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MARSHALL, Mich., Feb. 1, 2005.—A late-arriving 2003 annual report to
shareholders of Alabama-headquartered Vulcan Materials did itself proud.
A 2004 book produced by Hormel Foods, on a fiscal-year basis, likewise achieved "world-class" status by scoring at least 100 of a potential 135 points. Those were among reports hailed in the February issue, released today, of Sid Cato's long-running Newsletter on Annual Reports, begun in September 1983. A 2004 book produced by East Japan Railway came within two points of world-class status with 98 points. The annual reports are judged against standards promulgated two decades ago by Cato, journalist, author and former corporate officer. His program to promote patriotism was cited by Public Relations News as one of the 25 best in history. On Pg. 1 of the February issue (No. 257) of his monthly newsletter, he took to task Walt Disney's chief executive, Michael Eisner, whom Cato criticized, among other things, for persistent mentions of his children, who Eisner previously admitted "beg me not to embarrass them." "But embarrass them he does," said Cato With computer programs he conceived and directed creation of, Cato began monitoring three dozen annual report elements as far back as the 1982 crop of what he calls "the key corporate communiqué." |