That's the word from the editor of an industry publication, Sid Cato's Newsletter on Annual Reports, in its 172th consecutive month of publishing.

Sid Cato said he perceived 89 of 100 chief executives "honest, forthright, upfront" in their 1996 annual reports (only 85% in '93 reports). Among those cited as being "less than forthright" this year were the CEOs of companies ranging from Tenneco to Owens Corning to Armstrong World Industries.

Praised, by contrast, was the annual report of California-based Apria Healthcare—for its honesty, that is.

The Apria report was named best among HMOs, but with "a miserly 67 points of a potential 135." Both Ameritech and St. Paul Cos. had perfect scores in Cato's 14th year of selecting the world's 10 best, and worst, reports. His selections appeared in the November issue of Chief Executive, magazine for corporate chieftains.