Questions for 2006
Welcome. This forum is aimed at annual report producers sharing their concerns and questions about the industry...and receiving, gratis, a quick, to-the-point response from Mr. Annual Report. Your query, and Sid's response, will be shared with others on Sid's Official Annual Report Website, creating a body of knowledge concerning the annual report industry worldwide.
Know (1) I henceforth will decline to respond to any anonymous questions and/or criticism and (2) no longer will I respond to students' questions, as indicated by their myriad of misspellings. This is a website for professionals in the annual report field. It's not for those (including their professors!) who can't spell, or who pose silly questions. Or, more likely, want help with their assignments.
- Is it possible that only one annual report for 2005—for Tyson Foods—"achieved world-class status," as you call it?
- Is the Form 10-K the same as the annual report?
Is it possible that only one annual report for 2005—for Tyson Foods—"achieved world-class status," as you call it?
S.C.: You have an eagle eye, as well as an inquiring mind, obviously. The 2005 annual report list is barely begun; only 11 2005s, including Tyson's, have been received in this, 2006. If you'll check the list of those to make our world-class list a year ago—among 2004 books—you'll see many more names, Tyson among them.
Is the Form 10-K the same as the annual report?
S.C.: No way. The 10-K is required of companies by the Securities & Exchange Commission, but it's a legalistic filing, most often printed on inexpensive paper in one color. The annual report, like as not printed in four (or more) colors, may indeed contain the one-color 10-K, but traditionally (that is, most often) it's expansive, attempts to communicate the company's personality. Many (yours truly included) view the 10-K as boilerplate, devoid of personality. Yet, among 2004 books (last year's), even of those to achieve "world-class" status, scoring at least 100 of a potential 135 points, 15.4% included the 10-K as part of their presentation. Overall, 38.5% of 2004 books included the 10-K, in whole or in part. First year (among 1982 books) we began monitoring the world's annuals, 4.5% included the 10-K, off to 2.2% a year later. It wasn't until 2000 books that the 10-K reached double-digits: 12.5% that year, 18.5% a year hence, 22.3% and then, among 2003s, it soared to 34.4%. And now, as indicated, it's up to 38.5%. Approaching two in five. Aren't you glad you asked!
