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MARSHALL, Mich., April 1, 2004.—Only five early-arriving 2003 reports to
shareholders are noteworthy, according to a monthly newsletter serving the $5.4
billion annual report industry.
In fact, said Sid Cato, "Annuals a year ago at this time were half again so positive; that is, contained more of the three dozen elements I advocate as essential to a good report." Currently, early 2003 annuals average a 6.1% positive rating vs. 9.8% a year ago at a comparable stage of Cato’s evaluation process. In the April 2004 issue of his Newsletter on Annual Reports, its creator and editor/publisher singled out the five 2003 books that have achieved what he calls "world-class status," scoring at least 100 of a potential 135 points: Alcoa, Leggett & Platt, MDU Resources, Tellabs and Tyson Foods. Cato devoted Pg. 1 of the April issue, his 248th since September 1983, to the 2003 IBM annual report, which he hailed as "exceptional...moving...impressive." Its score, 96 points, is four short of qualifying as world class. Despite which, Cato said, the report "communicates IBM’s global scope, in fields from music to medicine to science." He labeled innovative its theme, "In good company." |