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Panther Industry Inc. is still a new company that has undergone some very fantastic changes since 1978. The company had a difficult start in hard times. The color red was a favourite on the income statement for a few years. Many lessons had to be learned and most of them were the hard way. Were proud to say that the past 12 months reflect lessons and experiences learned by employees along the way. The business is getting more complex with a growing demand for people with unique talents and expertise. It is clear that the past 12 months success for Panther is what it is because of the people. Panthers growth has been 70 in the past two years despite some flat spots. Some growth has been prohibited because of Panthers inability to keep up to the demand. The one single factor for the problem is manpower and in our business manpower needs to be young and have good work ethics. This means that the people have to do their share and have to be dependable. Panthers answer to the tight labour market is automation. However the companies that are installing automated equipment are behind schedule. Panther started another project at Fort Saskatchewan in November 2011. Engineers were hired to design a rail site for a trans load system. Today Panther is still waiting for an engineered stamp on the rail design documents. This project was estimated to be done by Dec of 2012 but it is now believed that it will take some risk to have it done by September of 2013. Panther has a track design to unload 24 cars a day which is very exciting for Panther as a lack of rail capacity has restricted the companys growth. There were no surprises starting the 2011-2012 fiscal year. Budgets had been increased by 30 from the previous year. There were many visits to Calgary negotiating new business deals. This went on all winter and well into spring. As our talks went on things just got busier and busier. In the first half of the year sales were exceeding budget by 40. However April came about and spring break provided a reality check that brought sales to a snails pace. However by the end of our fiscal year our sales were back to budget numbers. Presently sales are down from what they were a year ago. It is not certain what the real problem is. It may be that the infrastructure is not in place to move the oil from where it is being produced to the market or it could be related to the pipeline rejection in the United States which are related issues. Panther has two pallet plants one in Davidson Saskatchewan and one in Edmonton Alberta. The pallet business also had a hard start back in the middle 1980s. It is a business that is considered important for Panthers own use. In addition to this Panther concentrates on larger companies looking for the same service that is required by Panther. Panther doesnt promise the lowest price but we do promise the best product on a demand basis. I look at the past year as a major success for Panther. Panthers growth for the year was 29 taking us to the best year by far. Looking forward that could double in the next few years. One thing for certain in this industry it may be a dream today but only tomorrow will make it reality. Jack Schneider 2012 ANNUAL REPORT 8