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MARSHALL, Mich., May 1, 2002.—Annual reports to shareholders of publicly held companies worldwide, according to an observer who has monitored the key corporate communiqué full time since 1983, increasingly are "a mixed bag."
In his 224th monthly Newsletter on Annual Reports, Sid Cato said many companies' reports are longer, "a result essentially of the accountants demanding two or four additional pages for notes. Others are producing ‘down-and-dirty' print pieces." Canada's Scotiabank and Finland's Stora Enso Oyj, among others, go the multi-part route, which Cato criticizes. In addition, he said one in five is "basically little more than the legalistic Form 10-K. What's more, one in six early-arriving 2001 reports is abbreviated, though not so identified on the report cover." They include: ACR Group and El Paso Electric, both headquartered in Texas; Wisconsin's Johnson Outdoors and Brady Corp.; Illinois' R.R. Donnelley & Sons Co., GATX and Dean Foods; DMI Furniture, Kentucky; California's Fleetwood Enterprises, Quantum Corp. and ICN Pharmaceuticals; Micron Technology, Idaho; Reebok, Massachusetts; Ohio-based Reynolds and Reynolds; Finland's Stora Enso, and Pennsylvania-based Armstrong. |