax-exempt bond financing $1,107,067 $1,133,794
Secured notes payable 4,718,177 4 ,432,910
Mandatorily redeemable preferred
securities -- 15,019
Term loans 400,000 300 ,000
Credit facility 274,600 68,700
TOTAL INDEBTEDNESS 6,499,844 5,950,423
Accounts payable 46,666 34,663
Accrued liabilities and other 400,333 400 ,971
Deferred income 53,535 47,020
Security deposits 40,254 37,637
Deferred income taxes payable, net 14,312 20,139
Liabilities related to assets
held for sale 32,871 89,387
TOTAL LIABILITIES 7,087 ,815 6,580,240

Minority interest in consolidated
real estate partnerships 213,518 211,804
Minority interest in Aimco Operating
Partnership 250,747 272,037

STOCKHOLDERS' EQUITY
Class A Common Stock 954 949
Additional paid-in capital 3,090,545 3,070,073
Perpetual preferred stock 860,250 891,500
Convertible preferred stock 150,000 150,000
Distributions in excess of
earnings (1,175,579) (1,047,897)
Unearned restricted stock (28,276) (19,740)
Notes due on common stock
purchases (28,608) (36,725)
TOTAL STOCKHOLDERS' EQUITY 2,869,286 3,008,160
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $10,421,366 $10,072,241

GAAP Statements of Cash Flows

Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Six Months Ended Six Months Ended
June 30, 2005 June 30, 2004
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $29,598 $28,014
Depreciation and amortization 211,345 174,205
Adjustments to net income from
discontinued operations (33,521) (9,139)
Other adjustments to reconcile net
income (9,599) 5,326
Changes in operating assets and
liabilities (16,806) (32,422)
Net cash provided by operating
activities 181,017 165,984

CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchases of real estate (243,996) (191,844)
Capital expenditures (201,401) (102,930)
Proceeds from dispositions of real
estate 140,160 159,460
Change in funds held in escrow from
tax-free exchanges 40 (32,225)
Cash from newly consolidated
properties 1,623 13,281
Purchases of non-real estate related
corporate assets (7,218) (20,083)
Purchases of general and limited
partnership interests and other
assets (61,547) (35,232)
Originations of notes receivable
from unconsolidated real estate
partnerships (15,125) (28,176)
Proceeds from repayment of notes
receivable 13,043 18,897
Distributions received from
investments in unconsolidated real
estate partnerships 34,945 41,624
Other investing activities 321 (935)
Net cash used by investing
activities (339,155) (178,163)

CASH FLOWS FROM FINANCING
ACTIVITIES:
Proceeds from secured notes payable
borrowings 328,543 154,788
Principal repayments on secured
notes payable (191,093) (181,682)
Proceeds from tax-exempt bond
financing -- 69,471
Principal repayments on tax-exempt
bond financing (26,740) (46,137)
Net borrowings on term loans and
revolving credit facility 305,900 193,213
Redemption of mandatorily redeemable
preferred securities (15,019) (98,875)
Proceeds from issuance of preferred
stock -- 193,250
Redemption of preferred stock (31,250) (99,926)
Repurchase of Class A Common Stock,
redemption of OP Units and warrant
purchase (2,512) (13,088)
Payment of Class A Common Stock
dividends (112,961) (112,532)
Payment of preferred stock dividends (43,196) (39,306)
Contributions from minority interest 17,403 22,155
Payment of distributions to minority
interest (32,002) (44,107)
Other financing activities 4,501 (6,024)
Net cash provided by (used in)
financing activities 201,574 (8,800)
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 43,436 (20,979)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 105,343 114,432
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $148,779 $93,453

Outlook and Forward Looking Statement
Third Quarter and Full Year 2005
(unaudited)

The Outlook information provided on this Schedule contains information
that is forward-looking, including statements concerning projected third
quarter and full year 2005 results.92 to $2.5 to 93. Aimco estimates that its share
of cash from these dispositions, net of mortgage debt and third-
party equity interests, will be $265 to $290 million ($220 to $240
million related to conventional properties and $45 to $50 million
related to affordable properties).

sequential reason

"Our sales pipeline is at a record level and the 33% growth in
sales capacity we added in 2005 should become increasingly productive. "We expect resumed growth in booked sales in 2006 in our
target 20%-30% growth range."

For the year ending December 31, 2006, the Company is lowering its
guidance.33 $ (0. The company's Asian joint
ventures continued to deliver solid performance. The $13. "Same Store" expenses
of $119 .5 million, or 6. Asset management income is earned by Aimco Capital from the
financial management of partnerships, rather than property management of day-
to-day operations.691.08) $(0. These forward-looking statements are also based
on certain risks and uncertainties, including but not limited to Aimco's
ability to improve upon current occupancy, rent levels and "same store "
results and the economic environment in which Aimco operates.25 -$.

(3) The expected occupancy above is based on a daily weighted average
calculation.

morals indeterminism

"

"We remain very positive about our prospects."

Gross margins for the year ended December 31, 2005 were 81%, compared to
78% for the year ended December 31, 2004.7
million. As we anticipated when we reported year end 2004 results,
2005 revenue benefited from a substantial roll-off of deferred revenue from
prior year's sales. The conference call can also be accessed at
866-700-7101 (domestic ) or 617-213-8837 (international).
123, "Accounting for Stock-Based Compensation," as amended by SFAS No.17 per share
for capital replacement expenditures in the second quarter 2005 and
second quarter 2004, respectively."
Mr. During
the second quarter 2005, conventional real estate operations generated free
cash flow (FCF; a non-GAAP financial measure defined in the Glossary and
presented and reconciled to GAAP on Supplemental Schedule 2) of $145.0% to
90. Comparable prior
periods have been calculated accordingly.2 million in the second quarter 2005 compared with the first
quarter 2005, driven primarily by a 70 basis point increase in occupancy and a
0 . On a year-over-year
basis, second quarter average month-end occupancy increased 70 basis points
from 95.015 per share.
At the end of the second quarter 2005, Aimco's corporate debt balance was
$674.97 billion was floating rate.691.50 $1.

saying perpetual

Bowen, Chairman and CEO.

Revenue for the quarter ended December 31, 2005 was $7. We believe the fundamental need
for our Fast ForWord products to improve student learning is unchanged,"
stated Mr. Based on more than 30 years of
neuroscience and cognitive research, Fast ForWord products help children,
adolescents, and adults build the cognitive skills critical for improving
reading and language skills. Management's Discussion and Analysis) . The agreement resulted in reversal of previously
accrued income taxes totaling $2.

ENGELHARD CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands, except per share data)
(Unaudited )

Three Months Ended
March 31,
------ -----------------
2005 2004
----------- -----------
Net sales $1,026,670 $1,040,032
Cost of sales 858,176 880,676
----------- -----------
Gross profit 168,494 159,356
Selling, administrative and other expenses 99,068 94,849
----------- -----------
Operating earnings 69,426 64,507
Equity in earnings of affiliates 8,109 4,939
Gain on investment 119 -
Interest expense, net (4,780) (4,906)
----------- -----------
Earnings before income taxes 72,874 64,540
Income tax expense 14,922 14 ,199
----------- -----------

Net earnings $57,952 $50,341
=========== ===========
----------- -------- ---
Earnings per share - basic $0.45 0.0 million decrease
in operating income.06 on a diluted
basis, compared with a loss of ($0.5 million, or $0.67 $0.32
Adjusted funds
from operations
AFFO $0.3
million increase in property tax and insurance expenses. The Flamingo South Beach project is scheduled to reach
stabilization during the third quarter 2005 with occupied and pre-leased units
at 89.1 million
at a weighted average interest rate of 5. After repayment of existing
property debt, transaction costs and distributions to limited partners
totaling $79.6 million higher
capitalized interest due to increased redevelopment activity.67 to $0.92 to $2.

Dividends on Common Stock
As announced on July 29, 2005, the Aimco Board of Directors declared a
quarterly cash dividend of $0.5% annualized yield based
on the $43. You may join the conference call through an Internet audiocast via
Aimco's Website at http://www.06 $(0.0% to 2.7% to 7.

esthetics sectionalized

Bowen. Such statements include , among others, the statements in
the Business Outlook section of this release, and all statements relating
to projected levels of revenue, sales, margins, expenses, profit or loss,
and other financial results and trends in our results and in the education
market. Item 1.

Business Editors

ISELIN, N.
Earnings growth and improved margins resulted from better performance
in several specialty markets and the accretive impact of last year's
acquisition in cosmetics and personal care . For more information, visit Engelhard on the
Internet at www.
148, "Accounting for Stock-Based Compensation - Transition and
Disclosure," (assuming SFAS No.

* Funds from operations (FFO) is a non-GAAP financial measure defined in
the glossary in the Supplemental Information (the Glossary).30
FFO before impairment
and preferred
redemption charges $0. We have substantially increased
spending for capital improvements and redevelopment and expect that will
support further gains. These actions include: (i) maintaining 100%
interest in Palazzo East rather than joint venturing 50% as planned; (ii)
correspondingly, increasing gross dispositions by $240 million; and (iii)
increasing our expected 2005 redevelopment expenditures by $40 million.

"Same Store" Results
The "Same Store" portfolio is a sub-set of total conventional properties.6% $ 146. See Supplemental Schedule 8 for additional
information on acquisition activity. See Supplemental Schedule 8 for
additional information on disposition activity. Further information on redevelopment projects
is provided in Supplemental Schedule 10.

Additional Financial Information
PROPERTY MANAGEMENT INCOME -- Income from property management is generated
from management of properties in which Aimco has unconsolidated interests.4 million) was $7.50 billion total debt outstanding of
which $1.06 $(0.72 to $2.3%
NOI
change
-- sequential 1.

1795 esthetics

Bowen. Basic loss per share is expected to be in the range of $. The access code
"73790024" is required to access the call.06) $ 0. FFO
(diluted) before impairment and preferred redemption charges was $63.34 $1.
At the end of the second quarter 2005, this portfolio had 590 properties with
164,763 units in which Aimco had a weighted average ownership of 82%.4% as of the end of June.3 million.23%, including an additional $100
million term loan borrowed on June 16, 2005 under Aimco's existing credit
agreement. Please refer to the
Outlook Schedule for more detail on the third quarter and full year 2005,
which follows the Consolidated Financial Statements in this release.asp, then click on the
Webcast link.67 to $0.

kingsmill immanuel

0 million. The estimated impact of FAS 123 is $1.06 to
$.12.04)
Shares used in computing ======== ======== ======== ========
diluted net income 16,774 16,616 18,023 16,408
======== ======== ======== ========

Scientific Learning Corporation
Condensed Statement of Cash Flows
(In thousands)
Unaudited

Three months ended Twelve months ended
December 31, December 31,
-------------------- -------------- ------
2005 2004 2005 2004
-------- -------- -------- --------

Operating Activities:
Net income (loss) $ (1,548) $ (1,018) $ 5,597 $ (693)
Adjustments to reconcile
net income (loss) to cash
provided by operating
activities:
Depreciation and
amortization 181 221 728 779
Increase in interest
receivable from current
and former officers (13) (272) (170) (387)
Increase in interest
receivable on short
term investments (44) - (44) -
Amortization of deferred
financing costs - - - 232
Stock based compensation 22 8 205 181
Changes in operating assets
and liabilities:
Accounts receivable 1,430 (567) 2,142 (544)
Prepaid expenses and
other current assets 92 250 (6) (162)
Other assets (91) - (66)
Accounts payable (32) (54) (389) 122
Accrued liabilities (567) 1,339 (1,372) 463
Deferred revenue (1 ,403) 59 (8,781) 6,284
Other liabilities 10 11 42 59
-------- -------- -------- --------
Net cash provided by (used in)
operating activities (1,963) (24) (2,114) 6 ,334

Investing Activities:
Purchases of property and
equipment, net (31) (124) (181) (646)
Purchases of investments - (2,999) -
Repayment on officer loan 1,317 - 3,561 -
-------- -------- -------- --------
Net cash provided by (used in)
investing activities 1,286 (124) 381 (646)

Financing Activities:
Proceeds from issuance of
common stock, net 175 143 474 945
Borrowings under bank line
of credit - - - 3,000
Repayments on borrowings
under bank line of credit - - - (3,000)
-------- -------- -- ------ --------

Net cash provided by
financing activities 175 143 474 945
-------- -------- -------- ------ --

Increase (decrease) in cash
and cash equivalents (502) (5) (1,259 ) 6,633

Cash and cash equivalents at
beginning of period 9,524 10,286 10,281 3,648
-------- -------- -------- ------ --

Cash and cash equivalents
at end of period $ 9,022 $ 10,281 $ 9,022 $ 10,281
======== ======== ======== ========

Engelhard Reports First-Quarter Results

11
=========== ===========

Average number of shares outstanding - basic 121,702 124,157
=========== ===========

Average number of shares outstanding - diluted 123,905 126,468
=========== ===========

Actual number of shares outstanding at end of
period 121,161 123,995
=========== ===========

Had compensation cost for Engelhard's stock option plans been
determined based on the fair value at grant date consistent with the
provisions of Statement of Financial Accounting Standards ("SFAS") No.48 per share, in the second
quarter 2004."

Business Components -- Conventional Operations and Aimco Capital
CONVENTIONAL REAL ESTATE OPERATIONS -- Conventional real estate operations
include Aimco's diversified portfolio of market rate apartment communities .
In the second quarter 2005, the "Same Store" portfolio included 525
communities with approximately 120,330 effective units based on Aimco's
weighted average ownership of 82.9%; higher average rent , up $12 per unit, or 1.9% 87.4 million, primarily due
to increased turnover, leasing and marketing costs associated with increasing
occupancy as well as higher insurance expense, partially offset by seasonally
lower utilities expenses.

AIMCO CAPITAL -- Aimco is among the largest owners and operators of
affordable properties in the United States.9 million and
property management net operating income of $3.7 million for the second quarter
2005, compared with a gain of $12.4 million in the first half of 2004. Interest
income was generated primarily from notes receivable totaling $196.46 to $0.3 to 92.

sectionalized condensed

"

The operating loss for the quarter was $1. In 2007, sales and
revenue growth should be much more aligned. A replay of this teleconference will be made available
on the Scientific Learning web site approximately two hours following the
conclusion of the call.----Engelhard
Corporation (NYSE: EC) today reported net earnings for the first
quarter ended March 31 of $58 ."

First-Quarter Operating Results

Operating earnings from Environmental Technologies were $36
million, a decline of 1% following a 24% increase in the first quarter
of last year.6 million increase in net income is
primarily a result of a $16.08) in the second quarter 2004,
based on net income (loss) attributable to common shareholders.6%, from $733 per unit to
$745 per unit; and lower bad debt, down $0. During the second quarter 2005, Aimco
also purchased for an aggregate of $22.5 million from $91.m. If you are unable to
join the live conference call , you may access the replay for 30 days on
Aimco's Website or by dialing 800-405-2236 (303-590-3000 for international
callers) and using access code 11033736#. These forward-looking
statements are based on management's judgment as of this date and include
certain risks and uncertainties.4350 , Investor@Aimco.16) $(0.P.03

2005 Same Store
Operating
Assumptions
Expected physical
occupancy
(weighted
average)(3) 92 .

1795 immanuel

"As previously discussed,
a strategic pricing change late in the fourth quarter of 2004 resulted in
the recognition of most of the product revenue from perpetual licenses at
delivery in 2005 . The number of
transactions over $100,000 declined from 18 in 2004 to 9 in 2005," stated
Mr.

Revenues rose 1% to $241 million. There are a number of factors
that could cause Engelhard's actual results to vary materially from
those projected in the forward-looking statements.47 $0.67 per share, compared with $59.5 million related to
impairment losses from real estate assets sold or held for sale
(adjusted for minority interest in Aimco Operating Partnership).6% , compared with the second
quarter 2004.8 million, or
1. Year-to-date Aimco has sold eight
conventional properties and 21 affordable properties for gross proceeds of
$189 million (Aimco share $127 million ). Property
management net operating income declined due to sales of unconsolidated
properties and increased ownership.aimco.04)
Net income (loss) attributable
to common stockholders $0.16) $(0.

groundwork perpetual

0 million reported in 2004.

"Revenue for the year grew strongly, as expected , but did not meet our
goals," said Robert C.0 million, compared
to $8.0 million and $0.0
million compared to $40.
However, the Company may update the business outlook or any portion thereof
at any time for any reason.

The Fast ForWord exercises align with the scientifically based
reading -research guidelines and the requirements of the No Child Left
Behind Act.0 billion, approximately even with
the prior-year period.engelhard.67 per share, within Aimco guidance and up $0.8 million , or $0.16) ($0.93 $1. Considine continues: "Looking forward, we expect further gains from
operations, increased contributions from redevelopment, and some easing of G+A
cost pressures .6%.0 million for the second quarter 2005,
up 6.0 $139. Previously, reported
occupancy was as of the end of the month and average occupancy for a
quarter was the arithmetic average of the three, month-end
occupancies.2 million in the second quarter 2005
compared with $4.0 million year-to-date 2004. Year-to-date Aimco has purchased six properties including 1,012
units for a total purchase price of $281 million, plus Chestnut Hall for which
the purchase price is not disclosed.

Gain on Dispositions -- Aimco's property dispositions resulted in total
gains on dispositions of real estate (including gains related to sales of
unconsolidated entities and other and net gains within discontinued
operations), net of related taxes, of $31.
As previously announced, Aimco is marketing for sale the Flamingo South
Beach property, which has 1,688 units and is located on 16 acres of waterfront
in the South Beach area of Miami Beach.

ACTIVITY FEE AND ASSET MANAGEMENT INCOME -- Activity fees are generated
from transactional activities including tax credit syndications,
redevelopment, dispositions and refinancings, and are earned primarily by
Aimco Capital.4 million in the second quarter 2004. Total proceeds were $124.4 million in the second
quarter 2004.03 per share.

About Aimco
Aimco is a real estate investment trust headquartered in Denver, Colorado
that owns and operates a geographically diversified portfolio of apartment
communities through 25 regional operating centers.

etext saying

PRESS RELEASE Scientific Learning Reports 2005 Results

Revenue for the twelve months ended December 31, 2005 was $40. In addition , revenue benefited from our large deferred
revenue balance reflecting sales made in previous years .8 million, compared to a $1.5 million and $0.

Business Outlook

"While educators have been more cautious in their buying decisions than we
anticipated, our outlook remains positive. As a result of the lower
revenue and the adoption of FAS 123, which requires expensing of
stock-based compensation, the Company expects to report a net loss between
$1. Scientific Learning does not expect to update the business
outlook until the release of its next quarterly earnings announcement. EST on February 23,
2006.06) $ 0. "A balanced approach of driving growth and managing
the business mix across our enterprise enabled us to deliver ongoing
earnings results slightly ahead of expectations . Revenues were $450 million,
compared with $491 million in last year's first quarter.65 $1 .9 million increased by $7.6% (117.

Comparing "Same Store" results on a sequential basis , total revenue
increased $5. Aimco Capital activity fee and asset
management net operating income was $4.9 million in the second quarter 2004.8 million (after $23.7 million were up $4.
Readers should carefully review Aimco's financial statements and notes
thereto, as well as the risk factors described in Aimco's Annual Report
on Form 10-K for the year ended December 31, 2004 and the other documents
Aimco files from time to time with the Securities and Exchange
Commission.71 $2.83
AFFO per share $0.6% --
NOI
change --
2005 vs.

groundwork judgement

We see no fundamental change
in educators' interest in our Fast ForWord products or in their need to
purchase products that quickly increase learning capacity," stated Mr. Bowen.0 million and $2. We expect this relationship to
reverse in 2006, with booked sales above revenue.scientificlearning.com. Revenues rose 12% to $148 million.0 million in the
second quarter 2004.6 million increase in gain on dispositions
of real estate related to consolidated entities (adjusted for taxes
and minority interests), partially offset by a $2.6% $740 +0.0 million
at June 30, 2005 and from interest-bearing accounts.com/about /financial/2Q2005.04)
Net income (loss) attributable
to common stockholders $0.69 to -$.4% 5.

determinism morals

3 million,
compared to $31. As a result of this booked sales shortfall , revenue,
profits and cash flow for 2005 were below our expectations and guidance. This will not be repeated in 2006," said Mr. Please dial in or visit the web
site at least 10 minutes prior to the commencement of the call to ensure
your participation.09) $ (0.J.3 million, or 40 cents per share, for the same
period in 2004.
Operating earnings from Materials Services were $4 million , an
increase of $1 million versus a year ago.
Earnings from equity investments were $8 million in the first
quarter compared with $5 million a year ago. For a more thorough
discussion of these factors, please refer to page 30 of Engelhard's
2004 Form 10-K, dated March 11, 2005.40
=========== ===========
----------- -----------
Cash dividends paid per share $0.48 $0.6
million.
Comparing "Same Store" results in the second quarter 2005 with the second
quarter 2004, total revenue increased $16. "Same Store"
portfolio net operating income was $149 .9 $252.4) +6.9 +6. Expenses increased $2.9%, on a sequential basis.9 million) and Aimco initiated six new moderate
conventional projects.
For the full year 2005, FFO is forecast in a range from $2. Eastern
Time.

Third Quarter 2005 Full Year 2005
GAAP Earnings
per share (1) -$.96 $3.68 to $2.

esthetics reason

Gross margins improved for both
products and service and support.
Operating profit was $5. "Fourth quarter results reflected a continuation of the caution
in decision making that began in the second quarter.09 per share, compared to a
net loss of $1. Revenue is expected to be in the range of $36. Bowen.

Conference Call Information

The Company will host a conference call at 5:00 p.

About Scientific Learning Corporation

Scientific Learning produces the patented Fast ForWord family of
products, a series of computer-delivered reading intervention products that
complement reading instruction. Actual events or results may differ materially as a result
of many factors, including but not limited to: general economic conditions;
the extent of acceptance and purchase of the Company's products by target
customers; seasonality and sales cycles in Scientific Learning's markets;
competition; availability of funding to purchase the Company's products and
generally available to schools; the extent to which the Company 's
marketing, sales and implementation strategies are successful; the
Company's ability to continue to demonstrate the efficacy of its products,
which depends on how the programs are administered, the demography of
participants and other factors; the Company's ability to recruit and retain
key personnel; the Company's ability to timely execute its new product
development strategies; pricing pressures; expense levels at the Company;
risks associated with litigation and intellectual property; and other risks
detailed in the Company's SEC reports, including but not limited to the
2004 Report on Form 10-K (Part 1.09) $ (0.0% +390 bp 90.7 +2.9) (112.4) +2.4 million
year-to-date 2005 compared with $11.4 million in the
second quarter 2005 compared with $5.6 million at an average rate of 5.4440

GAAP Income Statements

Consolidated Statements
of Income
(in thousands, except per
share data) (unaudited)

For the Three Months For the Six Months
Ended June 30, Ended June 30,
2005 2004 2005 2004
REVENUES:
Rental and other property
revenues $385,566 $342,869 $757,858 $678,672
Property management
revenues , primarily
from affiliates 5,926 9,063 12,590 17,319
Activity fees and asset
management revenues,
primarily from affiliates 6,680 10,128 14,698 18,396
Total revenues 398,172 362,060 785,146 714,387

EXPENSES:
Property operating expenses 181,153 162,515 362,169 321,231
Property management expenses 1,829 2,162 3,745 4,590
Activity and asset
management expenses 2,305 4,716 4,913 7,027
Depreciation and
amortization 107,715 88,419 211 ,345 174,205
General and administrative
expenses 21,723 17,411 42,574 35,586
Other expenses (income), net (812) 599 (1,540 ) (436)
Total expenses 313,913 275,822 623,206 542,203

Operating income 84,259 86,238 161,940 172,184

Interest income 7,420 7,503 14,924 14,929
Recovery of (provision for)
losses on notes receivable (34) (1,180) 1,558 (1,101)
Interest expense (96,502) (91,047) (190,169) (178,916)
Deficit distributions to
minority partners (1,698) (2,736) (3,170) (7,182)
Equity in losses of
unconsolidated real
estate partnerships (418) (1,038) (1,319) (2,472 )
Impairment losses related to
unconsolidated real estate
partnerships (275) (1,881) (531) (1,733)
Gain on dispositions of real
estate related to
unconsolidated entities and
other 2,915 2 ,097 4,773 2,097

Loss before minority interests,
discontinued operations and
cumulative effect of change
in accounting principle (4,333) (2,044) (11,994) (2,194)

Minority interests:
Minority interest in
consolidated real estate
partnerships 1,664 4,121 5,080 5,688
Minority interest in Aimco
Operating Partnership,
preferred [a] (1,806) (1,971) (3,618) (3,940)
Minority interest in Aimco
Operating Partnership,
common [a] 2,676 2,277 5,683 4,964

Total minority interests 2,534 4,427 7,145 6,712

Income (loss ) from continuing
operations (1,799) 2,383 (4,849) 4,518
Income from discontinued
operations, net [b] 29,365 11,603 34,447 27,453
Income before cumulative
effect of change in
accounting principle 27,566 13,986 29,598 31,971

Cumulative effect of change in
accounting principle -- -- -- (3,957)
Net income 27,566 13,986 29,598 28,014

Net income attributable to
preferred stockholders 21,693 21,773 44,562 41,640
Net income (loss ) attributable
to common stockholders $5,873 $(7,787) $(14,964) $(13,626)

Weighted average number of
common shares outstanding 93,807 93,065 93,627 92,938
Weighted average number of
common shares and common
share equivalents outstanding 93,807 93,065 93,627 92,938

Earnings (loss) per common
share - basic:
Loss from continuing operations
(net of income attributable
to preferred stockholders) $(0.13 0.21) $(0.37
FFO per
share (NAREIT ) $0.

kant morals

Scientific Learning Corporation (NASDAQ: SCIL)
today announced results for the fourth quarter and year ended December 31,
2005. The company had no
debt outstanding in either period .0 million, or 47 cents per share,
compared with $50.S. Unfavorable volume and
mix in light-duty vehicles was partially offset by performance in
other served markets and improved productivity.12 $0. Under the NAREIT
definition, second quarter 2005 FFO deducts $0.42 per
share, compared with $44. I am pleased with the
progress of Jeff and his team in increasing the contribution from Aimco's
portfolio of conventional properties.

Same Store Operating Results

SECOND QUARTER
Year-over-year Sequential
2005 2004 Variance 1st Qtr Variance
2005
Same Store
Operating
Measures
Average
Physical
Occupancy
(1) 90.6% $ 263.1%
NOI $149.3 +1. Aimco Capital has been organized
to oversee Aimco's affordable property operations, asset management and
transactional activities, and is led by a management team dedicated to this
sector.9%, and average rent per unit increased 3. The property was purchased
for $54 million; and

* As previously announced, Aimco entered into a partnership agreement
with the University of Pennsylvania to own and operate Chestnut Hall,
a 315-unit mid-rise complex located in close proximity to campus.8 million additional limited
partnership interests in 45 partnerships that own 111 properties. Aimco
considers these properties as "non-core" (defined in the Glossary) and seeks
to hold them over the intermediate term.
Property management net operating income was $4 .6
million due to increased interest rates on corporate and other variable rate
debt and other items; partially offset by (iii) $3.72 to $2.40)
Income from discontinued
operations 0.29 to -$.71 $2.

Full or partial online texts of the writings of of the writings of Immanuel Kant, in English.

sectionalized 1784

3 million on December 31, 2004.

This press release contains projections and other forward-looking
statements that are subject to the safe harbor created by the federal
securities laws.
During the first quarter, Engelhard and the U.
First-quarter revenues were $1.
"Improved pricing coupled with an intense focus on productivity
delivered solid growth in operating earnings and margin expansion in
our technology segments," said Barry W. 123 was adopted on its effective date
of October 1995), Engelhard would have reported net earnings and
diluted earnings per share as follows:

Three Months Ended
March 31,
-----------------
Pro forma information (in thousands, except per-
share data ) 2005 2004
-------------------------------------- ----------- -------- --------
Net earnings - as reported $57,952 $50 ,341
Net earnings - pro forma 55,674 47,521
Diluted earnings per share - as reported 0.3
million, or $0.02 per
share compared with the second quarter 2004. FFO results as
calculated in accordance with the definition prescribed by the
National Association of Real Estate Investment Trusts (NAREIT) were
$62 .9 million, or $0.

Diluted Per Share Results

SECOND QUARTER YEAR-TO-DATE
2005 2004 2005 2004
Earnings (loss)
EPS $0.6%
increase in Same Store net operating income, positive trends at acquisition
and redevelopment properties, and fee income in line with forecast.25 million. Increased expenses included: $6.6% from the second quarter 2004.0%
Expenses (119.2% to 95.
In the second quarter 2005, Aimco sold seven non-core conventional
properties and eight affordable properties with 1,540 and 1,192 units,
respectively, for $136 million in gross proceeds (Aimco share $103 million).
As of June 30, 2005, Aimco had $6.
Subsequent to quarter-end, on August 1, 2005, Moody's rating service
upgraded the outlook for Aimco's senior unsecured and preferred stock ratings
to "stable".5 million due to increased debt balances primarily
associated with acquisitions, refinancings and increased ownership; (ii) $2. The year-over-year increase is primarily due to increased
compensation related to increased staffing levels, recruiting fees and higher
health care costs, partially offset by lower legal fees.29 closing price of Aimco's Class A Common Stock on July 27, 2005.21) $(0.37 0.67 to $0.0% to 6.5%

Gross dispositions (4) $725M to $850M (Aimco Share
$530M - $640M)
Gross acquisitions (5) $450M to $500M (Aimco Share
$450M - $500M)


(1) Aimco's earnings per share guidance does not include estimates for
(i) gain on dispositions or impairment losses due to the
unpredictable timing of transactions or (ii) deferred costs
recognized on early repayment of debt or redemption related
preferred stock issuance charges.

judgement perpetual

Bowen. "

The above information represents the Company's current expectations as of
the date of this release and is based on information current as of February
23, 2006.04)
Shares used in computing ======== ======== ======== ========
basic net income 16,774 16,616 16,715 16,408
======== ======== ======== ========
Diluted net income per share: $ (0.31 $ (0. Internal Revenue
Service reached agreement with respect to the company's tax return for
the year 2001. Earnings per share (EPS) was $0. AFFO includes deductions of $0.03

Management Comments
Chairman and Chief Executive Officer Terry Considine comments: "Aimco
operations continued to improve in the quarter.9
million in costs associated with the CFO and CAO transition as well as actual
results year-to-date.7 million, or 6.

Affordable Property Operations
At the end of the second quarter 2005, Aimco's owned affordable portfolio
included 386 properties with 46,167 units in which Aimco had a weighted
average ownership of 40%.3 million. After the bankruptcy of a large corporate
housing provider during the second quarter, the effective occupancy was 64% at
quarter-end.2 million for the second quarter 2004.

DEBT ACTIVITY -- During the second quarter 2005, Aimco closed 14 mortgage
loans, refinancing existing mortgage debt.6
million, leaving $151.83 per
share, before impairment and preferred redemption charges, and AFFO is
forecast in a range from $1.

Supplemental Information
The Supplemental Information referenced in this release is available at
Aimco's Website at the link http://www.asp or by
calling Investor Relations at 303-691-4350.29
Cumulative effect of change in
accounting principle -- -- -- (0.08) $(0.

(2) FFO per share before adjustments represents FFO before impairments
and redemption related preferred stock issuance charges .

(5) Gross acquisitions include property acquisitions, limited
partnership acquisitions, preferred stock redemptions and common
stock repurchases.

immanuel sectionalized

3 million in 2005 , compared to an operating loss of
$735,000 in 2004.2 million for the quarter ended December 31, 2004 , a decrease of 14%.

"Fourth quarter sales to K-12 schools dropped 38%. The net loss for the
fourth quarter of 2005 was $1.
"In 2005, booked sales were below revenue.

For more information about Scientific Learning and its products, visit our
Web sites at www. A Fortune 500 company, Engelhard is a world-leading
provider of technologies for environmental, process, appearance and
performance applications."
Chief Financial Officer Paul McAuliffe adds: "Second quarter FFO met
expectations through solid results in core operations, including a 6. McAuliffe continues: "For the second half of 2005, while operations
continue on plan, we have lowered guidance to reflect actions that we expect
will create long-term value.8 million
compared with $11. The dividend represents 143% of AFFO (diluted) and
90% of FFO (diluted), on a per share basis, and a 5. Risks and uncertainties include , but are not
limited to, Aimco's ability to improve upon current occupancy, rent levels and
"Same Store" results and Aimco's ability to close transactions necessary to
generate fee income as anticipated .53) $(0.79
FFO per share
before
adjustments (2) $0.

sectionalized condensed

06 per share in the fourth quarter of 2004.com
Forward-looking statements: This document contains forward-looking
statements in management's comments.40
Diluted earnings per share - pro forma 0.6 million, compared with $14.63 per share, in the second quarter 2004.25 and $0.08) ($0. The increase in
revenue was generated by: higher occupancy, up 390 basis points from 87.9%

(1) As of the first quarter 2005, Aimco's reported occupancy represents
the daily weighted average for the quarter.1% from $646 to
$666 per unit.5
million (Aimco share $30.

Earnings Conference Call
Please join Aimco management for the Second Quarter 2005 earnings
conference call to be held Wednesday, August 3, 2005 at 1:00 p. These
forward-looking statements reflect management 's judgment as of this date, and
Aimco assumes no obligation to revise or update them to reflect future events
or circumstances. Aimco's properties are located in 47 states, the District of Columbia
and Puerto Rico.com
Jennifer Martin, Vice President-Investor Relations 303.31 0. Actual
results may differ materially from those described in these forward-
looking statements and will be affected by a variety of risks and
factors including, without limitation: national and local economic
conditions; the general level of interest rates; the terms of
governmental regulations that affect Aimco and interpretations of those
regulations; the competitive environment in which Aimco operates;
financing risks, including the risk that Aimco's cash flows from
operations may be insufficient to meet required payments of principal
and interest; real estate risks, including variations of real estate
values and the general economic climate in local markets and competition
for tenants in such markets; acquisition and development risks , including
failure of such acquisitions to perform in accordance with projections;
litigation , including costs associated with prosecuting or defending
claims and any adverse outcomes; and possible environmental liabilities,
including costs that may be incurred due to necessary remediation of
contamination of properties presently owned or previously owned by Aimco.

perpetual esthetics

"Results for the year reflect increased caution by educators.
We saw good growth in sales to new customers, but expansions in our
existing customer base were slower than expected.4 million, an increase of 10%, compared to $25.

The Company reported a net profit for the year of $5.31, compared to a net loss of $693 ,000 and $.04
per share for the year ended December 31, 2004.0 million to $38. Such statements are subject to substantial risks and
uncertainties. Improved performance from
chemical-process markets combined with continued demand for new
additives technology for petroleum refining to deliver improved
margins and solid earnings growth.63 $1.9 million in the second quarter 2004, and $9.

The Palazzo East, acquired in March 2005 at 60% occupancy, operated at a
deficit after related interest expense reducing second quarter results by
approximately $0.

Dispositions -- Non-core sales: Aimco regularly reviews its portfolio to
identify properties that do not meet its long-term investment criteria.
Aimco's share of net proceeds after repayment of existing property debt and
transaction costs was $59 million. The amount of this net
operating income may vary each quarter depending upon the nature and timing of
transactional activity.

INTEREST EXPENSE -- Consolidated interest expense was $96.50 per share.aimco.com/about/financial/2Q2005.

Forward-looking Statements
This earnings release and Supplemental Information contain forward-looking
statements, including statements regarding projected results and specifically
forecasts of third quarter and full year results.

Contact
Investor Relations 303.40)
Income from discontinued
operations 0. These forward-looking statements are
based on current expectations, estimates, and projections about the
markets and the industry in which Aimco operates as well as management's
beliefs and assumptions.

(4) Aimco anticipates gross sales proceeds of $725 to $850 million for
2005 ($550 to $650 million related to conventional properties and
$175 to $200 million related to affordable properties).

condensed immanuel

brainconnection.48 $0.47 0. SUMMARY FINANCIAL RESULTS

DENVER, Apartment Investment and
Management Company (Aimco) (NYSE: AIV) announced second quarter 2005 results
including:

* Net income was $27.3 +6.7% increase in rental rate.

REDEVELOPMENT ACTIVITY -- At quarter-end, Aimco's Redevelopment and
Construction Services groups had 44 projects at various stages of
redevelopment, including 29 conventional projects and 15 affordable projects.1 million in the second
quarter 2005 compared with $6.8 million, Aimco 's share of net proceeds was $44. The floating rate debt included $675
million corporate debt, $571 million floating rate secured notes and $729
million of tax-exempt bonds.

G+A -- General and administrative expenses for the second quarter 2005 of
$21.60 per share of Class A Common Stock for the
quarter ended June 30, 2005, payable on August 31, 2005 to stockholders of
record on August 19, 2005. Please call
approximately five minutes before the conference call is scheduled to begin
and indicate that you wish to join the Apartment Investment and Management
Company Second Quarter 2005 earnings conference call.5% 91.

metaphysics perpetual

6 million and diluted
net income per share of $.3 million in 2005. Business), filed April 15, 2005,
as amended by the Form
10-K/A filed May 26, 2005 and the Report on Form 10-Q filed November 14,
2005 (Part1, Item 2.
Operating earnings from Process Technologies increased 17% to $19
million.
Operating earnings from Appearance and Performance Technologies
increased 20% to $18 million. In
addition, as previously disclosed, guidance is affected by approximately $1. Net operating income increased $2. This
activity included increasing Aimco's ownership interest in the Flamingo South
Beach property from 77% to 99%. Aimco has received a number of bids
for this property, which are currently under review.
Year-to-date activity fee and asset management income was $9.4 million for the second quarter 2005, a
decrease of $0.12%. Aimco, through its
subsidiaries, operates approximately 1,475 properties, including approximately
260,000 apartment units, and serves approximately one million residents each
year. Aimco common shares are included in the S+P 500.29
Cumulative effect of change in
accounting principle -- -- -- (0.25) $(0.31 0.46 to $0.

kingsmill metaphysics

"2006 will be the final year of transition for our business as a result of
the strategic pricing change we made in late 2004. The conference call will be available live on the Investor
Information portion of the Company's web site at
www. The efficacy of the products has been confirmed by independent
researchers , by evaluating the results of standardized achievement tests,
and by Scientific Learning's scientists .


Scientific Learning Corporation
Condensed Balance Sheet
(In thousands)
Unaudited

December 31, December 31,
2005 2004
--------- ---------
Assets
Current assets:
Cash and cash equivalents $ 9,022 $ 10,281
Short term investments 3 ,043
Accounts receivable, net 3,519 5,661
Notes and interest receivable from current
and former officers 297 3,688
Prepaid expenses and other current assets 1,312 1,306
--------- ---------

Total current assets 17,193 20,936

Property and equipment, net 469 755
Other assets 1,072 1,267
--------- ---------
Total assets $ 18,734 $ 22,958
========= =========

Liabilities and stockholders' deficit
Current liabilities:
Accounts payable $ 214 $ 603
Accrued liabilities 2,966 4,338
Deferred revenue 11,171 19,981
--------- ---------

Total current liabilities 14,351 24,922
Deferred revenue, long-term 5,832 5,803
Other liabilities 386 344
--------- ---------

Total liabilities 20,569 31,069


Stockholders' deficit:
Common stock 76,265 75,586
Accumulated deficit (78,100) (83,697)
--------- ---------

Total stockholders' deficit: (1,835) (8,111)
--------- ---------

Total liabilities and stockholders' deficit $ 18,734 $ 22,958
========= =========

Scientific Learning Corporation
Condensed Statement of Operations
(In thousands )
Unaudited

Three months ended Twelve months ended
------------------ --------------- ----
December 31, December 31,
------------------ -------------------
2005 2004 2005 2004
-------- -------- -------- --- -----
Revenues:
Products $ 4,313 $ 5,889 $ 30,263 $ 22,802
Service and support 2,670 2,264 10,056 8,174

-------- -------- -------- --------
Total revenues 6,983 8,153 40,319 30,976

Cost of revenues:
Cost of products 510 465 2,018 1,775
Cost of service and support 1,426 1,261 5,637 4,981
-------- -------- -------- --------
Total cost of revenues 1,936 1,726 7,655 6,756

Gross profit 5,047 6 ,427 32,664 24,220

Operating expenses:
Sales and marketing 4,316 4,877 17,619 16,087
Research and development 1,088 904 3,896 3,555
General and administrative 1,411 1,789 5,841 5,313
-------- -------- -------- --------
Total operating expenses 6,815 7,570 27,356 24,955
-------- -------- -------- ---- ----
Operating income (loss) (1,768) (1,143) 5,308 (735)

Other income from related party 12 12 50 99
Interest income (expense), net 111 63 421 (100)
-------- -------- ----- --- --------
Net income (loss) before income tax (1,645) (1,068) 5,779 (736)
Income tax provision (97) (50) 182 (43)
-------- -------- -------- --------
Net income (loss) $ (1,548) $ (1,018) $ 5,597 $ (693)
======== ======== ======== ========

Basic net income per share: $ (0. Perry, chairman and chief
executive officer. Revenues rose 5% to $174 million.
Engelhard Corporation is a surface and materials science company
that develops technologies to improve customers' products and
processes.

* Adjusted funds from operations (diluted) (AFFO; a non-GAAP financial
measure defined in the Glossary) was $39.42 $0.2% +70 bp
Average
Rent Per
Unit $745 $733 1. During the second quarter 2005, the affordable
property operations generated real estate free cash flow of $16. Please refer to Schedule 5 of the Supplemental
Information for more detail on debt activity.3 million compared with $17.
Readers should carefully review Aimco's financial statements and notes
thereto, as well as the risk factors described in Aimco's Annual Report on
Form 10-K for the year ended December 31, 2004 and the other documents Aimco
files from time to time with the Securities and Exchange Commission.25) $(0.15)

Earnings (loss) per common
share - diluted:
Loss from continuing operations
(net of income attributable
to preferred stockholders) $(0.58
Add: Depreciation
and other $0.

determinism perpetual

0 million in 2004.1 million as of December 31,
2005, compared to $10. We expect that the
sales growth we project for 2006 will not result in a similar rate of
revenue growth.7 million , improving results by two
cents per share. AFFO per share was within Aimco
guidance.

06 ($0.67 $0.2 million in controllable
expenses such as increased staffing, contract services , marketing and turnover
costs primarily in support of initiatives to increase occupancy; and a $1 . Activity fee and asset management net operating income
from both conventional and Aimco Capital operations was $4.

INTEREST INCOME -- Interest income (which includes transactional accretion
income of $0. Alternatively, you may join the conference call by telephone by
dialing 800-218 -0204, or 303-262-2138 for international callers.37 0. 2004 5. Aimco share
of proceeds is expected to be $530 to $640 million ($440 to $540
million related to conventional properties and $90 to $100 million
related to affordable properties).

determinism esthetics

"

"Despite the revenue and profit growth, operating results for the year were
very disappointing. K -12 booked sales declined 17% year over year," said
Mr.m.41
=========== ===========
----------- - ----------
Earnings per share - diluted $0.38


ENGELHARD CORPORATION
BUSINESS SEGMENT INFORMATION
(Thousands)
(Unaudited)

Three Months Ended
March 31,
-----------------------
2005 2004 Change
----------- --- -------- ------
Net Sales
Environmental Technologies $241,361 $238,437 1 %
Process Technologies 147,981 132,219 12%
Appearance and Performance
Technologies 173,875 166,293 5%
----------- -----------
Technology segments 563,217 536 ,949 5%
Materials Services 450,481 491,099 -8%
All Other 12,972 11,984 8%
----------- -----------
Total net sales $1,026,670 $1,040,032 -1%
=========== ===========
Operating Earnings
Environmental Technologies $36,500 $36,989 -1%
Process Technologies 19,057 16,296 17%
Appearance and Performance
Technologies 18,063 15,051 20%
----------- --------- --
Technology segments 73,620 68,336 8%
Materials Services 4,393 3,367 30%
All Other (8 ,587) (7,196) 19%
----------- -----------
Total operating earnings 69,426 64,507 8%
Equity in earnings of affiliates 8,109 4,939 64%
Gain on investment 119 -
Interest expense, net (4,780) (4,906) -3%
----------- -----------
Earnings before income taxes 72,874 64,540 13%
Income tax expense 14,922 14,199 5%
----------- -----------

Net earnings $57,952 $50,341 15%
=========== ===========


ENGELHARD CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands)
(Unaudited )


March December
31, 2005 31, 2004
----------- -----------
Cash $52,662 $126,229
Receivables, net 456,472 410,382
Committed metal positions 390,657 457,570
Inventories 469 ,473 459,637
Other current assets 142,711 135,631
----------- -----------
Total current assets 1,511,975 1,589,449
Investments 200,932 179,160
Property, plant and equipment, net 902,027 911,029
Goodwill 389,904 330,798
Other intangible and noncurrent assets 160,228 168,156
----------- --------- --
Total assets $3,165,066 $3,178,592
=========== ===========

Short-term borrowings $46,574 $12,025
Accounts payable 334,271 375,890
Hedged metal obligations 292,258 292,880
Other current liabilities 245,296 248,872
----------- - ----------
Total current liabilities 918,399 929,667
Long-term debt 490,186 513,680
Other noncurrent liabilities 328,660 320,933
Shareholders' equity 1,427,821 1,414,312
----------- -----------
Total liabilities and shareholders'
equity $3,165,066 $3,178,592
=========== ===========


ENGELHARD CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands)
(Unaudited)

Three Months Ended
March 31,
-----------------------
2005 2004
---------- ----------
Cash flows from operating activities
Net earnings $57,952 $50,341
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation and depletion 31,368 31,016
Amortization of intangible assets 1,117 933
Equity results, net of dividends (5,050) (3,418)
Net change in assets and liabilities:
Materials Services related (14,662) (11,700)
All other (29,101) (23,173)
---------- ----------
Net cash provided by operating
activities 41,624 43,999
---------- ----------

Cash flows from investing activities
Capital expenditures (24,967) (21,918)
Proceeds from investments - 1,988
Acquisitions and other investments (55,084) -
---------- ----------
Net cash used in investing
activities (80,051) (19,930)
---------- ----------

Cash flows from financing activities
Increase (decrease) in short-term
borrowings 20,532 (22,579)
Proceeds from long-term debt 69 7,720
Purchase of treasury stock (46,016) (39,669)
Cash from exercise of stock options 2,709 7,264
Dividends paid (14,636) (13,670 )
---------- ----------
Net cash used in financing
activities (37,342) (60,934)
Effect of exchange rate changes on cash 2,202 (186)
---------- ----------
Net decrease in cash (73,567) (37,051)
Cash at beginning of year 126,229 87,889
---------- ----------
Cash at end of period $52,662 $50,838
========== ==========

Apartment Investment and Management Company Announces Second Quarter 2005 Results

7 million , or
$0.30 $1.
During the second quarter 2005, redevelopment expenditures totaled $45.

ENTITLEMENT ACTIVITY -- During the second quarter, Aimco continued its
progress on improving the permitted density and zoning use for several
properties including: Springhill Lake in Greenbelt, Maryland; Orchidtree in
Scottsdale, Arizona; and Treetops in San Bruno, California . The balance on Aimco's revolving credit facility totaled $274. The increase in interest expense was primarily the
result of: (i) $6.71
per share, before impairment and preferred redemption charges , and AFFO is
forecast in a range from $0.13 0.15)

GAAP Income Statements

Notes to Consolidated Statements of Income

[a] The Aimco Operating Partnership is AIMCO Properties, L.

1784 determinism

---

- - kjjkjk

Loading...

(Note: These pages use the Atlas Content Safeguard System (ACSS) and require that Javascript is enabled for viewing.)