Contents

Cutting Edge Newsletter™ December 2005

Ben Bernanke is set to take over the chairmanship of the Federal Reserve Board from Alan Greenspan in February. As a Princeton professor for 17 of his 26-year career, Bernanke is little known outside academic circles. Most recently, he was a Federal Reserve Board member for three years before his appointment as chairman of President Bush’s Council of Economic Advisers in June of this year.

• Greenspan’s Track Record The retiring chairman held that position for over 18 years. Worthy of note is Greenspan’s track record in his early days at the Fed after Paul Volcker’s retirement. Greenspan, in an effort to match Volcker’s inflation fighting credentials, broke a string of seven rate cuts and raised rates in the summer of 1987. Four weeks later, Black Monday hit U.S. stock markets, an event that roiled monetary and fiscal policy for the next five years. Remember the 1990-91 recession? Greenspan was not always the economic maestro he is now titled.

• The Fed’s Job What does the Fed aim to do? The Federal Reserve Act of 1913 gives the Fed three important economic goals: (1) maximum employment, (2) stable prices, and (3) moderate long-term interest rates.

• Inflation At his appointment ceremony, Bernanke emphasized his desire “to maintain continuity with the policies and strategies established during the Greenspan years.” But, the two disagree on the way to handle inflation. Bernanke has long advocated setting a medium-term inflation target to institutionalize the Fed’s inflation fighting role championed by Paul Volcker and Greenspan. He argues that such a target is critical in fighting both higher inflation and deflation. Greenspan, on the other hand, believes that such a policy hinders the effective pursuit of maximum sustainable economic growth. Note that the U.S. has experienced low inflation since the early 90’s without a pre-set target. Watch for a fast push toward targeting as a break from Greenspan’s policies.

• Full Employment As noted above, a primary Fed responsibility is to maintain economic growth that provides full employment. In his Senate hearings, Bernanke testified that inflation targeting would not reduce the importance of full employment as a Fed policy goal. Listen for Bernanke’s early pronouncements on employment for an indication of his priorities.

• Interest Rates Overall, Bernanke believes inflation will remain low. However, as an old fashioned inflation hawk, he prefers pre-emption and is likely to raise interest rates as fast or faster than Greenspan if his inflation forecast proves wrong. Note that both Volcker and Greenspan raised rates soon after taking over the chairmanship. Watch for an early change of direction on rates to indicate Bernanke’s power and leadership.

• Taxes Bernanke testified that the initial Bush tax cuts “increased disposable income for all taxpayers, supporting consumer confidence and spending while increasing incentives for work and entrepreneurship.” The later cuts “provided incentives for businesses to expand their capital investments and reduced the cost of capital…” Sounds like a business-friendly position on taxes.

• The Housing Bubble Agreeing with Greenspan, Bernanke believes that the Fed has no business puncturing asset bubbles. Don’t expect him to express much worry about housing prices.

• U.S. Debt in Foreign Hands Bernanke sees the ownership of U.S. debt by foreign central banks as a vote of confidence in our economy and the specter of huge sales of this debt as improbable. He believes that foreign debt holders have chosen to invest in assets that are highly liquid and safe. Don’t expect much concern about the current account deficit.

• Political Independence Bernanke is on the record as saying that he would be independent and play his role in cooperation with other Federal Reserve governors. Missing from that statement was any mention of the White House as part of the policy setting equation. Expect little influence from the White House or other politicians.

Economic Factoid In a country of nearly 295 million, 15% of all Federal income taxes are paid by only 129,000 people 0.4% of the population. This “progressive” burden on such few taxpayers has increased since 1980. That year the top 1% of taxpayers paid in 19.1% of total taxes vs. 33.7% in 2003. On the other end of the scale, the bottom 50% of taxpayers paid in only 3.5% of tax revenues vs. 7% in 1980. In such a situation an old adage applies “A government that robs from Peter to pay Paul shall earn the everlasting support of Paul.”

• Masco with its Merillat, Mills Pride, and KraftMaid brand cabinets, reported an 8% increase in its 3Q2005 sales. Operating profit at their cabinet operations fell slightly to 16% from 17.5% year-on-year. Solid gains were also made in their Installation Services business.

• Poor furniture sales forcing small retailers to skip this Market.
• Competition from the new Las Vegas Market held in late July.
• The cost of attending High Point.

• Casegoods producer Hooker Furniture reported a 2.3% decline in its 3Q2005 sales to $82.4 million. For the first nine months, sales were 0.9% below the same period a year ago. Sales of its upholstery line, Bradington-Young, grew by 6.3% in the quarter while its imported wood line increased by 10.5%. Offsetting these increases was the decline in sales of wood furniture produced in its U.S. plants.

• Ashley Furniture announced the construction of a new $14.3 million plant in Arcadia, WI, that will add 288 jobs. This plant will enable the reconfiguration of existing space at this site and generate a cost savings of about $6.5 million.

• Leggett & Platt, a major furniture component supplier, has completed five acquisitions including two Chinese companies. One of the Chinese companies produces motion mechanisms for upholstered furniture and will support the growing upholstery sector there. Also added were a Toronto, Canada, producer of upper-end down comforters and a Mississippi maker of metal rocker bases. The second Chinese company manufactures retail store fixtures for export to the U.S.

• Mississippi-based upholstery maker Genesis Furniture has acquired a 560,000 ft2 Spruce Pine, NC, plant from Henredon Furniture. Genesis will produce promotional and mid-price products at the new location and employ 200 workers.

• RTA producer O’Sullivan Industries has filed for Chapter 11 bankruptcy protection. Management reported that the step was taken to address the company’s debt burden and was not due to operational problems. The company intends to retain its 1,300 person workforce and maintain product flow to its retail customers.

• Furniture Brands International announced that its 3Q2005 sales declined 2.9%. Gross margin was 23.5% vs. 25.3% one year ago while operating profit fell from 5.7% to 3%. Management blamed sales weakness in its Broyhill and Lane lines. In early November Broyhill announced the closure of its Lenoir Chair Plant 1 and Veneer Plant idling 421 workers. Since April about 1,200 workers at Broyhill have lost their jobs. Management blamed import competition for this broad restructuring of its domestic capacity and could not predict an end to the layoffs.

• La-Z-Boy reported a loss of $6.4 million in its 2Q2006 on a sales decline of 12.7%. Management blamed foam shortages, sluggish retail sales, and hurricanes that offset recent cost-cutting efforts.

• Stanley Furniture reported an 8.6% gain in its 3Q2005 sales with operating profits of 11%, a slight decline from the same period last year. 3Q was the 14th consecutive quarter of sales growth in the face of a spotty consumer demand for the industry.

• Producer/retailer Ethan Allen reported Q12006 sales growth of 9.1%. Higher advertising spending weighed on SG&A costs leaving operating profit at 12.9% vs. 13.4% one year ago. Its board approved a buy-back plan for up to 2.5 million shares.

• Vietnamese producer Theodore Alexander has put its 425,000 ft2 plant in Saigon up for sale. Management cited the inability to fill the plant’s capacity with profitable business. The plant produced for OEM customers. Production of its branded line will continue at its million square foot plant.

• Webb Furniture announced the closure of its bedroom furniture plant in Galax, VA. About 309 workers in that plant and at the company’s administrative office will be laid off. The company will continue operations at its particleboard and mirror plants also in Galax.

BIFMA reported that October orders increased by 16% and shipments grew 13% vs. the same month in 2004. On a trailing twelve-month basis, orders grew 11.8% to nearly $10 billion. Likewise, shipments jumped by 11.4% during the same period. At $9.84 billion, annual shipments are now about 16% higher than the market bottom of $8.47 billion in November 2003. Analysts opine that the industry is now a picture of good health. Yet the annual shipment rate remains about 26% below the industry’s peak performance in January 2001.

• HNI Corporation (formerly known as Hon Industries) reported a 10.3% increase in its 3Q2005 sales year over year. Gross margin also improved from 35.9% to 37.4%. Analysts expressed disappointment in this performance given the strong recovery of the office sector.

You remember our battle to replace the Extraterritorial Income Tax benefit with a tax relief package for U.S.-based manufacturing. It was a hard fought battle, but we were successful in securing some relief for WMMA members. With the first tax year coming to a close since passage, a brief refresher on the results of the victory seems in order.

The American Jobs Creation Act of 2004 added the domestic production activities deduction that provides a tax savings against income attributable to domestic production activities. The Act created new Internal Revenue Code section 199 and is available to corporations, individuals and pass-thru entities such as S Corporations, partnerships, estates and trusts. For the pass-thru entities, the deduction is applied at the individual partner, shareholder or similar level. This deduction is available for tax years beginning after December 31, 2004.

For 2005 and 2006, the deduction equals three percent of the lesser of: (a) qualified production activities income; or (b) taxable income for the taxable year. However, the deduction for a taxable year is limited to 50 percent of the W-2 wages paid by the taxpayer. The deduction is phased-in; for 2007 through 2009, the percentage increases to 6 percent and for 2010 and after, the percentage will be 9 percent.

Qualified production activities include manufacturing, producing, growing, and extracting tangible personal property, computer software and sound recordings, and the construction and substantial renovation of real property, including infrastructure. The production of certain films is also a qualifying activity as are certain engineering or architectural services.

To be considered, domestic production gross receipts that are used in calculating qualified production activities income, the gross receipts must be the result of a lease, rental, sale, license, exchange, or other disposition of the property and the qualified production activity that created these receipts must have occurred in whole or in significant part within the U.S. There is a safe harbor to determine if the property is produced in whole or in significant part within the U.S. To qualify for the safe harbor, direct labor and related factory burden incurred by the taxpayer in the U.S. for the manufacture, production, growth or extraction of the property, must be at least 20 percent of the total cost of goods sold of the property.

A taxpayer is required to determine the portion of its gross receipts that are domestic production gross receipts and the portion that are not domestic production gross receipts. The taxpayer must use a reasonable allocation method to make this determination. All of a taxpayer’s gross receipts will be treated as domestic production gross receipts, if less than five percent of the total gross receipts are not domestic production gross receipts,

Once domestic production gross receipts are determined, the taxpayer has to compute qualified production activities income. This is done by reducing domestic production gross receipts by the cost of goods sold that are allocable to such receipts, other deductions that are directly allocable, and a ratable amount of indirect expenses. A simplified method for allocating costs (other than cost of goods sold) is available for businesses that have average annual gross receipts of $25 million or less. Another simplified cost allocation method, the small business simplified overall method, is available to all qualifying small taxpayers. Under this method, all costs, including costs of goods sold, are apportioned based on gross receipts. Generally, a small taxpayer is one that has average annual gross receipts of $5,000,000 or less.

The 50 percent of W-2 wages limitation is based only on the wages of the taxpayer’s common-law employees. There are three methods provided to compute the W-2 wages. The simplest method computes wages using the total entries in Box 1 or Box 5 of the Form W-2.

Additional guidance has just been released as Treasury News Release JS-2201, "Guidance on Manufacturing Deduction.”

Our tax policy goals for 2006 include an effort to bring back the depreciation bonus for machinery and to replace the current Research and Experimentation credit with a simpler, more smaller-manufacturer friendly version. I hope you will join us in February for a Public Policy Fly-In. Since 2006 is a congressional election year, legislators just might be inclined to encourage us to engage in more research and development and for our customers to invest in the results of our research and development.

As business leaders and owners we certainly have a role in communicating to our Congressmen and other government officials’ ideas that can help our businesses and employees, and in turn the voters of the Congressman’s district he represents. Most elected federal officials are much like you and I. Their chosen career placed them in a position where they had a concern that they took to an elected official and depending on the response or the route they took they decided they good do a better job in Washington or in their State capital and they ran for office. Unfortunately, some get to be a bit spoiled in Washington. Fortunately for us, they have to spend time in their districts working toward re-election. That time may be spent in many ways from meeting with constituents at their District offices, visiting schools and business, appearing at Chamber of Commerce and other community group functions and of course fundraising. They meet a great number of people in the course of a year but you can reinforce your message if you see him before and/or after our WMMA trip to DC in February. It really is easier than you might expect and can be quite helpful in promoting the cause for WMMA and other issues that might be important to you and your community. Here are a few ideas:

1. Visit the legislator’s website to learn about the individual and look at their calendar for opportunities to meet them. They very likely have both a government funded site and a politically funded site. Be sure to look for both.
2. Town Hall meetings – most Congressmen and Senators hold forum in their districts to here from constituents. Watch for these in your local papers and attend. Many Chamber of Commerce type group will most a Congressman of a breakfast or lunch. Ask your local Chamber when they plan something like this or ask them to try to plan an event welcoming your Congressman to your community.
3. Fundraisers – Don’t be afraid to attend a political fundraiser. They need to raise a lot of money each election cycle. Most elected officials have events through the course of the year in a wide range of price tags. Find an event that fits your contribution comfort level, throw on a sport coat and go make some new friends.
4. Local Political organizations – Most are having holiday parties right now that are very low cost to attend and there is not a Congressman in America that will miss a happy occasion like this if he can help it. Call your local precinct committeeman for details. Spring is a popular time for County political organizations to hold a dinner. In Illinois the Republicans have Lincoln Dinners and the Democrats hold a Jackson dinner. Tickets range from $25 to $100 and they usually feature a buffet dinner, a Special Guest Speaker and some raffles.

The only drawback to attending any of these events is the junk mail that will follow but that is a small price to pay for access to the man or woman who represents you in our nation’s capital.

Frank Kobilsek serves as Vice- Chair of the WMMA Public Policy Committee. He has been very active in Illinois Republican politics for many years. Frank can be reached at fkobilsek@blackbros.com.

The following is an overview of major trends of US exports and imports for the January – September 2005 period. Statistics are reported for all woodworking equipment and its three component parts: machines, cutting tools and, accessories and parts. A separate article in this issue summarizes global trade trends, particularly exports of major European competitors, Germany and Italy.

Total Woodworking Equipment Market
Imports of woodworking equipment (machinery, cutting tools and parts and accessories) increased 14% over the first nine months of 2005, compared to the same period in 2004. Imports reached $1.3 billion. Imports from Taiwan and China accounted for 43% of the total with imports from China continuing to grow (up 23%) and those from Taiwan continuing to decrease (by 6%). As forecast in previous articles, China has become the largest supplier nation of woodworking equipment. The large majority of Chinese imports are small commercial products, such as simple mitre saws, scroll saws and band saws, each valued at under $1,000. However, the Chinese are increasingly producing and exporting more sophisticated and industrial grade machinery.

Imports from leading European suppliers continued their trend of increasing at a healthy rate. Germany, in particular, recorded a significant rise in shipments with imports increasing 26%.

Exports recorded modest growth through the third quarter, growing by 7% to $236 million. Canada continues to purchase over 40% of our exports, although it is interesting to note that its influence appears to be decreasing. Mexico, Australia, Germany and Uruguay (surprisingly) rounded out the top five markets over the ninth month period.

Machinery Trade
Imports of machinery totaled $706 million through September, a 10% increase over the same period in 2004. Taiwan imports declined and shipments from China only marginally increased. Imports from our other major suppliers like Germany, Canada, Japan and Austria increased.

Exports increased by a healthy 10%, boosted by sales to Uruguay (up from zero to $7.5 million), Canada (up 14%), Mexico (up 38%), Germany (up 85%) and finally Russia (up 273%).

Cutting Tools
Cutting tool imports continued to increase by a double digit rate, rising 21% over 2004 to $377 million. Shipments from China increased 43% to $79 million. As mentioned in previous reports, imports of veneer knives from the Czech Republic topped $19 million for the period. Finally, imports from Canada increased 39%.

Exports increased marginally for the period to $72 million. Canada still accounts for over 50% of shipments.

Parts & Accessories
Exports marginally increased by 4%, reaching $34 million with shipments to Canada accounting for 66% of the total or $22 million.

Imports continued the 2004 trend of recording double digit growth, as they rose 22% to $185 million. Imports from China continued to outpace all other major suppliers, increasing 161% to $41 million. Imports from Germany, our 2nd largest supplier, rose 25% to $26 million. Shipments from Canada rose modestly to $22 million, while imports from Israel, always a major supplier, also reached $22 million.

WMMA members: To view detailed tables on US imports and exports of machinery, cutting tools, parts and accessories, by country click here and visit the section, “US Imports And Exports Of Woodworking Machinery, Cutting Tools And Accessories”. User name and password required. Contact WMMA Headquarters at 215-564-3484 or email wmma@fernley.com for this Member’s Only information. Harold Zassenhaus is available to provide US export and import data on specific product categories. For more information, contact him at (301) 652 0693; fax (215) 963 9785 or email hzassenhaus@fernley.com.

The WMMA receives official import and export statistics of 47 of our major trading partners. The 47 countries account for virtually all trade in commercial and industrial woodworking machinery (HS codes 8465 and 8479). The following highlights some of the trends in woodworking machinery trade.

The following are a few explanations to assist you in interpreting the trends:

• For a complete listing of the 47 countries on which we track imports and exports, click here.
• For a complete listing and description of imported and exported products covered click here.
• The data from the 47 countries is comparable and based on a universally accepted 6-digit Harmonized System (HS) of customs classification codes.
• The statistics from which I am pulling trends are official country export statistics of the group of 47 countries. The service to which the WMMA subscribes allows me to manipulate the data so I am able not only to provide the combined exports of the 47 countries but we are also able to provide the destination of the combined exports of the 47 countries.

The following provides a snapshot of the woodworking machinery global trade picture for 2004, and for the first 6 months of 2005, as well as a summary of where our major European competitors are shipping product.

Global exports of woodworking machinery totaled $6.4 billion in 2004, up 18% over the previous year.

Major exporters were:

Country	$ Millions	% of Global Trade
Germany	1,735,105,697	27
Italy	1,424,405,609	22
Taiwan	726,024,906	11
Japan	515,162,950	8
China	317,067,708	5

For the first six months of 2005 global woodworking machinery trade was $3.3 billion, up 6%.

Major exporters are based on 2005 data:

Country	$ Millions Jan.-June	% of Global Trade
Germany	955.8	29
Italy	676.5	21
Taiwan	333.1	10
Japan	229.6	7
USA	165.4	5
Austria	157.1	5
China	155.2	5

Major country destinations in 2004 were:

Country of Destination	$ Millions	% Share
USA	955.8	15
China	621.1	10
Germany	308.8	5
Russia	289.5	5
Spain	270.3	4

Fastest growing markets in 2004 were minimum 0.5% of world trade:

Country	% increase	$ millions
Belarus	169	55
Ukraine	72	43
Malaysia	59	132
Australia	56	142
Slovakia	54	35
Finland	51	87
Indonesia	47	72
Turkey	44	145
Korea	44	114
Sweden	39	91

Germany’s Major Markets, January-June 2005:

Country	$ Millions	% Change
World	955.8	5.9
USA	92.6	26.3
Turkey	73.5	11.3
China	69.9	-30.3
Russia	69.2	20.5
UK	50.6	37.2
France	48.1	0.3
Spain	44.6	14.5
Czech Republic	41.0	209.9
Austria	38.7	26.4
Italy	35.0	-2.8

Germany’s fastest growing markets, January-June 2005 (greater than 2% of share):

Country	$ Millions	% Change
Czech Republic	41.0	210
Belgium	30.2	104.5
Canada	20.0	51.9
Brazil	16.9	45.3
UK	50.6	37.2
USA	92.6	26.4

Italy’s Major Markets, January-June 2005:

Country	$ Millions	% Change
Spain	72.2	2.3
USA	61.8	1.1
France	45.3	-2.1
UK	41.1	24.8
Germany	40.9	33.5
Belgium	24.2	5.6
Russia	23.8	-13.7
Poland	22.4	36.5
Turkey	22.2	8.4
Romania	18.9	9.6

Italy’s Fastest Growing Markets, January-June 2005 (greater than 2% market share):

Country	$ Millions	% Growth
Switzerland	13.7	55.0
Australia	18.8	39.5
Poland	22.4	36.5
Germany	40.9	33.5
UK	41.1	24.8

As a final comment, the information now available is extensive. The above review offers only a sliver of the information available. Please let me know what you think of it and please suggest other or additional data you would like to see on a periodic basis. I can be reached by phone (301) 652-0693, or email hzassenhaus@fernley.com.

For a complete set of tables, click here and scroll down to the spreadsheets listed under the heading “Global Trade in Woodworking Machinery and Wood Products.” You will need your user name and password to access the linked tables. If you do not have one or forgot it, contact WMMA Headquarters at 215-564-3484 or email wmma@fernley.com. If you want statistics for a specific country and/or region and a specific product or range of products, please contact Harold Zassenhaus at (301) 652-0693, or email hzassenhaus@fernley.com. This service is free or at minimal cost for WMMA members.

On November 28, the US Treasury Department issued a report to Congress stating that China is not manipulating its currency. The report drew quick response from a number of industry leaders, associations and members of Congress.

One prompt statement opposing the Treasury’s position was issued by The China Currency Coalition. The CCC is an alliance of industry, agriculture and worker organizations whose mission is to support U.S. manufacturing by seeking an end to Chinese currency manipulation. To learn more, visit their website at www.chinacurrencycoalition.org. The WMMA is a founding and vocal member. We wholeheartedly support the CCC response and the WMMA will continue to work with and through the CCC, as well as the National Association of Manufacturers (NAM), to urge the Administration and members of Congress to take action to redress what we see as an illegal act under WTO convention and undermines the ability of US manufacturers to fairly compete in the world marketplace.

The legislatively mandated biannual report by Treasury stated that “[China’s new exchange rate mechanism] remains, in practice, a tightly managed currency peg against the U.S. dollar." The report cited recent statements by Chinese officials pledging to move toward a more flexible system and it further stated "future reports will intensively scrutinize whether and to what degree China is practicing what officials have repeatedly committed to undertake." Unfortunately, the business community and Congress heard similar comments 6 months ago and 6 months before that.

While the Administration has acknowledged that China does not play by internationally negotiated rules, the bottom line is that it would rather use quiet diplomacy to resolve the issue. I don’t think China has ever responded to such gentile acts. While it is difficult to argue with any credibility that China’s unfair trade policy has been responsible for the 3 million American jobs lost over the past 5 years, it is safe to state that it has contributed to the loss. And this should be enough for our government to act.

The CCC has been working with Congress to pass legislation to address foreign country currency manipulation. One proposal, HR 1498, the Hunter-Ryan bill, is bipartisan, WTO compliant legislation that defines currency manipulation, declares it an illegal subsidy and empowers other agencies of government to act. To date, over 125 members of the House have agreed to co-sponsor the legislation. Work has begun to secure support from Senate members.

This legislation:

• Confirms that a government’s undervaluation of its currency through exchange rate manipulation is a prohibited subsidy under the WTO’ s relevant agreements;
• Provides guidelines for the US Department of Commerce to determine if manipulation is occurring and, if so, the amount of counter available benefit;
• Allows the International Trade Commission (ITC) to determine whether increased imports from China benefiting from exchange rate manipulation disrupt US markets and injure or threaten a domestic industry; and
• Ensures Chinese products that are subsidized through illegal currency manipulation, and compete with American-made products critical to the US defense industrial base may be barred from procurement.

If you agree with your association on this issue, let your Senator know and urge him/her to draft and/or support similar legislation in the Senate.

We believe the Identity Theft and Fraud issue is a subject that can impact all WMMA members and their employees. Because of recent national news about major corporations, acting as clearinghouses of our personal data to be stolen and released, we all may be in jeopardy and are not aware of it. This topic has been on various news programs such as CNN with Paula Zahn, 20/20, 60 Minutes etc.

The stories about people trying to restore their good credit rating can take up to several years with a lot of effort and out of pocket expense. Through the combined efforts of WMMA/Fernley & Fernley and CommonWealth Professional Group, we have not only provided an educational sketch with the link/article from the Department of Justice, but also have two private product solutions for your consideration which can be purchased. These two products are called:

One can enroll into either or both of these services by calling (888) 872-5561

Your association also benefits, so please mention the WMMA. Each product costs $9.99 monthly, and will be billed to your credit card. You may purchase the “IdentityProtector” and/or “DirectAlert.”

Last month, WMMA launched “Manufacturing NewsLine: Strategies for Improvement,” an email newsletter covering issues and providing information and insight to woodworking industry managers. All WMMA key contacts should have received Manufacturing NewsLine. If not, click here for the current issue. Contact Karen Boyle, WMMA, (215) 564-3484 to add your name to the subscription list.

The service, developed in response to a member survey, provides timely news about manufacturing issues combed from over 7,000 periodicals and websites. This new member benefit will be emailed monthly to WMMA members and posted to the WMMA website (Members Only area) along with archived issues for easy reference.

We encourage you to forward Manufacturing NewsLine to your industry colleagues. If you want your employees to receive it directly, contact Karen Boyle with their names and email addresses. Feedback sent to this address on how to improve the Manufacturing NewsLine is also welcomed.

Mark your calendars for IWF 2006! WMMA members are entitled to a 20% discount on booth space at IWF 2006 provided the payments due April 22nd (passed), January 20, 2006 and May 12, 2006 are postmarked by a government postal agency or overnight delivery service (not a company postage meter) by the respective due dates. Visit www.iwf2006.com for details.

The 15th Annual Woodworking Industry Conference will be held May 3-6, 2006 and is the premier forum for education and networking. Attending the WIC '06 at the Wailea Marriott Resort, Maui, HI, is the right choice for your business.

The 2006 Woodworking Industry Conference is just months away! Mark your calendar and begin planning now!

To learn more about the WIC '06, visit http://www.wmma.org/events/wic.cfm

The WMMA® Baldwin Award is named for Ralph B. Baldwin, long-time member and Past President of the WMMA®. During his career with Oliver Machinery Company and his involvement with the WMMA®, Ralph exemplified the kind of commitment that really makes an Association function at, or near, its peak potential. It is in the spirit of Ralph Baldwin's vitality and dedication to the woodworking industry that this award was created-to recognize those who have contributed similar levels of involvement and to encourage others to do the same. The award's significance can be quickly determined by the prestigious list of recipients.

Nominate the individual you believe is deserving of this prestigious industry recognition. The award seeks to honor individuals who have made outstanding contributions to the industry, regardless of their affiliation with WMMA. Some activities that warrant consideration are: leadership in WMMA or the IWF Board, active committee involvement, innovations introduced to the industry, and participation in programs that benefit the industry. Please submit your nomination to WMMA by February 27th.