Dear

This has been a difficult year for the Chambers Corporation.
I am sure that you all know that the loss of our three
contracts with the United States Air Force, due to the cut-back
in defense appropriations, hurt us substantially.

In July, we had a major decision to make. The question we
were faced with was whether to let some of our employees go,
or to explore all other possible avenues of cost reduction,
keeping everyone’s job intact. We chose the latter course.
Unfortunately, one of the policies we were forced to
eliminate for this year, was our annual Christmas bonus to
each of our employees.

This will be the first year since 1976 that we will be
unable to thank you in this special manner for your hard
work, loyalty and faithfulness. We are all hoping that 1986
will be a prosperous year and that we will be able to
reinstate our traditional Christmas bonus policy.