9) Nine ladies dancing has always been an odd number. This function will be phased out as these individuals grow older and can no longer do the steps;

10) Ten Lords-a-leaping is overkill. The high cost of Lords, plus the expense of international air travel, prompted the Compensation Committee to suggest replacing this group with ten out-of-work congressmen. While leaping ability may be somewhat sacrificed, the savings are significant as we expect an oversupply of unemployed congressmen this year;

11) Eleven pipers piping and twelve drummers drumming is a simple case of the band getting too big. A substitution with a string quartet, a cutback on new music, and no uniforms, will produce savings which will drop right to the bottom line;

Overall we can expect a substantial reduction in assorted people, fowl, animals and related expenses. Though incomplete, studies indicate that stretching deliveries over twelve days is inefficient. If we can drop ship in one day, service levels will be improved.

Regarding the lawsuit filed by the attorney's association seeking expansion to include the legal profession ("thirteen lawyers-a-suing"), a decision is pending.

Deeper cuts may be necessary in the future to remain competitive. Should that happen, the Board will request management to scrutinize the Snow White Division to see if seven dwarfs is the right number.

and the memo from Corporate... Have a Merry and a Happy while you can.