Sid Cato -- Sid's Soapbox: January 2005

		Periodic editorials concerning everything from the very worst industry—from an annual report standpoint, that is—to what's wrong with the Fourth Estate. Reporters who can't hit an accuracy with a cannon.

Sid discusses a variety of annual report-related issues, not least, the number of 2003 books he obtained "over the transom."
From Curtiss-Wright to Vulcan Materials they came—companies' year-ago annuals, which weren't sent us.
Their 2003 books weren't proudly proclaimed—by companies, I suspect, who hoped and prayed Mr. Annual Report wouldn't get his hands on theirs. And, proving my impartiality, one or two either warranted high marks if not favorable mention.
It also struck me as odd that two of the companies—Walgreen and Hormel Foods—whose books warranted praise didn't respond to inquiries as to who should receive credit for shepherding to fruition their companies' books.
Not surprisingly, since her track record is exceptional, Tyson Foods' Julie Kegley again hit the heights—that is, shepherded a book that once again warranted the sobriquet, "world-class," by scoring at least 100 of a potential 135 points. Pleasantly surprising is how well the Hormel and Walgreen's books did with anonymous helmsmen (or, I suppose, women).
What also surprised is the number of companies that didn't submit (gratis, of course) their year-ago books—two dozen of them, at least, it turns out. We have them, courtesy of the Wall Street Journal and its annual report service.
So history likely will be rewritten—that is, the results previously quoted I suspect will turn out to be unduly positive.
Meaning: A quick once-over indicates that none of the no-shows knocked my socks off.
I'll let you know if I'm wrong.
Sad.

ADDENDUM
No sooner had I said none of the late-arriving 2003 books initially impressed than I was obliged to eat my words: The Vulcan Materials 2003 book, which I hadn't seen, is outstanding, achieved "world-class" status by scoring more than 100 of a potential 135 points, and will be reviewed fully in the February issue of my monthly (since September 1983) Newsletter on Annual Reports. The company informs that anyone interested in its annual reports may visit the Vulcan Materials website and request a hard copy or "download electronic versions."

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