Synandre Montague is the CEO of Montaque Corporation. The company recently held a webcast to announce preliminary results for the year ending December 31, 20X5. The webcast began with an opening statement by Synandre, followed by a question and answer session from analysts and investors who utilized a callin 0&A phone line. Following is the transcript of the session: Synandre Ladies and gentleman, thank you for participating today. There has been recent speculation that Montague Corporation's 2035 reported results will fall short of previously announced guidance. | wish to allay that fear by today offering some preliminary information about 20X5's results. Our official results will be released on February 19, when our independent auditors issue their final report. Synandre With that having been said, I am very pleased that we will be reporting record gross sales of $5,675,000,000 for the reporting period. Our gross profit margin continues at a very favorable 44%, and our bottom line net income will equal the targeted 4% of net sales goal. With that good news, I will be pleased to answer your questions. Caller #1 Congratulations on those very good results. I did note that you referred to gross sales as recordsetting. But, there have been reports of product failures resulting in a very high rate of return. Can you respond to that issue? Synandre That is very plainly bunk; a rumor being spread by our competition. We continue to gain market share across all areas. Our sales returns and allowances will come in at only 3% of gross sales. Now, to be clear, we did offer improved credit terms to our key customers this year, and our sales discounts will amount to 1.5% of gross sales