In Issue No. 163 of his long-running monthly Newsletter on Annual Reports, Cato praised the Ameritech report, took to task companies ranging from Walt Disney to Wm. Wrigley Jr. for theirs.

Of the latter he called its report "chewing gum for the masses...as awful as they come; at least it's consistent." He noted that Wrigley reports have been named to his list of world's worst.

Also in for extensive criticism was the Disney report, which Cato said is "not up to the standards one would expect from such a visually oriented" company. He lambasted CEO Michael D. Eisner's letter as containing "87 paragraphs of endless blatherings" running over 10 pages, "three times the average."

Ameritech, on the other hand, was hailed for its report attaining a perfect score of 135 points. Cato uses criteria (promulgated in 1984) to select the world's 10 best, and 10 worst, documents each year for Chief Executive magazine.