At the mid-point of 2002, I am pleased to report that Briad's Wendy's and T.G.I. Friday's businesses continue to do well. This is due to the efforts of outstanding employees and managers in both divisions who have continued to stretch themselves against their goals. Thanks to everyone's efforts at Wendy's, sales have remained strong during a time when some others in the field have experienced a downturn. At our T.G.I. Friday's, we have successfully implemented several new menus since November. It took a concerted effort to ensure a smooth integration at each restaurant, and I want to thank everyone for stretching to make it happen. The new menus will help grow our base of satisfied customers.

We can accomplish so much in our work when we are willing to stretch, but the value of stretching extends beyond business success. On September 12, 2002, we will hold our Fourth Annual Briad Charity Golf Outing. It will take place a year and a day after our country experienced a great tragedy. As devastating as that event was, it produced, in the recovery and clean-up effort at the WTC site, a magnificent example of how seemingly insurmountable obstacles can be overcome when individuals join together to accomplish something much larger than themselves. Although obstacles in our day-to-day life can often appear to be insurmountable, when compared to the scale of obstacles faced by this group of men and women, one gains a new perspective. I'm reminded of the plaque which sits on Brad Honigfeld's desk with the following quotation: "Persistence prevails when all else fails."

While so much important fund raising has been focused on helping those affected by the 9/11 tragedy, we also need to remember that there are other charities that need our support. Children in our community need good homes and good care; that's why our Golf Outing will continue to raise funds in support of the National Adoption Center and the Dave Thomas Foundation for Adoption, and Children's Miracle Network, and why many Briad restaurants continue to share their success with other local charities.

As we proceed through the second half of the year, we will continue to focus our attention on providing customers with service excellence, outstanding product and great value. We will be persistent in the pursuit of our company goals, in supporting managers and employees so that they can stretch and be part of the success of The Briad Group.

Following several months of construction and refurbishment due to a fire that severely damaged the location, Flemington, New Jersey T.G.I. Friday's celebrated its re-opening on March 11. Thankfully, no one was injured in the fire and the "new" restaurant is better than ever!