Sid Cato reported in the September issue of his long-running Newsletter on Annual Reports, Issue No. 193 since September 1983, that on two occasions he visited the websites—of companies ranging from Chevron to Ameritech. He said none was an "annual report website."

For some, an annual report is among the offerings—"but, even then, it's not easy to locate where the annual report's listed."

He gave Southern Co., Atlanta-based, an A+. And he said Ameritech sent its report "two weeks hence." Cato said he was unable even to locate annuals on most websites he visited. He said Cisco Systems said it lacked the capability to fulfill online requests for its truncated 1998 report. Rather, it asked those interested to phone the company.

Said Cato: "I'm afraid the annual report online qualifies as an Urban Legend. In my experience, it's an idea whose time has yet to come."