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[ "Company Management", "TDS Corporate Management", "Sandra L. Helton", "Thomas A. Burke", "Kevin C. Gallagher", "Jerry A. Gleisner", "C.", "Theodore Herbert", "Executive Vice ", "Vice President and", "Vice President and ", "Vice President – ", "Vice President –", "President and Chief", "Chief Information Officer", "Corporate Secretary", "Corporate Systems", "Human Resources", "Financial Officer", "Rudolph E. Hornacek", "D.", "Michael Jack", "J.", "Timothy Kleespies", "Peter L. Sereda", "Vice President –", "Vice President and ", "Vice President – Tax", "Vice President ", "Engineering", "Corporate Controller", "and Treasurer", "Mark A. Steinkrauss", "James W. Twesme", "Vice President –", "Vice President –", "Corporate Relations", "Corporate Finance", "TDS Corporate Development Team", "Scott H. Williamson", "Michael K. Chesney", "George L. Dienes", "Byron A. Wertz", "Paul Forshay", "Senior Vice President –", "Vice President –", "Vice President –", "Vice President –", "Director –", "Acquisitions and ", "Corporate Development", "Corporate Development", "Corporate Development", "Corporate Development", "Corporate Development", "Telephone and Data Systems, Inc.", "20" ]

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[ "Management’s Discussion and Analysis of Operations", "million), due to such factors as the inclusion of NIFTY", "(¥ Billion)", "Net Sales and Operating Income by Business Segment", "Increase", "Corporation as a consolidated subsidiary.", "(Decrease)", "Accordingly, operating income rose ¥17.6 billion, to", "Years ended March 31", "1999", "rate(%)", "2000", "¥149.9 billion ($1,414 million). Operating income as a per-", "Net Sales", "centage of net sales improved 0.4 of a percentage point, to", "(including intersegment sales)", " . . . . . . . . . . . .", "Services and software", "¥2,092", "(1.9)%", "¥2,053", "2.9%.", " . . . . . . . . . .", "Information processing", "2,102", "(10.4)", "1,884", " . . . . . . . . . . . .", "Telecommunications", "691", "13.4", "784", "Other Income and Expenses", " . . . . . . . . . . . . . . .", "Electronic devices", "609", "17.5", "716", "Net Income (Loss)", " . . . . . . . . . . . . . . . . . . . . .", "Financing", "—", "—", "119", " . . . . . . . . . . . . . . .", "Other operations", "320", "8.1", "346", "Other income and expenses improved ¥7.5 billion, to", " . . . . . . . . .", "Intersegment elimination", "(573)", "—", "(648)", "–¥75.1 billion (–$708 million), while interest and dividend", " . . . . . . . . . . . . .", "Consolidated net sales", "¥5,242", "0.2", "%", "¥5,255", "income less interest charges improved ¥8.8 billion, to", "Operating Income", "–¥36.9 billion (–$348 million), due to a reduction in inter-", " . . . . . . . . . . . .", "Services and software", "¥166", "(18.9)%", "¥134", " . . . . . . . . . .", "est-bearing liabilities. On the other hand, foreign exchange", "Information processing", "94", "(58.7)", "38", " . . . . . . . . . . . .", "Telecommunications", "15", "9.6", "17", "losses increased by ¥8.8 billion to ¥25.6 billion ($242 mil-", " . . . . . . . . . . . . . . .", "Electronic devices", "(83)", "—", "20", "lion). As we are gradually shifting our severance benefit", " . . . . . . . . . . . . . . . . . . . . .", "Financing", "—", "—", "3", " . . . . . . . . . . . . . . .", "plans to contributory defined plans in order to fortify our", "Other operations", "7", "(50.6)", "3", "Unallocated operating costs", "pension assets, pension costs increased by ¥17.4 billion", "and expenses/intersegment", "over the previous period. ", " . . . . . . . . . . . . . . . . . . .", "elimination", "(67)", "—", "(67)", "In addition, we recorded a gain of ¥20.4 billion ($192", " . . . . . .", "Consolidated operating income", "¥132", "13.4%", "¥149", "million) from the sale of shares in a Finnish subsidiary of", "ICL PLC and ¥22.1 billion ($209 million) in gains on sales", "20", "Business Segment Information", "of marketable securities and other factors, totaling ¥42.6", "billion ($402 million), down ¥12.0 billion from the previous", "Services and Software", "year. We recorded ¥37.9 billion ($358 million) in restruc-", "Fiscal 1999 consolidated services and software sales rose", "turing costs, down ¥5.7 billion from last year, related to", "4.8% domestically, to ¥1,320.8 billion ($12,461 million),", "continued restructuring activities. Fujitsu's", "restructuring", "while overseas sales in this category fell 15.4%, to ¥654.5", "costs accounted for ¥14.7 billion ($138 million) of this", "billion ($6,175 million). Together, these sales declined", "amount, while those of our domestic and overseas sub-", "2.9%, to ¥1,975.4 billion ($18,636 million). Bolstering", "sidiaries, including ICL and Amdahl Corporation, totaled", "domestic sales in this category were steady increases in our", "¥23.2 billion ($219 million). In fiscal 1998, we recorded a", "network services business, focusing primarily on outsourc-", "charge of ¥38.1 billion related to the restructuring of the", "ing, while overseas, favorable developments in European", "Pathway Project being carried out by ICL.", "PFI projects and other matters contributed to sales.", "As a result of these factors, income before income taxes", "However, Y2K-related concerns caused a slowdown in", "and minority interests increased 50.8% from the previous", "domestic and overseas systems integration sales, and over-", "fiscal term, to ¥74.8 billion ($706 million). After deducting", "seas sales in this segment were also adversely affected by", "corporate income tax of ¥28.3 billion ($267 million) and", "yen appreciation, which reduced the value of sales by over-", "minority interests of ¥3.7 billion ($35 million), net income", "seas subsidiaries by ¥110.0 billion ($1,037 million) when", "improved", "¥56.3 billion, to ¥42.7 billion ($403 million),", "compared to the value as calculated at last year's exchange", "compared with a net loss during fiscal 1998. Net income", "rate, and as a result, overall sales for the category declined.", "per share was ¥22.1 ($0.208), and return on equity was", "Affected by such factors as the lower performance of ICL", "3.5%.", "and DMR Consulting Group, Inc. owing to Y2K-related", "issues, operating income for this sector slipped 18.9%, to", "Segment Information", "¥134.9 billion ($1,273 million).", "Because of the change in the status of Fujitsu Leasing Co.,", "Ltd. during this period from an affiliated company to a con-", "Information Processing", "solidated subsidiary, we have added an additional business", "Domestic sales of information processing systems and", "segment (Financing) to the previous five segments", "equipment fell 2.6%, to ¥1,047.1 billion ($9,878 million),", "(Services and Software, Information Processing,", "and overseas sales dropped 23.2%, to ¥558.1 billion", "Telecommunications, Electronic Devices and Other", "($5,265 million). As a result, consolidated sales for the cate-", "Operations). ", "gory as a whole decreased 10.9%, to ¥1,605.3 billion" ]

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[ "some of the implementation issues related to SFAS No. 121. SFAS No. 144 also broadens the presentation of", "discontinued operations to include more disposal transactions. The Company adopted this Statement effective", "April 1, 2002, as required. In accordance with this Statement, the Company measures impairment when events or", "circumstances indicate an asset’s carrying value may not be recoverable. The estimate of an asset’s fair value", "used in the measuring for impairment is based on the best available evidence at the time, which may include", "broker quotes, values of similar transactions and/or discounting the probability-weighted future cash flows", "expected to be generated by the asset. This statement was used as a basis for reporting the Company’s", "discontinued operations and calculating the asset impairments occurring as a result of the disposal. See further", "discussion of the impact of this Statement on the Company’s financial position and results of operations in", "Notes 2 and 3.", "In April 2002, the FASB issued SFAS No. 145, ‘‘Rescission of FASB Statements No. 4, 44 and 64, Amend-", "ment of FASB Statement No. 13, and Technical Corrections.’’ SFAS No. 145 requires gains and losses on", "extinguishments of debt to be reclassified as income or loss from continuing operations rather than as extraordi-", "nary items as previously required by SFAS No. 4, ‘‘Reporting Gains and Losses from Extinguishment of Debt.’’ The", "provisions of SFAS No. 145 related to the rescission of SFAS No. 4 are effective for fiscal years beginning after", "May 15, 2002, with restatement of prior period gains and losses on the extinguishment of debt to be classified as", "income or loss from continuing operations rather than as an extraordinary item as previously required. The", "Company early adopted this Statement effective March 31, 2003. During Fiscal 2001, the Company entered into a", "new bank agreement and terminated the old agreement. The related deferred financing costs of $0.8 million", "written-off as a result of the termination, which were previously recorded as an extraordinary charge, have been", "reclassified to continuing operations in the accompanying Consolidated Statement of Operations.", "In June 2002, the FASB issued SFAS No. 146, ‘‘Accounting for Exit or Disposal Activities.’’ SFAS No. 146 is", "effective for exit or disposal activities initiated after December 31, 2002. SFAS No. 146 requires that liabilities for", "one-time termination benefits that will be incurred over future service periods should be measured at the fair value", "as of the termination date and recognized over the future service period. This statement also requires that", "liabilities associated with disposal activities should be recorded when incurred. These liabilities should be", "adjusted for subsequent changes resulting from revisions to either the timing or amount of estimated cash flows,", "discounted at the original credit-adjusted risk-free rate. Interest on the liability would be accreted and charged to", "35", "expense as an operating item. The Company adopted this Statement effective January 1, 2003 and used the", "guidelines as a basis for reporting exit and disposal activities related to the Company’s discontinued operations", "and restructuring. See further discussion of the impact on the Company’s financial position and results of", "operations in Notes 2 and 3.", "In November 2002, the FASB issued Interpretation No. 45, ‘‘Guarantor’s Accounting and Disclosure Require-", "ments for Guarantees, Including Indirect Guarantees of Indebtedness of Others,’’ (‘‘FIN 45’’) which clarifies the", "required disclosures to be made by a guarantor in their interim and annual financial statements about its", "obligations under certain guarantees that it has issued. FIN 45 also requires a guarantor to recognize, at the", "inception of the guarantee, a liability for the fair value of the obligation undertaken for those guarantees initiated", "or modified after December 31, 2002. As of March 31, 2003, the Company does not have any outstanding", "guarantees that would require additional disclosure. The Company will adopt prospectively the initial recognition", "and measurement provisions of this Interpretation for guarantees, if any, issued after March 31, 2003.", "In December 2002, the FASB issued SFAS No. 148, ‘‘Accounting for Stock-Based Compensation — Transition", "and Disclosure.’’ This Statement amends SFAS No. 123, ‘‘Accounting for Stock-Based Compensation,’’ to provide", "alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-", "based employee compensation. In addition, this Statement amends the disclosure requirements of SFAS No. 123", "to require prominent disclosures in both annual and interim financial statements about the method of accounting", "for stock-based employee compensation and the effect of the method used on reported results. The transition", "provisions and increased disclosure requirements are effective for the year ended March 31, 2003. The Company", "has adopted the provisions of SFAS No. 148 as of March 31, 2003.", "In January 2003, the FASB issued Interpretation No. 46, ‘‘Consolidation of Variable Interest Entities,’’", "(‘‘FIN 46’’) which provides guidance on identifying and assessing interests in variable interest entities to decide", "whether to consolidate that entity. FIN 46 requires consolidation of existing unconsolidated variable interest", "entities if the entities do not effectively disperse risk among parties involved. The company was required to adopt", "this Interpretation in the fourth quarter of Fiscal 2003, for any variable interest entities created subsequent to", "January 31, 2003 and is required to adopt the provisions on July 1, 2003 for entities created prior to February 1,", "2003. The company does not have any variable interest entities, and therefore the adoption of this Standard did", "not have an impact on the Company’s financial position or results of operations." ]

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[ "Abercrombie &Fitch", "CONSOLIDATED STATEMENTS OF INCOME", "2002", "2001", "2000", "(", ")", "Thousands except per share amounts", "$1,595,757", "$1,364,853", "$1,237,604", "Net Sales", "Cost of Goods Sold, Occupancy and Buying Costs", "939,708", "806,819", "728,229", "656,049", "558,034", "509,375", "Gross Income", "General, Administrative and Store Operating Expenses", "343,432", "286,576", "255,723", "312,617", "271,458", "253,652", "Operating Income", "Interest Income, Net", "(3,768)", "(5,064)", "(7,801)", "316,385", "276,522", "261,453", "Income Before Income Taxes", "Provision for Income Taxes", "121,450", "107,850", "103,320", "$", "194,935", "$", "168,672", "$", "158,133", "Net Income", "Net Income Per Share:", "Basic", "$", "1.99", "$", "1.70", "$", "14,1.58", "Diluted", "$", "1.94", "$", "1.65", "$", "14,1.55", "The", "accompanying Notes are an integral part of these Consolidated Financial Statements.", "Net Income ($ in Millions)", "Net Sales ($ in Millions)", "$1,596", "$200", "$1,600", "$195", "$180", "$1,400", "$1,365", "$169", "$160", "$158", "$1,238", "$1,200", "$150", "$140", "$1,031", "$1,000", "$120", "$805", "$102", "$800", "$100", "$80", "$600", "$60", "$400", "$40", "$200", "$20", "1998", "1999", "2000", "2001", "2002", "1998", "1999", "2000", "2001", "2002", "14" ]

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[ "work performed by outside contractors. Based on this", "rities when the market value or the net worth falls signifi-", "premise, in fiscal 2003 we undertook a stringent assessment", "cantly and is proved to be unrecoverable. If a significant", "of the potential revenue recoverable on those projects for", "decline in market value occurs and is proved to be unrecov-", "which estimated costs had exceeded estimated revenue, and", "erable in the future, additional impairment losses may need", "we recognized as losses the amounts assessed as non-recov-", "to be recognized.", "erable. If the estimated costs relating to those contracts", "Deferred Tax Assets", "increase further in the future, additional losses may be rec-", "In fiscal 2001 and 2002, the Group posted large losses as a", "ognized. ", "result of a deterioration in operating performance and related", "Property, Plant and Equipment", "business restructuring charges. With respect to the timing", "Property, plant and equipment are carried at cost.", "difference on tax loss carryforwards and others, an estimate", "Depreciation is computed principally by the declining-bal-", "has been made of the amount of the deferred tax assets with-", "ance method at rates based on the estimated useful lives of", "in the extent of which the Group judges to be recoverable", "the respective assets, which vary according to their general", "over the next five years. By recording a valuation allowance", "classification, type of construction and function. In the", "for the amount exceeding the projected recoverable amount,", "future, some equipment and facilities may become obsolete", "an appropriate level of deferred tax assets is recorded.", "as a result of technical innovation or other factors, and some", "Future increases or decreases in the valuation allowance", "equipment and facilities may no longer be required as the", "may be made if projected taxable income decreases or", "result of withdrawal from certain businesses, in which case", "increases as a result of trends in future results. The deferred", "their actual useful lives may become less than their original-", "tax asset is recognized based on the statutory tax rate. Future", "ly estimated useful lives. Losses may occur as a result.", "revisions in the tax rate would result in increases or decreas-", "We are not adopting in advance the impairment account-", "es of the deferred tax asset.", "ing standard that will become mandatory in fiscal 2005 in", "Retirement Benefits ", "Japan. Accordingly, at the time that standard is applied,", "Retirement benefit costs and obligations are determined", "losses may have to be recognized in cases in which there is a", "based on certain actuarial assumptions. These assumptions", "decline in the anticipated amount of future cash flows and a", "include the discount rate, rates of retirement, death rates, and", "corresponding decline in the amounts judged to be recover-", "the expected rate of return on the plan assets. The discount", "able as a result of deterioration in the projected results of a", "rate for the company and its domestic subsidiaries is esti-", "business unit.", "mated based on the market rate of return in Japan for", "Intangible Assets", "long-term corporate bonds of a certain rating. The expected", "rate of return is estimated based on the weighted average of", "Computer software for sale is amortized based on projected", "the expected rates of return for each type of asset in which", "unit sales volume during the period for which the projec-", "the pension funds are invested. When actual results differ", "tions are made. The projected unit sales volume is estimated", "from the assumptions or when the assumptions are changed,", "based on a feasible sales plan, but losses may occur if antici-", "retirement benefit costs and obligations can be affected. In", "pated unit sales fall short of the original sales plan. ", "the event an actuarial loss arises, the actuarial loss is amor-", "Computer software for internal use is amortized by the", "tized using a straight-line method over employees’ average", "straight-line method over its estimated useful life. Losses", "remaining service period. ", "may occur if the actual useful life falls short of the initially", "Overseas subsidiaries recognize retirement benefit costs", "estimated useful life.", "and obligations in conformity with the accounting principles", "Goodwill", "and standards generally accepted in their respective coun-", "Goodwill arising from the acquisition of a business is amor-", "tries. Any future revisions to these accounting standards", "tized by the straight-line method over the period", "could impact the retirement benefit costs and obligations", "corresponding to the premium of the acquired business.", "recognized by these subsidiaries.", "Losses may be recognized when the business is withdrawn", "Provision for Loss on Repurchase of Computers", "or sold by the Group, or when the profitability of the", "acquired business decreases during the period the Group", "Certain computers manufactured by the Group are sold to", "expected the return.", "Japan Electronic Computer Co., Ltd. (JECC) and other leas-", "ing companies for leasing to the ultimate users under", "Marketable Securities", "contracts that require the repurchase of the computers if they", "Held-to-maturity investments, which are the debt securities", "are returned by the users after a certain period. Based on", "which the Group has the positive intent and ability to hold to", "past experience, an estimated amount for the loss arising", "maturity, are stated at amortized cost, adjusted for the amor-", "from such repurchases is provided at the point of sale and is", "tization of premium or discount to maturity. Available-for", "recorded as a provision. If there are future changes in the", "sale securities, which are “equity securities” or “debt securi-", "usage trends of the ultimate users, there may need to be", "ties not classified as held-to-maturity,” are carried at fair", "additions or reductions to the provision. ", "market value as of the balance sheet date of the fiscal year if", "a market price is available. If no market price is available,", "they are carried at cost based on the moving average", "method. Fluctuations in the market value of available-for-", "sale securities for which market prices are available cause", "fluctuations in the carrying value of marketable securities,", "resulting in increases or decreases in shareholders’ equity.", "Impairment losses are recognized on available-for-sale secu-", "33" ]

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[ "Bombardier Inc. Annual Report 2003-04", "page 45", "Segments", "Bombarbier Aerospace", "Bombardier Transportation", "Bombardier Capital", "Bombardier Aerospace is a manufacturer of", "Bombardier Transportation, the global leader", "BC offers secured inventory financing and", "business, regional and amphibious aircraft ", "in the rail equipment manufacturing and serv-", "interim financing of commercial aircraft, prima-", "and a provider of related services. It offers", "icing industry, offers a full range of passenger", "rily in North American markets, and manages", "comprehensive families of regional jet and", "railcars, as well as complete rail transportation", "the wind-down of various portfolios. ", "turboprop commercial aircraft and a wide ", "systems. It also manufactures locomotives,", "range of business jets. It also provides the", "freight cars, airport people movers, propulsion", "*", "*", "Bombardier", "and controls and provides rail control solutions.", "Flexjet", "fractional ownership pro-", "Bombardier Transportation is also a provider ", "gram, technical services, aircraft maintenance", "of maintenance services. Bombardier", "and pilot training. Bombardier Aerospace’s", "Transportation’s main manufacturing facilities", "main manufacturing facilities are principally", "are principally located in Germany, the United", "located in Canada, the United States, and the", "Kingdom and the United States.", "United Kingdom.", "The following analysis of operating results cov-", "Corporate interest costs are only allocated ", "Management evaluates the performance of", "ers the activities of Bombardier Aerospace,", "to the manufacturing segments, based on ", "each segment based on EBT. Accordingly, seg-", "Bombardier Transportation and BC.", "the segment’s net assets. Most other corporate", "ment information is presented on this basis.", "charges are allocated to all segments based", "on each segment’s revenues.", "EBT from continuing", "Revenues", "Revenues", "operations before", "Fiscal year 2003", "Fiscal year 2004", "special items", "100", "82%", "80", "60%", "60", "$21.2 billion", "$21.3 billion", "40", "27%", "24%", "16%", "20", "(9)%", "0", "(20)", "F03", "F04", "Aerospace", "Aerospace 53%", "Aerospace 53%", "Transportation", "Transportation 44%", "Transportation 45%", "BC", "BC 2%", "BC 3%" ]

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[ "(2)", "Other investment securities (available for sale securities) with fair market value:", "(a)", "As of March 31, 2003:", "Millions of yen", "Acquisition cost", "Book value", "Difference", "Book value exceeding acquisition cost:", "Equity securities", "¥ 6,181", "¥13,974", "¥7,793", "Debt securities", "Government and municipal bonds", "4,966", "5,142", "176", "Corporate bonds", "6,566", "6,631", "65", "Other", "201", "201", "0", "Other", "300", "300", "0", "Sub-total", "18,214", "26,248", "8,034", "Book value not exceeding acquisition cost:", "Equity securities", "15,844", "13,634", "(2,210)", "Debt securities", "Government and municipal bonds", "—", "—", "—", "Corporate bonds", "4,317", "4,309", "(8)", "Other", "1,959", "1,958", "(1)", "Other", "325", "306", "(19)", "Sub-total", "22,445", "20,207", "(2,238)", "Total", "¥40,659", "¥46,455", "¥5,796", "Thousands of U.S. dollars", "Acquisition cost", "Book value", "Difference", "Book value exceeding acquisition cost:", "Equity securities", "$ 51,423", "$116,256", "$64,833", "Debt securities", "Government and municipal bonds", "41,314", "42,779", "1,465", "Corporate bonds", "54,626", "55,166", "540", "Other", "1,672", "1,672", "0", "Other", "2,496", "2,496", "0", "Sub-total", "151,531", "218,369", "66,838", "Book value not exceeding acquisition cost:", "Equity securities", "131,813", "113,428", "(18,385)", "Debt securities", "Government and municipal bonds", "—", "—", "—", "Corporate bonds", "35,915", "35,849", "(66)", "Other", "16,298", "16,289", "(9)", "Other", "2,704", "2,546", "(158)", "Sub-total", "186,730", "168,112", "(18,618)", "Total", "$338,261", "$386,481", "$48,220", "38", "FUJI HEAVY INDUSTRIES LTD." ]

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[ "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS", "8.", "LONG-TERM DEBT", "Long-term debt at December 31, 2003 and 2002 consists of the following (in thousands):", "2003", "2002", "7.875% Senior, unsecured notes, maturing October 2004", "$", "47,509", "$", "50,109", "9.125% Senior, unsecured notes, maturing February 2008", "100,000", "100,000", "Mortgage notes with fixed interest", "9.77%, maturing April 2005", "14,179", "14,516", "9.125%, maturing September 2005", "7,812", "8,288", "4.97%, maturing July 2008, including net premium of $ 11,852", "198,258", "—", "7.875%, maturing April 2009", "61,690", "62,874", "7.98%, maturing April 2009", "18,746", "19,036", "8.86%, maturing September 2010", "15,975", "16,207", "Mortgage notes with variable interest", "LIBOR plus 1.75%, maturing March 2006", "53,500", "53,500", "Revolving lines of credit with variable interest rates ranging", "from either prime less .25% to prime or from LIBOR plus", "1.60% to LIBOR plus 1.75%", "22,650", "20,475", "$", "540,319", "$", "345,005", "As part of the acquisition of the Charter Oak Partners’ portfolio, we assumed $186.4 million of cross-col-", "lateralized debt which has a stated, fixed interest rate of 6.59% and matures in July 2008. We recorded", "the debt at its fair value of $198.3 million with an effective interest rate of 4.97%. Accordingly, a debt pre-", "mium of $11.9 million was recorded and is being amortized over the life of the debt. ", "We extended the maturities of our existing four unsecured lines of credit with Bank of America, Fleet", "National Bank, SouthTrust Bank and Wells Fargo Bank until June 30, 2005 and increased our line of cred-", "it with Wells Fargo Bank from $10 million to $25 million. This addition brings the total capacity under our", "lines of credit to $100 million. Amounts available under these facilities at December 31, 2003 totaled", "$77.35 million. Interest is payable based on alternative interest rate bases at our option. Certain of our", "properties, which had a net book value of approximately $704.8 million at December 31, 2003, serve as", "collateral for the fixed and variable rate mortgages.", "The lines of credit require the maintenance of certain ratios, including debt service coverage and lever-", "age, and limit the payment of dividends such that dividends and distributions will not exceed funds from", "operations, as defined in the agreements, for the prior fiscal year on an annual basis or 95% of funds from", "operations on a cumulative basis. Five of the six existing fixed rate mortgage notes are with insurance", "companies and contain prepayment penalty clauses.", "During 2003, we purchased at a 2% premium, $2.6 million of our outstanding 7.875% senior, unsecured", "public notes that mature in October 2004. The purchases were funded by amounts available under our", "unsecured lines of credit. These purchases were in addition to $24.9 million of the notes that were pur-", "chased in 2001 and 2002. We currently have authority from our Board of Directors to purchase an addi-", "tional $22.4 million of our outstanding 7.875% senior, unsecured public notes and may, from time to time,", "do so at management’s discretion. ", "53", "TANGER FACTORY OUTLET CENTERS, INC." ]

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[ 6, 1, 1, 1 ]

[ "12", "Thruway", "Shops at Monocacy", "Seven Corners" ]

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[ "In July 2002, the FASB issued Statement of Financial Accounting Standards No. 146, “Accounting for Costs", "Associated with Exit or Disposal Activities” (“SFAS 146”). This statement establishes accounting guidelines for the", "recognition and measurement of liabilities for costs associated with exit or disposal activities initially at fair value in", "the period in which the liabilities are incurred, rather than at the date of a commitment to an exit or disposal plan.", "This standard was effective January 1, 2003 for all exit or disposal activities initiated after that date. The Company", "adopted this standard at January 1, 2003. SFAS 146 has no effect on the Company’s restructuring charges", "recorded in 2002 and prior periods.", "In November 2002, the FASB issued Interpretation No. 45, “Guarantor’s Accounting and Disclosure", "Requirements for Guarantees, Including Indirect Guarantees of the Indebtedness of Others” (“FIN 45”). This", "interpretation changes the accounting recognition and disclosure requirements for certain guarantees issued on", "behalf of other parties which represent either a contingent or a non-contingent obligation for the guarantor to make", "payments or to perform specified activities. Effective January 1, 2003, FIN 45 mandates the separate fair value", "recognition of guarantees entered into on or after that date. At December 31, 2003, the Company had no material", "guarantees as defined in FIN 45. ", "In December 2003, the FASB issued a revised Interpretation No. 46, “Consolidation of Variable Interest Entities”", "(“FIN 46”). A variable interest entity (“VIE”) is one where the contractual or ownership interests in an entity change", "with changes in the entity’s net asset value. This interpretation requires the consolidation of a VIE by the primary", "beneficiary, and also requires disclosure about VIEs where an enterprise has a significant variable interest but is", "not the primary beneficiary. VIEs that are considered to be special purpose entities require recognition under ", "FIN 46 in the 2003 fourth quarter. FIN 46, as revised, is applied to all other VIEs in the 2004 first quarter. At", "December 31, 2003, the Company had no interests in entities qualifying as VIEs. ", "Reclassifications ", "Certain amounts from prior years have been reclassified to conform with the 2003 presentation.", "Note 2. Inventories —", "December 31,)", "December 31,)", "(In millions)", "2003)", "2002)", "Raw materials and supplies", "$037.5)", "$032.7)", "Work-in-process", "356.2)", "358.5)", "Finished goods", "84.9)", "80.4)", "Total inventories at current cost", "478.6)", "471.6)", "Less allowances to reduce current cost values to LIFO basis", "(111.7)", "(74.7)", "Progress payments", "(7.2)", "(4.6)", "Total inventories", "$359.7)", "$392.3)", "Inventories, before progress payments, determined on the last-in, first-out method were $292.4 million at", "December 31, 2003 and $327.0 million at December 31, 2002. The remainder of the inventory was determined using", "the first-in, first-out and average cost methods. These inventory values do not differ materially from current cost.", "During 2003 and 2002, inventory usage resulted in liquidations of last-in, first-out inventory quantities. These", "inventories were carried at the lower costs prevailing in prior years as compared with the cost of current purchases.", "The effect of these last-in, first-out liquidations was to decrease cost of sales by $7.9 million in 2003 and by $3.7", "million in 2002.", "40", "Annual Report 2003", "ATI" ]

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[ "OFF BALANCE SHEET ASSETS", "As part of its core operations, AEGON concludes transactions and has relationships with institutional and retail customers for a variety", "of financial services. The return for these services is a fee related to the asset value, to the investment performance or to the risk", "exposure of the contract.", "The services include:", "- management of investments for institutional investors and of mutual funds in the retail business;", "- offering of synthetic GICs which guarantee to plan sponsors benefit responsiveness, whether or not in the form of annuities, in the", "event that qualified plan benefit requests exceed plan cash flows. The plan sponsor agrees to reimburse for such benefit payments with", "interest.", "For all services the related assets are owned by the customers and therefore they do not appear on the balance sheet of AEGON. Total", "assets involved in these operations amount to EUR 63 billion (USD 79 billion), (2002: EUR 52 billion, USD 55 billion).", "AEGON Levensverzekering N.V. completed two privately placed securitization programs in 2002 whereby the economic ownership of", "EUR 1.7 billion of aggregate mortgage receivables was conveyed to third parties. The transfer of the ownership title will take place upon", "notification of the borrowers by either AEGON or the third parties. The third parties have the right to notify the borrowers upon the", "occurrence of certain pre-defined ’notification events’. A first preferred ’silent’ right of pledge on the mortgage receivables was given to", "the third parties. At the same time AEGON entered into a fixed-floating swap agreement with the contract parties under which AEGON", "agreed to pay the floating rate (EURIBOR based) and receive the fixed rate (scheduled yield from the mortgage receivables). Under both", "programs AEGON received the right to repurchase all of the mortgage receivables at a price equal to the then current portfolio market", "value of the receivables provided that AEGON simultaneously terminates the swap upon payment of the market value of the swap. For", "one program that right exists for the remainder of the term. The other program only allowed AEGON to repurchase the receivables", "between March 2003 and September 2003 and no longer permits AEGON this right.", "AEGON Levensverzekering N.V. completed two publicly placed securitization programs in 2003 whereby the economic ownership of", "EUR 2.3 billion of aggregate mortgage receivables was conveyed to two special purpose companies. Both companies funded this", "purchase with the issue of mortgage backed securities. The transfer of the ownership title will take place upon notification of the", "borrowers by either AEGON or the special purpose companies. The special purpose companies have the right to notify the borrowers", "upon the occurrence of certain pre-defined ’notification events’. A first preferred ’silent’ right of pledge on the mortgage receivables was", "given to the special purpose companies. At the same time AEGON entered into a fixed-floating swap agreement with the contract parties", "under which AEGON agreed to pay the floating rate (EURIBOR based) and receive the fixed rate (scheduled yield from the mortgage", "receivables). For both programs, after a period of seven years, the interest of the notes, issued by the special purpose companies will", "step-up, together with a similar step-up in the fixed-floating swap agreement. At this time, the special purpose companies have the right", "to call the notes. ", "In 2003, one of the privately placed securitizations from 2002 was called by AEGON Levensverzekering N.V. and bought back at", "market value. AEGON Levensverzekering N.V. now has a total of three publicly placed and two privately placed securitization programs", "outstanding with a total size of EUR 5 billion.", "LITIGATION", "Banque Internationale à Luxembourg S.A. and Dexia Bank Belgium S.A. (Dexia) initiated legal proceedings against AEGON in connection", "with its acquisition in 2000 of Labouchere, at that time a subsidiary company of AEGON. Dexia alleges that AEGON made certain", "misrepresentations and breached some of the warranties contained in the purchase agreement. The alleged misrepresentations and", "breaches of warranties relate to the securities leasing products sold by Labouchere. Dexia’s claims include a claim for dissolution of the", "agreement and damages and, if honoured by the competent courts, may result in substantial damage to AEGON. AEGON has taken the", "view that the sale of Labouchere to Dexia constitutes a transaction between two large financial institutions that was duly effected and", "that Dexia’s allegations are without merit. In view thereof, and given that the amount of damages due in case any of the claims of Dexia", "would succeed cannot be determined, no provision has been made for these claims in the annual accounts for 2003.", "In January and February 2003, AEGON and certain current and former members of the Executive Board were named in a series of", "similar class action complaints filed in US federal court alleging various violations of US securities laws involving the issuance of false", "and misleading statements during the period between August 9, 2001, and July 22, 2002, when AEGON issued an update to its earnings", "guidance for 2002. AEGON believes these allegations are without merit and intends to defend vigorously against these actions, which", "have been consolidated. AEGON does not believe that these claims, either individually or in the aggregate, will result in a material", "adverse effect on its financial position or results of operations.", "AEGON and some of its subsidiaries and affiliates are involved in litigation in the ordinary course of business, including litigation", "where compensatory or punitive damages and mass or class relief are sought. The outcome of litigation is, at times, unpredictable. It is", "management's opinion, after consultation with legal counsel, that damages arising from such litigation will not have a material adverse", "effect on either the financial position or the results of operations.", "AEGON GROUP ANNUAL REPORT 2003", "107" ]

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[ "04-HP-876_firstsection.qxd", "12/15/04", "2:41 PM", "Page 6", "The Company's first international F", "lexRig*, working in Hungary, ", "should work through", "the first fiscal quarter of 2005. The Company", "completed a multi-well", "contract in Chad using its second international", "FlexRig during the year", "and that rig has since returned to the U.S.", "fleet and is working in central F", "lorida.", "The Company continues to", "actively prospect in other regions", "of the world for attractive growth", "opportunities, principally in areas", "where FlexRig technology can be", "applied to add considerable value.", "U.S. Land Operations", "In July", "the U.S. land rig count surpassed the previous high mark set ", "in 2001, and activity continues to gro", "w.", "The Company added ten net", "rig years", "to its fleet capacity during 2004 and worked 13 more rig years", "than in 2003. Revenues and cash flo", "w increased 27 and 48 percent,", "respectively, and operating profit", "doubled that of 2003. At the close of", "the year, the Company had 87 rigs av", "ailable to the market, 80 of which", "were working. FlexRig", "utilization during 2004 was 99 percent, compared", "with 73 percent for the Company’s r", "emaining fleet. The Company", "completed its FlexRig3 construction", "pr", "oject, delivering the 32nd", "FlexRig3 at the end of March. F", "lexRig3s", "have drilled almost 500", "wells, 73 percent of which were", "drilled under or on the customers’", "planned drilling time. In further r", "ecognition of the superior value, half", "of the FlexRig3", "fleet is being used to drill directional, more technically ", "* The term “FlexRig” used throughout this Annual R", "eport is a Company trademark", "Registered in the U.S. Patent and Trademark Office." ]

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[ 8, 10, 10, 5, 5 ]

[ "DISTRIBUTORS AND THEIR CLIENTS BENEFIT FROM OUR CONSISTENT FOCUS ON CUSTOMER", "SOLUTIONS, THE WAYS WE MAKE IT EASY TO WORK WITH US, AND THE EXTRAORDINARY SERVICE WE", "PROVIDE EVERY TIME AND EVERYWHERE. WE CALL THIS THE HARTFORD EXPERIENCE.", "Thirty-three", "2003 Annual Report" ]

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[ "A M P H E N O L", "C", "O R P O R A T I O N", "2", "0 0 4", "A N N U A L", "R E P O R T ", "Disclosures about contractual obligations and commitments ", "The following table summarizes the Company's known obligations to make future payments pursuant to certain contracts as ", "of December 31, 2004, as well as an estimate of the timing in which such obligations are expected to be satisfied:", "Contractual Obligations ", "Less than", "1-3", "3-5", "More than ", "(dollars in thousands) ", "Total", "1", "year", "years ", "years", "5", "years", "Long-term debt ", "$442,688", "$ 14,341", "$15,462 ", "$31,939", "$380,946", "Capital lease obligations ", "6,365", "2,568", "3,763 ", "34", "-", "Operating leases ", "48,708", "16,546", "17,682 ", "9,127", "5,353", "Purchase obligations ", "76,537", "74,589", "1,402 ", "546", "-", "Other long-term liabilities", "7,275", "803", "6,394", "78", "-", "Total", "$581,573", "$108,847", "$44,703", "$41,724", "$386,299", "Item 7A.", "Quantitative and Qualitative Disclo-", "Interest Rate Risk ", "sures About Market Risk ", "Relative to interest rate risk, the ", "The Company, in the normal course ", "Company completed a refinancing of ", "of doing business, is exposed to the risks ", "its senior credit facilities during the ", "associated", "with", "foreign", "currency", "second quarter 2003 as discussed in ", "exchange rates and changes in interest ", "Liquidity and Capital Resources above. ", "rates. ", "In", "conjunction", "with", "the", "2003", "refinancing, the Company entered into ", "Foreign Currency Exchange Rate Risk ", "interest rate swap agreements that fixed ", "the Company’s LIBOR interest rate on ", "The Company conducts business in ", "$250.0 million and $50.0 million of ", "several international currencies through ", "floating rate debt at 2.44% and 3.01%, ", "its worldwide operations, and as a result ", "expiring in May 2006 and June 2006, ", "is subject to foreign exchange exposure ", "respectively. At December 31, 2004, ", "due to changes in exchange rates of the ", "the Company’s average LIBOR rate ", "various currencies. Changes in exchange ", "was 2.5%. A 10% change in the ", "rates can positively or negatively affect ", "LIBOR interest rate at December 31, ", "the Company's sales, gross margins and ", "2004", "would", "have", "the", "effect", "of", "retained", "earnings.", "The", "Company", "increasing", "or", "decreasing", "interest", "attempts to minimize currency exposure ", "expense by approximately $0.3 million. ", "risk by producing its products in the ", "The Company does not expect changes ", "same country or region in which the ", "in interest rates to have a material effect ", "products are sold and thereby generating ", "on income or cash flows in 2005, ", "revenues and incurring expenses in the ", "although there can be no assurances that ", "same currency and by managing its ", "interest rates will not significantly ", "working capital although there can be no ", "change.", "assurance that this approach will be ", "successful, especially in the event of a ", "significant and sudden decline in the ", "value of any of the international ", "currencies of the Company's worldwide ", "operations. The Company does not ", "engage in purchasing forward exchange ", "contracts for speculative purposes.", "34 " ]

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[ "INNOVATIONS", "enue Ths |", "|", "re I", "a", "w", "ee", "Fon", "HRLANNEIAKED + La NEU", "Future Innovations", "Future Innovations", "This year, expect to see continued innovations from us and expanded channels of distribution, including:", "This year, expect to see continued innovations from us and expanded channels of distribution, including:", "TEA", "TEA", "FROZEN FOODS", "FROZEN FOODS", "Dual-panel packaging for", "Dual-panel packaging for", "® tea ", "®, ", "®, ", "® and ", "® and ", "® foods broaden the", "Celestial Seasonings", "Rosetto", "Rosetto", "Ethnic Gourmet", "Ethnic Gourmet", "Imagine", "increases shelf space by allowing vertical or horizontal display of", "platform of convenience meals and desserts with the same natural", "product, and new holiday teas for children—a previously untapped", "goodness consumers have come to expect from all our products.", "market for the brand—are launched.", "plans to introduce 70% organic pasta.", "Rosetto", "SNACKS", "SNACKS", "CANADA", "CANADA", "Expanded direct-store-delivery distribution and new product", "Expanded direct-store-delivery distribution and new product", "expands meat alternative products for non-vegetarians", "expands meat alternative products for non-vegetarians", "Yves", "Yves", "introductions like ", "® ", "krinkle cut potato chips and", "and vegetarians, and extends our distribution of ", "Terra", "Kettle Blends", "Earth’s Best,", "® microwave popcorn and taco dinner kits enable", ", ", "and ", "into", "Garden of Eatin’", "Rice Dream, Imagine", "Terra Chips", "Garden of Eatin’", "us to maintain our leadership position.", "Canada. A new venture with SYSCO® Corporation markets", "GROCERY", "GROCERY", "vegetarian meat alternatives under SYSCO’s MoonRose® brand", "to the Foodservice channel.", "We design functional, whole-grain, medley cereals—", "We design functional, whole-grain, medley cereals—", "EUROPE", "EUROPE", "™, to build and maintain strong bones, and", "BoneWise", "™, to strengthen and support a healthy immune", "The recently acquired ", "The recently acquired ", "expands our offering of soy,", "ImmuneWise", "Natumi", "system.", "® partners with the Sesame Workshop®", "rice, oat and vegetable milk products, and additional U.S. products", "Earth’s Best", "in their Healthy Habits for Life™ campaign and expands", "from ", ", ", "and ", "are rolled", "Celestial Seasonings", "Terra Chips", "Rice Dream", "Foodservice distribution in partnership with Song, owned and", "out on the continent.", "PERSONAL CARE", "PERSONAL CARE", "operated by Delta Air Lines, Inc. ", "NON-DAIRY", "NON-DAIRY", "Our most recent acquisition of Jason provides a range of", "Our most recent acquisition of Jason provides a range of", "®, ", "®, ", "™, ", "® aseptic products", "natural and organic skin, oral and hair care products under the", "WestSoy", "WestSoy", "Soy Slender", "Soy Slender", "Rice Dream", "deliver the same great taste as refrigerated products with the added", "® and private label brands, including spa products. Existing", "JASON", "benefit of an extended shelf life. ", "™ is co-", "lines are revitalized and body care expands with ", "and", "Rice Dream HeartWise", "Earth’s Best ", "branded with ", "® ", ", our heart-healthy cereal.", "products. ", "Health Valley", "HeartWise", "Celestial Seasonings", "Organic", "Pode)", "|e", "COOKIES:", "16", "The Hain Celestial Group, Inc.", "SYSCO and MoonRose are registered", "trademarks of SYSCO Corporation. " ]

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[ 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 5, 5, 5, 5 ]

[ "impact of worldwide economies on our revenues", "for the year, the overall health of the company", "remains strong. We experienced robust growth in", "China, our customers continued to migrate from", "2D design to next-generation 3D technology, and", "our growing Subscription Program showed strong", "returns. We generated $86 million in cash from", "operating activities and have $411 million in cash", "and marketable securities.The investments we", "made in research and development of our prod-", "ucts, programs, and initiatives, together with the", "advances we made around the world, have set the", "stage for us to extend our leadership position.", "2", "FY ", "Autodesk, Inc.", "03" ]

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[ "Other Divestitures:", "In the second quarter of 2003, a $10 million pre-tax charge", "($6 million after taxes) was recorded to adjust estimated", "In December 2004, International Paper committed to plans", "gains/losses of businesses previously sold.", "for the sale in 2005 of its Fine Papers business and its", "Maresquel mill and Papeteries de France distribution", "The net 2003 pre-tax losses, totaling $32 million, discussed", "business in France. As a result, charges of $11 million before", "above are included in Net losses (gains) on sales and", "taxes ($8 million after taxes), $34 million before and after", "impairments of businesses held for sale in the accompanying", "taxes, and $11 million before taxes ($12 million after taxes),", "consolidated statement of operations.", "respectively, were recorded to write down the assets of these", "entities to their estimated fair values less costs to sell. In", "In the fourth quarter of 2002, International Paper recorded a", "October 2004, International Paper sold two box plants", "$10 million pre-tax credit ($4 million after taxes) to adjust", "located in China to International Paper Pacific Millennium,", "estimated accrued costs of businesses previously sold.", "resulting in a pre-tax loss of $14 million ($4 million after", "taxes). Finally, also in the fourth quarter, a $9 million loss", "In the third quarter of 2002, International Paper completed", "before taxes ($6 million after taxes) was recorded to adjust", "the sale of its Decorative Products operations to an affiliate of", "estimated gains/losses of businesses previously sold.", "Kohlberg & Co. for approximately $100 million in cash and a", "note receivable with a fair market value of $13 million. This", "In July 2004, International Paper signed an agreement to", "transaction resulted in no gain or loss as these assets had", "sell Scaldia Papier B.V., and its subsidiary, Recom B.V. in", "previously been written down to fair market value. Also", "the Netherlands, to Stora Enso for approximately $36", "during the third quarter of 2002, a net gain of $3 million", "million in cash. This sale was completed in the third", "before taxes ($1 million after taxes) was recorded related to", "quarter and resulted in a loss of $34 million (no impact", "adjustments of previously estimated accrued costs of", "from taxes or minority interest). In addition, a $4 million", "businesses held for sale.", "loss (no impact from taxes or minority interest) was", "recorded to adjust the estimated loss on sale of Papeteries", "During the second quarter of 2002, a net gain on sales of", "de Souche L.C. in France.", "businesses held for sale of $28 million before taxes and", "minority interest ($96 million after taxes and minority", "In the second quarter of 2004, a $27 million loss before and", "interest) was recorded, including a pre-tax gain of $63", "after taxes was recorded to write down the assets of", "million ($40 million after taxes) from the sale in April 2002", "Papeteries de Souche L.C. in France to their estimated", "of International Paper’s oriented strand board facilities to", "realizable value. In addition, a $9 million loss before taxes", "Nexfor Inc. for $250 million, and a net charge of $35 million", "and minority interest ($5 million after taxes and minority", "before taxes and minority interest (a gain of $56 million after", "interest) was recorded to write down the assets of Food Pack", "taxes and minority interest) relating to other sales and", "S.A. in Chile to their estimated realizable value.", "adjustments of previously recorded estimated costs of", "businesses held for sale. This net pre-tax charge included:", "In the first quarter of 2004, a $9 million gain before taxes", "(1)", "a $2 million net loss associated with the sales of the", "($6 million after taxes) was recorded to adjust estimated", "Wilmington, North Carolina carton plant and CHH’s", "gains/losses of businesses previously sold.", "distribution business;", "(2)", "an additional loss of $12 million to write down the", "The net 2004 pre-tax losses totaling $144 million discussed", "net assets of Decorative Products to fair market", "above are included in Net losses (gains) on sales and", "value;", "impairments of businesses held for sale in the accompanying", "(3)", "$11 million of additional expenses relating to the", "consolidated statement of operations.", "decision to continue to operate Arizona Chemical,", "including a $3 million adjustment of estimated", "In the fourth quarter of 2003, International Paper recorded a", "accrued costs incurred in connection with the prior", "$34 million charge to write down the assets of its Polyrey", "sale effort and an $8 million charge to permanently", "business in France to their estimated fair value. In addition, a", "close a production facility; and ", "$13 million pre-tax gain ($8 million after taxes) was", "(4)", "a $10 million charge for additional expenses relating", "recorded to adjust estimated gains/losses of businesses", "to prior divestitures.", "previously sold.", "The net tax credit associated with these charges reflects the", "reversal of an Arizona Chemical impairment tax charge in a", "In the third quarter of 2003, a $1 million charge before and", "prior period. The net 2002 pre-tax gains, totaling $41", "after taxes was recorded to adjust estimated gains/losses of", "million, discussed above are included in Net losses (gains)", "businesses previously sold.", "on sales and impairments of businesses held for sale in the", "accompanying consolidated statement of operations.", "56" ]

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[ "M CCORMICK & COMPANY 2004 ANNUAL REPORT", "McCormick worldwide", "CONSUMER BUSINESS", "CONSOLIDATED OPERATIONS", "JOINT VENTURES", "LICENSEES", "INDUSTRIAL BUSINESS", "CONSOLIDATED OPERATIONS", "JOINT VENTURES", "LICENSEES", "MCCORMICK", "WORLD HEADQUARTERS – ", "SPARKS, MARYLAND U.S.A.", "LOCATIONS ARE NEW", "WITHIN THE LAST FIVE YEARS", "From locations around the world, our consumer brands reach nearly 100 countries.", "Our industrial business provides a wide range of products to multinational restaurants", "and food processors. McCormick flavors span the globe.", "executive officers", "Robert J. Lawless", "Robert W. Skelton", "Chairman of the Board, ", "Senior Vice President, ", "President & ", "General Counsel & Secretary", "Chief Executive Officer", "Mark T. Timbie", "Paul C. Beard", "President – International ", "Consumer Products Group", "Vice President – ", "Marianne Gillette", "Director, Product Development,", "Finance & Treasurer", "Karen D. Weatherholtz", "Restaurants", "Francis A. Contino", "Senior Vice President – ", "”", "Cardamom reminds me", "Human Relations", "Executive Vice President – ", "of a zesty grapefruit! I like", "Strategic Planning & ", "Alan D. Wilson", "Chief Financial Officer", "to add McCormick ground", "President – ", "cardamom to tea for a ", "Robert G. Davey", "U.S. Consumer Foods", "citrus-like flavor. I also love", "President – ", "Jeryl Wolfe", "to add cardamom to apples,", "Global Industrial Group", "Vice President – ", "either in pie, applesauce or", "H.", "Grey Goode, Jr.", "Supply Chain & ", "healthy", "fresh sliced apples.", "Chief Information Officer", "Vice President – Tax", "The", "kids like fresh sliced", "apples", "with cinnamon-", "Kenneth A. Kelly, Jr.", "Vice President & Controller", "cardamom-sugar", "sprinkled", "on", "top (1 part cardamom, ", "parts cinnamon, 5 parts", "2 pz", "sugar).", "Cardamom is one of", "my", "secret ingredients for a", "”", "great apple pie!", "18" ]

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[ "6.", "Loans and Leases", "Loans and leases consist of the following:", "At December 31,", "Percentage", "(Dollars in thousands)", "2001", "Change", "2002", "Consumer:", "Home equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "$2,443,788", "20.9%", "$2,955,644", "Other secured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "43,433", "(23.1)", "33,411", "Unsecured . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "22,112", "(23.9)", "16,827", "2,509,333", "19.8", "3,005,882", "Commercial:", "Commercial real estate:", "Permanent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "1,444,484", "13.5", "1,639,860", "Construction and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "177,977", "10.1", "195,928", "1,622,461", "13.1", "1,835,788", "Commercial business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "422,381", "4.2", "440,074", "2,044,842", "11.3", "2,275,862", "Leasing and equipment finance:", "Equipment finance loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "271,398", "6.7", "289,558", "Lease financings:", "Direct financing leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "691,899", "9.6", "758,169", "Sales-type leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "36,272", "(16.3)", "30,346", "Lease residuals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "33,860", "4.5", "35,375", "Unearned income and deferred lease costs . . . . . . . . . . . . . . . . . . . . . . . . . . .", "(94,300)", "1.7", "(95,927)", "Investment in leveraged leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "17,608", "22.2", "21,519", "685,339", "9.4", "749,482", "956,737", "8.6", "1,039,040", "Total consumer, commercial and leasing and equipment finance . . . . . . . . .", "5,510,912", "14.7", "6,320,784", "Residential real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .", "2,733,290", "(34.1)", "1,800,344", "$8,244,202", "(1.5)", "$8,121,128", "with their original terms for 2002, 2001 and 2000, TCF would have", "At December 31, 2002 and 2001, the recorded investment in", "recorded gross interest income of $4.3 million, $5.4 million and", "loans that were considered to be impaired was $12.1 million and $18.8", "$3.9 million, respectively, for these loans and leases. Interest income", "million, respectively. The related allowance for loan losses at those", "of $1.2 million, $1.7 million and $1.6 million has been recorded", "dates was $5.5 and $5 million, respectively. All of the impaired loans", "on these loans and leases for the years ended December 31, 2002,", "were on non-accrual status. There were no impaired loans at", "2001 and 2000, respectively.", "December 31, 2002 or 2001 which did not have a related allowance", "At December 31, 2002 and 2001, TCF had no loans out-", "for loan losses. The average recorded investment in impaired loans", "standing with terms that had been modified in troubled debt", "during the years ended December 31, 2002, 2001 and 2000 was ", "restructurings. There were no material commitments to lend addi-", "$14.7 million, $9.9 million and $4.5 million, respectively. For the", "tional funds to customers whose loans or leases were classified as", "year ended December 31, 2002, 2001 and 2000, TCF ", "non-accrual at December 31, 2002.", "recognized interest income on impaired loans of $92,000, $29,000", "The aggregate amount of loans to non-management directors of", "and $40,000, all of which was recognized using the cash basis method", "TCF and their related interests was $35.3 million and $31.8 million", "of income recognition.", "at December 31, 2002 and 2001, respectively. During 2002, $5.1", "At December 31, 2002, 2001 and 2000, loans and leases on non-", "million of new loans were made and repayments of such loans totaled", "accrual status totaled $43.6 million, $52 million and $35.2 mil-", "$1.6 million. All loans to outside directors and their related ", "lion, respectively. Had the loans and leases performed in accordance", "page", "55" ]

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[ "executive ", "Capital One Financial Corporation", "Capital One Financial Corporation", "Board of Directors", "Executive Officers", "Richard D. Fairbank", "Richard D. Fairbank", "Chairman, CEO and President", "Chairman, CEO and President", "Capital One Financial Corporation", "Nigel W. Morris", "Nigel W. Morris", "Vice Chairman", "Vice Chairman", "Gregor S. Bailar", "Capital One Financial Corporation", "Executive Vice President ", "W.", "Ronald Dietz", "(1)", "(2) (4)", "and Chief Information Officer", "President", "John G. Finneran, Jr.", "W.M. Putnam Company", "Executive Vice President, General Counsel ", "James A. Flick, Jr.", "(1)", "(3) (4)", "and Corporate Secretary", "President and CEO", "Larry A. Klane", "Winnow, Inc.", "Executive Vice President, ", "Patrick W. Gross", "(1)", "(3)", "Global Financial Services", "Chairman", "Dave R. Lawson", "The Lovell Group", "Executive Vice President;", "Lewis Hay, III", "(3)", "CEO and President, Capital One Auto Finance", "Chairman, President and CEO", "Gary L. Perlin", "FPL Group, Inc.", "Executive Vice President", "James V. Kimsey", "(2)", "and Chief Financial Officer", "Chairman Emeritus", "Peter A. Schnall", "America Online, Inc.", "Executive Vice President ", "Mayo Shattuck, III", "(4)", "and Chief Credit Officer", "Chairman, President and CEO", "Matthew W. Schuyler", "Constellation Energy Group", "Executive Vice President, ", "Stanley Westreich", "(2)", "Human Resources", "President ", "Catherine G. West", "Westfield Realty, Inc.", "Executive Vice President;", "President, U.S. Card", "Audit and Risk Committee", "(1)", "Compensation Committee", "(2)", "Governance and Nominating Committee", "(3)", "Finance Committee", "(4)" ]

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[ "Revenue ", "BUSINESS OUTLOOK", "Revenues are expected to grow approximately 14-16% in 2003. Net interest", "This business outlook section summarizes the Company’s expectations for", "margin is expected to fluctuate somewhat due to the scheduled repricings of", "earnings for 2003, and its primary goals and strategies for continued growth.", "certain introductory rate credit card products and a gradual shift towards", "The statements contained in this section are based on management’s current", "superprime assets, but is expected to stabilize at approximately 9-10% in", "expectations. Certain statements are forward looking, and therefore actual", "2003. Non-interest income is expected to remain stable in 2003 compared to", "results could differ materially. Factors that could materially influence results", "2002, consistent with a gradual shift towards higher credit quality assets,", "are set forth throughout this section and in the Company’s Annual Report on", "which generate less fee income than assets generated by customers at the", "Form 10-K for the year ended December 31, 2002 (Part I, Item 1, Risk", "lower end of the credit spectrum. Risk adjusted margin should also fluctuate", "Factors).", "as a result of underlying revenue and charge-off dynamics, but is expected to", "stabilize at approximately 10% in 2003. ", "Earnings Goals", "Marketing Investment", "The Company has historically targeted an annual growth in earnings per", "share of at least 20%, with 2002 marking the eighth consecutive year that", "As stated previously, marketing expense is expected to be on average", "this goal has been achieved. Looking forward, the Company anticipates", "approximately $300.0 million per quarter in 2003. A portion of this", "earnings per share results of approximately $4.55 in 2003, which is", "marketing spending will continue to support our efforts to build a strong", "approximately 16% growth over the $3.93 earnings per share achieved in", "brand for the Company. Our “What’s in Your Wallet?” campaign has resulted", "2002. The Company continues to target long-term earnings per share growth", "in the Company achieving brand awareness and brand equity scores among", "of 20%. ", "the highest in the credit card industry, as measured by third-party firms. The", "Company believes the branded franchise that it is building strengthens and", "The Company’s 2003 earnings per share growth target results from our", "enables its IBS and mass customization strategies across product lines. The", "decision in mid-2002 to moderate the growth of our managed loans", "Company cautions however, that an increase or decrease in marketing", "outstanding to 20-25% in 2003 from 32%, 53% and 46% in 2002, 2001", "expense or brand awareness does not necessarily correlate to a comparable", "and 2000, respectively. To slow the growth of the Company’s managed loans", "increase or decrease in outstandings balances or accounts due to, among", "outstandings, it reduced marketing spending from $674.0 million in the first", "other factors, the long-term nature of brand building, consumer attrition and", "half of 2002 to $396.6 million in the second half of 2002. This reduction in", "utilization patterns, and shifts over time in targeting customers and/or", "spending led to an increase in earnings per share growth in 2002 to 35%", "products that have varying marketing acquisition costs. ", "from the 20% growth originally forecasted. In 2003, the Company expects", "marketing spending to increase to approximately $300.0 million per quarter. ", "Management expects to vary its marketing across its credit card, installment", "lending and auto lending products depending on the competitive dynamics", "The Company expects to achieve these results based on the continued success", "of the various markets in which it participates. Currently, among the", "of its business strategies and its current assessment of the competitive,", "Company’s various product lines, U.S. credit cards marketed to consumers", "regulatory and funding market environments that it faces (each of which is", "with the most favorable credit profiles are facing the highest degree of", "discussed elsewhere in this Annual Report), as well as the expectation that the", "intensity of competition. Accordingly, the Company expects to focus a larger", "geographies in which the Company competes will not experience significant", "proportion of its marketing expenditures on other products marketed to", "consumer credit quality erosion, as might be the case in an economic", "similar consumer bases, such as installment loans and U.K. credit cards, in", "downturn or recession. ", "the short term. The Company expects to adjust its marketing allocations,", "however, to target specific product lines that it believes offer the highest", "The Company’s earnings are a function of our revenues (net interest income", "response rates and opportunities from time to time. ", "and non-interest income), consumer usage, payment and attrition patterns,", "credit quality of our earning assets (which affects fees and chargeoffs) and the", "As a result of overall marketing spending increasing over levels realized in the", "Company’s marketing and operating expenses. An overview of trends in these", "second half of 2002, the Company expects account growth to resume in", "metrics, as well as a discussion of our core IBS and the competitive dynamics", "2003, and to result in annual growth of approximately 5-10%. The", "of the Company’s three operating segments follow.", "Company", "also", "expects", "managed", "loans", "outstanding", "to", "increase", "by", "approximately 20-25% in 2003, comprising approximately 25% growth in", "prime and superprime assets, and approximately 10-15% growth in", "subprime assets.", "41" ]

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[ "MANAGEMENT’S", "TORSTAR CORPORATION", "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS", "The company uses interest rate swap contracts to", "manage interest rate risks and has designated all", "DECEMBER 31, 2004 AND 2003", "interest rate swap contracts as hedges. Payments and", "(TABULAR AMOUNTS IN THOUSANDS OF DOLLARS)", "receipts under interest rate swap contracts are ", "recognized as adjustments to interest expense on an ", "1.", "ACCOUNTING POLICIES", "accrual basis. Any resulting carrying amounts are", "included in receivables in the case of favourable ", "The", "consolidated", "financial statements are prepared in", "contracts and accounts payable in the case of", "accordance", "with", "Canadian generally accepted accounting", "unfavourable contracts.", "principles (“GAAP”).", "The", "following is a summary of ", "significant accounting policies.", "The company does not engage in trading or other", "speculative activities with respect to derivative ", "(a)", "Principles of consolidation", "financial instruments.", "The", "consolidated", "financial statements include the", "The fair value of derivative financial instruments", "accounts", "of", "the company and all its subsidiaries and", "reflects the estimated amount that the company", "joint ventures. The major subsidiaries are: Toronto", "Star", "would have been required to pay if forced to ", "Newspapers", "Limited;", "Harlequin Enterprises Limited", "settle all unfavourable outstanding contracts or ", "(“Harlequin”); Metroland Printing, Publishing", "&", "the amount that would be received if forced to ", "Distributing Ltd. (“Metroland”), and", "CityMedia", "Group", "settle all favourable contracts at year end. The fair", "Inc.", "The", "company proportionately consolidates its", "value represents a point-in-time estimate that may", "joint ventures.", "not be relevant in predicting the company’s future", "(b)", "Foreign currency translation", "earnings or cash flows.", "Assets", "and", "liabilities denominated in foreign ", "(d)", "Cash and cash equivalents", "currencies", "have", "been translated to Canadian dollars", "Cash and cash equivalents consists of cash in bank", "primarily", "at", "exchange rates prevailing at the year end.", "and short-term investments with maturities on ", "Revenues", "and", "expenses are translated at average", "acquisition of 90 days or less.", "rates for the year. Translation", "exchange", "gains", "or ", "losses relating to self-sustaining", "foreign", "operations,", "(e)", "Receivables", "principally", "in", "Europe and Asia, are deferred and", "Receivables are reduced by provisions for anticipated", "included", "in", "shareholders’ equity as foreign currency", "book returns and estimated bad debts which are", "translation", "adjustments.", "proportionate amount of", "determined by reference to past experience and", "these", "deferred", "gains or losses are recognized in", "expectations.", "income when there is a reduction in the company", "’s", "(f)", "Inventories", "net investment in the foreign operation.", "Inventories are valued at the lower of cost and net", "(c)", "Financial instruments", "realizable value.", "The fair value of the company’s", "financial", "instruments", "(g)", "Property, plant and equipment", "approximates", "their", "carrying value unless otherwise", "These assets are recorded at cost and depreciated", "stated.", "over their estimated useful lives. The rates and methods", "The", "company manages its exposure to currency ", "used for the major depreciable assets are:", "fluctuations, primarily U.S.", "dollars,", "through the use of", "Buildings:", "derivative financial instruments. Foreign", "exchange", "contracts and options to sell U.S.", "dollars", "have been", "– straight-line over 25 years or 5% diminishing balance", "designated as hedges against future Book P", "ublishing", "Leasehold Improvements:", "revenue.", "Gains", "and losses on these instruments are", "– straight-line over the life of the lease", "accounted", "for", "as a component of the related hedged", "transaction. Foreign", "exchange", "contracts which do not", "Machinery and Equipment:", "qualify", "for", "hedge accounting are reported on a mark", "– straight-line over 10 to 20 years or 20% diminishing", "to market basis in Book Publishing", "earnings (see", "note", "balance", "1(r) with respect to change in accounting policy).", "47", "TORSTAR 2004" ]

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[ "MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATIONS AND FINANC", "IAL CONDITION", "Net Loans and Acceptances", "Other Liabilities", "Other liabilities increased $5.6 billion to $75.3 billion. The ", "Net loans and acceptances increased $4.8 billion to $149.6 bil-", "lion. Loans to businesses and governments declined $3.3 billion,", "growth was attributable to an increase in securities sold under", "reflecting credit concerns and lower demand due to reduced", "repurchase agreements, which are a major funding source for ", "corporate capital spending. Residential mortgages rose $5.6 bil-", "trading positions. ", "lion due to robust housing sales. Credit cards and consumer", "Subordinated Debt", "instalment and other personal loans also increased strongly.", "Subordinated debt decreased $0.9 billion to $3.8 billion. The", "The portfolio remains well diversified, with a higher proportion", "decline reflected the redemption of debentures and medium", "of Canadian loans due to the growth in residential mortgages in", "term notes as a result of the high yield relative to prevailing", "Canada in 2002. ", "market rates. Note 14 on page 80 of the financial statements ", "Table 10 on page 58 provides a comparative summary of loans", "provides details on the attributes of the debt, issues and retire-", "by geographic location and product. Table 12 on page 59 provides", "ments, and future maturities by year. ", "a comparative summary of net loans by province and industry.", "The portfolio reflects only minimal change in the geographic", "ShareholdersGLYPH<213> Equity", "breakdown from last year-end, as loan growth was concentrated", "Shareholders’ equity increased $1.2 billion or 11% to $11.9 billion,", "in the relatively strong Ontario region. Loan quality is discussed", "from $10.7 billion in 2001. BMO’s Consolidated Statement ", "in the credit risk section on page 29 and further details on loans", "of", "Changes in Shareholders’ Equity on page 70 provides an ", "are provided in Notes 4, 5 and 6 to the financial statements,", "easy-to-read summary of items that increase or reduce share-", "starting on page 74. ", "holders’ equity, while Note 15 on page 80 provides details on ", "the components of and changes in share capital. The change ", "Net Loans and Acceptances ", "($ millions)", "in shareholders’ equity was largely related to higher retained ", "As at October 31", "2002", "2001", "2000", "1999", "1998", "earnings, due to earnings retained in the business, and pre-", "Residential mortgages", "47,569 ", "41,941", "39,485", "38,189", "35,847", "ferred share issues. Details of our Enterprise-Wide Capital", "Consumer instalment ", "Management processes and strategies can be found on page 35.", "and other personal ", "21,168 ", "19,107", "18,038", "16,912", "16,095", "Credit cards", "2,280", "1,527", "1,407", "1,160", "797", "Businesses and ", "Deposits from IndividualsGLYPH<CR>", "ShareholdersGLYPH<213> Equity GLYPH<CR>", "governments*", "57,963", "61,249", "60,176", "58,027", "51,001", "($ billions)", "($ billions)", "Acceptances", "6,901", "7,936", "8,630", "6,753", "6,944", "75.2", "Securities purchased under ", "resale agreements", "15,664", "14,954", "16,308", "25,090", "27,520", "67.6", "11.9", "11.9", "Gross loans and ", "11.0", "acceptances", "151,545", "146,714", "144,044", "146,131", "138,204", "10.7", "10.6", "63.9", "Allowance for ", "61.0", "59.7", "credit losses", "(1,949)", "(1,949)", "(1,597)", "(1,348)", "(1,166)", "Net loans and ", "acceptances", "149,596", "144,765", "142,447", "144,783", "137,038", "*Includes loan substitute securities classified as securities in 1998 and 1999.", "1998", "1999", "2000", "2001", "2002", "1998", "1999", "2000", "2001", "2002", "Deposits ", "Deposits increased $7.5 billion from a year ago to $161.8 billion.", "Net Loans — Excluding GLYPH<CR>", "Portfolio Diversification —GLYPH<CR>", "Deposits from businesses and governments, which account ", "Securities Purchased under GLYPH<CR>", "Gross Loans and AcceptancesGLYPH<CR>", "for 44% of total deposits, increased $5.3 billion. Deposits by", "Resale Agreements GLYPH<CR>", "GLYPH<CR>", "banks, which tend to be somewhat variable, decreased $5.3 bil-", "($ billions)", "127.0", "lion. Deposits from individuals, which account for 46% of total", "Commercial 24%", "121.9", "deposits, tend to be more stable and increased $7.5 billion.", "Corporate 26%", "117.5", "Further details on the composition of deposits are provided in", "ResidentialGLYPH<CR>", "112.9", "mortgages 32%", "Note 12 on page 79 of the financial statements and in the liquid-", "Consumer 18%", "ity and funding risk section on page 33.", "102.6", "Deposits", "($ millions)", "Commercial loans are managed by P&C. GLYPH<CR>", "Corporate loans, which are usually larger, GLYPH<CR>", "are managed by IBG.", "As at October 31", "2002", "2001", "2000", "1999", "1998", "1998", "1999", "2000", "2001", "2002", "Banks", "15,273", "20,539", "23,385", "30,398", "26,256", "Businesses and ", "governments", "71,411", "66,132", "69,454", "65,459", "58,064", "Individuals", "75,154", "67,619", "63,858", "61,017", "59,663", "Total", "161,838", "154,290", "156,697", "156,874", "143,983", "24", "BMO FINANCIAL GROUP ANNUAL REPORT 2002" ]

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[ "66", "Financial Review of the Carlsberg Group", "Financial Review of the Carlsberg Group", "period covering the calendar year 2000 (12", "2001 in outline", "months).", "¥", "Sales of beer and soft drinks amounted to", "In order to provide relevant comments on de-", "88.2m hl against 54.6m hl in 2000.", "velopments in 2001 compared to 2000, this state-", "¥", "Net turnover totalled DKK 34.5bn against DKK", "ment contains comparable figures for the calendar", "25.7bn in 2000, corresponding to an increase", "year 2000 (12 months).", "of DKK 8.8bn or 34%.", "Carlsberg Breweries has made substantial ac-", "¥", "Operating profit amounted to DKK 3,400m", "quisitions in Poland and Turkey in 2001. The re-", "against DKK 2,087m in 2000, corresponding", "sults of these companies are included as from", "to an increase of DKK 1,313m or 63%.", "August and July, respectively. The acquisitions", "¥", "Special items net amounted to DKK 17m", "have had no significant impact on operating profit", "against DKK 428m in 2000.", "in 2001.", "¥", "Net financials showed expenditure of DKK", "58m against DKK 253m in 2000.", "¥", "Profit before tax totalled DKK 3,359m against", "Accounting policies", "DKK 2,262m in 2000.", "The annual accounts have been prepared in", "¥", "Group profit amounted to DKK 2,616m against", "accordance with the Danish Company Accounts", "DKK 1,623m in 2000.", "Act and the reporting requirements of the Copen-", "¥", "Carlsberg A/SGLYPH<213> share of profit for the year", "hagen Stock Exchange, which include current", "amounted to DKK 1,507m against DKK", "Danish accounting standards. The accounting", "1,646m in 2000.", "policies are unchanged from last year. However,", "¥", "Group assets totalled DKK 41.1bn against", "minor changes have been made in the contents of", "DKK 35.0bn at 31 December 2000.", "a few items due to, inter alia, the inclusion of", "¥", "Equity amounted to DKK 12.5bn after appro-", "OrklaGLYPH<213>s beverage activities at book value as from 1", "priations to reserves from the profit of the year,", "January 2001 computed in accordance with", "deduction of dividend and write-off of Group", "CarlsbergGLYPH<213>s accounting policies.", "goodwill etc., compared to DKK 10.6bn at 31", "In accordance with the GroupGLYPH<213>s long-standing", "December 2000.", "accounting policies, Group goodwill is immediately", "¥", "Cash flow from operations for the period", "written off against equity.", "amounted to DKK 2.2bn against DKK 2.3bn in", "During the past 10 years, the Carlsberg Group", "1999/00 (15 months).", "has made substantial company acquisitions and", "has thus written off DKK 9.1bn against equity on", "acquisition, of which DKK 1,598m during 2001.", "Basis of comparison", "In connection with the transition to new", "For comparison with the previous financial year,", "accounting policies, cf. below, part of previously", "please note the changes in the GroupGLYPH<213>s structure,", "written-off goodwill will be capitalised based on a", "including the inclusion of OrklaGLYPH<213>s beverage", "duly conducted amortisation test.", "activities and the changes in the cola business in", "Indirect production costs are not included in", "the Nordic region. In addition, the annual ac-", "the value of the GroupGLYPH<213>s stocks. Had the Group", "counts of last year comprised 15 months. GLYPH<210>High-", "included such indirect production costs, the value", "lights and Key Figures, 5-year summaryGLYPH<211> includes", "of the stocks would have been DKK 206m higher", "accounting figures from the official 15-month", "at year-end.", "statement as well as figures for a comparable" ]

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[ "44", "Regional Reports - Asia", "position in the otherwise declining international", "beer segment. CarlsbergGLYPH<213>s long-standing partner", "in Japan is Suntory Limited.", "Nepal", "Although the socio-political situation in Nepal cau-", "sed difficult market conditions in 2001, the joint-", "venture brewery Gorkha Brewery Ltd., which pro-", "duces and distributes Carlsberg and Tuborg beer,", "increased sales and maintained an aggregate", "market share of 60% for the two brands. Earnings", "improved, among other things because of an im-", "proved product-mix. The brewery was awarded", "the prestigious National Excellence Award for sig-", "nificant achievement in the field of sales growth.", "Singapore", "In spite of a weak economy, the Singapore beer", "market recorded strong growth in 2001, in parti-", "cular because of promotional activity from the ma-", "jor brands. Carlsberg Singapore Pte. Ltd. perfor-", "med well and improved volume as well as market", "governments, South East Asia Brew Ltd. in Hanoi", "share.", "and Hue brewery in Hue, has been satisfactory", "both in terms of volume and earnings.", "Malaysia", "Although total beer sales were marginally down in", "Thailand", "The generally positive trend in the Thai beer mar-", "Malaysia in 2001, Carlsberg Brewery Malaysia", "ket continued in 2001. The very competitive stan-", "Bhd. maintained its leadership position in the", "dard segment showed particularly strong results.", "national beer market, where foreign competition is", "This has also impacted sales of premium beer", "modest due to the strong position of the two", "brands, including the Carlsberg brand, which pre-", "established breweries. Carlsberg lager holds a", "sently retails at prices that are significantly above", "market share of approx. 60%, and the recently", "the standard segment. Profitability of the Carls-", "launched Royal Stout has now gained 10-15% of", "berg brand is satisfactory and rationalisations", "a generally declining stout market. The financial", "within sales and distribution are being implemented", "performance of the brewery was satisfactory, not", "to improve cost efficiency.", "least when considering that the eastern part of", "The Carlsberg brand is produced under licence", "Malaysia now seems completely dominated by", "and sold in Sri Lanka, the Philippines and Indonesia.", "non-taxed, duty-free products sold outside the", "usual distribution channels.", "The Americas, Africa and Exports", "Vietnam", "Vietnamese beer consumption experienced a sig-", "The Americas", "nificant rise in 2001, but per capita consumption", "Total beer consumption in Canada remained lar-", "gely unchanged with an annual per capita con-", "is still quite low compared to other markets in the", "sumption of 65 litres. However, imports continued", "region. However, growth is expected to continue", "to show growth at the expense of local produc-", "in the years ahead. The performance of the two", "tion. The sales of Carlsberg, which is brewed and", "joint ventures where CAL has partnered with local" ]

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[ "89", "Noter", "Notes to the Accounts", "(DKK million)", "21", "Acquisition and disposal of companies", "2001", "1999/00", "(15 months)", "Acquisition of companies:", "Assets acquired:", "Fixed assets", "-1,750", "-3,203", "Current assets", "-926", "-2,358", "Liabilities taken over:", "Provisions", "296", "652", "Long-tern debt", "0", "1,530", "Short-term debt", "1,983", "1,097", "Minority interests", "33", "667", "Transfer from associated company", "-", "278", "Group goodwill", "-1,760", "-3,125", "Available funds applied in connection with acquisiton of companies", "-2,124", "-4,462", "Disposal of companies:", "Assets disposed of:", "Fixed assets", "80", "942", "Current assets", "29", "1.645", "Liabilities disposed of:", "Provisions", "-", "-63", "Long-term debt", "-", "-38", "Short-term debt", "-16", "-1,128", "Accounting gain from sale", "48", "-", "Reversal of previous write-off of Group goodwill", "-", "302", "Payment receivable from sale", "-", "-1,103", "Minority interests, etc.", "-13", "-404", "Available funds received in connection with sale of companies", "128", "153", "Acquisition and disposal of companies, net", "-1,996", "-4,309", "22", "Related parties", "During the year Carlsberg A/S has conducted transactions with related parties.", "Such transactions have been made on an armGLYPH<213>s length basis." ]

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[ "CORPORATE GOVERNANCE 13", "Outlook", "At the national and European levels, there are a number of sup-", "plementary initiatives for the further development of the cor-", "porate governance culture. The E.U. Commission is working on", "the implementation of an “Action Plan” on corporate gover-", "nance. This plan is intended to more fully harmonize corporate", "legal rules within the E.U. and set a standard of transparency.", "In the framework of its “Ten-Point- Program,” the German Fed-", "eral Government has presented draft laws on corporate integrity", "and a reform of financial reporting as well as a new balance", "sheet monitoring bill (enforcement). It is our opinion that fu-", "ture initiatives should focus more strongly on maintaining the", "international competitiveness of the German corporate gover-", "nance system. ", "The corporate governance practice of Allianz AG was also", "the subject of various media analyses in 2003, and the company", "received one of the top rankings among DAX 30 companies. We", "take this as an incentive and an obligation to continue our ex-", "amination and development of corporate governance in the in-", "terest of serving our shareholders, customers and employees and", "in the interests of our sense of social responsibility.", "Up-to-date information on corporate governance is also available", "on our website at www.allianzgroup.com/corporate-governance." ]

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[ 10, 10 ]

[ "Alexandria Real Estate Equities, Inc.", "2004 Annual Report " ]

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[ "4. ", "Short-Term Borrowings and ", "3.", "Leases", "Long-Term Obligations", "Sales-Type Leases.", "The Company’s sales-type leases are", "for terms generally ranging up to five years. Lease r eceiv-", "Notes Payable, Banks.", "The Company has entered into", "ables are generally collateralized by the underlying equip -", "various unsecured, uncommitted line-of-credit arrange-", "ment. The components of the Company’s net investment", "ments that allow for borrowings up to $49.3 million ", "in sales-type leases are as follows (in millions):", "at June 30, 2000, at various money market rates. At June", "30, 2000, $19.1 million, at a weighted average inter est", "rate of 7.4%, was outstanding under such ar rangements", "June 30,", "June 30,", "and $28.6 million, at a weighted average inter est rate ", "2000", "1999", "of 6.4%, was outstanding at June 30, 1999. The total", "Future minimum lease payments receivable", "$ 890.3", "$ 717.7", "available but unused lines of cr edit at June 30, 2000 was", "Unguaranteed residual values", "11.1", "1.0", "Unearned income", "(120.1)", "(100.1)", "$30.2 million. ", "Allowance for uncollectible minimum ", "lease payments receivable", "(15.0)", "(11.8)", "Long-Term Obligations.", "Long-term obligations consist", "Net investment in sales-type leases", "766.3", "606.8", "of the following (in millions):", "Less: current portion", "187.7", "152.5", "Net investment in sales-type leases, ", "June 30,", "June 30,", "less current portion", "$ 578.6", "$ 454.3", "2000", "1999", "6.0% Notes due 2006 ", "$", "150.0", "$", "150.0", "Future minimum lease payments to be r eceived pur-", "6.25% Notes due 2008", "150.0", "150.0", "suant to sales-type leases during the next five years ar e:", "6.5% Notes due 2004", "100.0", "100.0", "6.75% Notes due 2004", "99.7", "99.7", "2001 – $219.9 million; 2002 – $214.4 million; 2003 –", "7.3% Notes due 2006", "127.9", "183.2", "$200.6 million; 2004 – $157.9 million; 2005 – $85.6", "7.8% Debentures due 2016", "75.7", "125.2", "million and 2006 and thereafter – $11.9 million.", "7.0% Debentures due 2026 (7 year put ", "option in 2003)", "192.0", "199.9", "Commercial paper", "509.2", "49.2", "Lease Related Financing Arrangements.", "Pyxis has", "Short-term borrowings, reclassified", "54.2", "35.3", "previously financed its working capital needs thr ough the", "Borrowings under credit agreement; ", "sale of certain lease receivables to a non-bank financing", "interest averaging 6.8% in 1999", "–", "96.9", "Other obligations; interest averaging ", "company. As of June 30, 2000, $22.5 million of lease", "4.0% in 2000 and 6.7% in 1999, due", "receivables were owned by the financing company. The", "in varying installments through 2020", "36.4", "46.1", "agreement with the financing company was amended ", "Total", "1,495.1", "1,235.5", "to terminate Pyxis’ obligation to sell lease r eceivables ", "Less: current portion", "9.3", "11.6", "to the financing company. Due to Pyxis customers upgrad -", "Long-term obligations, less current portion", "$ 1,485.8", "$ 1,223.9", "ing the Pyxis machines or expanding the number of units", "being leased under the original lease agr eements that", "The 6.0%, 6.25% and 6.5% Notes r epresent unse-", "have been sold to the financing company, Pyxis has been", "cured obligations of the Company, and the 6.75% Notes", "converting the original lease agreements with customers", "represent unsecured obligations of Scherer, which are", "to updated lease agreements. Pyxis has been maintaining", "guaranteed by the Company. The 7.3% Notes and the", "these revised leases and not selling them to the financ -", "7.8% and 7.0% Debentures represent unsecured obliga-", "ing company to replace the original lease receivables. ", "tions of Allegiance, which are guaranteed by the Company.", "As a result, Pyxis entered into an agreement with the", "These obligations are not redeemable prior to maturity", "financing company to pay the financing company the", "and are not subject to a sinking fund.", "remaining portion of the original lease r eceivables out-", "The Company has a commercial paper program, provid-", "standing at the time of r evision over the original terms.", "ing for the issuance of up to $1.0 billion in aggr egate", "The future minimum payments for these notes at June", "maturity value of commercial paper. The Company had", "30, 2000 are: 2001 – $36.2 million; 2002 – $20.1 mil -", "$509.2 million outstanding under this pr ogram at June", "lion and 2003 – $5.4 million, which ar e classified as part", "30, 2000 with a market inter est rate based upon LIBOR.", "of other liabilities.", "41", "Cardinal Health, Inc. Annual Report 2000" ]

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[ "Stockholder Rights Plan", "The Company’", "s Stockholder Rights Plan (Plan) is designed to pro-", "vide stockholders protection and to maximize stockholder v", "alue by encouraging a prospective acquirer to", "negotiate with the Board.The Plan was", "adopted in 1998 and authorized a dividend distribution of one right", "(Right) to purchase 1/100th share of Series D Preferred", "Stock for each outstanding share of Common Stock", "in certain circumstances.The Rights are for a ten-year per", "iod that expires in February 2008.", "Each Right represents a right to purchase", "1/100th share of Series D Preferred Stock at the", "price of $120, subject to adjustment (Purchase Price). Eac", "h share of Series D Preferred Stock is entitled ", "to receive a dividend equal to 100 times an", "dividend paid on common stock and 100 votes per share in any", "stockholder election.The Rights become exercisable", "upon occurrence of a Distribution Date. A Distribution", "Date event occurs if (a) any person accumulates", "15% of the then outstanding Common Stock, (b) any person", "presents a tender offer which would cause the person’s o", "wnership level to exceed 15% and the Board deter-", "mines the tender offer not to be fair to the Company’", "stockholders, or (c) the Board determines that a", "stockholder maintaining a 10% interest in the Common Stoc", "k could have an adverse impact on the Company ", "or could attempt to pressure the Company to repurchase", "the holder’s shares at a premium.", "Until the occurrence of a Distribution Date,", "each Right trades with the Common Stock and ", "is not separately transferable.When a Distribution Date", "occurs: (a) the Company would distribute separate", "Rights Certificates to Common Stockholder", "and the Rights would subsequently trade separate from the", "Common Stock; and (b) each holder of a Right, other", "than the acquiring person (whose Rights would there-", "after be void), would have the right to receive upon exercise", "at its then current Purchase Price that number", "of shares of Common Stock having a market value of tw", "o times the Purchase Price of the Right. If the", "Company merges into the acquiring person or enter", "into any transaction that unfairly favors the acquiring", "person or disfavors the Company’s other stockholders,", "the Right becomes a right to purchase Common ", "Stock of the acquiring person having a market value of tw", "o times the Purchase Price.", "The Board may determine that in certain", "circumstances a proposal that would cause a", "Distribution Date is in the Company stockholders’ best", "interest.Therefore, the Board may, at its option,", "redeem the Rights at a redemption price", "of $0.001 per Right.", "46", "8", "SHORT- TERM BORROWINGS", "At December 31, 2002, the Compan", "maintained a bank line of credit providing unsecured", "borrowings of up to $10,000,000 at the prime lending ra", "te or lower rates as quoted by the bank. Cal ", "Water maintained a separate bank line of credit", "for an additional $50,000,000 on the same terms as the", "Company’s line of credit.The agreements require a 30-da", "y out-of-debt period for borrowings under the", "agreements in calendar year 2002. However, on", "September 23, 2002, the agreements were amended to", "extend the out-of-debt compliance period to between J", "anuary 1, 2002, and April 30, 2003. As explained ", "in Note 16 Subsequent Events, the lines of credit, whic", "h were scheduled to expire on April 30, 2003,", "were renegotiated on February 28, 2003. At December", "31,", "2002, $34,000,000 was outstanding.", "Washington Water", "has a loan commitment for $100,000 from a bank to meet its operating", "tes negotiated with the bank. At December 31,", "and capital equipment purchase requirements at interest ra", "commitment.", "2002, nothing was outstanding under the short-ter", "New Mexico Water has a $2.9 million credit", "agreement with a New Mexico bank that was", "renewed in January 2003 for a 16-month period.The inter", "est rate for the agreement is based on prime rate", "plus 75 basis points. At December 31, 2002, the", "amount borrowed was $2,379,000.", "The following table represents borrowings", "under the bank lines of credit:", "2002", "Dollars in thousands", "2001", "2000", "Maximum short-term borrowings", "$52,285", "$36,800", "$26,750", "Average amount outstanding", "$25,495", "$24,453", "$16,810", "Weighted average interest rate", "3.44%", "5.29%", "7.77%", "Interest rate at December 31", "3.61%", "3.16%", "7.88%", "CALIFORNIA WATER", "SERVICE GROUP" ]

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[ "MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION", "AND RESULTS OF OPERATIONS", "Health Care Expenses. As a provider of health care coverage to our employees, retirees and their dependents, primarily in the ", "United States, we have experienced significant health care inflation in the last few years. In 2004, our health care expenses for ", "U.S. employees, retirees and their dependents were $3.1 billion, with about $2 billion attributable to retirees and the balance ", "attributable to active employees. Prescription drug cost continues as the fastest growing segment of our health care expenses ", "and accounted for about one-third of our total U.S. health care expenses in 2004.", "Although we have taken measures to have employees and retirees bear a higher portion of the costs of their health care ", "benefits, we expect our health care costs to increase. For 2005, our trend assumptions for U.S. health care costs include an ", "initial trend rate of 9%, gradually declining to a steady state trend rate of 5% reached in 2011. These assumptions include the ", "effect of actions we are taking and expect to take to offset health care inflation, including eligibility management, employee ", "education and wellness, competitive sourcing and appropriate employee cost sharing.", "Commodity Price Increases. Commodity price increases, particularly for steel and resins (which are used extensively in the ", "automotive industry), have occurred recently and are continuing during a period of strong global demand for these materials. ", "Manufacturers in China and other global steelmakers have responded through increases in capacity and production of steel. ", "We expect this, coupled with an easing in global demand pressures, to result in pricing trends beginning to moderate in the ", "intermediate term.", "Currency Exchange Rate Volatility. The U.S. dollar depreciated against most major currencies in 2004. This created downward ", "margin pressure on auto manufacturers that have U.S. dollar revenue with foreign currency cost. Because we produce vehicles ", "in Europe (e.g., Jaguar, Land Rover and Volvo models) for sale in the United States and produce components in Europe (e.g., ", "engines) for use in some of our North American vehicles, Ford experienced margin pressure, although this was partially offset ", "by gains on foreign exchange derivatives. Ford, like most other automotive manufacturers with sales in the United States, is not ", "always able to price for depreciation of the U.S. dollar due to the extremely competitive pricing environment in the United States.", "Trends and Strategies", "Revenue Management. To address the pricing pressure that exists in the automotive industry, we have employed a customer-", "focused revenue management strategy to maximize per unit revenue. This strategy is focused on a disciplined approach to ", "utilizing customer demand data – available from many sources, including internet hits, transaction data, customer leads, and ", "research – to help us develop and sell vehicles that more closely match customer desires. ", "We believe our revenue management strategy has contributed significantly to increases in our average net revenue per vehicle ", "sold for our Ford North America business unit of $745 and $729 for 2004 and 2003, respectively. Since 2001, our average ", "net revenue per vehicle sold in North America has improved by over $1,700 on a cumulative basis. This improvement reflected ", "positive net pricing, as well as a more favorable product mix.", "Market Share. An ongoing challenge in the current automotive industry is balancing market share with profitability. Due to ", "the excess industry capacity, most manufacturers engage in some amount of price discounting to increase, maintain or limit ", "decreases in their respective market shares. In the last few years, we have implemented a strategy of de-emphasizing less ", "profitable sales to daily rental car companies, which typically are associated with a large amount of discounting, and placing ", "greater emphasis on our share of the retail market (i.e., market share among end-use customers). This strategy benefits us by ", "reducing the overall amount of marketing incentives we incur and improving the auction and resale values of our products. ", "This latter benefit, in turn, has the added benefit of reducing depreciation expense for vehicles in Ford Credit’s vehicle lease ", "portfolio. The strategy to de-emphasize sales to daily rental car companies, while contributing to improved profits, also has ", "contributed to a loss of share in the United States. ", "Product Differentiation and Innovation. The fundamental requirement for success in the automotive business is having products ", "with great appeal, whether in terms of styling, quality, innovative features, breakthrough technology or a combination of those ", "characteristics. Our strategy for product creation includes a strong focus on new technology. This is not, however, limited ", "to developing and introducing breakthrough vehicle technologies, but also can be applied to the total vehicle package. For ", "example, our new Ford F-150 pick-up truck, first introduced as a 2004 model, utilizes more than 130 patented inventions ", "related to performance, utility and styling. This model helped establish a sales record for F-Series pick-up trucks in 2004 with ", "nearly one million units sold. Other differentiating technologies that we have introduced or are working to introduce for general ", "availability are:", "•", "Hybrid powertrains, which use a combination of electric power, generated from onboard batteries that are recharged while ", "driving the vehicle, and a gasoline internal combustion engine. The Ford Escape Hybrid, introduced as a 2004 model, is an ", "example of this technology, and we plan to offer four additional vehicle models with this technology.", "•", "Other alternative fuel vehicles, such as hydrogen-powered internal combustion engines, bio or clean diesel powered ", "vehicles and fuel cells. We believe we are the only automobile manufacturer doing significant development work on all these ", "alternative fuel technologies, as well as hybrid powertrain technologies.", "2", "3" ]

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[ "NOTES TO CONSOLIDATED ", "FINANCIAL STATEMENTS", "15.", "BUSINESS SEGMENTS", "The Company has two reportable business segments: Shopping Centers and Office Properties. The accounting", "policies of the segments presented below are the same as those described in the summary of significant", "accounting policies (see Note 1). The Company evaluates performance based upon income from real estate", "for the combined properties in each segment.", "(In thousands) ", "Shopping", "Office", "Corporate", "Consolidated", "Centers", "Properties", "and Other", "Totals", "2002", "Real estate rental operations:", "Revenues", "$", "61,597", "$", "32,261", "$", "105", "$", "93,963", "Expenses", "(10,675)", "(7,882)", "--", "(18,557)", "Income from real estate", "50,922", "24,379", "105", "75,406", "Interest expense & amortization of debt costs", "--", "--", "(25,838)", "(25,838)", "General and administrative", "--", "--", "(5,537)", "(5,537)", "Subtotal", "50,922", "24,379", "(31,270)", "44,031", "Depreciation and amortization", "(11,295)", "(6,526)", "--", "(17,821)", "Gain on property sale", "1,426", "1,426", "Minority interests", "--", "--", "(8,070)", "(8,070)", "Net income", "$", "41,053", "$", "17,853", "$", "(39,340)", "$", "19,566", "Capital investment", "$", "31,769", "$", "17,336", "$", "--", "$", "49,105", "Total assets", "$", "215,692", "$", "135,836", "$", "37,159", "$", "388,687", "2001", "Real estate rental operations:", "Revenues", "$", "58,714", "$", "27,427", "$", "167", "$", "86,308", "Expenses", "(10,324)", "(6,022)", "--", "(16,346)", "Income from real estate", "48,390", "21,405", "167", "69,962", "Interest expense & amortization of debt costs", "--", "--", "(25,486)", "(25,486)", "General and administrative", "--", "--", "(4,335)", "(4,335)", "Subtotal", "48,390", "21,405", "(29,654)", "40,141", "Depreciation and amortization", "(9,751)", "(5,007)", "--", "(14,758)", "Minority interests", "--", "--", "(8,069)", "(8,069)", "Net income", "$", "38,639", "$", "16,398", "$", "(37,723)", "$", "17,314", "Capital investment", "$", "8,220", "$", "13,580", "$", "--", "$", "21,800", "Total assets", "$", "192,762", "$", "124,529", "$", "29,112", "$", "346,403", "2000", "Real estate rental operations:", "Revenues", "$", "56,969", "$", "21,837", "$", "223", "$", "79,029", "Expenses", "(10,252)", "(4,937)", "--", "(15,189)", "Income from real estate", "46,717", "16,900", "223", "63,840", "Interest expense & amortization of debt costs", "--", "--", "(24,301)", "(24,301)", "General and administrative", "--", "--", "(3,891)", "(3,891)", "Subtotal", "46,717", "16,900", "(27,969)", "35,648", "Depreciation and amortization", "(9,453)", "(4,079)", "(2)", "(13,534)", "Minority interests", "--", "--", "(8,069)", "(8,069)", "Net income", "$", "37,264", "$", "12,821", "$", "(36,040)", "$", "14,045", "Capital investment", "$", "14,886", "$", "28,540", "$", "--", "$", "43,426", "Total assets", "$", "185,518", "$", "117,497", "$", "31,435", "$", "334,450", "29" ]

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[ "The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets:", "Defined Benefit Pension Plans", "Other Postretirement Benefits", "April 30,", "April 30,", "(Dollars in thousands)", "2003", "2002", "2003", "2002", "Change in benefit obligation:", "Benefit obligation at beginning of the year", "$ 81,453", "$ 74,898", "$ 11,788", "$ 9,991", "Service cost", "3,121", "2,414", "695", "506", "Interest cost", "5,976", "5,504", "990", "737", "Amendments", "5,252", "197", "214", "—", "Acquisition", "—", "—", "2,018", "—", "Actuarial loss ", "15,331", "1,457", "6,908", "887", "Participant contributions", "—", "—", "205", "193", "Benefits paid", "(3,415)", "(3,017)", "(1,084)", "(526)", "Benefit obligation at end of the year", "$107,718", "$ 81,453", "$ 21,734", "$ 11,788", "Change in plan assets:", "Fair value of plan assets at beginning of the year", "$ 68,747", "$ 72,685", "$", "—", "$", "—", "Actual return on plan assets", "(4,160)", "(2,499)", "—", "—", "Company contributions", "3,001", "1,578", "879", "333", "Participant contributions", "—", "—", "205", "193", "Benefits paid", "(3,415)", "(3,017)", "(1,084)", "(526)", "Fair value of plan assets at end of the year", "$ 64,173", "$ 68,747", "$", "—", "$", "—", "Net amount recognized:", "Funded status of the plans", "$ (43,545)", "$(12,706)", "$(21,734)", "$(11,788)", "Unrecognized net actuarial loss (gain)", "26,836", "1,370", "4,553", "(2,433)", "Unrecognized prior service cost (credit)", "13,345", "9,332", "(433)", "(692)", "Unrecognized initial asset", "(531)", "(765)", "—", "—", "Net benefit liability recognized", "$", "(3,895)", "$(", "2,769)", "$(17,614)", "$(14,913)", "Accrued benefit liability", "$ (32,385)", "$(13,996)", "$(17,614)", "$(14,913)", "Prepaid benefit costs", "—", "5,589", "—", "—", "Intangible asset", "13,345", "4,410", "—", "—", "Minimum pension liability ", "15,145", "1,228", "—", "—", "Net benefit liability recognized", "$", "(3,895)", "$ (2,769)", "$(17,614)", "$(14,913)", "Weighted-average assumptions:", "Discount rate", "6.25%", "7.25%", "6.25%", "7.25%", "Expected return on plan assets", "9.00%", "9.00%", "—", "—", "Rate of compensation increase", "4.50%", "4.50%", "—", "—", "For fiscal 2004, the assumed health care cost trend rates are 8.5 percent for all participants. The rate for participants", "under age 65 is assumed to decrease to five percent in fiscal 2008. The health care cost trend rate assumption has a sig-", "nificant effect on the amount of the other postretirement benefits obligation and periodic other postretirement benefits", "cost reported. A one-percentage point annual change in the assumed health care cost trend rate would have the fol-", "lowing effect as of April 30, 2003:", "One Percentage Point", "(Dollars in thousands)", "Increase", "Decrease", "Effect on total service and interest cost components", "$", "357", "$", "(277)", "Effect on benefit obligation", "$4,031", "$(3,169)", "33" ]

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[ "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS", "(18)", "Related Party Transactions", "A director of the Company provided advisory services to the Company as a director of PetroVantage during", "fiscal 2002 and 2003. The Company made payments of $32,000 to the director as compensation for services", "rendered during fiscal 2002 and no payments in fiscal 2003. Separately, during fiscal 2003, the director", "provided general consulting services to the Company, for which the Company made payments totaling", "approximately $230,000 during the year.", "(19)", "Segment and Geographic Information", "The Company follows the provisions of SFAS No. 131, “Disclosures about Segments of an Enterprise and", "related Information,” which establishes standards for reporting information about operating segments in", "annual financial statements and requires selected information about operating segments in interim financial", "reports issued to stockholders. It also established standards for disclosures about products and services, and", "geographic areas. Operating segments are defined as components of an enterprise about which separate", "financial information is available that is evaluated regularly by the chief operating decision maker, or decision", "making group, in deciding how to allocate resources and in assessing performance. The Company's chief", "operating decision maker is the Chief Executive Officer of the Company.", "The Company is organized geographically and by line of business. The Company has three major line of", "business operating segments: license, consulting services and maintenance and training. The Company also", "evaluates certain subsets of business segments by vertical industries as well as by product categories. While the", "Executive Management Committee evaluates results in a number of different ways, the line of business", "management structure is the primary basis for which it assesses financial performance and allocates resources.", "The license line of business is engaged in the development and licensing of software. The consulting services", "line of business offers implementation, advanced process control, real-time optimization and other consulting", "services in order to provide its customers with complete solutions. The maintenance and training line of", "business provides customers with a wide range of support services that include on-site support, telephone", "support, software updates and various forms of training on how to use the Company's products.", "The accounting policies of the line of business operating segments are the same as those described in the", "summary of significant accounting policies. The Company does not track assets or capital expenditures by", "operating segments. Consequently, it is not practical to show assets, capital expenditures, depreciation or", "amortization by operating segments.", "The following table presents a summary of operating segments (in thousands):", "Consulting", "Maintenance", "License", "Services", "and Training", "Total", "Year ended June 30, 2001—", "Revenues from unaffiliated customers", "$147,448", "$122,821", "$56,655", "$326,924", "Controllable expenses", "55,059", "88,860", "13,438", "157,357", "(1)", "Controllable margin", "$ 92,389", "$ 33,961", "$43,217", "$169,567", "Year ended June 30, 2002—", "Revenues from unaffiliated customers", "$133,913", "$127,719", "$58,972", "$320,604", "Controllable expenses", "60,869", "90,421", "11,602", "162,892", "(1)", "Controllable margin", "$ 73,044", "$ 37,298", "$47,370", "$157,712", "Year ended June 30, 2003—", "Revenues from unaffiliated customers", "$139,859", "$103,741", "$79,121", "$322,721", "Controllable expenses", "65,394", "81,943", "12,361", "159,698", "(1)", "Controllable margin", "$ 74,465", "$ 21,798", "$66,760", "$163,023", "(1)", "The Controllable Margins reported reflect only the expenses of the line of business and do not represent the actual margins for each operating segment", "since they do not contain an allocation for selling and marketing, general and administrative, development and other corporate expenses incurred in", "support of the line of business.", "67" ]

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[ "SNACKS", "Rt", "2°", "|", "Wiss", "e;", "3 TISEtmeN", ".", "Black Beau) 7", "Snacks", "Snacks", "“Our snacks are", "all natural, with no", "With nearly 100 products in this highly competitive category, our Snacks continue to delight consumers and", "With nearly 100 products in this highly competitive category, our Snacks continue to delight consumers and", "artificial colors or", "produce standout results by delivering innovative, premium quality, all-natural snacks for every palate.", "With category leaders ", "® and ", "®, and discerning snackers’ favorites ", "®,", "Terra Chips", "Garden of Eatin’", "Bearitos", "flavors, no genetically", "™, ", "®, ", "® and ", "®, all complemented by our ", "Boston’s", "Hain PureSnax", "Harry’s Premium Snacks", "Little Bear", "Bearitos", "engineered ingredients,", "bean dips and ", "and ", "® salsas, we take pride in delivering ", "Garden of Eatin’", "Walnut Acres Certified Organic", "delectable treats. From vegetable chips to pretzels, potato chips to cheese puffs, popcorn to tortilla chips,", "no preservatives, no", "our snacks are all natural, with no artificial colors or flavors, no genetically engineered ingredients,", "no preservatives, no hydrogenated oils and no transfat.", "hydrogenated oils", "We use a three-pronged approach to maintain our leadership position by developing innovative new products,", "and no ", "fat.”", "trans", "increasing the number of product displays on the retail floor, and expanding our direct-store-delivery distribution", "network of snack route drivers that service key grocery stores on a daily basis. This strategy is particularly", "successful in the chips category, where our brands consistently outperform the competition.", "6", "The Hain Celestial Group, Inc." ]

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[ "Financial Highlights", "Fiscal Years Ended October 31", "(In thousands, except per share data)", "Statement of Operations Data:", "2003", "2002", "2001", "2000", "1999", "(Restated)", "(Restated)", "(Restated)", "(Restated)", "Net sales", "$1,033,693", "$794,676", "$451,396", "$358,918", "$303,715", "Income from operations", "163,011", "122,705", "28,377", "30,250", "26,627", "Income (loss) before cumulative effect ", "of change in accounting principle", "98,118", "71,563", "(1,674)", "4,555", "15,871", "Net income (loss)", "98,118", "71,563", "(6,918)", "4,555", "15,871", "Net income (loss) per share", "Basic", "$ 2.34", "$ 1.88 ", "$ (0.20) ", "$ 0.17 ", "$ 0.77", "Diluted", "2.27", "1.81", "(0.20)", "0.16", "0.74", "As of October 31", "Balance Sheet Data:", "2003 ", "2002", "2001", "2000", "1999", "(Restated)", "(Restated)", "(Restated)", "(Restated)", "Cash and cash equivalents", "$183,477", "$ 108,369 ", "$ 6,056 ", "$ 5,245 ", "$ 10,374", "Working capital", "348,155", "196,555", "91,794", "65,663", "40,743", "Total assets", "707,298", "491,440", "354,305", "326,173", "231,016", "Total debt", "—", "—", "54,073", "96,873", "56,137", "Total liabilities", "173,806", "135,896", "135,140", "158,538", "146,609", "Stockholders’ equity.", "533,492", "355,544", "219,165", "167,634", "84,407", "$2.27", "$1,034", "$98", "$1.81", "$795", "$72", "$451", "$0.74", "$359", "$304", "$16", "$0.16", "$(0.20)", "$5", "$(7) ", "'99", "'00 '01", "'02 '03", "'99 '00 '01 '02 '03", "'99", "'00 '01", "'02 '03", "EPS", "Net Sales", "Net Income (Loss)", "(Diluted)", "(Dollars in millions)", "(Dollars in millions)", "1" ]

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[ "bunge 2004 annual report", "management’s discussion and analysis of", "financial condition and results of operations", "devaluation of the Brazilian ", "real", "as we recognize tax benefits", "translation adjustments in our consolidated balance sheets as a", "related to foreign exchange losses on certain intercompany loans.", "component of accumulated other comprehensive income (loss).", "Appreciations generally have a corresponding negative effect ", "Included in other comprehensive income for the year ended", "on our results when local currency costs are translated to U.S.", "December 31, 2004 and 2003 were foreign exchange net", "dollars at stronger ", "real", "or ", "peso", "to U.S. dollar exchange rates and", "translation gains of $217 million and $489 million, respectively,", "losses are generated based on changes in the local currency", "representing the net gains from the translation of our foreign", "value of our agribusiness segment commodity inventories.", "subsidiaries’ assets and liabilities. Included in other comprehensive", "Conversely, the appreciation of the ", "real", "and ", "peso", "generates ", "income (loss) for the year ended December 31, 2002 were foreign", "offsetting net foreign exchange gains on the net U.S. dollar ", "exchange net translation losses of $403 million representing the", "monetary position of our Brazilian and Argentine subsidiaries,", "net loss from the translation of our foreign subsidiaries’ assets", "which are reflected in foreign exchange gains in our consolidated", "and liabilities.", "statements of income. Our effective tax rate is unfavorably", "affected by the appreciation of the Brazilian ", "real", "as we incur", "Foreign Currency Transactions", "Certain of our foreign subsidiaries,", "income taxes related to foreign exchange gains on certain inter-", "most significantly those in Brazil and Argentina, have monetary", "company loans. However, as management deems prudent, we", "assets and liabilities that are denominated in U.S. dollars. These", "use derivative instruments to offset the foreign exchange gains", "U.S. dollar monetary items are remeasured into their respective", "on intercompany loans, which reduces the income tax expense", "functional currencies at exchange rates in effect at the balance", "resulting from the appreciation of the Brazilian ", "real", ".", "sheet date. The resulting gain or loss is included in our consoli-", "dated statements of income as foreign exchange gain or loss.", "The ", "real", "appreciated 9% and the ", "peso", "devalued 2%, against the", "U.S. dollar in the year ended December 31, 2004, compared to", "Due to the global nature of our operations, our operating results", "an appreciation of the ", "real", "and ", "peso", "of 22% and 15%, respectively,", "are vulnerable to currency exchange rate changes. However, ", "in the same period in 2003.", "our inventory of agricultural commodities, because of their inter-", "national pricing in U.S. dollars, provides a natural hedge to our", "We use long-term intercompany loans to reduce our exposure ", "exposure to fluctuations in currency exchange rates. In addition,", "to foreign currency fluctuations in Brazil, particularly their effects", "historically, our fertilizer and food products divisions also have", "on our results of operations. These loans do not require cash", "been able to link sales prices to those of U.S. dollar-linked imported", "payment of principal and are treated as analogous to equity for", "raw material costs, thereby minimizing the effect of currency", "accounting purposes. As a result, the foreign exchange gains or", "exchange rate fluctuations in those segments.", "losses on these intercompany loans are recorded in other com-", "prehensive income (loss) in contrast to foreign exchange gains", "Argentina and Brazil", "The volatility of the Argentine ", "peso", "and", "or losses on third-party debt and short-term intercompany debt,", "Brazilian ", "real", "affects our financial performance. Devaluations of", "which are recorded in foreign exchange gains (losses) in our", "these currencies against the U.S. dollar generally have a positive", "consolidated statements of income.", "effect on our results, as local currency-denominated costs are", "translated to U.S. dollars at weaker ", "real", "or ", "peso", "to U.S. dollar", "European Operations", "We operate in countries that are members", "exchange rates resulting in lower U.S. dollar costs. In addition,", "of the European Union and several countries that are not mem-", "commodity inventories in our agribusiness segment are stated ", "bers of the European Union. Our risk management policy is to", "at market value, which is generally linked to U.S. dollar-based", "fully hedge our monetary exposures in those countries to mini-", "international prices. As a result, devaluations cause gains based", "mize the financial effects of fluctuations in the ", "euro", "and other", "on the changes in the local currency value of the agribusiness", "European currencies.", "inventories. Conversely, devaluations generate offsetting net ", "foreign exchange losses on the net U.S. dollar monetary position", "In 2004, we acquired the remaining 17% of the", "of our Brazilian and Argentine subsidiaries, which are reflected ", "acquisitions", "outstanding capital stock of Bunge Brasil that we did not already", "in foreign exchange losses in our consolidated statements of", "own for $314 million in cash. As a result of the acquisition, we now", "income. Our effective tax rate is also favorably affected by the", "30" ]

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[ "Consolidated Balance Sheets", "(Dollar amounts in thousands)", "December 31,", "2000", "1999", "Assets", "Current assets:", "Cash and cash equivalents", "$", "353", "$", "969", "Trade receivables, less allowance for doubtful accounts of $650 and $1,896", "53,073", "47,934", "Costs and estimated earnings in excess of billings on uncompleted contracts", "47,250", "22,389", "Inventories", "60,028", "44,362", "Refundable income taxes", "2,129", "2,244", "Deferred income taxes", "1,489", "1,502", "Prepaid expenses and other", "2,183", "2,222", "Total current assets", "166,505", "121,622", "Property and equipment, net", "90,996", "101,240", "Goodwill, net", "22,044", "22,637", "Restricted assets", "2,300", "2,300", "Other assets", "1,312", "472", "Total assets", "$ 283,157", "$ 248,271", "Liabilities and Stockholders’ Equity", "Current liabilities:", "Note payable to financial institution", "$", "48,200", "$", "40,000", "Current portion of long-term debt", "7,124", "2,124", "Current portion of capital lease obligations", "820", "484", "Accounts payable", "28,055", "17,558", "Accrued liabilities", "6,546", "4,978", "Total current liabilities", "90,745", "65,144", "Long-term debt, less current portion", "67,964", "75,088", "Capital lease obligations, less current portion", "2,878", "1,896", "Minimum pension liability", "217", "–", "Deferred income taxes ", "13,504", "8,974", "Total liabilities", "175,308", "151,102", "Commitments and contingencies (Notes 9 and 13)", "Stockholders’ equity:", "Preferred stock, $.01 par value, 10,000,000 shares authorized, ", "none issued or outstanding", "–", "–", "Common stock, $.01 par value, 15,000,000 shares authorized,", "6,498,081 and 6,459,930 shares issued and outstanding ", "65", "64", "Additional paid-in-capital", "39,167", "38,962", "Retained earnings", "68,834", "58,143", "Accumulated other comprehensive loss:", "Minimum pension liability", "(217)", "–", "Total stockholders’ equity", "107,849", "97,169", "Total liabilities and stockholders’ equity", "$ 283,157", "$ 248,271", "The accompanying notes are an integral part of these consolidated financial statements.", "Northwest Pipe Company", "|", "14" ]

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[ 6, 6, 6, 6, 10, 10, 10, 10, 10, 5, 5 ]

[ "growth", "innovations", "solutions:", "Transportation Management Systems Application Suite", "Since deploying Manhattan Associates’ Transportation", "Planning & Execution application in 2001 to control its", "North American ground transportation network, ", "PPG Industries’ annual return on investment has", "consistently been greater than 100% ", "20", "Manhattan Associates Annual Report 2003" ]

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[ "Notes to Consolidated Financial Statements", "BorgWarner Inc. ", "and Consolidated Subsidiaries", "42", "43", " In January 2003, the Financial ", "within the AJCA”. These two FSPs provide guidance on the applica-", "NOTE 2", "NOTE 3", "New accounting pronouncements", "RESEARCH AND DEVELOPMENT COSTS", "OTHER INCOME", "Accounting Standards Board (FASB) issued Interpretation (FIN) No. ", "tion of the new provisions of the AJCA, which was signed into law on ", "46, “Consolidation of Variable Interest Entities, an Interpretation of ", "October 22, 2004.", "The Company spent approximately $123.1 million, $118.2 million, ", "Items included in other income consist of:", "ARB No. 51,” which was revised in December 2003. FIN No. 46R ", "The AJCA provides a deduction for income from qualified domestic ", "and $109.1 million in 2004, 2003 and 2002, respectively, on ", "requires that the assets, liabilities and results of the activity of vari-", "millions of dollars", "production activities, which will be phased in from 2005 through ", "research and development (R&D) activities. R&D costs are included ", "2004", "2003", "2002", "Year Ended December 31, ", "able interest entities be consolidated into the financial statements of ", "2010. In return, the AJCA provides for a two-year phase-out of the ", "primarily in the selling, general, and administrative expenses of ", "the entity that has the controlling financial interest. FIN No. 46R also ", "Gain on sale of business ", " $ 0.5 ", "$ —", "$ —", "existing extra-territorial income exclusion (ETI) for foreign sales that ", "the Consolidated Statements of Operations. Not included in these ", "provides the framework for determining whether a variable interest ", "Interest income ", "0.7", "0.8", "1.7", "was viewed to be inconsistent with international trade protocols by ", "amounts were customer-sponsored R&D activities of approximately ", "entity should be consolidated. For the Company, this Interpretation, ", "Loss on asset disposals, net ", "(3.5)", "(1.7)", "(1.5)", "the European Union. Under the guidance in FSP 109-1, the deduction ", "$31.8 million, $22.3 million, and $14.2 million in 2004, 2003, and ", "as revised, was effective January 1, 2004. The Company has no ", "Other ", "(0.2) ", "0.5", "0.7", "will be treated as a “special deduction” as described in SFAS 109. ", "2002, respectively.", "variable interest entities required to be consolidated as a result of ", "$(3.0)", "$ 0.1 ", "$0.9", "As such, the special deduction has no effect on deferred tax assets ", "adopting FIN No. 46R.", "and liabilities existing at the enactment date. Rather, the impact of ", "In December 2003, the Medicare Prescription Drug Improvement ", "this deduction will be reported in the period in which the deduction is ", "and Modernization Act of 2003 (Medicare Act) introduced a pre-", "claimed on our tax return. The Company expects the net effect of the ", "NOTE 4", "scription drug benefit under Medicare, as well as a federal subsidy ", "phase out of the ETI and the phase in of this new deduction will not ", "INCOME TAXES", "to sponsors of retiree health care benefit plans. In January 2004, ", "have a material impact on its effective tax rate.", "Earnings before income taxes and the provision for income taxes are presented in the following table. The earnings before income taxes amounts ", "the FASB issued FASB Staff Position (FSP) No. 106-1, “Accounting ", "FSP 109-2 provides guidance on the accounting for the deduction of ", "for 2003 and 2002 have been presented to conform to the 2004 U.S. versus non-U.S. presentation.", "Disclosure Requirements Related to the Medicare Prescription Drug, ", "85% of certain foreign earnings that are repatriated, as defined in the ", "Improvement, and Modernization Act of 2003.” FSP 106-1 permits ", "AJCA. The Company may elect to apply this provision to qualifying ", "a sponsor of a post retirement health care plan that provides a pre-", "2004", "2003 ", "2002", "earnings repatriations in 2005. Under guidance set forth in FAS 109-2, ", "millions of dollars ", " U.S.", "Non-U.S. ", "Total", " U.S. ", "Non-U.S. ", "Total ", "U.S.", "Non-U.S. ", "Total", "scription drug benefit to make a one-time election to defer account-", "the Company is allowed time beyond the financial reporting period of ", "ing for the effects of the Medicare Act if there is insufficient data, ", "Earnings before taxes ", "$117.8", "$190.8", "$308.6", "$120.5", "$136.2", "$256.7", "$163.7", "$70.1", "$233.8", "enactment to evaluate the effect of the AJCA on its plan for reinvest-", "time or guidance available to ensure appropriate accounting. The ", "Provision for income taxes: ", "ment or repatriation of foreign. The Company has started an evalua-", "Company is a sponsor of post retirement health care plans that pro-", "Current:", "tion of the effects of the repatriation provision; however, the Company ", "vide prescription benefits and, in accordance with the one-time elec-", "Federal/foreign", "1.4", "63.8", "65.2", "18.5", "13.1", "31.6", "11.1", "10.6", "21.7", "does not expect to be able to complete this evaluation until after ", "State", "tion under FSP 106-1, elected to defer accounting for the Medicare ", "2.2", "—", "2.2", "1.6", "—", "1.6", "3.1", "—", "3.1", "the U.S. Congress or the Treasury Department provides additional ", "Act. In May 2004, the FASB issued FSP No. 106-2, “Accounting and ", "3.6", "63.8", "67.4", "20.1", "13.1", "33.2", "14.2", "10.6", "24.8", "clarifying language on key elements of the provision. The Company ", "Disclosure Requirements Related to the Medicare Prescription Drug, ", "Deferred", "11.1", "2.7", "13.8", "18.5", "21.5", "40.0", "44.8", "7.6", "52.4", "expects to complete its evaluation of the effects of the repatriation ", "Improvement and Modernization Act of 2003,” which supersedes ", "Total provision for income taxes ", "$ 14.7 ", "$ 66.5 ", "$ 81.2", "$ 38.6 ", "$ 34.6 ", "$ 73.2 ", "$ 59.0 ", "$18.2 ", "$ 77.2", "provision within a reasonable period of time following the publication ", "FSP 106-1, to address the accounting and disclosure requirements ", "Effective tax rate ", "12.4%", "34.9%", "26.3%", "32.0%", "25.4%", "28.5%", "36.0%", "26.0%", "33.0%", "of the additional clarifying language. The range of possible amounts ", "related to the Medicare Act. The FSP was effective for the Company ", "that the Company is considering for repatriation under this provision is ", "beginning with its third quarter ended September 30, 2004. The ", "between zero and $74 million. The related range of income tax effects ", "effect of the adoption was to reduce the Company’s 2004 post retire-", "The provision for income taxes resulted in an effective tax rate for ", "The analysis of the variance of income taxes as reported from income ", "of such repatriation cannot be reasonably estimated until guidance is ", "ment benefits expense by $6.8 million. ", "2004 of 26.3% compared with rates of 28.5% in 2003 and 33.0% ", "taxes computed at the U.S. statutory rate for consolidated opera-", "issued by Congress or the Treasury Department.", "in 2002. Our effective tax rates have been lower than the standard ", "tions is as follows:", "In November 2004, the FASB issued Statement of Financial Accounting ", "In December 2004, the FASB issued SFAS No. 123R, “Shared-Based ", "federal and state tax rates due to the realization of certain R&D and ", "Standards (SFAS) No. 151, “Inventory Costs” which is an amendment ", "2004", "2003", "2002", "Payment” which requires companies to measure and recognize com-", "millions of dollars ", "foreign tax credits; foreign rates, which differ from those in the U.S.; ", "of ARB No.43, Chapter 4. This statement provides clarification of ", "pensation expense for all share-based payments at fair value. Share-", "and offset by non-deductible expenses. In addition, the Company made ", "Income taxes at U.S. statutory", "accounting for abnormal amounts of idle facility expense, freight, ", "based payments include stock option grants and certain transactions ", "an $11.4 million year-end adjustment to various tax accounts due ", "rate of 35% ", "$108.0", "$ 89.8 ", "$81.8", "handling", "costs", "and", "wasted", "material.", "Generally,", "this", "statement", "under other Company stock plans. The Company grants options to ", "Increases (decreases) resulting from:", "to changes in circumstances related to various tax items, including ", "requires that those items be recognized as current period charges. ", "purchase common stock of the Company to some of its employees ", "Income from non-U.S. sources", "changes in tax laws. The year-end adjustment resulted in a reduction in ", "SFAS 151 will be effective for the Company on January 1, 2006. The ", "and directors under various plans at prices equal to the market value ", "including withholding taxes", "3.6", "(8.5)", "(2.2)", "the U.S. effective tax rate for 2004.", "Company is currently evaluating the impact that the adoption of SFAS ", "Business tax credits, net ", "(6.2)", "(6.3)", "(4.7)", "of the stock on the dates the options are granted. SFAS 123R will be ", "151 will have on its consolidated financial position, results of opera-", "Affiliate earnings", "(10.2)", "(7.0)", " (6.8)", "effective for the Company beginning July 1, 2005. The Company is ", "tions and cash flows.", "Non-temporary differences and other ", "(14.0)", "5.2", "9.1", "currently evaluating the impact that the adoption of SFAS 123R will ", "Provision for income taxes as reported ", "$ 81.2", "$ 73.2 ", "$77.2", "In December 2004, the FASB issued FSP 109-1, “Application of ", "have on its consolidated financial position, results of operations and ", "FASB Statement No. 109, Accounting for Income Taxes, to the Tax ", "cash flows.", "Deduction on Qualified Production Activities Provided by the American ", " Certain prior period amounts have been reclassi-", "Reclassification", "Jobs Creation Act of 2004” (AJCA), and FAS 109-2 “Accounting and ", "fied to conform to the current year’s presentation and are not mate-", "Disclosure Guidance for the Foreign Earnings Repatriation Provision ", "rial to the Company’s Consolidated Financial Statements. " ]

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[ "Net Income", "As a result of the above factors, net income increased 43% from $17,329,000 in 2001 to $24,775,000 in 2002. As a ", "percentage of sales, net income increased from 4.5% in 2001 to 7.2% in 2002.", "2001 Compared to 2000", "Sales", "ADTRAN’s sales decreased 16.4% from $462,949,000 in 2000 to $387,080,000 in 2001. The decrease in overall sales ", "is attributable to a decrease in sales for our Digital Business Transport (DBT)/Total Reach$^{®}$‚ and High-bit-rate Digital", "Subscriber Line (HDSL)/T1 products, partially offset by increased sales of our Systems products. Carrier Networks ", "sales decreased 24.4% from $314,228,000 in 2000 to $238,367,000 in 2001. The decrease in Carrier Networks sales result-", "ed from a downturn in the carrier access market. Carrier Networks sales as a percentage of total sales, decreased from", "68.1% in 2000 to 61.6% in 2001. Enterprise Networks sales increased 0.7% from $147,721,000 in 2000 to $148,714,000 ", "in 2001. Sales volume for Enterprise Networks products remained stable due to market acceptance of ADTRAN’s ", "Integrated Access Devices. As a percentage of total sales, Enterprise Networks sales increased from 31.9% in 2000 ", "to 38.4% in 2001.", "Cost of Sales", "Cost of sales decreased 8.4% from $233,429,000 in 2000 to $213,760,000 in 2001. As a percentage of sales, cost of sales", "increased from 50.4% in 2000 to 55.2% in 2001. This increase was due primarily to a rise in material cost as a percentage", "of sales. Carrier Networks cost of sales, as a percent of division sales, increased from 53.4% in 2000 to 60.7% in 2001.", "Enterprise Networks cost of sales, as a percent of division sales, increased from 44.1% in 2000 to 46.4% in 2001.", "An important part of ADTRAN’s strategy is to reduce the product cost of each succeeding product generation ", "and then to lower the product’s price based on the cost savings achieved. This strategy sometimes results in variations ", "in ADTRAN’s gross profit margin due to timing differences between the lowering of product selling prices and the full ", "realization of cost reductions. In view of the rapid pace of new product introductions by ADTRAN, this strategy may", "result in variations in gross profit margins that, for any particular financial period, can be difficult to predict.", "Selling, General, and Administrative Expenses", "Selling, general, and administrative expenses increased 10.1% from $87,116,000 in 2000 to $95,954,000 in 2001.", "Beginning in mid-year 2000, we increased expenditures for the expansion of our infrastructure in both sales and ", "support personnel in an effort to expand our customer base and to support increased initiatives in the Enterprise", "Networks Division and international markets. As a result, selling, general, and administrative expenses as a percentage ", "of sales increased from 18.8% in 2000 to 24.8% in 2001. However, during the second half of 2001, selling, general, and ", "administrative expenses decreased 4.2% from the second half of 2000 due to a reduction in force and salary reductions.", "ADTRAN historically has experienced very little bad debt expense; however, during 2001, a telecom distributor experi-", "enced financial difficulties, causing us to increase our allowance for bad debt by $3,148,000. Selling, general, and ", "administrative expenses as a percentage of sales will fluctuate whenever there is a significant fluctuation in revenues ", "during the periods being compared.", "Research and Development Expenses", "Research and development expenses increased 16.4% from $50,628,000 in 2000 to $58,935,000 in 2001. This increase", "was due to increased engineering costs associated with new product introductions and feature enhancement activities.", "As a percentage of sales, research and development expenses increased from 10.9% in 2000 to 15.2% in 2001. ADTRAN", "continually evaluates new product opportunities and engages in intensive research and product development efforts. To", "date, ADTRAN has expensed all product research and development costs as incurred. Additionally, ADTRAN frequently", "invests heavily in up-front new product development efforts prior to the actual commencement of sales of a major new", "product. As a result, ADTRAN may incur significant research and development expenses prior to the receipt of revenues", "from a major new product group. ADTRAN is presently incurring research and development expenses in connection", "with its new products and its expansion into international markets. In today’s challenging industry environment,", "ADTRAN has maintained its level of investment in research and development. This has provided for continued ", "15", "Financial Results" ]

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[ "Airfreight revenues include the charges to the Company for carrying the shipments", "when the Company acts as a freight consolidator. Ocean freight revenues include the", "charges to the Company for carrying the shipments when the Company acts as a Non-", "Vessel Operating Common Carrier (NVOCC). In each case the Company is acting as an", "indirect carrier. When acting as an indirect carrier, the Company will issue a House", "Airway Bill (HAWB) or a House Ocean Bill of Lading (HOBL) to customers as the con-", "tract of carriage. In turn, when the freight is physically tendered to a direct carrier,", "the Company receives a contract of carriage known as a Master Airway Bill for air-", "freight shipments and a Master Ocean Bill of Lading for ocean shipments. At this", "point, the risk of loss passes to the carrier, however, in order to claim for any such loss,", "the customer is first obligated to pay the freight charges.", "Based upon the terms in the contract of carriage, revenues related to shipments", "where the Company issues an HAWB or an HOBL are recognized at the time the freight", "is tendered to the direct carrier at origin. Costs related to the shipments are also recog-", "nized at this same time.", "Revenues realized in other capacities, for instance, when the Company acts as an", "agent for the shipper, and does not issue an HAWB or an HOBL, include only the com-", "missions and fees earned for the services performed. These revenues are recognized", "upon completion of the services.", "Customs brokerage and import services involves providing services at destination,", "such as helping customers clear shipments through customs by preparing required", "documentation, calculating and providing for payment of duties and other taxes on", "behalf of the customers as well as arranging for any required inspections by govern-", "mental agencies, and arranging for delivery. This is a complicated function requiring", "technical knowledge of customs rules and regulations in the multitude of countries in", "which the Company has offices. Revenues related to customs brokerage and import", "services are recognized upon completion of the services.", "Arranging international shipments is a complex task. Each actual movement can", "require multiple services. In some instances, the Company is asked to perform only one", "of these services. However, in most instances, the Company may perform multiple", "services. These services include destination breakbulk services and value added ancil-", "lary services such as local transportation, export customs formalities, distribution", "services and logistics management. Each of these services has an associated fee, which", "is recognized as revenue upon completion of the service.", "70", "expd 02", "MD&A" ]

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[ "Management’s Discuss", "ion", "and", "Analysis of", "Financial Condition and Results of Operations", "considered to be important to the portrayal of the Company’s financial", "INTRODUCTION", "condition, since they require management to make difficult, complex or", "subjective judgements, some of which may relate to matters that are", "Capital One Financial Corporation (the “Corporation”) is a holding", "inherently uncertain. These policies include determination of the level of", "company whose subsidiaries market a variety of financial products and", "allowance for loan losses, accounting for securitization transactions, and", "services to consumers using its Information-Based Strategy (“IBS”). The", "finance charge and fee revenue recognition. ", "Corporation’s principal subsidiaries are Capital One Bank (the “Bank”),", "which offers credit card products, Capital One, F.S.B. (the “Savings Bank”),", "Additional information about accounting policies can be found in Note A to", "which offers consumer lending (including credit cards) and deposit products,", "the Consolidated Financial Statements.", "and Capital One Auto Finance, Inc. (“COAF”), which offers auto lending", "products. The Corporation and its subsidiaries are hereafter collectively", "Allowance for Loan Losses", "referred to as the “Company.” As of December 31, 2002, the Company had", "47.4", "million accounts and $59.7 billion in managed consumer loans", "The allowance for loan losses is maintained at the amount estimated to be", "outstanding and was one of the largest providers of MasterCard and Visa", "sufficient to absorb probable losses, net of principal recoveries (including", "credit cards in the world.", "recovery of collateral), inherent in the existing reported loan portfolio. The", "provision for loan losses is the periodic cost of maintaining an adequate", "The Company’s profitability is affected by the net interest income and non-", "allowance. The amount of allowance necessary is determined primarily based", "interest income generated on earning assets, consumer usage patterns, credit", "on a migration analysis of delinquent and current accounts and forward loss", "quality, levels of marketing expense and operating efficiency. The Company’s", "curves. The entire balance of an account is contractually delinquent if the", "revenues consist primarily of interest income on consumer loans (including", "minimum payment is not received by the payment due date. In evaluating", "past-due fees) and securities, and non-interest income consisting of servicing", "the sufficiency of the allowance for loan losses, management takes into", "income on securitized loans, fees (such as annual membership, cash advance,", "consideration the following factors: recent trends in delinquencies and", "cross-sell, interchange, overlimit and other fee income, collectively “fees”) and", "charge-offs including bankrupt, deceased and recovered amounts; forecasting", "gains on the securitizations of loans. Loan securitization transactions", "uncertainties and size of credit risks; the degree of risk inherent in the", "qualifying as sales under accounting principles generally accepted in the", "composition of the loan portfolio; economic conditions; credit evaluations", "United States (“GAAP”) remove the loan receivables from the consolidated", "and underwriting policies. To the extent credit experience is not indicative of", "balance sheet. However, the Company continues to own and service the", "future performance or other assumptions used by management do not", "account. The Company generates earnings from its managed loan portfolio", "prevail, loss experience could differ significantly, resulting in either higher or", "that includes both on-balance sheet and off-balance sheet loans. Interest", "lower future provision for loan losses, as applicable.", "income, interchange income, fees, and recoveries in excess of the interest paid", "to investors and charge-offs generated from off-balance sheet loans are", "Accounting for Securitization Transactions", "recognized as servicing and securitization income.", "Loan securitization involves the sale, generally to a trust or other special", "The Company’s primary expenses are the costs of funding assets, provision", "purpose entity, of a pool of loan receivables and is accomplished primarily", "for loan losses, operating expenses (including salaries and associate benefits),", "through the public and private issuance of asset-backed securities by the", "marketing expenses and income taxes. Significant marketing expenses (e.g.,", "special purpose entity. The Company removes loan receivables from the", "advertising, printing, credit bureau costs and postage) to implement the", "consolidated balance sheet for those asset securitizations that qualify as sales", "Company’s new product strategies are incurred and expensed prior to the", "in accordance with Statement of Financial Accounting Standards No. 140,", "acquisition of new accounts while the resulting revenues are recognized over", "Accounting for Transfers and Servicing of Financial Assets and Extinguishments", "the life of the acquired accounts. Revenues recognized are a function of the", "of Liabilities - a Replacement of FASB Statement No. 125", "(“SFAS 140”). The", "response rate of the initial marketing program, usage and attrition patterns,", "trusts are qualifying special purpose entities as defined by SFAS 140. For", "credit quality of accounts, product pricing and effectiveness of account", "those asset securitizations that qualify as sales in accordance with SFAS 140,", "management programs.", "the trusts to which the loans were sold are not subsidiaries of the Company,", "SIGNIFICANT ACCOUNTING POLICIES", "and are not included in the Company’s consolidated financial statements in", "accordance with GAAP. Gains on securitization transactions, fair value", "adjustments and earnings on the Company’s securitizations are included in", "The Notes to the Consolidated Financial Statements contain a summary of", "servicing and securitizations income in the consolidated statement of income", "the Company’s significant accounting policies, including a discussion of", "and amounts due from the trusts are included in accounts receivable from", "recently issued accounting pronouncements. Several of these policies are", "securitizations on the consolidated balance sheet.", "20" ]

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[ "AEFA has two primary exposures to the general level of equity markets: asset management fees and customer crediting rates", "based upon the returns on equity markets. AEFA earns fees from the management of equity securities in variable annuities,", "variable insurance, proprietary mutual funds and other managed assets. The amount of fees is generally based on the value of", "the portfolios, and thus is subject to fluctuation with the general level of equity market values. To reduce the sensitivity of AEFA’s", "fee revenues to the general performance of equity markets, AEFA has from time to time entered into various combinations of", "financial instruments that mitigate the negative effect on fees that would result from a decline in the equity markets. In addition,", "AEFA writes and purchases index options to manage the margin related to certain investment certificate and annuity products", "that pay interest based upon the relative change in a major stock market index betwen the beginning and end of the product’s", "term. At December 31, 2002, equity-based derivatives with a net notional amount of $208 million were outstanding to hedge", "equity market exposures.", "The negative effect on AEFA’s pretax earnings of a 10 percent decline in equity markets would be approximately $57 million and", "$81 million based on assets under management, certificate and annuity business in-force, and index options as of December 31,", "2002 and 2001, respectively.", "AEFA’s owned investment securities are, for the most part, held by its life insurance and investment certificate subsidiaries,", "which primarily invest in long-term and intermediate-term fixed income securities to provide their clients with a competitive", "rate of return on their investments while controlling risk. Investment in fixed income securities is designed to provide AEFA", "with a targeted margin between the interest rate earned on investments and the interest rate credited to clients’ accounts. AEFA", "does not trade in securities to generate short-term profits for its own account.", "AEFA’s life insurance and investment certificate subsidiaries’ investment committees regularly review models projecting various", "interest rate scenarios and risk/return measures and their effect on the profitability of the company. The committees’ objectives", "are to structure their investment security portfolios based upon the type and behavior of the products in the liability portfolios", "to achieve targeted levels of profitability within defined risk parameters and to meet contractual obligations. Part of the com-", "mittees’ strategies include the use of derivatives, such as interest rate caps, swaps and floors, for risk management purposes.", "AMERICAN EXPRESS BANK", "Results of Operations", "STATEMENTS OF OPERATIONS", "2002", "2001", "2000", "Years Ended December 31,(Millions)", "Net revenues:", "Interest income", "$ 606", "$ 698", "$ 735", "Interest expense", "246", "396", "484", "Net interest income", "360", "302", "251", "Commissions and fees", "215", "203", "214", "Foreign exchange income and other revenues", "170", "144", "126", "Total net revenues", "745", "649", "591", "Expenses:", "Human resources", "236", "247", "257", "Other operating expenses", "244", "255", "273", "Provision for losses:", "Ongoing", "147", "65", "28", "Restructuring related", "—", "26", "—", "Total provision for losses", "147", "91", "28", "Restructuring charges", "(3)", "70", "—", "Total expenses", "624", "663", "558", "Pretax income (loss)", "121", "(14)", "33", "Income tax provision (benefit)", "41", "(1)", "4", "Net income (loss)", "$8", "0", "$ (13)", "$", "29", "49", "I", "I", "FINANCIAL REVIEW", "AXP" ]

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[ "Interest expense was $10,120, net of amounts capitalized of $100 in 2000. Interest expense was $8,065, net of amounts capitalized", "of $163 in 1999. Interest expense was $4,835, net of amounts capitalized of $1,554, in 1998. ", "9.", "Leases:", "Capital Leases", "The Company leases certain hardware and software related to a new company-wide enterprise resource planning system and other equip-", "ment. The future minimum lease payments under these capital leases and the present value of the minimum lease payments as of December", "31, 2000, are as follows:", "2001", "$ 1,103", "2002", "1,082", "2003", "1,082", "2004", "936", "2005", "195", "Total minimum lease payments", "4,398", "Less – Amount representing interest", "700", "Present value of minimum lease payments with interest rates of 7.9% – 10.75%", "3,698", "Current portion of capital lease", "820", "Capital lease obligation, less current portion", "$ 2,878", "Operating Leases", "The Company has entered into various equipment leases with terms of eight years or less. Total rental expense for 2000, 1999 and 1998", "was $1,886, $868 and $967, respectively. Future minimum payments for operating leases with initial or remaining terms in excess of one", "year are:", "2001", "$", "2,991", "2002", "2,918", "2003", "2,794", "2004", "2,740", "2005", "2,606", "Thereafter", "5,731", "$ 19,780", "On September 26, 2000, the Company completed a sale-leaseback of certain manufacturing equipment for $14.4 million. The length", "of the lease is eighty-four months and includes options beginning after the third year to terminate, purchase or continue to rent through", "the term length.", "10.", "Retirement Plans:", "The Company has a defined contribution retirement plan that covers substantially all of its employees and provides for Company matches", "of up to 50% of employee contributions to the plan, subject to certain limitations. The Company also has two noncontributory defined ben-", "efit plans, which cover substantially all employees at its Denver, Colorado facility. Benefits under the union pension plan are based upon a", "flat benefit formula, while benefits under the salaried benefit plan are based upon a final pay formula. The funding policy for each noncon-", "tributory defined benefit plan is based on current plan costs plus amortization of the unfunded plan liability. The two noncontributory", "defined benefit plans are frozen and in the process of being terminated. All current employees covered by these plans are now covered by the", "defined contribution retirement plan. Total expense for all retirement plans in 2000, 1999 and 1998 was $554, $513 and $533, respectively. ", "11.", "Stock-Based Compensation Plans:", "Employee Stock Purchase Plan", "The Company has an Employee Stock Purchase Plan (the “ESPP”), which allows employees of the Company to purchase shares of the Com-", "pany’s common stock through accumulated payroll deductions. Participating employees may elect to contribute up to 10% of their eligible", "compensation, subject to certain limitations, during each pay period to the ESPP. The ESPP provides for two semi-annual offering peri-", "ods beginning May 1 and November 1 of each year. Participant funds are accumulated during the offering period and used to automatically", "purchase shares of the Company’s common stock at 85% of the lower of the fair market value of such stock at the beginning of the offer-", "Northwest Pipe Company", "|", "21" ]

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[ "The Company completed its initial SFAS No. 142 transitional impairment test of goodwill in April 2002, including an assessment of a", "valuation of the Nathan’s, Miami Subs and Roasters reporting units by an independent valuation consultant, and has recorded an impairment", "charge requiring the Company to write-off substantially all of the goodwill related to the acquisitions, trademarks and recipes as a cumulative", "effect of accounting change in the first quarter of fiscal 2003. The fair value was determined through the combination of a present value analy-", "sis as well as prices of comparative businesses. The changes in the net carrying amount of goodwill, trademarks and recipes recorded in the first", "quarter of fiscal 2003 are as follows:", "Goodwill", "Trademarks", "Recipes", "Total", "Balance as of April 1, 2002", "$ 11,083", "$ 2,242", "$ 30", "$ 13,355", "Cumulative effect of accounting change for goodwill and other intangible assets", "(10,988)", "(2,174)", "(30)", "(13,192)", "Balance as of March 30, 2003", "$", "95", "$", "68", "$ —", "$", "163", "The table below presents amortized and unamortized intangible assets as of March 28, 2004 and March 30, 2003: ", "March 30, 2003", "March 28, 2004", "Gross", "Net", "Gross", "Net", "Carrying", "Accumulated", "Carrying", "Carrying", "Accumulated", "Carrying", "Amount", "Amortization", "Amount", "Amount", "Amortization", "Amount", "Amortized intangible assets:", "Royalty streams", "$4,259", "$(1,008)", "$3,251", "$4,259", "$(1,269)", "$2,990", "Favorable leases", "285", "(285)", "—", "285", "(285)", "—", "Other", "16", "(16)", "—", "6", "(1)", "5", "$4,560", "$(1,309)", "$3,251", "$4,550", "$(1,555)", "$2,995", "Unamortized intangible assets:", "Trademarks, tradenames and recipes", "68", "68", "$3,319", "$3,063", "Goodwill", "$", "95", "$", "95", "The following table provides a reconciliation of the reported net income (loss) and net income (loss) per share for the fiscal years ended", "March 28, 2004, March 30, 2003 and March 31, 2002, adjusted as though SFAS No. 142 had been effective for all periods: ", "2003", "2002", "2004", "Reported net income (loss) before cumulative effect of change in accounting principle", "$ (1,630)", "$1,249", "$1,894", "Add back discontinued amortization expense ", "—", "555", "—", "Adjusted net income (loss) before cumulative effect of change in accounting principle", "(1,630)", "1,804", "1,894", "Cumulative effect of change in accounting principle", "(12,338)", "—", "—", "Adjusted net income (loss)", "$(13,968)", "$1,804", "$1,894", "Reported basic net income (loss) per common share before cumulative effect of change in accounting principle", "$", "(.28)", ".18", "$", ".36", "Effect of discontinued amortization expense", "—", "$", ".08", "—", "Adjusted basic net income (loss) per common share before cumulative effect of change in accounting principle", "(.28)", ".26", ".36", "Cumulative effect of change in accounting principle", "(2.06)", "—", "—", "Adjusted basic net income (loss) per common share", "$", "(2.34)", "$", ".26", "$", ".36", "Reported diluted net income (loss) per common share before cumulative effect of change in accounting principle", "$", "(.28)", "$", ".18", "$", ".33", "Effect of discontinued amortization expense", "—", ".07", "—", "Adjusted diluted net income (loss) per common share before cumulative effect of change in accounting principle", "(.28)", ".25", ".33", "Cumulative effect of change in accounting principle", "(2.06)", "—", "—", "Adjusted diluted net income (loss) per common share", "$", "(2.34)", "$", ".25", "$", ".33", "Nathan’s Famous, Inc. & Subsidiaries", "2004 Annual Report ", "page nineteen" ]

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[ "83", "Notes to the Accounts", "Notes to the Accounts", "(DKK million)", "2001", "1999/00", "(15 months)", "9", "Corporation tax comprises:", "Parent CompanyGLYPH<213>s share of tax on profit for the financial year", "47", "43", "Deferred tax", "17", "-", "Adjustment for previous years", "-9", "4", "Adjustments for previous years, deferred tax", "-28", "-", "Tax charge for Parent Company, adjusted", "27", "47", "Parent CompanyGLYPH<213>s share of tax in subsidiaries, cf. note 4", "415", "695", "Parent CompanyGLYPH<213>s share of tax in associated companies, cf. note 4", "4", "63", "Parent CompanyGLYPH<213>s share of Group tax", "446", "805", "Minority shareholdersGLYPH<213> share of Group tax", "297", "123", "Group", "743", "928", "In the financial year, corporation taxes paid amounted to DKK 839m for the Group (1999/00: DKK 753m) and DKK 28m (1999/00: DKK -76m)", "including taxes paid outside Denmark. The Parent Company and its Danish subsidiaries participate in the tax on account scheme.", "Reconciliation of tax rate:", "Tax rate in Denmark", "30.0%", "Difference in tax rate, foreign subsidiaries", "-3.6%", "Non-taxable income and non-tax deductible expenses", "-3.4%", "Prior year tax adjustment", "-1.0%", "Other", "0.1%", "Effective tax rate for the year", "22.1%", "10", "Tangible fixed assets:", "Plant", "Other", "Land and", "and", "fixtures and", "Construction", "buildings", "machinery", "fittings, etc.", "in progress", "Group:", "Cost", "Cost at 1 January 2001", "8,965", "13,698", "7,081", "476", "Additions relating to acquisition/contribution of companies", "2,716", "6,241", "1,453", "955", "Additions during the year", "579", "1,471", "561", "1,493", "Disposals relating to divestment of companies", "1,684", "1,597", "1,603", "98", "Disposals during the year", "752", "907", "1,461", "293", "Currency translation adjustments, etc.", "63", "207", "203", "40", "Transfers", "533", "440", "1", "-974", "Cost at 31 December 2001", "10,420", "19,553", "6,235", "1,599", "Revaluation", "Revaluation at 1 January 2001", "949", "588", "15", "0", "Revaluation and write-downs for the year", "1", "153", "6", "-", "Currency translation adjustments, etc.", "18", "15", "-", "-", "Revaluation at 31 December 2001", "968", "756", "21", "0", "Depreciation and write-downs", "Depreciation and write-downs at 1 January 2001", "3,109", "8,302", "3,866", "0", "Additions relating to acquisition of companies", "796", "3,885", "873", "-", "Depreciation and write-downs for the year", "287", "1,363", "574", "-", "Disposals relating to divestment of companies", "303", "567", "766", "Depreciation and write-downs eliminated on disposals during the year", "274", "691", "1,198", "-", "Currency translation adjustments, etc.", "72", "52", "-154", "-", "Transfers", "18", "-18", "-", "-", "Depreciation and write-downs at 31 December 2001", "3,705", "12,326", "3,195", "0", "Book value at 31 December 2001", "7,683", "7,983", "3,061", "1,599", "The book value of land and buildings in Denmark amounted to DKK 1,846m (31.12.2000: DKK 1,810m).", "The value of property in Denmark as assessed for tax purposes amounted to DKK 4,840m at 1 January 2001 (31.12.2000: DKK 3,542m)" ]

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[ "LEVERAGING FUNDAMENTALS TO EXTEND THE BRAND", "TSA companies extended their brands into new markets, geographies and transaction types in 2004. More than ", "720 customers now rely on our software. From Brazil to Rwanda, these customers run over 1,700 TSA product ", "systems in 76 countries. Our operating units continue to win new business by leveraging their proven products, ", "experienced staff and global distribution networks. ", "ACI WORLDWIDE", "TSA’s largest division added 39 new customers in 2004. Among the world’s top 500 banks, ACI now ", "commands nearly four times the market presence of its two closest competitors combined. ", "ACI’s proven track record fuels continued success for the company. Major clients such as Metavante ", "Corporation, TD Bank Financial Group and ANZ Bank New Zealand renewed their long-term commitments ", "to BASE24 software in 2004. ACI marked its 20th year as a solutions provider to Alliance & Leicester, ", "the eighth largest bank in the UK and one of several accounts where the company enjoys a long-term ", "partnership. In addition, ACI cross-sold new applications to existing customers nearly 50 times during the ", "year, extending the company’s reach and relevance in several key accounts. Customers continue to invite ", "ACI to participate in new payment initiatives.", "As an example, customers are turning to ACI software to extend the capabilities ", "of their online payment systems by allowing mobile phone users to replenish air ", "time at ATMs. ACI software enables the transactions to be securely routed and ", "authorized while allowing ATM owners to drive new sources of fee-based income ", "for their business.", "The growing need for real-time fraud prevention and enterprise-wide risk management helped ACI ", "Proactive Risk Manager achieve record customer growth in 2004. Twenty-eight new customers selected ", "the software to combat credit and debit card fraud or detect money laundering activity. ACI customers ", "have saved millions of dollars by using Proactive Risk Manager to protect accounts from losses. ", "Customers continue to leverage ACI software to comply with EMV (Europay, MasterCard, Visa) global standards ", "for smart credit and debit card systems. As the standards are adopted in more countries, more card issuers ", "and transaction acquirers will require EMV-ready systems. Several customers have also licensed ACI Smart ", "Chip Manager to automate the issuance and management of single- or multi-application smart cards. The ", "product is part of an award-winning solution used by the Hong Kong government to operate a national ID ", "system based on smart cards. ACI Smart Chip Manager and Proactive Risk Manager were commended by ", "The Banker", " magazine in 2004 as part of their annual awards program recognizing IT solutions. ", "BASE24-es continued to attract new customers for its enhanced authorization capabilities in 2004. ", "The product adds a new level of flexibility to the strategies used by customers to authorize payment ", "transactions. With a powerful scripting engine, BASE24-es allows users to modify transaction processing ", "rules relatively easily, for example, to impose more stringent authorization requirements for certain card ", "types or customers. This helps our clients enhance their service levels and protect accounts from losses.", "8818_Fnl.indd", "4", "1/6/05", "1:44:22", "AM", " AM" ]

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[ "INTERNATIONAL ", "PAPER COMPANY", "Index to Annual ", "Report", "on Form 10-K", "For the Year Ended ", "December 31, 2004", "ITEM 8.", "FINANCIAL STATEMENTS AND ", "PART I", "SUPPLEMENTARY DATA", "Financial Information by Industry ", "ITEM 1.", "BUSINESS", "Segment and Geographic Area", "33", "General", "1", "Report of Management on Financial ", "Financial Information Concerning ", "Statements, Internal Controls over Financial", "Industry Segments", "1", "Reporting & Internal Control Environment", "Financial Information About International ", "and Board of Directors Oversight", "35", "and Domestic Operations", "1", "Reports of Deloitte & Touche LLP, Independent ", "Competition and Costs", "2", "Registered Public Accounting Firm", "36", "Marketing and Distribution", "2", "Consolidated Statement of Operations", "38", "Description of Principal Products", "2", "Consolidated Balance Sheet", "39", "Sales Volumes by Product", "2", "Consolidated Statement of Cash Flows", "40", "Research and Development", "3", "Consolidated Statement of Changes in ", "Environmental Protection", "3", "Common Shareholders' Equity", "41", "Employees", "3", "Notes to Consolidated Financial Statements", "42", "Executive Officers of the Registrant", "3", "Interim Financial Results (Unaudited)", "79", "Raw Materials", "4", "Forward-looking Statements", "4", "ITEM 9.", "CHANGES IN AND DISAGREEMENTS ", "WITH ACCOUNTANTS ON ACCOUNTING ", "ITEM 2.", "PROPERTIES", "AND FINANCIAL DISCLOSURE", "82", "Forestlands", "4", "Mills and Plants", "5", "ITEM 9A.", "CONTROLS AND PROCEDURES", "82", "Capital Investments and Dispositions", "5", "ITEM 9B.", "OTHER INFORMATION", "82", "ITEM 3.", "LEGAL PROCEEDINGS", "5", "PART III.", "ITEM 4.", "SUBMISSION OF MATTERS TO A ", "VOTE OF SECURITY HOLDERS", "5", "ITEM 10.", "DIRECTORS AND EXECUTIVE ", "OFFICERS OF THE REGISTRANT", "82", "PART II.", "ITEM 11.", "EXECUTIVE COMPENSATION", "83", "ITEM 5.", "MARKET FOR REGISTRANT'S ", "COMMON EQUITY, RELATED ", "ITEM 12.", "SECURITY OWNERSHIP OF CERTAIN ", "STOCKHOLDER MATTERS AND ISSUER ", "BENEFICIAL OWNERS AND ", "PURCHASES OF EQUITY SECURITIES", "5", "MANAGEMENT ", "83", "ITEM 6.", "SELECTED FINANCIAL DATA", "6", "ITEM 13.", "CERTAIN RELATIONSHIPS AND ", "RELATED TRANSACTIONS", "83", "ITEM 7.", "MANAGEMENT'S DISCUSSION AND ", "ANALYSIS OF FINANCIAL CONDITION ", "ITEM 14.", "PRINCIPAL ACCOUNTANT FEES ", "AND RESULTS OF OPERATIONS", "AND SERVICES", "83", "Executive Summary", "9", "Corporate Overview", "11", "PART IV.", "Results of Operations", "11", "Description of Industry Segments", "15", "ITEM 15.", "EXHIBITS, FINANCIAL STATEMENT SCHEDULES", "Industry Segment Results", "17", "Additional Financial Data", "83", "Liquidity and Capital Resources", "21", "Report of Independent Registered ", "Critical Accounting Policies", "24", "Public Accounting Firm on Financial ", "Significant Accounting Estimates", "25", "Statement Schedule", "86", "Income Taxes", "27", "Schedule II - Valuation and ", "Recent Accounting Developments", "28", "Qualifying Accounts", "87", "Legal Proceedings", "30", "Effect of Inflation", "31", "SIGNATURES", "88", "Foreign Currency Effects", "31", "Market Risk", "31", "APPENDIX I 2004 LISTING OF FACILITIES", "A-1", "ITEM 7A.", "QUANTITATIVE AND QUALITATIVE ", "APPENDIX II 2004 CAPACITY INFORMATION", "A-5", "DISCLOSURES ABOUT MARKET RISK", "32" ]

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[ "LETTER TO THE", "STOCKHOLDERS", "Since 1997, Rollins, Inc. has taken steps to", "focus attention on its core business, Orkin", "Exterminating Company, divesting businesses less central to our new direction, launching new sales and service", "programs and taking other initiatives designed to promote pest control growth while making our operations", "more efficient. We are pleased that our efforts are paying off, as evidenced in part by our improved market share", "and financial results. The Company continues to concentrate on enhancing stockholder value by building", "recurring revenue, with emphasis on Orkin’s commercial pest control business and containment of termite", "claims costs.", "The Company suffered a great loss in April of 2000, with the passing away of John W. Rollins, Sr.", "John was one of the Company’s co-founders and longest-tenured Directors, serving since 1948. We will miss ", "his substantial guidance and leadership.", "Fiscal Year 2000 was an excellent year in many respects. Among the highlights were:", "2000 at a Glance", "•", "Revenues grew by 10.7%, the highest annual growth since 1993.", "•N", "e", "t", "I", "n", "c", "o", "m", "e", "i", "m", "p", "r", "o", "v", "e", "d", "3", ".", "6", "%", "o", "v", "e", "r", "p", "r", "i", "o", "r", "y", "e", "a", "r", ".", "•", "Basic and Diluted Earnings Per Share increased by $0.08 or 33.3% over 1999.", "These improvements in Revenues, Net Income and Earnings Per Share are primarily attributable to the", "successful integration of the Company’s alternate pest control service offering, our new Directed-Liquid", "Termite Baiting Program and the contribution of our strategic acquisitions completed in 1999 and 2000.", "The efficiency and productivity of our core operations were also strengthened in 2000 by continuing", "improvements in our application of information technology. FOCUS, our new proprietary branch computer", "system, was introduced in selected branches in 2000 and is scheduled to be introduced Company-wide in", "2001. One of the many potential benefits of FOCUS is that it will allow Orkin to identify customer trends", "enabling us to adopt and refine new strategies and business practices. Another technological advancement,", "that we expect to increase efficiency and productivity, is our new routing and scheduling software. This new", "management tool works in conjunction with FOCUS, and is", "scheduled to be implemented Company-wide in the upcoming year.", "While we acknowledge that Fiscal Year 2000", "Moving Forward", "was a success, we also recognize there is much opportunity for", "continued improvements. We remain optimistic that our financial", "results will continue to get better as our new sales and service", "programs mature.", "Adapting to a changing customer and business environment is not", "new to our Company. As Orkin Exterminating Company, Inc. enters", "its 100th YEAR OF SERVICE, it has certainly seen significant", "changes in the ways in which it competes today versus in the past. As we move forward into the 21st", "Century, the Company is continually seeking to implement new practices and methods which will enhance", "the efficiency of our operations so that we can continue to provide our customers with superior service while", "at the same time providing appreciating value to our stockholders.", "R.", "Randall Rollins", "Chairman of the Board and ", "Chief Executive Officer", "Gary W. Rollins", "Gary W. Rollins", "President and Chief Operating Officer", "February 16, 2001", "1" ]

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[ "To our", "shareholders,", "In the year 2001, The Children’s Place continued its steadfast aggressive expansion", "Ontario and Quebec. This acquisition gives The Children’s Place the foundation to", "towards becoming the #1 children’s apparel specialty retailer in the United States. ", "expand up to 125 stores in the Canadian market. We remain committed to growth", "and continue to look at additional expansion opportunities in national and", "We celebrated the opening of our 500th store in October. We opened 121 new stores", "international markets that complement our growth strategy.", "across the country, with the largest number of new stores in California, bringing our", "And grow some more…", "store total to 520 at year-end.", "Strong performance across all demographics and in all retail venues yielded a 63%", "We have also identified an internal growth opportunity to increase our total selling", "return on investment for our class of 2000 stores for which 2001 was their first full", "square footage by expanding our Children’s PLACE /babyPLACE combo stores. We", "fiscal year. This high return on investment coupled with the broad consumer appeal", "are extremely excited about this new larger store concept, which allows us to", "of our brand, are key factors to our successful expansion strategy and reinforces our", "showcase a broader merchandise assortment, add new product classifications and", "confidence that we can grow The Children’s Place concept to 1,000 stores by the end", "enhance our overall image to our customers. This expansion is being introduced", "of 2005.", "into additional high volume locations to generate increased store sales and", "profitability.", "Our Company posted record sales and record earnings in 2001, despite experiencing", "negative comparable store sales. Total sales increased 12% to $657.0 million and", "We look forward with confidence to the year 2002. All of our efforts are well", "net income increased by 9% to $46.6 million, resulting in record diluted earnings", "underway to manage our strong anticipated earnings growth. Our infrastructure is", "per share of $1.73. This performance was achieved primarily due to our improved", "in place with distribution centers on both coasts. Our office facilities in Hong Kong", "gross margin as a result of lower product cost.", "and China are in place. Our information systems have been upgraded. And, with our", "coordinated, well designed and fashion right merchandise at an appealing price", "Watch us grow…", "point, we are very excited about the future. ", "Our aggressive and profitable growth strategy continues. In May 2001, we", "We will continue executing and maximizing our highly successful formula as we", "commenced operation in our new state-of-the-art West Coast Distribution Center,", "develop The Children’s Place into the #1 children’s apparel specialty retailer in the", "marking an important step towards building our infrastructure to support our goal", "United States and Canada. We could not accomplish our goals without the hard work,", "of operating more than 1,000 stores. Our proprietary Children’s PLACE credit card", "care and dedication we receive from our associates. We thank all our associates and", "and customer database continue to grow and are a vital part of our loyalty and", "shareholders for your continued confidence and support in our Company.", "branding strategy. We plan to open 130 stores in fiscal 2002, ending the year with", "approximately 650 stores. ", "And grow…", "We are excited about bringing our successful fashionable brand of high quality", "value-priced merchandise to the Canadian consumer and establishing a strong", "position across our northern border with our entry into the Canadian market,", "Ezra Dabah", "Ezra Dabah", "through the acquisition of 23 children’s apparel stores. By August 2002 we will", "Chairman and Chief Executive Officer", "convert these stores to sell our proprietary “The Children’s Place” brand throughout" ]

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[ "RAYTHEON COMPANY", "333", "CONSOLIDATED BALANCE SHEETS", "33333333333333333333333333333333333333333", "(In millions except share amounts)", "December 31:", "2002", "2003", "ASSETS", "333", "Current assets", "Cash and cash equivalents", "$", "544", "$", "661", "Accounts receivable, less allowance for doubtful accounts of $35 in 2003 and $73 in 2002", "675", "485", "Contracts in process ", "3,016", "2,762", "Inventories ", "2,032", "1,998", "Deferred federal and foreign income taxes ", "601", "466", "Prepaid expenses and other current assets", "247", "154", "Assets from discontinued operations", "75", "59", "Total current assets", "7,190", "6,585", "Property, plant, and equipment, net ", "2,396", "2,711", "Deferred federal and foreign income taxes", "281", "337", "Prepaid retiree benefits", "676", "703", "Goodwill ", "11,170", "11,479", "Other assets, net ", "2,233", "1,853", "Total assets", "$23,946", "$23,668", "LIABILITIES AND STOCKHOLDERS’ EQUITY", "333", "Current liabilities", "Notes payable and current portion of long-term debt ", "$ 1,153", "$", "15", "Advance payments, less contracts in process of $1,071 in 2003 and $1,688 in 2002", "819", "1,038", "Accounts payable", "776", "833", "Accrued salaries and wages", "710", "767", "Other accrued expenses", "1,316", "1,153", "Liabilities from discontinued operations", "333", "43", "Total current liabilities", "5,107", "3,849", "Accrued retiree benefits and other long-term liabilities", "2,831", "3,281", "Long-term debt ", "6,280", "6,517", "Subordinated notes payable", "858", "859", "Commitments and contingencies (note M)", "Stockholders’ equity", "Preferred stock, par value $0.01 per share, 200,000,000 shares authorized, ", "none outstanding in 2003 and 2002", "Common stock, par value $0.01 per share, 1,450,000,000 shares authorized, ", "418,136,000 and 408,209,000 shares outstanding in 2003 and 2002, respectively, ", "after deducting 168,000 and 97,000 treasury shares in 2003 and 2002, respectively", "4", "4", "Additional paid-in capital", "8,146", "8,421", "Accumulated other comprehensive income", "(2,180)", "(2,194)", "Treasury stock, at cost", "(4)", "(6)", "Retained earnings", "2,904", "2,937", "Total stockholders’ equity", "8,870", "9,162", "Total liabilities and stockholders’ equity", "$23,946", "$23,668", "The accompanying notes are an integral part of the financial statements." ]

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[ "13", "(a)", "Member of Audit Committee.", "(b)", "Member of Executive Committee.", "(c)", "Member of Executive Compensation Committee.", "(d)", "Member of Management Continuity Committee.", "(e)", "Member of Public Responsibility and Personnel Practices Committee.", "(f)", "Member of Gannett Management Committee.", "STEPHEN P. MUNN", "SAMUEL J. PALMISANO", "DONNA E. SHALALA ", "KAREN HASTIE WILLIAMS", "Chairman and director,", "President and chief executive", "President, University of", "Partner of Washington, D.C.,", "Carlisle Companies, Inc. ", "officer, International Business", "Miami. ", "Other directorships", ":", "law firm of Crowell & Moring.", "Other directorships:", "funds that", "Machines Corporation; and a", "UnitedHealth Group; Lennar", "Other directorships:", "The Chubb", "are part of the Prudential", "trustee of The Johns Hopkins", "Corporation. Age 61. (d,e)", "Corporation; Continental", "group of mutual funds.", "University. Age 50. (a,c)", "Airlines, Inc.; SunTrust Banks,", "Age 59. (a,c)", "Inc.; Washington Gas Light", "Company; and a trustee of the", "Fannie Mae Foundation. ", "Age 57. (a,b,c)" ]

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[ "Banking Business", "75", "G ROUP MANAGEMENT REPORT", "Our banking business again experienced a difficult fiscal year 2003:", "while managing to significantly improve the operating result, the ", "non-operating result was lower because of adjustment measures. ", "In the", "banking business, that is essentially driven by the business performance of Dresdner Bank Group, we ", "managed to significantly improve the operating result by 1.6 billion euros compared to the previous year. This", "turnaround came about in a business environment characterized by a recovery in share prices and a gradual", "improvement in economic development in the second half of 2003. At the same time we streamlined the ", "business portfolio of Dresdner Bank and eliminated risks from the balance sheet.", "In fiscal year 2003, the banking business recorded an ", "operating", "Banking Business", "result ", "of – 357 million euros. An operating loss from the Insti-", "2003", "2002", "tutional Restructuring Unit of Dresdner Bank of 728 million", "euros was partly compensated by a positive operating result of", "Net interest income", "2,805", "3,827", "¤ ", "mn", "371 million euros in the other banking business. Overall, oper-", "2,452", "2,658", "Net fee and commission income", "¤ ", "mn", "ating income declined in fiscal year 2003 by 10.9 percent to", "Trading income", "1,486", "1,081", "¤ ", "mn", "6.7", "billion euros. This is essentially due to consolidation and ex-", "Operating income", "6,743", "7,566", "¤ ", "mn", "change rate effects. Adjusted for these effects, the decline is only", "Administrative expenses", "– 6,086", "– 7,314", "¤ ", "mn", "3.1", "percent. At the same time, we managed to reduce admin-", "Loan loss provisions", "–1,014", "– 2,222", "¤ ", "mn", "istrative expenses by altogether 16.8 percent to 6.1 billion eu-", "Operating result", "–357", "–1,970", "¤ ", "mn", "ros. Adjusted for consolidation and exchange rate effects, the", "Other income/expenses", "–1,580", "675", "¤ ", "mn", "cost reduction was 12.7 percent. We were thus able to surpass", "Net income for the year", "–1,279", "– 1,358", "¤ ", "mn", "our cost cutting goals. In addition, we made significant progress", "Operating cost/income ratio", "90.3", "96.7", "%", "in reducing loan loss provisions. The ", "non-operating business ", "was", "Loans and advances to customers", "and banks", "289", "246", "¤ ", "bn", "charged by 1.6 billion euros especially due to write-downs and", "Liabilities to customers and banks", "325", "278", "¤ ", "bn", "restructuring expenses. Overall, our banking business reported", "a ", "net loss for the year", "of 1,279 million euros.", "The decline in the ", "operating income", "resulted primarily from a", "lower ", "net interest income", "which dropped 26.7 percent to 2.8", "billion euros. This is mostly attributable to the de-consolidation", "of Deutsche Hyp in the third quarter 2002. Adjusted for conso-", "lidation and exchange rate effects, net interest income fell by", "10.4", "percent. This reduction is to be looked at with the follow-", "ing background: between year-end 2002 and year-end 2003, the", "risk weighted assets at Dresdner Bank were reduced by 30.8", "billion euros – a cut of some 20 percent – to 111.7 billion eu-", "ros. Given that the adjusted net interest income declined less", "sharply, our measures to improve portfolio quality are yielding" ]

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[ "FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES", "SELECTED FINANCIAL DATA", "(Dollar Amounts in Thousands, except per share data)", "The following selected financial data is not covered by the auditor’", "s report and should be read in conjunction with", "Management’", "s Discussion and Analysis of Financial Condition and Results of Operations, which follows, and with the", "consolidated financial statements and related notes. All amounts have been restated to reflect the poolings of interests.", "Financial statement amounts for prior periods have also been reclassified to conform to the presentation format used in 2001.", "The reclassifications had no effect on the Corporation’", "s financial condition or result of operations.", "Years Ended December 31,", "2001", "2000", "1999", "1998", "1997", "Interest income", "$", "308,891", "$", "311,882", "$", "296,089", "$", "282,067", "$", "253,917", "Interest expense", " 167,170", "174,539", " 152,653", " 148,282", "124,427", "Net interest income", "141,721", "137,343", "143,436", "133,785", "129,490", "Provision for credit losses", "11,495", "10,030", "9,450", "15,049", "10,152", "Net interest income after provision", "for credit losses", "130,226", "127,313", "133,986", "118,736", "119,338", "Securities gains", "3,329", "1,745", "565", "1,457", "6,825", "Other operating income", "36,895", "31,938", "33,660", "27,929", "20,599", "Merger and related charges", "-0-", "-0-", "-0-", "7,915", "-0-", "Other operating expenses", "105,007", " 99,461", " 95,569", "93,980", "89,885", "Income before taxes and extra-", "ordinary items", "65,443", "61,535", "72,642", "46,227", "56,877", "Applicable income taxes", "15,254", "14,289", "19,612", "12,229", "17,338", "Net income before extraordinary items", "50,189", "47,246", "53,030", "33,998", "39,539", "Extraordinary items (less applicable taxes", "of $336)", "-0-", "-0-", " -0-", "(624)", "-0-", "Net income", "$", "50,189", "$", "47,246", "$", "53,030", "$", "33,374", "$", "39,539", "Per Share Data (a)", "Net income before extraordinary items", "$", "0.87", "$", "0.82", "$", "0.88", "$", "0.55", "$", "0.64", "Extraordinary items", "0.00", "0.00", " 0.00", "(0.01)", " 0.00", "Net income", "$", "0.87", "$", "0.82", "$", "0.88", "$", "0.54", "$", "0.64", "Dividends declared", "$", "0.585", "$", "0.565", "$", "0.515", "$", "0.445", "$", "0.410", "Average shares outstanding", "57,885,478", "57,558,929", "60,333,092", "61,333,572", "61,671,898", "Per Share Data Assuming Dilution (a)", "Net income before extraordinary items", "$", "0.86", "$", "0.82", "$", "0.88", "$", "0.55", "$", "0.64", "Extraordinary items", "0.00", "0.00", "0.00", "(0.01)", "0.00", "Net income", "$", "0.86", "$", "0.82", "$", "0.88", "$", "0.54", "$", "0.64", "Dividends declared", "$", "0.585", "$", "0.565", "$", "0.515", "$", "0.445", "$", "0.410", "Average shares outstanding", "58,118,057", "57,618,671", "60,569,322", "61,666,026", "61,845,674", "At End of Period", "Total assets", "$", "4,583,530", "$", "4,372,312", "$", "4,340,846", "$", "4,096,789", "$", "3,668,557", "Investment securities", "1,762,408", "1,636,337", "1,592,389", "1,525,332", "1,015,798", "Loans and leases, net of unearned income", "2,567,934", "2,490,827", "2,500,059", "2,374,850", "2,436,337", "Allowance for credit losses", "34,157", "33,601", "33,539", "32,304", "25,932", "Deposits", "3,093,150", "3,064,146", "2,948,829", "2,931,131", "2,884,343", "Company obligated mandatorily redeemable", "capital securities of subsidiary trust", "35,000", "35,000", "35,000", "-0-", "-0-", "Other long-term debt", "629,220", "621,855", "603,355", "630,850", "193,054", "Shareholders’", " equity", "370,066", "334,156", "286,683", "355,405", "354,323", "Key Ratios", "Return on average assets", "1.11%", "1.10%", "1.25%", "0.85%", "1.15%", "Return on average equity", "13.85%", "15.65%", "15.44%", "9.13%", "11.31%", "Net loans to deposit ratio", "81.92%", "80.19%", "83.64%", "79.92%", "83.57%", "Dividends per share as a percent of", "net income per share", "67.24%", "68.90%", "58.52%", "82.41%", "64.06%", "Average equity to average assets ratio", "8.01%", "7.00%", "8.10%", "9.28%", "10.16%", "(a)", "Where applicable, per share amounts have been restated to reflect the two-for-one stock split effected in the form of a 100% stock dividend declared on", "October 19, 1999.", "39" ]

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[ "In contrast to a number of our competitors, we ", "Our third initiative toward strengthening the", "have continued to require prepayment penalties ", "Company and its future has been to implement ", "on the mortgage loans generated by our Mortgage", "state-of-the-art technologies, especially within our", "Operations and retained for investment in our ", "Mortgage Operations. We successfully rolled out the", "Long-Term Investment Portfolio. As a result, in ", "first edition of the Impac Direct System for Lending", "2000 we increased the percentage of prepayment", "(IDASL) system in the first quarter of 2000, and we", "penalties on our non-conforming mortgage loans ", "have already seen a significant increase in our mort-", "to over 50% of all loans acquired or held for in-", "gage volume and profit margins. By December 31,", "vestment. This increases our ability both to more", "2000, substantially all of Impac’s correspondents were", "accurately predict future revenues and to hedge", "submitting loans through IDASL, and 100 percent ", "against the effects of early prepayments.", "of all wholesale loans delivered by brokers were", "underwritten through the system.", "Our second initiative was to suspend the payment ", "of our common stock dividend and retain earnings ", "Because the system enables customers across the", "to increase our assets and grow book value. As a ", "country to get conditional mortgage loan approvals", "result, at year end 2000, we had repurchased and", "without delivering loan applications to our corporate", "retired $2.3 million of the Company’s Common ", "offices, it has given the Mortgage Operations access ", "Stock, and at the end of the first quarter of 2001", "to new customers and the capacity to serve an ex-", "acquired a total of $10.0 million of Impac’s 10.5%", "panded customer base. Perhaps most importantly,", "Cumulative Convertible Preferred Stock.", "IDASL extends our business to geographical markets", "we could not previously have reached, all without", "Through these actions, we have significantly", "opening new offices, diluting our centralization or", "strengthened and improved our Long-Term", "incurring startup and operations costs.", "Investment Operations. We generated additional", "liquidity through the restructured CMOs and the", "We are still refining IDASL and anticipate in-", "dividend suspension, which has been reinvested ", "troducing fraud detection, property appraisals and", "into the Company, and we have established solid ", "mortgage insurance approval enhancements by the ", "and sustainable cash balances of $26.2 million ", "end of 2001. With all of these options available with-", "at year-end 2000.", "in minutes via the online system, we envision that", "30.", "31.", "The Impac Companies – Letter to Shareholders", "The Impac Companies – Letter to Shareholders" ]

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[ "16", "Organisation and Group Companies", "Organisation and Group Companies", "Carlsberg A/S", "Board of Directors", "Executive", "Boar", "d", "Group Accounting/", "Communications", "Legal", "Carlsberg", "Carlsberg", "Properties", "Trust Administration", "Treasury and IR", "Research Center", "Breweries (60%)", "Nominal", "share capital", "Participating", "Group Companies", "Currency", "interest", "in GLYPH<212>000", "CARLSBERG A/S", "Share Capital DKK 1,278,125,640", "Brewing companies", "Denmark", "Carlsberg Breweries A/S, Copenhagen", "60%", " 500,000", "DKK", "●", "Other Companies", "Investeringsselskabet af 17. januar 1991 A/S, Copenhagen", "100%", " 14,500", "DKK", "●", "Ejendomsaktieselskabet af 4. marts 1982, Copenhagen", " 100%", " 9,500", "DKK", "●", "Ejendomsaktieselskabet Tuborg Nord B, Copenhagen", "100%", "25,000", "DKK", "●", "Ejendomsinteressentskabet Tuborg Nord B", "Ejendomsaktieselskabet Tuborg Nord C, Copenhagen", "100%", " 10,000", "DKK", "●", "Ejendomsaktieselskabet Tuborg Nord D, Copenhagen", "100%", " 10,000", "DKK", "●", "Vingaarden A/S, Odense", "40%", " 15,000", "DKK", "■", "RS Holding A/S, Copenhagen", " 28%", " 100,500", "DKK", "■", "Royal Scandinavia A/S, Copenhagen", "Combio A/S, Copenhagen", "33%", " 1,092", "DKK", "■", "Coca Cola Nordic Beverages a/s, Hellerup *)", "51%", "10,000", "DKK", "■", "Subsidiaries", "Other associated company", "*)", "See page 92" ]

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[ "MANAGEMENT’S DISCUSSION & ANALYSIS OF ", "FINANCIAL CONDITION AND RESULTS OF OPERATIONS", "Unless otherwise stated, references to", "•", "Our profitability is vulnerable to future increases in", "INTRODUCTORY NOTE:", "“we,” “our” and “Dollar Tree” generally refer to Dollar Tree", "operating and merchandise costs including shipping", "Stores, Inc. and its direct and indirect subsidiaries on a", "rates, freight costs, fuel costs, wage levels, inflation,", "consolidated basis. Unless specifically indicated otherwise, any", "competition and other adverse economic factors", "references to “2005” or “fiscal 2005,” “2004” or “fiscal 2004,”", "because we sell goods at the fixed $1.00 price point.", "and “2003” or “fiscal 2003” relate to as of or for the years", "•", "Our merchandise mix relies heavily on imported", "ended January 28, 2006, January 29, 2005 and January 31,", "goods. An increase in the cost of these goods, for", "2004, respectively. Any reference to “2002” or “fiscal 2002”", "example because of inflation in their country of origin", "relates to as of or for the year ended December 31, 2002.", "or currency revaluations, or disruption in the flow of", "these goods may significantly decrease our sales and", "Available Information", "profits because any transition to alternative sources", "Our annual reports on Form 10-K, quarterly reports ", "may not occur in time to meet our demands. In", "on Form 10-Q, current reports on Form 8-K and", "addition, products and alternative sources may also ", "amendments to those reports filed or furnished pursuant", "be of lesser quality or more expensive than those we", "to Section 13(a) or 15(d) of the Securities Exchange ", "currently import.", "Act are available free of charge on our website at", "•", "Our sales may be below expectations during the", "www.dollartree.com as soon as reasonably practicable", "Christmas and Easter selling seasons, which may", "after electronic filing of such reports with the SEC.", "cause our operating results to suffer materially.", "•", "The performance of our distribution system is critical", "MANAGEMENT’S DISCUSSION AND", "to our operations. Unforeseen disruptions or costs in", "ANALYSIS OF FINANCIAL CONDITION", "our receiving and distribution systems could harm our", "AND RESULTS OF OPERATIONS", "sales and profitability.", "In Management’s Discussion and Analysis, we explain", "•", "Disruptions in the availability of quality, low-cost", "the general financial condition and the results of", "merchandise in sufficient quantities to maintain our", "operations for our company, including:", "growth may reduce sales and profits.", "•", "what factors affect our business;", "Our forward-looking statements could be wrong ", "•", "what our earnings and costs were in 2004 and 2003;", "in light of these and other risks, uncertainties and", "•", "why those earnings and costs were different from ", "assumptions. The future events, developments or results", "the year before;", "described in this report could turn out to be materially", "•", "how all of this affects our overall financial condition;", "different. We have no obligation to publicly update or", "•", "what our expenditures for capital projects were in", "revise our forward-looking statements after the date of", "2004 and what we expect them to be in 2005; and", "this annual report and you should not expect us to do so.", "•", "where funds will come from to pay for future", "Investors should also be aware that while we do, from", "expenditures.", "time to time, communicate with securities analysts and", "others, we do not, by policy, selectively disclose to them", "As you read Management’s Discussion and Analysis,", "any material nonpublic information or other confidential", "please refer to our consolidated financial statements,", "commercial information. Accordingly, shareholders", "included in Item 8 of this Form 10-K, which present the", "should not assume that we agree with any statement or", "results of operations for the fiscal years ended January 29,", "report issued by any securities analyst regardless of the", "2005 and January 31, 2004, the one-month period ended", "content of the statement or report. We generally do not", "February 1, 2003, and the calendar year ended December", "issue financial forecasts or projections and we do not, by", "31, 2002. In Management’s Discussion and Analysis, we", "policy, confirm those issued by others. Thus, to the extent", "analyze and explain the annual changes in some specific", "that reports issued by securities analysts contain any", "line items in the consolidated financial statements for ", "projections, forecasts or opinions, such reports are not ", "the fiscal year 2004 compared to the comparable fiscal", "our responsibility.", "year 2003 and the fiscal year 2003 compared to the ", "fiscal year 2002.", "14", "DOLLAR TREE STORES, INC. • 2004 ANNUAL REPORT" ]

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[ "Great Smoky Mountains ", "National Park", "r", "i", "o", "v", "r", "e", "s", "e", "$_{ }$R", "e", "e", "w", "o", "$_{l}$h", "i", "h", "C", "r", "e", "C", "h", "il", "v", "h", "o", "w", "e", "i", "R", "e", "R", "s", "e", "rv", "o", "ir", "e", "r", "e", "s", "v", "e", "i", "R", "n", "e", "e", "T", "s", "e", "e", "l", "t", "n", "it", "e", "L", "T", "e", "l", "t", "i", "L", "Calderwood", "Dam", "Chilhowee Dam ", "Calderwood", "and Powerhouse", "Powerhouse", "Managing Resources for a Sustainable Future", "•", "Restoration of flows in two ", "preservation of more than 10,000", "At Alcoa, we blend business perfor-", "mountain rivers – the Cheoah and ", "acres of land in the Great Smoky", "mance with environmental, social, ", "Little Tennessee rivers", "Mountains National Park through ", "and community leadership every day.", "•", "Fish and wildlife habitat improve-", "a land exchange and conservation", "Through a unique process that involved", "ments to enhance species", "agreement.", "numerous governmental agencies,", "biodiversity, including the restora-", "local communities, and environmental", "tion of four, federally listed,", "Major features of the ", "organizations, Alcoa enabled the con-", "endangered fish species", "agreement include:", "tinuation of its Tapoco Hydropower", "•", "Enhanced recreational opportunities", "Project in Tennessee and North ", "in a remote and primitive setting", "•", "Preservation of Alcoa’s ability to", "Carolina, while simultaneously ", "•", "Protection of cultural resources ", "generate power to support its ", "protecting the environment.", "of historic importance to the region ", "aluminum smelting operations ", "and of tribal importance to the ", "in Tennessee", "Following legislation signed by U.S.", "Eastern Band of Cherokee Indians.", "•", "Protection of 10,000 acres of pristine", "President George W. Bush, Alcoa’s", "and ecologically significant lands", "Tapoco Project and its four hydro-", "adjoining the Great Smoky Moun-", "electric dams received a new 40-year", "tains National Park and Cherokee", "license in exchange for Alcoa’s ", "National Forest" ]

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[ "Newfoundland", "and Labrador", "Prince", "Edward", "Island", "New Brunswick", "Nova Scotia", "Ontario", "New York State", "Electric Distribution Utilities ", "(Service Areas)", "Newfoundland Power ", "(Newfoundland and Labrador)", "Maritime Electric ", "Cayman Islands", "(Prince Edward Island)", "Belize Electricity ", "(Belize)", "Belize", "Canadian Niagara Power ", "(Fort Erie, Ontario)", "Caribbean Utilities ", "(Grand Cayman)", "Hydroelectric Generating Companies ", "(Service Areas)", "BECOL", "(Belize)", "FortisUS Energy ", "(upper New York State)", "Non-Utility Company ", "(Operating Areas)", "Fortis Properties ", "(Newfoundland and Labrador, Nova Scotia and New Brunswick)" ]

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[ "Bombardier Inc. Annual Report 2003-04", "page 22", "REKINDLING", "the vision", "retired chairman and CEO of the Ingersoll-Rand Company, who has been", "A year ago, in my message to shareholders, I expressed confidence in our", "a Bombardier director since 1999. At their discretion, either prior to or after", "then recently appointed President and Chief Executive Officer, Paul Tellier.", "each regular Board meeting, independent directors meet under the chair-", "I", "am pleased to observe that, over the intervening months, my assess-", "manship of Mr. Perrella, who brings any questions, comments or suggestions", "ment of his leadership abilities has proven to be more than justified—", "from the independent directors to the attention of the Executive Chairman", "as demonstrated by the successful recapitalization and restructuring of ", "and/or the President and CEO. The Lead Director also chairs the pivotal", "the organization, and the ongoing action plan to restore earnings power ", "Corporate Governance and Nominating Committee. ", "and shareholder value.", "Continuous, systematic evaluation of all aspects of governance is an ", "I", "should note as well, that my confidence in Mr. Tellier is evidently shared", "integral part of our approach. For instance, one of my primary responsi-", "by his peers, who recently selected him as Canada’s most respected CEO", "bilities—as stipulated in the mandate of the Executive Chairman—is to", "for the second year running.", "ensure the quality and continuity of the Bombardier Board. This entails", "Bringing in new leadership was critical to getting Bombardier back on", "meeting with the Corporate Governance and Nominating Committee to", "track, but that was just the first step. Over the course of fiscal year 2004, we", "review the collective performance and the mandates of the Board, as well", "have seen the successful culmination of a $2.5-billion recapitalization ", "as that of the Board committees, committee chairs and individual Board", "program, a refocusing of the Company’s activities around two core busi-", "members. Our discussions also involve potential director candidates and", "nesses—aerospace and transportation—and the introduction of tough new", "nominations for Board membership.", "measures designed to enhance the competitiveness of all our operations.", "Governance, another top priority", "Special committee scrutinized asset sale", "We also have been busy building on Bombardier’s solid track record in the", "The divestiture of the recreational products business provided us with an ideal", "crucial area of corporate governance. Our approach to corporate governance", "opportunity to put our approach to corporate governance into practice.", "has always been to ensure that the Company’s affairs are effectively man-", "As soon as family members expressed an interest in being a party to the", "aged to enhance value for all shareholders. However, in the context of the", "group of buyers, in order to ensure the stability and continuity of the recre-", "broader public debate swirling around governance issues, I committed at", "ational products business, appropriate steps were taken to make certain ", "the outset of the fiscal year to overseeing a major review of the structure and", "that the rights of all shareholders were fully protected through a process that", "responsibilities of our Board of Directors. That review resulted in a number", "reflected the highest standards of governance. ", "of initiatives designed to further strengthen Bombardier’s governance prac-", "As a member of the family, I wish to emphasize that the entire sale process", "tices, while ensuring the Company’s ability to comply with sweeping changes", "was scrutinized by an independent committee of the Board. A former auditor", "to reporting and regulatory requirements. ", "general of Canada, L. Denis Desautels, chaired the committee.", "Details of these initiatives, which took effect at the time of the annual", "The Board received favourable fairness opinions from its own financial", "general meeting in June 2003, can be found in the Corporate Governance", "advisor, UBS, and from Morgan Stanley, financial advisor to the inde-", "section of this report. However, in keeping with my commitments of a ", "pendent committee. As well, directors who are members of the Bombardier", "year ago, I would like to briefly review some of the key changes that have", "family—including the undersigned—abstained from participating in ", "been enacted. ", "Board meetings at which the sale was considered and did not vote on ", "The executive committee of the Board has been disbanded and the four", "the transaction.", "Board committees are: the Audit Committee; the Human Resources and", "Compensation Committee; the Corporate Governance and Nominating", "Ensuring compliance with new regulations", "Committee; and the Retirement Pension Oversight Committee. All these ", "In recent months, Bombardier has been pressing ahead with other ", "committees are comprised exclusively of highly-qualified, independent ", "important, governance-related measures. In January 2004, for example, we", "(non-related) directors. We also have reviewed the mandate of the Board,", "appointed a corporate Compliance Officer. The Compliance Officer’s ", "as well as my mandate and that of the President and CEO.", "responsibilities include assisting the Board in ensuring full adherence ", "On my recommendation, the Board has appointed a Lead Director—", "to applicable laws and regulations, as well as strict compliance with", "which further ensures that the Board is totally independent of management.", "Bombardier’s Code of Ethics and Business Conduct, which was reviewed", "The role of Lead Director has been ably assumed by James E. Perrella,", "and updated during the year." ]

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[ 8, 8, 10, 8, 10, 10, 10, 10, 10, 10, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 9, 10, 6, 6, 10, 10, 10, 6, 10, 10, 10, 10, 10, 10, 8, 10, 10, 8, 10, 10, 8, 10, 8, 10, 10, 10, 10, 10, 10, 10, 10, 10 ]

[ ">.", "Note 27 - Fair Value of Financial Instruments", "The information about the estimated fair values of financial instruments as", "The information about the estimated fair values of financial instruments as", "required by generally accepted accounting principles, is presented hereun-", "der. The disclosure requirements exclude certain financial instruments and", "all non financial instruments. Accordingly, the aggregate fair value amounts", "presented do not represent Management’s estimate of the underlying value", "of the Corporation. A summary table of estimated fair values and carrying", "values of financial instruments at December 31, 2001 and 2000 follows:", "December 31,", "2001", "2000", "Estimated", "Carrying", "Estimated", "Carrying ", "fair value", "value", "fair value", "value", "(In thousands)", "Assets:", "Cash and due from banks and ", "money market instruments", "$", "94,463", "$", "94,463", "$", "65,393", "$", "65,393", "Investment securities", "3,652,031", "3,658,544", "2,210,138", "2,212,659", "FHLB stock", "22,891", "22,891", "18,537", "18,537", "Loans receivable, including loans", "held for sale - net", "4,226,033", "4,217,719", "3,396,324", "3,421,279", "Liabilities:", "Deposits", "4,121,145", "4,098,554", "3,351,069", "3,345,984", "Federal funds, securities sold", "under agreements to repurchase", "3,005,466", "2,997,174", "1,857,651", "1,856,436", "Advances from FHLB", "348,733", "343,700", "68,607", "67,000", "Notes payable and subordinated notes", "83,729", "84,362", "144,853", "146,048", "Interest rate swaps", "15,053", "15,053", "The estimated fair values are subjective in nature and involve uncertainties", "0", "73", "and matters of significant judgment and, therefore, cannot be determined", "with precision. Changes in the underlying assumptions used in calculating", "the fair values could significantly affect the results. In addition, the fair value", "First BanCorp.> 2001", "estimates are based on outstanding balances without attempting to esti-", "mate the value of anticipated future business. Therefore, the estimated fair", "values may materially differ from the values that could actually be realized", "on a sale.", "The estimated fair values were calculated using certain facts and assump-", "tions which vary depending on the specific financial instrument, as follows:", "Cash and due from banks and money market instruments", "The carrying amounts of cash and due from banks and money market", "instruments are reasonable estimates of their fair values.", "Investment securities", "The fair values of investment securities are the market values based on", "quoted market prices and dealer quotes.", "FHLB stock", "Investments in FHLB stock are valued at their redemption values.", "Loans receivable, including loans held for sale - net", "The fair value of all loans was estimated by the discounted present values", "of loans with similar financial characteristics. Loans were classified by type", "such as commercial, residential mortgage, credit card and automobile.", "These asset categories were further segmented into fixed and adjustable", "rate categories and by accruing and non-accruing groups. Performing float-", "ing rate loans were valued at book if they reprice at least once every three", "months. The fair value of fixed rate performing loans was calculated by dis-", "counting expected cash flows through the estimated maturity date. Recent", "prepayment experience was assumed to continue for mortgage loans, cred-" ]

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[ "Consolidated Balance Sheets", "■", "■", "■", "The J.M. Smucker Company", "Assets", "April 30,", "(Dollars in thousands)", "2003", "2002", "Current Assets", "Cash and cash equivalents", "$", "181,225", "$ 91,914", "Trade receivables, less allowance for doubtful accounts", "101,364 ", "57,371", "Inventories:", "Finished products", "85,495", "52,817", "Raw materials", "83,632", "63,722", "169,127", "116,539", "Other current assets", "14,944", "13,989", "Total Current Assets", "466,660", "279,813", "Property, Plant, and Equipment", "Land and land improvements", "26,250", "16,911", "Buildings and fixtures", "117,612", "87,126", "Machinery and equipment", "331,325", "242,590", "Construction in progress", "21,503", "7,504", "496,690", "354,131", "Accumulated depreciation", "(221,704)", "(191,342)", "Total Property, Plant, and Equipment", "274,986", "162,789", "Other Noncurrent Assets", "Goodwill", "525,942", "33,510", "Other intangible assets", "320,409", "14,825", "Other assets", "27,410", "33,955", "Total Other Noncurrent Assets", "873,761", "82,290", "$1,615,407", "$524,892", "20" ]

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[ "are making good progress on developing the three ", "new landfills previously discussed, some of which", "should begin to contribute in the second half of this", "year, and all of which should be online in 2006.", "We also expect to be awarded", "our first ", "long-term,", "rail-hauled disposal contract in mid-2005;", "operations should commence late in 2006. Finally,", "the pace of acquisition activity appears to be", "increasing, which when combined with internal gro", "wth, should again result in strong rollover revenue", "growth into 2006.", "Conclusion", "On the surface, the solid waste services sector mig", "ht appear homogenous to investors. But viewed", "locally, market-by-market, solid waste is anything", "but homogenous: we have demonstrated that a", "differentiated strategy can be carved out and ", "sustained", "to deliver superior stockholder returns.", "Garbage is not just garbage. Like anything else, you ", "have to dig below the surface to understand the", "opportunities and differences.", "Clearly, a different breed.", "Worthing F. Jackman", "Steven F. Bo", "u", "ck", "Ronald J. Mittelstaedt", "EXECUTIVE VICE PRESIDENT AND", "PRESIDENT", "CHAIRMAN AND ", "CHIEF FINANCIAL OFFICER", "CHIEF EXECUTIVE OFFICER" ]

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[ "FIRST COMMONWEALTH FINANCIAL CORPORATION AND SUBSIDIARIES", "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS", "(Dollar Amounts in Thousands, except per share data)", "(“", "ESOP”", ") on the same terms. The combined balances of the", "and 2001 were exercisable by December 31 of each year,", "ESOP related loans were $4,126 at December 31, 2001 and", "respectively, and expire ten years from the grant date. The", "$5,287 at December 31, 2000.", "Corporation has elected, as permitted by FAS No. 123, to", "apply APB Opinion 25 and related Interpretations in", "The loans have been recorded as long-term debt on the", "accounting for its plan. Accordingly, no compensation cost", "Corporation’", "s Consolidated Balance Sheets. A like amount", "has been recognized for its stock options outstanding. Had", "of unearned ESOP shares was recorded as a reduction of", "compensation cost for the Corporation’", "s stock option plan", "common shareholders’", " equity. Unearned ESOP shares,", "been determined based upon the fair value at the grant dates", "included as a component of shareholders’", " equity, represents", "for awards under the plan consistent with the method of", "the Corporation’", "s prepayment of future compensation", "FASB Statement 123, the Corporation’", "s net income and", "expense. The shares acquired by the ESOP are held in a", "earnings per share would have been reduced to the pro forma", "suspense account and will be released to the ESOP for", "amounts shown below:", "allocation to the plan participants as the loan is reduced.", "2001", "2000", "1999", "Repayment of the loans are scheduled to occur over a five", "As", "Pro", "As", "Pro", "As", "Pro", "year period from contributions to the ESOP by the", "Reported", "Forma", "Reported", "Forma", "Reported", "Forma", "Corporation and dividends on unallocated ESOP shares.", "Net Income", "$ 50,189 $48,211", "$ 47,246 $ 47,130 $53,030 $ 52,197", "Basic earnings", "The following is an analysis of ESOP shares held in suspense:", "per share", "$", "0.87", "$", "0.83", "$", "0.82", "$", "0.82", "$", "0.88", "$", "0.87", "(See NOTE 1 for the definition of “", "old shares”", " and “", "new", "Diluted earnings", "per share", "$", "0.86", "$", " 0.83", "$", "0.82", "$", "0.82", "$", "0.88", "$", " 0.86", "shares”", ")", "Old", "New", "The fair value of each option granted is estimated on the date", "Total", "Shares", "Shares", "of the grant using the Black-Scholes options pricing model", "Shares in suspense", "with the following weighted average assumptions used:", "December 31, 1999", "598,687", "146,578", "452,109", "Shares allocated during 2000", "(105,166)", "(25,748)", "(79,418)", "2001", "2000", "1999", "Shares in suspense", "Dividend yield", "5.59% per annum", "5.65% per annum 4.29% per annum", "December 31, 2000", "493,521", "120,830", "372,691", "Expected", "Shares allocated during 2001", "(120,961)", "(29,616)", "(91,345)", "volatility", "55.1%", "61.7%", "31.4%", "Shares in suspense", "Risk-free", "December 31, 2001", "372,560", "91,214", "281,346", "interest rate", "5.1%", "5.3%", "6.3%", "Expected", "The fair market value of the new shares remaining in", "option life", "10.0", "years", "9.1", "years", "9.1", "years", "suspense was approximately $3,241 and $3,727 at December", "31, 2001 and 2000, respectively.", "A summary of the status of the Corporation’", "s outstanding", "stock options as of December 31, 2001, 2000 and 1999 and", "Interest on ESOP loans was $263 in 2001, $446 in 2000 and", "changes for the years ending on those dates is presented", "$460 in 1999. During 2001, 2000 and 1999, dividends on", "below:", "unallocated shares in the amount of $301, $354 and $369", "respectively were used for debt service while all dividends", "2001", "2000", "1999", "on allocated shares were allocated or paid to the participants.", "Weighted", "Weighted", "Weighted", "Average", "Average", "Average", "NOTE 22—", "Stock Option Plan", "Exercise", "Exercise", "Exercise", "Shares", "Price", "Shares", "Price", "Shares", "Price", "At December 31, 2001, the Corporation had a stock-based", "Outstanding at", "compensation plan, which is described below. All of the", "beginning", "exercise prices and related number of shares have been", "of year", "2,210,651", "$ 11.12", "1,680,178 $11.07 1,306,346 $10.53", "restated to reflect the previously described stock split. The", "Granted", "796,743", "$ 10.75", "705,429 $11.06", "610,416 $11.56", "plan permits the executive compensation committee to grant", "Exercised", "(256,174) $", "9.76", "(41,240) $ 7.93", "(188,570) $ 8.66", "Forfeited", "(63,333) $ 11.89", "(133,716) $11.63", "(48,014) $12.08", "options for up to 4.5 million shares of the Corporation’", "s", "Outstanding at", "common stock through October 15, 2005. Although the", "end of year", "2,687,887", "$ 11.13", "2,210,651 $11.12 1,680,178 $11.07", "vesting requirements and terms of future options granted are", "Exercisable at", "at the discretion of the executive compensation committee,", "end of year", "2,687,887", "$ 11.13", "2,210,651 $11.12 1,680,178 $11.07", "all options granted during the years 1997, 1998, 1999, 2000", "33" ]

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[ 10, 10, 8, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 5 ]

[ "”How do we build technology ", "for life lived in motion?“", "mobile e-services bazaars", "Human beings are inherently nomadic—which is why a worldwide hp team is master-", "minding ways to harness mobile technologies for life lived in motion. Peter Vesterbacka,", "Nectari Charitakis, Kelvin Tan and Louis Judice are stationed on the frontlines of the", "mobile revolution, overseeing hp’s mobile e-services bazaars in Helsinki, Singapore and", "the Silicon Valley. Here, hp and bazaar members meet to discuss the latest break-", "throughs, build relationships, and collaborate in creating new mobile technologies, ", "e-services, and even whole new business models—through virtual and face-to-face inter-", "actions. A cross between a buzzing business hub and a living lab, the bazaars are", "becoming ground zero for the inventors and entrepreneurs fueling the mobile Net. Ideas", "born here are enabling people to redefine and, in essence, reinvent the concept of com-", "munity in our mobile cultures—widening social connections, making interactions and", "transactions more convenient, providing a greater sense of freedom and control, and", "offering new avenues for self-expression. ", "20" ]

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[ "43", "Notes to Consolidated Financial Statements", "Franklin Covey 2000 Annual Report", "The weighted average interest rate on outstanding", "AUGUST 31,", "current line of credit debt at August 31, 2000 and 1999", "2000", "1999", "was 8.6 percent and 7.8 percent, respectively. The", "Senior unsecured notes payable with ", "weighted average interest rate on the long-term credit", "interest at 6.6% due semi-annually, ", "facility was 8.7 percent as of August 31, 2000.", "paid in full", "$0,0000", "$ 85,000", "The line of credit agreements require the Company to", "Note payable to a Japanese bank for ", "maintain certain financial ratios and working capital", "YEN 60,000, payable in quarterly ", "installments of YEN 20,000, ", "levels. At August 31, 2000, the Company was in compli-", "paid in full", "548", "ance with the terms of the line of credit agreements. ", "The Company’s line of credit agreements expire on", "Other mortgages and notes, payable ", "December 1, 2001.", "in monthly installments, interest ", "ranging from 2.0% to 8.8%, due at ", "Commitment fees associated with the lines of credit were", "various dates through 2002, ", "$0.7 million during fiscal 2000.", "secured by equipment", "230", "531", "Long-Term Debt", "13,998", "95,634", "Less current portion", "(6,873)", "(90,010)", "Long-term debt was comprised of the following (in", "thousands):", "Long-term debt, less current portion", "$", "7,125", "$", "5,624", "AUGUST 31,", "AUGUST 31,", "2000", "1999", "As a result of restructuring and impaired asset charges,", "the Company was not in compliance with certain terms", "Note payable in annual installments ", "of the $85.0 million senior unsecured notes payable at", "of $3,000 plus interest at 8% ", "August 31, 1999. The Company did not obtain a waiver", "through December 2001, unsecured", "$ 6,000", "$0,0000", "on the terms of the debt covenants, and during October", "Note payable in quarterly installments ", "1999, the Company retired the $85.0 million notes", "of $574 including interest at 5.0% ", "payable at par plus accrued interest. The Company", "through April 2001, unsecured", "1,679", "3,822", "utilized existing cash and its expanded long-term line of", "Mortgage payable in monthly ", "credit to retire the notes payable. Accordingly, the $85.0", "installments of $18 including ", "million notes payable were reported as a component of", "interest at 8.5% through ", "the current portion of long-term debt in the", "August 2016, secured by real estate", "1,619", "1,697", "accompanying fiscal 1999 consolidated balance sheet.", "Note payable on demand, ", "plus interest at 8.0%, unsecured", "1,396", "1,481", "Future maturities of long-term debt at August 31, 2000", "were as follows (in thousands):", "Mortgage payable in monthly ", "installments of $14 CDN, including ", "YEAR ENDING", "interest at 7.2% through January 2015, ", "AUGUST 31,", "AUGUST 31,", "secured by real estate", "997", "2001", "$ 6,873", "Note payable to bank, payable in ", "2002", "3,697", "monthly installments of $20, including ", "2003", "419", "interest at 7.8% through August 2004, ", "2004", "386", "secured by equipment", "802", "976", "2005", "209", "Mortgage payable in monthly ", "Thereafter", "2,414", "installments of $8 including interest ", "$13,998", "at 9.9% through October 2014, ", "secured by real estate", "688", "710", "Note payable to bank, payable in ", "monthly installments of $23, plus ", "interest at prime plus .5% payable ", "through September 2002, secured ", "by real estate", "587", "869" ]

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[ "7.", "OTHER ASSETS:", "The major components of other assets are as follows:", "February 29,", "February 28,", "2004", "2003", "(in thousands)", "Deferred financing costs", "$", "54,186", "$", "28,555", "Derivative assets", "41,517", "–", "Investment in marketable equity securities", "14,945", "–", "Investment in joint ventures", "8,412", "123,064", "Other", "7,454", "18,418", "126,514", "170,037", "Less – Accumulated amortization", "(22,289)", "(10,928)", "$ 104,225", "$ 159,109", "The Company’s investment in marketable equity securities is classified as an available-for-sale security. As such, gross unreal-", "ized losses of $0.6 million are included, net of applicable income taxes, within AOCI as of February 29, 2004. The Company uses", "the average cost method as its basis on which cost is determined in computing realized gains or losses. Realized gains on sales of", "securities during the year ended February 29, 2004, are immaterial.", "Amortization expense for other assets was included in selling, general and administrative expenses and was", "$19.3 million, $3.7 million and $4.0 million for the years ended February 29, 2004, February 28, 2003, and February 28, 2002,", "respectively. Amortization expense for the year ended February 29, 2004, includes $7.9 million related to amortization of the deferred", "financing costs associated with the Bridge Loans (as defined in Note 10). As of February 29, 2004, the deferred financing costs asso-", "ciated with the Bridge Loans have been fully amortized.", "8. ", "INVESTMENT IN JOINT VENTURE:", "On March 27, 2003, as part of the Hardy Acquisition, the Company acquired the remaining 50% ownership of PWP, the joint", "venture formed on July 31, 2001, which was previously owned equally by the Company and Hardy. Prior to March 27, 2003, the", "Company’s investment was accounted for under the equity method. Since the Hardy Acquisition, PWP has become a wholly-owned", "subsidiary of the Company and its results of operations have been included in the Consolidated Statements of Income since March", "27, 2003.", "In addition, in connection with the Hardy Acquisition, the Company acquired several investments which are being accounted", "for under the equity method. The majority of these investments consist of 50% owned joint venture arrangements. As of February", "29, 2004, the Company’s investment balance in these equity investments was $8.4 million.", "9. ", "OTHER ACCRUED EXPENSES AND LIABILITIES:", "The major components of other accrued expenses and liabilities are as follows:", "February 29,", "February 28,", "2004", "2003", "(in thousands)", "Advertising and promotions", "$ 132,821", "$", "63,155", "Income taxes payable", "57,065", "58,347", "Salaries and commissions", "49,834", "35,769", "Adverse grape contracts", "40,105", "10,244", "Interest", "25,470", "22,019", "Other", "136,714", "114,293", "$ 442,009", "$ 303,827", "54" ]

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[ 11, 10, 11, 11, 10, 10, 10, 10 ]

[ "Stoneridge, Inc. ", "9400 East Market Street", "S", "TONERIDGE", "Warren, Ohio 44484", "330/856-2443", "www.stoneridge.com", "Annual Report 2001" ]

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[ 8, 8, 8, 10, 10, 10, 10, 10, 10, 10, 10, 10, 10, 8, 10, 10, 10, 10, 10, 10, 10, 10, 10, 1, 10, 1, 10, 1, 10, 1, 1, 1, 5, 5 ]

[ "BUILD ", "SYNERGIES INTO", "YOUR BUSINESS", "After identifying and helping to open up the niche", "market of non-conforming mortgage loans, Impac", "studied the potential customers in that sector. We", "identified three key end-users and developed core", "businesses to serve them. Then we went one step", "further and found ways that our businesses could ", "help one another as they are serving customers.", "Such synergies extend our reach, balance our risks,", "increase our market understanding and improve ", "our efficiencies.", "Three Key Businesses", "1", "The Mortgage Operations works closest to the point ", "of sale and is comprised of two divisions. The first", "division, a conduit operation, is Impac Funding", "Corporation (“IFC”). IFC purchases primarily ", "non-conforming mortgage loans, and to a lesser", "extent, second mortgage loans from its network ", "of third-party correspondents and other sellers.", "The second division, a wholesale/retail operation, is", "LIKE MEMBERS OF A ROWING TEAM, IMPAC’S SUBSIDIARIES ", "known as Impac Lending Group, (“ILG”). It markets,", "APPLY THEIR DISTINCT STRENGTHS IN TANDEM TO MEET ", "underwrites, processes and funds mortgage loans ", "OUR CUSTOMERS’ EXPECTATIONS. THEY PULL TOGETHER ", "for the Company’s wholesale and retail customers.", "TO DELIVER COMPREHENSIVE MORTGAGE LENDING ", "SERVICES WHILE PROPELLING THE COMPANY ", "TOWARD ACHIEVING ITS LONG-TERM GOALS.", "13.", "Chapter 2: Build Synergies Into Your Business" ]

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[ "At December 31, 2003, there were 5,776,429 outstanding warrants (2001 – 10,428,213)", "exercisable at $11.80 per share and 1,000,000 outstanding advisory warrants (2002 – 1,000,000)", "exercisable at $13.53 per share.", "(d)", "Stock Options", "The Company is authorized to grant up to 2,125,000 (2002 – 2,125,000) common shares to the", "employees, officers and directors of the Company and third party service providers including its", "Property Manager. Options granted by the Company generally expire ten years from date of grant and", "vest over three years. The outstanding options have exercise prices ranging from $12.42 to $15.65.", "2003", "2002", "Weighted Average", "Weighted Average", "Units", "Exercise Price", "Units", "Exercise Price", "Outstanding, beginning of year", "1,199,500", "$ 12.92", "480,000", "$ 13.82", "Granted", "250,500", "$ 15.65", "774,500", "$ 12.42", "Exercised", "(112,000)", "$ 12.75", "–", "–", "Cancelled", "(20,000)", "$ 13.82", "(55,000)", "$ 13.82", "Outstanding, end of year", "1,318,000", "$ 13.44", "1,199,500", "$ 12.92", "Options vested at end of year", "774,833", "$ 13.46", "547,500", "$ 13.29", "Weighted average remaining ", "life (years)", "7.5", "7.9", "The fair value associated with the options issued during 2003 was calculated using the Black-", "Scholes Model for option valuation, assuming an average volatility of 18% on the underlying units,", "a ten-year term to expiry, and a weighted average risk-free interest rate of approximately 3.6%.", "In January 2002, the Company granted 774,500 options which had an approximate fair value", "of $0.5 million, of which $0.1 million would be the pro forma cost for the year ended December", "31, 2003, (2002 – $0.2 million), in the determination of pro forma net earnings for the year", "ended December 31, 2003 of $43.9 million (2002 – $29.4 million) and pro forma basic and", "diluted net earnings per share of $0.91 (2002 – $0.73).", "(e)", "Share Unit Plans", "On June 23, 2003, shareholders of the Company approved a Directors Deferred Share Unit Plan,", "a Restricted Share Unit Plan and a Chief Executive Officer Restricted Share Unit Plan. A total of", "350,000 common shares have been reserved for issuance under these plans. As at December 31,", "2003, 14,248 units have been issued under the Directors Deferred Share Unit Plan, and", "$0.2 million has been recorded as an expense. No units have been issued under the Restricted", "Share Unit Plan or the Chief Executive Officer Restricted Share Unit Plan.", "(f)", "Cumulative Currency Translation Adjustment", "The cumulative currency translation adjustment represents the cumulative unrecognized exchange", "adjustment on the net assets of the Company’s subsidiaries that operate in the United States. The", "change for the year reflects the impact of U.S. currency movements during the year on these net assets", "and $2.7 million relating to dilution gains as a result of shares issued by Equity One during 2003. ", "The rate of exchange in effect on December 31, 2003 was US$1.00 = Cdn$1.30 (December", "31, 2002 – Cdn$1.58). The average rate of exchange for 2003 was US$1.00 = Cdn$1.40 (2002 –", "Cdn$1.57).", "61", "First Capital Realty Annual Report 2003" ]

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[ "5", "/", "KENNAMETAL INC. ", "AR 2002", "Operating Income by Business Segment ", "(excluding special charges)", "Advanced Materials Solutions Group 22%", "J&L Industrial Supply 6%", "Full Service Supply 2%", "Metalworking Solutions & Services Group 70%", "Continued Success at Cash Flow Generation and Debt Reduction", "We were particularly pleased to", "continue to deliver against our balance sheet and cash flow objectives despite the weak industrial", "manufacturing environment. Total debt was reduced 32 percent, or about $200 million year-over-year,", "including approximately $120 million from the issuance of equity. Notably, our free operating cash flow", "again exceeded $100 million, at $122 million, despite a decline in earnings. This achievement means", "that we have delivered more than $450 million in cumulative free operating cash flow in the past three", "years. This important benchmark of financial performance demonstrates the fundamental strength of", "our businesses, our implementation of effective systems to manage financial resources, and our ability", "to manage for cash generation in difficult times.", "Growth – The Widia Acquisition", "The strategic acquisition of Widia was a result of our systematic efforts", "to earn the right to grow, balance our global revenues more evenly between domestic and international", "markets and further strengthen our already undisputed number two global market share position in", "metalworking. Due to the improvements that we have made to the balance sheet, organizational structure", "and management team, we are well positioned to take advantage of this compelling opportunity.", "This acquisition is the perfect fit at the right price. Obtaining a leading maker of metalworking brands ", "in Europe, and the number one supplier in India, is of great strategic importance to our business. The", "strong strategic fit will allow us to leverage our core competencies and to fulfill a fundamental", "component of our value proposition, which is to improve our customers’ competitiveness with superior", "products and technical support around the world. The combination of Kennametal and Widia is good for", "our customers, our shareowners, our employees and the industry as a whole. ", "To assure a rapid start, we actively advanced our integration plans prior to the close of the sale. I remain", "confident that we will accomplish our objectives within the 12-month time frame to which we originally", "committed. Our integration teams are now in place on the ground in Europe and in India, and they include", "key members from both our U.S. and European operations. In fact, the team leader was one of the", "leaders of the highly successful Hertel integration following its acquisition in Germany eight years ago.", "Capitalization", "Finally, in addition to Widia, we completed a very successful refinancing of the", "company. We issued 3.5 million shares of common stock, $300 million of senior unsecured notes and", "secured a new three-year revolving credit facility, all at very attractive terms. These transactions", "represent a significant upgrade of our capital structure and reflect the strong credit story the company", "has developed over the past three years." ]

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[ "Corporate Information", "Board of Directors", "Albert Fried, Jr.", "Frank T. MacInnis", "Managing Member of Albert Fried & Company, LLC, a", "Chairman of the Board and Chief Executive Officer", "broker/dealer and member of the New York Stock Exchange", "of EMCOR Group, Inc.", "Richard F. Hamm, Jr.", "Stephen W. Bershad", "Vice President, Corporate Strategic Development and ", "Chairman of the Board and Chief Executive Officer of Axsys", "Acquisitions of Carlson Companies, Inc., a global travel,", "Technologies, Inc., a manufacturer of electronic components ", "hospitality and marketing services company", "and controls", "Kevin C. Toner", "David A.B. Brown", "Principal of Aristeia Capital, LLC, an investment manager, and", "President of The Windsor Group, a management consulting firm", "President of the Isdell 86 Foundation, a not-for-profit organization", "Georges L. de Buffévent", "Chairman of the Board and Chief Executive Officer of SAGED,", "a French company specializing in road construction, land ", "development and waste management", "Corporate Officers", "J.", "Edward Buckley", "Frank T. MacInnis", "Vice President, Human Resources", "Chairman of the Board and Chief Executive Officer", "Trevor M. Foster", "Jeffrey M. Levy", "Vice President, Corporate Development", "President and Chief Operating Officer", "R.", "Kevin Matz", "Sheldon I. Cammaker, Esq.", "Vice President and Treasurer", "Executive Vice President, General Counsel and Secretary", "Mark A. Pompa", "Leicle E. Chesser", "Vice President and Controller", "Executive Vice President and Chief Financial Officer", "Rex C. Thrasher", "Sidney R. Bernstein, Esq.", "Vice President, Risk Management", "Vice President, Taxation", "Other Information", "SellCo Corporation ", "Corporate Headquarters", "12% Subordinated Contingent Payment Notes, Trustee", "EMCOR Group, Inc.", "State Street Bank and Trust Co.", "101 Merritt Seven, 7th Floor, Norwalk, Connecticut 06851", "225 Asylum Street, Hartford, Connecticut 06103", "203-849-7800", "www.emcorgroup.com", "Attention: Corporate Trust Administration", "Common Stock Transfer Agent and Registrar", "860-244-1846", "Bank of New York", "Independent Public Accountants", "101 Barclay Street, New York, New York 10286", "Arthur Andersen LLP", "800-524-4458", "400 Atlantic Street, Stamford, Connecticut 06912", "EMCOR Group, Inc. 5.75% Convertible Subordinated Notes, Trustee", "New York Stock Exchange Information", "State Street Bank and Trust Co.", "The Common Stock of EMCOR Group, Inc. is traded on the", "225 Asylum Street, Hartford, Connecticut 06103", "New York Stock Exchange under the symbol “EME”", "860-244-1846", "Copies of the Company’s Annual Report ", "are available without charge upon written request to:", "Investor Relations, EMCOR Group, Inc.", "101 Merritt Seven, 7th Floor, Norwalk, Connecticut 06851", "42", "EMCOR, 2000 Annual Report" ]

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[ "Management Report on Internal Control over Financial Reporting", "Our management is responsible for establishing and main-", "or disposition of our assets that could have a material ", "taining adequate internal control over financial reporting. ", "effect on the financial statements.", "Internal control over financial reporting is defined in Rule ", "a-", "(f)", "under the Securities Exchange Act of ", "as a ", "Because of its inherent limitations, internal control ", "13", "15", "1934 ", "process designed by, or under the supervision of, our prin-", "over financial reporting may not prevent or detect misstate-", "cipal executive and principal financial officers and ef-", "ments. Also, projections of any evaluation of effectiveness ", "fected by our board of directors, management and other ", "to future periods are subject to the risk that controls may ", "personnel, to provide reasonable assurance regarding the ", "become inadequate because of changes in conditions, or that ", "reliability of financial reporting and the preparation of ", "the degree of compliance with the policies or procedures ", "financial statements for external purposes in accordance ", "may deteriorate.", "with accounting principles generally accepted in the ", "Under the supervision and with the participation of our ", "United States of America and includes those policies and ", "management, including our principal executive and principal ", "procedures that:", "financial officers, we assessed, as of December ", ", the ", "31, 2004", "effectiveness of our internal control over financial reporting. ", "•", "pertain to the maintenance of records that, in reasonable ", "This assessment was based on criteria established in the ", "Internal Control-Integrated Framework", "detail, accurately and fairly reflect the transactions and ", "framework in ", " issued by ", "dispositions of our assets;", "the Committee of Sponsoring Organizations of the Treadway ", "•", "provide reasonable assurance that transactions are re-", "Commission. Based on our assessment, our management con-", "corded as necessary to permit preparation of financial ", "cluded that our internal control over financial reporting was ", "statements in accordance with accounting principles ", "effective as of December ", ".", "31, 2004", "Our assessment of the effectiveness of our internal con-", "generally accepted in the United States of America, ", "and that our receipts and expenditures are being made ", "trol over financial reporting as of December ", " has ", "31, 2004", "only in accordance with authorization of management ", "been audited by PricewaterhouseCoopers LLP, an independent ", "and directors; and ", "registered public accounting firm, as stated in their report ", "•", "provide reasonable assurance regarding prevention ", "which is included in this Annual Report.", "or timely detection of unauthorized acquisition, use ", "Chief Executive Officer and Chief Financial Officer Certifications", "We have filed with the Securities and Exchange Commis-", "In addition, M. Truman Hunt, as our Chief Executive ", "sion the certifications of our Chief Executive Officer and ", "Officer, submitted to the New York Stock Exchange the ", "Chief Financial Officer required under Section ", " of the ", "Chief Executive Officer certification required by Section ", "302", "Sarbanes-Oxley Act of ", "as exhibits to our most re-", "A.", "(a)", "of the ", "New York Stock Exchange manual.", "2002 ", "303", "12", "2004 ", "cently filed Annual Report on Form 10-K.", "73" ]

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[ "The composition and estimated tax equivalent weighted average interest", "and dividend yields of the Corporation’s earning assets at December 31,", "2001 were as follows:", "Amount", "Weighted", "(In thousands)", "Average Rate", "Money market instruments", "$", "34,565", "3.20%", "Government obligations", "732,679", "4.29%", "Mortgage backed securities", "2,558,689", "8.14%", "FHLB of N.Y. stock", "22,891", "4.39%", "Corporate bonds", "333,348", "7.92%", "Equity securities", "33,827", "1.43%", "Total investments", "3,715,999", "7.23%", "Consumer loans", "1,022,445", "13.35%", "Residential real estate loans", "1,011,908", "6.51%", "Construction loans", "219,396", "5.94%", "Commercial and commercial real estate loans", "1,927,095", "6.22%", "Finance leases", "127,935", "11.15%", "Total loans", "(1)", "4,308,779", "8.11%", "Total earning assets", "$ 8,024,778", "7.70%", "(1)", "Excludes the reserve for loan losses.", ">.", "Non-performing Assets", "Total non-performing assets are the sum of non-accruing loans, other real", "Total non-performing assets are the sum of non-accruing loans, other real", "estate owned and other repossessed properties. Non-accruing loans are", "loans as to which interest is no longer being recognized. When loans fall", "into non-accruing status, all previously accrued and uncollected interest is", "charged against interest income.", "0", "37", "At December 31, 2001, total non-performing assets amounted to $79 mil-", "lion (0.96% of total assets) as compared to $74 million (1.25% of total", "assets) at December 31, 2000 and $57 million (1.22% of total assets) at", "December 31, 1999. The Corporation’s allowance for loan losses to non-", "First BanCorp.> 2001", "performing loans was 124.7% at December 31, 2001 as compared to", "113.6% and 133.4% at December 31, 2000 and 1999, respectively.", "The following table presents non-performing assets at the dates indicated.", "December 31,", "2001", "2000", "1999", "1998", "1997", "(Dollars in thousands)", "Non-accruing loans:", "Residential real estate", "$18,540", "$15,977", "$", "8,633", "$ 9,151", "$ 6,963", "Commercial and commercial real estate", "29,378", "31,913", "17,975", "19,355", "16,869", "Finance leases", "2,469", "2,032", "2,482", "1,716", "4,560", "Consumer", "22,611", "17,794", "24,726", "26,736", "24,547", "72,998", "67,716", "53,816", "56,958", "52,939", "Other real estate owned ", "1,456", "2,981", "517", "3,642", "1,132", "Other repossessed property", "4,596", "3,374", "3,112", "2,277", "8,702", "Total non-performing assets", "$79,050", "$74,071", "$57,445", "$62,877", "$62,773", "Past due loans", "$27,497", "$16,358", "$13,781", "$15,110", "$11,544", "Non-performing assets to total assets", "0.96%", "1.25%", "1.22%", "1.57%", "1.89%", "Non-performing loans to total loans", "1.69%", "1.94%", "1.96%", "2.69%", "2.70%", "Allowance for loan losses", "$91,060", "$76,919", "$71,784", "$67,854", "$57,712", "Allowance to total non-performing loans", "124.74%", "113.59%", "133.39%", "119.13%", "109.02%" ]

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[ "Notes to the Consolidated Financial Statements", "(All tabular amounts stated in thousands of United States dollars unless otherwise indicated)", "(c) ", "Stock options", "The Company has an incentive stock option plan which governs the granting and exercise of stock options issued", "to directors, officers, employees and consultants of the Company. During the period, the following transactions", "took place:", "Number of stock options", "2001", "2000", "Outstanding, beginning of period", "535,000", "580,000", "Exercised", "–", "(45,000)", "Outstanding, end of period", "535,000", "535,000", "The outstanding stock options are exercisable at Cdn$0.25 per share and expire on May 21, 2003. Prior to com-", "pletion of the RTO Transaction the outstanding options were due to expire on June 27, 2002.", "(d)", "Compensation options", "As part of their compensation the agents to the Offering (Haywood Securities Inc., Loewen, Ondaatje,", "McCutcheon Limited and Canaccord Capital Corporation) were issued a total of 1,144,700 compensation options.", "Each compensation option entitles the holder to purchase one common share of the Company at a price of", "Cdn$0.25 until May 21, 2003.", "(e)", "Effective February 9, 2001 the Company closed a private placement of 500,000 Units at Cdn$0.20 per Unit for", "total gross proceeds to the Company of Cdn$100,000. Each Unit consisted of one common share and one half of", "a common share purchase warrant. A full warrant plus Cdn$0.25 entitles the investor to purchase one common", "share of the Company until February 8, 2002. See note 10(a).", "See notes 1, 3, 10(a), 10(b) and 10(d).", "5.", "Related Parties", "The Company’s balances with related parties as at the balance sheet dates are summarized below:", "Balances", "Footnote", "2001", "2000", "Due from SAMAX Services Limited", "(a)", "137", "244", "Due from Adryx Mining & Metals Limited", "(b)", "–", "20", "Due from related parties", "137", "264", "Due to Adryx Mining & Metals Limited", "(b)", "22", "–", "Due to M.D. Coulter & Associates Inc.", "(c)", "12", "32", "Due to related parties", "34", "32", "The Company’s transactions with related parties included in the determination of results of operations for the period", "are summarized below:", "Transactions", "Footnote", "2001", "2000", "Administration expense", "(a)", "129", "221", "Administration expense", "(c)", "7", "–", "Professional fees", "(d)", "86", "4", "Professional fees", "(e)", "4", "–", "Related party transactions of Asquith Resources Inc. not included in the determination of the Company’s results of", "operations for the period are summarized below:", "Transactions", "Footnote", "2001", "2000", "Administration expense", "(c)", "81", "83", "Professional fees", "(e)", "192", "5", "Consulting expense", "(f)", "–", "4", "Consulting expense", "(g)", "–", "5", "19" ]

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[ "PNM RESOURCES", "•", "2", "0 0 3", "A n n u a l", "Goals for 2004", "Stability in our core business", "Integrity in all our business dealings", "Over the past decade, PNM has worked hard to build a strong financial", "In last year’s annual report, I listed five objectives we intended to accomplish in", "R e p o r t", "Providing value to shareholders, support for the communities we serve, and ", "foundation that supports sustained growth in shareholder value. Retained earnings,", "2003: to continue to improve operational performance, expand our wholesale", "a challenging, rewarding environment for our employees are the bedrock ", "the fundamental measure of a company’s net worth, grew from $445 million at", "business, improve the return in our gas utility, add a renewable energy", "principles that define the PNM corporate culture.", "t o", "the end of 2002 to $503 million at the end of 2003. By taking advantage of lower", "component to the PNM generation mix, and pursue new growth opportunities.", "S h a r e h o l d e r s", "interest rates, we were able to cut interest expense by nearly $12 million by ", "“Do the Right Thing,” the code of corporate ethics adopted by PNM nearly ", "refinancing existing debt. We also expanded our line of credit to $300 million to", "We achieved all five of those goals.", "10", "years ago, has provided us with a solid foundation for ethical business ", "ensure we have the liquidity we need to run and grow our business.", "behavior and positioned the company well to comply with the requirements of the", "We have already achieved one of the major goals that we set for 2004 when ", "Because about 75 to 85 percent of PNM Resources earnings flow from our ", "Sarbanes-Oxley Act. We take seriously our responsibility to give you the", "we", "made", "a", "commitment", "to", "improve", "our", "credit", "rating.", "In", "early", "2004,", "electric and gas utility in New Mexico, one of our primary goals over the past ", "information you need to form your own opinion on your company’s progress.", "both Moody's Investors Services and Standard & Poor's raised PNM's credit rating", "several years has been to gain predictability and stability in the revenues we ", "By providing revenue and margin numbers on each business segment, we ", "one notch. The improved credit ratings position the company for continued growth.", "generate from this core business.", "are trying to make it easier for our owners to trace the source of earnings and", "Pursuing new growth opportunities remains on our to do list in 2004. In 2003,", "We made significant progress toward that goal in 2003. At the beginning of the", "understand the factors that drive financial results.", "adding several important new long-term contracts helped improve earnings by", "year", "the", "state", "legislature", "officially", "dropped", "plans", "to", "introduce", "electric", "nearly 8 percent for the year. To continue that upward trend, we need to acquire", "competition in New Mexico. The legislation recognizes the need for a reasonable", "more power in the near future to serve our expanding wholesale business and", "Innovation to meet changing needs", "transition away from the originally proposed restructured markets back to a ", "meet the growing demand in our home service territory. We are going to be very", "While we take a conservative approach both to financial management and in our", "vertically integrated industry in New Mexico by allowing us to expand our ", "cautious about how we add those new resources. We are going to do it at the right", "growth strategy, we are always seeking out new and better ways to serve ", "wholesale marketing presence and maintain joint dispatch of both regulated and", "price and in the right location.", "customers, cut costs, and improve your company’s environmental performance.", "non-regulated generation.", "Another 2004 goal is to work with New Mexico regulators to find ways to ", "One of the 2003 PNM initiatives I’m most proud of is our participation in the", "In January 2003, the state Public Regulation Commission accepted a negotiated", "better manage the impact of high natural gas costs both for PNM gas customers", "New Mexico Wind Energy Center, a 200-Megawatt “wind farm” that taps an inex-", "agreement setting PNM electric rates through 2007. The agreement lowered ", "and for our own gas-fired power plants. ", "haustible energy source to help produce the power the West needs, without any", "customer electric rates by $21 million in September 2003, with a second ", "With retail electric and gas rates set, earnings growth in 2004 will depend on ", "use of scarce water or any air pollution.", "$14 million reduction planned for September 2005, while still offering the ", "3", "continued growth in our home service territory, the continued expansion of our", "opportunity to earn a fair return on investment in our electric utility. To improve", "In the first months of our voluntary “Sky Blue” program, more than 4,000 ", "wholesale power business, and our continued success in controlling expenses and", "the return on our gas utility, PNM next negotiated a $22 million increase in gas", "customers agreed to pay a small monthly premium to buy a portion of their ", "improving productivity through our company-wide efforts at process improvement.", "service rates and fees. Together, the two new rate agreements serve as a solid base", "energy from renewable generation resources. We also see a market for", "for earnings growth over the next several years.", "Our aim is to grow earnings by between 5 and 6 percent a year over the long", "renewable energy among PNM wholesale customers. In 2003 we made our first", "term. We exceeded that target in 2003 with nearly 8 percent earnings growth.", "major sale, of 50 megawatts of wind energy credits, to an Arizona utility. We look", "forward to a growing trade that will allow New Mexico’s renewable resources ", "We raised the dividend for the fourth consecutive year in February 2004 ", "to supplement or replace fossil fuel power.", "bringing the PNM Resources common stock dividend up to $0.96 per year.", "Our personal commitment to reliability", "Strategically, our target is to pay out 50 to 60 percent of earnings from the ", "Over the past several years, I’ve seen a fundamental change in our corporate ", "regulated utility side of our business as dividends. Since the dividend payout now", "Solid growth in our wholesale business", "culture as we grapple with the tough questions about how we measure ourselves,", "is a bit under our 60 percent limit, we still have room to grow the dividend as we", "Our wholesale strategy aims to build long-term relationships based on mutual", "what our standards are, and how we hold ourselves accountable. As a result, we", "go forward. As long as our earnings streams hold up, we see dividend growth as", "advantage and confidence. With a vital commodity like electricity, customers", "have been able to defy the myth that quality costs more. We have been able to", "an important component of shareholder value.", "want to deal with a supplier they can trust to provide solid value for a fair price.", "improve the quality of service to our customers at the same time we reduced costs,", "Thank you for your continued confidence in PNM,", "That is the PNM commitment to our customers, both retail and wholesale.", "so that PNM customers today are paying lower rates than they were almost ", "Sincerely,", "20", "years ago.", "The PNM reputation for reliability and fair dealing helped us add several ", "new clients to our customer base in 2003. Over the course of the year, we signed", "Our PNM slogan, “A Personal Commitment to New Mexico,” has been", "new long-term contracts to provide 330 megawatts of power to customers in", "embraced by employees throughout the company. It’s this commitment our folks", "Arizona, Nevada and California. These new power sales contracts balance the", "make every day to their jobs, to you as shareholders and to the communities they", "more than 550 megawatts in generating capacity PNM has added to our ", "serve that makes the difference.", "portfolio over the past four years. Including our obligation to serve our ", "JEFFRY E. STERBA", "New Mexico customers, nearly three-quarters of our generation capacity is ", "Chairman, President and Chief Executive Officer of PNM Resources, Inc.", "now committed under long-term arrangements." ]

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[ "In addition to stock option awards, there are 1 million", "Options Exercisable", "unvested stock awards and 500,000 unvested performance share", "Range of", "Weighted average", "exercise price", "Number", "exercisable price", "awards (targeted amount) as of December 31, 2004. There are", "$ 0.125", "0.1", "$0.125", "10.5", "million shares reserved for future grants. Compensation", "$ 4.38–$12.15", "0.7", "10.97", "expense recognized on these awards in 2004 was $9 (after tax).", "$12.16–$19.93", "1.9", "16.56", "$19.94–$27.71", "8.3", "22.56", "$27.72–$35.49", "16.8", "31.69", "$35.50–$45.59", "45.7", "38.69", "Total", "73.5", "34.39", "Share Activity", "(number of shares)", "Common stock", "Preferred stock", "Issued", "Treasury", "Net outstanding", "Balance at end of 2001", "557,649", "924,574,538", "(76,992,662)", "847,581,876", "Treasury shares purchased", "(11,625)", "(6,313,100)", "(6,313,100)", "Stock issued: compensation plans", "3,550,686", "3,550,686", "Balance at end of 2002", "546,024", "924,574,538", "(79,755,076)", "844,819,462", "Stock issued: Alcoa Aluminio minority interest acquisition (F)", "17,773,541", "17,773,541", "Stock issued: compensation plans", "5,897,683", "5,897,683", "Balance at end of 2003", "546,024", "924,574,538", "(56,083,852)", "868,490,686", "Treasury shares purchased", "(1,777,354)", "(1,777,354)", "Stock issued: compensation plans", "4,266,751", "4,266,751", "Balance at end of 2004", "546,024", "924,574,538", "(53,594,455)", "870,980,083", "S.", "Earnings Per Share", "The provision for taxes on income from continuing operations", "consisted of:", "Basic earnings per common share (EPS) amounts are computed", "by dividing earnings after the deduction of preferred stock", "2004", "2003", "2002", "dividends by the average number of common shares outstanding.", "Current:", "Diluted", "U.S. federal*", "$190", "$ (34)", "$ 111", "EPS amounts assume the issuance of common stock", "Foreign", "448", "306", "356", "for all potentially dilutive equivalents outstanding.", "State and local", "14", "17", "17", "The information used to compute basic and diluted EPS on", "652", "289", "484", "income from continuing operations follows. (shares in millions)", "Deferred:", "2004", "2003", "2002", "U.S. federal*", "(161)", "132", "(193", ")", "Income from continuing", "Foreign", "54", "(4)", "11", "operations", "$1,402", "$1,055", "$518", "State and local", "12", "—", "15", "Less: preferred stock dividends", "2", "2", "2", "(95)", "128", "(167", ")", "Income from continuing", "Total", "$557", "$417", "$ 317", "operations available to", "common shareholders", "$1,400", "$1,053", "$516", "*Includes U.S. taxes related to foreign income", "Average shares outstanding—basic", "869.9", "853.4", "845.4", "Included in discontinued operations is a tax benefit of $24", "Effect of dilutive securities:", "in 2004, $39 in 2003, and $75 in 2002.", "Shares issuable upon exercise", "of dilutive stock options", "7.5", "3.2", "4.4", "The exercise of employee stock options generated a tax", "Average shares outstanding—diluted", "877.4", "856.6", "849.8", "benefit of $21 in 2004, $23 in 2003, and $34 in 2002. This", "amount was credited to additional capital and reduced current", "Options to purchase 56 million shares of common stock at", "taxes payable.", "an average exercise price of $38 per share were outstanding as", "Reconciliation of the U.S. federal statutory rate to Alcoa’s", "of December 31, 2004 but were not included in the computa-", "effective tax rate for continuing operations follows.", "tion of diluted", "EPS because the option exercise price was greater", "than the average market price of the common shares.", "2004", "2003", "2002", "U.S. federal statutory rate", "35.0%", "35.0%", "35.0%", "Taxes on foreign income", "(9.4)", "(7.3)", "(5.8)", "T.", "Income Taxes", "State taxes net of federal benefit", "0.7", "0.9", "2.4", "The components of income from continuing operations before", "Minority interests", "0.5", "1.1", "1.4", "taxes on income were:", "Permanent differences on asset", "disposals", "(1.1)", "(0.1)", "2.6", "2004", "2003", "2002", "Goodwill impairment and", "U.S.", "$", "301", "$", "369", "$ (302", ")", "amortization", "—", "—", "0.2", "Foreign", "1,903", "1,341", "1,309", "Adjustments to prior years’ accruals", "0.7", "(4.1)", "(3.8)", "$2,204", "$1,710", "$1,007", "Other", "(1.1)", "(1.1)", "(0.5)", "Effective tax rate", "25.3%", "24.4%", "31.5%", "57" ]

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[ "Diodes Incorporated and Subsidiaries", "Diodes Incorporated and Subsidiaries", "notes to consolidated financial statements", "notes to consolidated financial statements", "Note 1 – Summary of Operations and Significant ", "for other-than-temporary impairments on debt and ", "Accounting Policies (continued)", "equity investments. Investors are required to disclose ", "quantitative information about: (i) the aggregate amount ", "In December 2004, the FASB issued FASB Statement ", "of unrealized losses, and (ii) the aggregate related fair ", "No. 153, ", "Exchanges of Nonmonetary Assets – An Amend-", "values of investments with unrealized losses, segregated ", "ment of APB Opinion No. 29", ". The amendments made ", "into time periods during which the investment has been ", "by Statement No. 153 are based on the principle that ", "in an unrealized loss position of less than 12 months ", "exchanges of nonmonetary assets should be measured ", "and greater than 12 months. In addition, investors are ", "based on the fair value of the assets exchanged. Further, ", "required to disclose the qualitative information that sup-", "the amendments eliminate the narrow exception for ", "ports their conclusion that the impairments noted in the ", "nonmonetary exchanges of similar productive assets ", "qualitative disclosure are not other-than temporary. The ", "and replace it with a broader exception for exchanges of ", "Company determined that EITF 03-01 would not have a ", "nonmonetary assets that do not have “commercial sub-", "material impact on the financial statements.", "stance.” The provisions in Statement No. 153 are effec-", "In January 2003, the FASB issued Interpretation", "tive for nonmonetary asset exchanges occurring in fiscal ", "periods beginning after June 15, 2005. Adoption of this ", "No. 46, ", "Consolidation of Variable Interest Entities – an ", "standard is not expected have a material impact on the ", "Interpretation of ARB No. 51", ", which provides guidance", "consolidated financial statements.", "on the identification of and reporting for variable inter-", "est entities. Interpretation No. 46 expands the criteria for ", "In September 2004, the EITF reached a consensus on ", "consideration in determining whether a variable interest ", "EITF Issue No. 04-10, ", "Applying Paragraph 19 of FAS 131 ", "Interpretation No. 46 is effective immediately for vari-", "in Determining Whether to Aggregate Operating Segments ", "able interest entities created after January 31, 2003, and ", "That Do Not Meet the Quantitative Thresholds.", " The con-", "36", "to variable interest entities in which an enterprise obtains ", "sensus states that operating segments that do not meet ", "an interest after that date. Interpretation No. 46 was ", "the quantitative thresholds can be aggregated only if ", "effective for the Company in 2004 because the Company ", "aggregation is consistent with the objective and basic ", "entered into a joint venture for Diodes-Shanghai. The ", "principles of SFAS No. 131, ", "Disclosures about Segments ", "Company has a 95% interest. The Interpretation requires ", "of an Enterprise and Related Information", ", the segments ", "unconsolidated variable interest entities to be consoli-", "have similar economic characteristics, and the segments ", "dated by their primary beneficiaries. The primary ben-", "share a majority of the aggregation criteria (a)-(e) listed ", "eficiary is the party that assumes the majority of the risk, ", "in paragraph 17 of SFAS No. 131. The effective date ", "which includes, but is not limited to, the entity’s expected ", "of the consensus in this Issue is for fiscal years ending ", "losses.", "Management concluded that its investment in ", "after October 13, 2004. If the Financial Accounting ", "Diodes-Shanghai did not meet the criteria for consolida-", "Standards Board (FASB) ratifies EITF Issue No. 04-10, ", "tion under the standard. Based upon our review, we con-", "the Company does not anticipate a material impact on the ", "cluded that management’s analysis and the conclusions ", "financial statements.", "contained therein appeared reasonable.", "In March 2004, the EITF reached a consensus on ", "In December 2004, the FASB also issued SFAS No. ", "the remaining portions of EITF 03-01, ", "The Meaning of ", "151, ", "“Inventory Costs, an amendment of ARB No. 43, ", "Other-Than-Temporary Impairment and Its Application ", "Chapter 4,”", " which will become effective for the Company ", "to Certain Investments,", " with an effective date of June 15, ", "beginning January 1, 2006. This standard clarifies that ", "2004. EITF 03-01 provides new disclosure requirements ", "abnormal amounts of idle facility expense, freight, han-", "dling costs and wasted material should be expensed as ", "incurred and not included in overhead. In addition, this ", "standard requires that the allocation of fixed production ", "overhead costs to inventory be based on the normal " ]

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[ "Directors and", "Executive Officers", "Directors", "Peter J. Rose", "Chairman of the Board and Chief Executive Officer, Director", "James L. K. Wang", "President – Asia, Director", "R.", "Jordan Gates", "Executive Vice President – Chief Financial Officer", "and Treasurer, Director", "James J. Casey", "Director", "Dan P. Kourkoumelis", "Director", "Michael J. Malone", "Director, Chairman, DMX Music, Inc.", "John W. Meisenbach", "Director, President, MCM Financial, A Financial Services Company", "Executive", "Officers", "Glenn M. Alger", "President and Chief Operating Officer", "Sandy K. Y. Liu", "Chief Operating Officer – Asia", "Timothy C. Barber", "Executive Vice President – Global Sales", "Rommel C. Saber", "Executive Vice President – Europe, Africa and Near/Middle East", "Robert L. Villanueva", "Executive Vice President – The Americas", "Eugene K. Alger", "Senior Vice President – North America", "L.", "Manfred Amberger", "Senior Vice President – Continental Europe", "Jean Claude Carcaillet", "Senior Vice President – Australasia", "William J. Coogan", "Senior Vice President – Ocean Cargo", "Philip M. Coughlin", "Senior Vice President – North America", "Rosanne Esposito", "Senior Vice President – Global Customs", "Roger Idiart", "Senior Vice President – Air Cargo", "Jeffrey J. King", "Senior Vice President – General Counsel and Secretary", "David M. Lincoln", "Senior Vice President and Chief Information Officer", "Charles J. Lynch", "Senior Vice President – Corporate Controller", "88", "expd 02", "Directors and Executive Officers" ]

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[ "on the funded status of the plans. In 2002, no contribution was required and no cash contribution was", "made to any of the U.S. qualified pension plans. Furthermore, no significant cash contributions to the", "qualified plans are anticipated in 2003. In accordance with SFAS 87, “Employers’ Accounting for", "Pensions,” the Company recorded a minimum pension liability adjustment for under-funded plans as", "of December 31, 2002, through an after-tax charge of $16.8 million to accumulated other non-owner", "BARNES GROUP INC.", "changes to equity. ", "Market Risk", "Market risk is the potential economic loss that may result from adverse changes in the fair", "value of financial instruments. The Company’s financial results could be impacted by changes in", "interest rates, foreign currency exchange rates and commodity price changes. The Company uses", "financial instruments to hedge its exposure to fluctuations in interest rates and foreign currency", "exchange rates. The Company does not use derivatives for speculative or trading purposes.", "The Company’s long-term debt portfolio consists of fixed-rate and variable-rate instruments and", "is managed to reduce the overall cost of borrowing while also minimizing the effect of changes in interest", "rates on near-term earnings. In August 2002, the Company entered into an interest rate swap agreement", "that effectively converts $18.8 million of its fixed-rate Senior Notes to variable-rate debt. This interest", "MANAGEMENT’", "S", "swap agreement had a positive impact on 2002 earnings, reducing interest expense by $0.1 million.", "DISCUSSION &", "ANALYSIS", "The Company’s primary interest rate risk is derived from its outstanding variable-rate debt", "obligations. At December 31, 2002, the result of a hypothetical 1% increase in the average cost of the", "Company’s variable-rate debt, including the interest rate swap agreement, would have reduced annual", "pretax profit by $0.6 million.", "At December 31, 2002, the fair value of the Company’s fixed-rate debt was $153.0 million,", "compared with its carrying amount of $156.9 million. The Company estimates that a 1% decrease in", "market interest rates at December 31, 2002, would have increased the fair value of the Company’s", "fixed-rate debt to $158.5 million.", "The Company has manufacturing, sales and distribution facilities around the world and thus", "makes investments and conducts business transactions denominated in various currencies. The curren-", "cies of the locations where the Company’s business operations are conducted are the U.S. dollar,", "Singapore dollar, Euro, British pound, Mexican peso, Brazilian real, Canadian dollar, Swedish krona", "and Chinese renminbi. The Company is exposed primarily to U.S. dollar-denominated financial", "instruments at its international locations. A 10% adverse change in all currencies at December 31, 2002,", "would have resulted in a $1.0 million loss in the fair value of those financial instruments.", "Foreign currency commitments and transaction exposures are managed at the operating units", "as an integral part of their businesses in accordance with a corporate policy that addresses acceptable", "levels of foreign currency exposures. The Company does not hedge its foreign currency net invest-", "ment exposure. To reduce foreign currency exposure in countries where the local currency is", "strengthening against the U.S. dollar, management has converted U.S dollar-denominated cash ", "and short-term investments to local currency and is using forward currency contracts for other ", "U.S. dollar-denominated assets in an effort to reduce the effect of the volatility of changes in foreign", "exchange rates on the income statement. In weaker currency countries, such as Brazil and Mexico,", "management continues to invest excess cash in U.S. dollar-denominated instruments.", "The Company’s exposure to commodity price changes relates primarily to certain manufac-", "turing operations that utilize high-grade steel spring wire and titanium. The Company manages its", "exposure to changes in those prices through its procurement and sales practices. The Company is not", "dependent upon any single source for any of its principal raw materials or products for resale, and all", "such materials and products are readily available.", "Inflation", "Management believes that during the 2000—2002 period, inflation did not have a material", "impact on the Company’s financial statements.", "Back to Table of Contents", "PAGE 15" ]

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[ "3,219 U.S. Stores Across All 48 Continental United States", "49", "Mexico Stores Across 6 Mexican States", "®", "Letter to Shareholders", "Page 9", "In the Zone", "CEO Steve Odland highlights the accomplishments of Fiscal 2003 and discusses the tremendous", "growth potential inherent in the industry.", "Gro", "wth", "Priority: U.S. Retail", "Page 12", "With record $4.6 billion in sales and 3,219 stores across the United States, AutoZone is the clear leader in the growing", "1", "do-it-yourself automotive aftermarket.", "Gro", "wth", "Priority: AZ Commercial", "Page 14", "With 27% same store sales growth in Fiscal 2003, AZ Commercial is beginning to show its growth potential—offering", "2", "professional automotive technicians more full service vehicle solutions.", "Gro", "wth", "Priority: AutoZone de Mexico", "Page 16", "With 49 stores primarily along the U.S. border, Mexico is proving to be a country with solid long-term growth potential", "3", "for our unique AutoZone store format.", "The", "Financial Performance Zone", "Page 17", "Growth Component", "We’re passionate value creators.", "U.S. Retail 85%", "1", "3", "AZ Commercial 12%", "2", "Mexico / Other 3%" ]

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[ 8, 8, 8, 8, 10, 10, 10, 5 ]

[ "F", "O", "R", "E", "The Ford Focus, with a best-in-class five-star occupant protection ", "rating from the European New Car Assessment Programme, ", "offers a stylish and fun-to-drive ride for European customers. ", "8" ]

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[ "Other than ", "Pension Plans", "Pension Plans", "U.S.", "International", "Postretirement", "2002", "2001", "2002", "2001", "2002", "2001", "2003", "2003", "2003", "Weighted-average assumptions", "Pre-retirement discount rate", "7.00%", "7.50%", "2.75–", "3.00–", "7.00%", "7.50%", "5.75%", "2.75–", "5.75%", "7.00%", "7.25%", "7.00%", "Postretirement discount rate", "5.75%", "6.00%", "—", "—", "—", "—", "4.75%", "—", "—", "Expected return on assets", "9.00%", "9.00%", "4.50–", "5.00–", "N/A", "N/A", "8.50%", "4.50–", "N/A", "8.25%", "8.50%", "8.25%", "Rate of compensation increase", "4.50–", "5.00–", "1.75–", "2.00–", "N/A", "N/A", "3.00–", "1.75–", "N/A", "11.00%", "11.50%", "4.00%", "5.50%", "9.50%", "4.00%", "Components of net periodic ", "benefit cost (In millions)", "Service cost, net", "$ 13.5", "$ 12.3", "$ 8.0", "$ 8.0", "$ 1.8", "$ 1.9", "$ 15.1", "$8", ".", "5", "$2.2", "Interest cost", "20.6", "19.7", "7.2", "6.7", "2.9", "3.0", "21.2", "8.1", "3.2", "Expected return on assets", "(17.3)", "(16.2)", "(8.3)", "(7.4)", "—", "—", "(18.3)", "(9.2)", "—", "Amortization of:", "Transition (asset) obligation", "(1.5)", "(1.4)", "0.2", "0.2", "—", "—", "(1.5)", "0.3", "—", "Prior service cost", "0.4", "0.4", "0.2", "0.2", "—", "—", "0.2", "0.2", "—", "Actuarial loss (gain)", "2.6", "1.1", "1.0", "0.9", "(0.4)", "(0.2)", "5.1", "1.5", "(0.1)", "Settlements and curtailments", "—", "—", "—", "—", "—", "—", "—", "2.3", "—", "Net periodic benefit cost", "$ 18.3", "$ 15.9", "$ 8.3", "$ 8.6", "$ 4.3", "$ 4.7", "$ 21.8", "$11.7", "$5.3", "Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-", "percentage-point change in assumed health care cost trend rates for fiscal 2003 would have had the following effects:", "One-Percentage-Point Increase", "One-Percentage-Point Decrease", "(In millions)", "Effect on total service and interest costs", "$0.7", "$(0.6)", "Effect on postretirement benefit obligations", "$6.8", "$(6.1)", "The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension", "plans at June 30 are as follows:", "Pension Plans", "Pension Plans", "Retirement ", "Growth Account", "Restoration", "International", "2002", "2002", "2002", "2003", "2003", "2003", "(In millions)", "Projected Benefit Obligation", "$244.7", "$65.6", "$154.7 ", "$286.6", "$72.1", "$191.0", "Accumulated Benefit Obligation", "191.5", "47.3", "127.9", "238.7", "56.4", "160.7", "Fair Value of Plan Assets", "201.8", "—", "116.3", "277.4", "—", "120.9", "74", "THEEST{E LAUDER COMPANIES INC." ]

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[ "04-HP-876_10K.qxd", "12/15/04", "2:43 PM", "Page 19", "ITEM 6. SELECTED FINANCIAL DAT", "A", "The", "following table summarizes selected financial information and should be read in conjunction with the Consolidated", "Financial", "Statements and the Notes thereto and the related Management’s Discussion and Analysis of Results of Operations", "and Financial", "Condition contained at pages 25 through 53 of the Company’s Annual Report. On September 30, 2002, the", "Company spun off Cimarex Energy Co", "The historical financial data for the business conducted by Cimarex Energy Co. for", "2002 has been reported", "as discontinued operations which is not included in the five-year summary of selected financial data.", "FIVE-YEAR SUMMAR", "OF SELECTED FINANCIAL DATA", "2000", "2001", "2002", "2003", "2004", "(in thousands except per share amounts)", "Sales, operating, and other revenues ", "$416,272", "$542,571", "$551,879", "$515,284", "$620,928", "Asset Impairment Charge", "—", "—", "—", "—", "51,516", "Income from continuing operations", "36,470", "80,467", "53,706", "17,873", "4,359", "Income from continuing operations", "per common share:", "Basic", "0.74", "1.61", "1.08", "0.36", "0.09", "Diluted", "0.73", "1.58", "1.07", "0.35", "0.09", "Total assets", "1,200,854", "1,300,121", "1,227,313", "1,417,770", "1,406,844", "Long-term debt", "50,000", "50,000", "100,000", "200,000", "200,000", "Cash dividends declared per common share", "0.285", "0.30", "0.31", "0.32", "0.3225", "ITEM 7. MANAGEMENT’S", "DISCUSSION & ANALYSIS OF RESULTS OF ", "OPERATIONS", "AND FINANCIAL CONDITION", "Information", "required by this item may be found on pages 25 through 53 of the Company’s Annual Report under the", "caption “Management’s Discussion & Analysis of Results", "of Operations and Financial Condition.”", "ITEM 7A. QUANTITATIVE", "AND", "QUALITATIVE DISCLOSURES ABOUT ", "MARKET RISK", "Information", "required by this item may be found on the following pages of the Company’s Annual Report under Management’s", "Discussion & Analysis of Results of Operations and Financial", "Condition and in Notes to Consolidated Financial Statements:", "MARKET RISK", "PAGE", "•", "Foreign Currency Exchange Rate Risk", "49- 51", "•", "Commodity Price Risk", "51- 52", "•", "Interest Rate Risk", "52- 53", "•", "Equity Price Risk", "53", "ITEM 8. FINANCIAL STATEMENTS", "AND SUPPLEMENTARY DATA", "Information", "required by this item may be found on pages 55 through 82 of the Company’s Annual Report.", "16" ]

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[ "NOTES TO CONSOLIDATED", "FINANCIAL STATEMENTS", "the Company. The Company generally has little information regarding", "any reserves established by the ceding companies, and it is possible", "that any such reserves could be increased in the future. The", "Company believes it has substantial defenses upon which to contest", "these claims, including but not limited to misrepresentation and", "breach of contract by direct and indirect ceding companies. In", "addition, the Company is in the process of auditing ceding companies", "which have indicated that they anticipate asserting claims in the", "future against the Company that are $12.5 million in excess of the", "amounts held in reserve by the Company. Depending upon the audit", "findings in these cases, they could result in litigation or arbitrations", "in the future. While it is not feasible to predict or determine ", "the ultimate outcome of the pending litigation or arbitrations or ", "provide reasonable ranges of potential losses, it is the opinion of", "management, after consultation with counsel, that their outcomes,", "after consideration of the provisions made in the Company’s ", "consolidated financial statements, would not have a material", "adverse effect on its consolidated financial position. ", "The calculation of the claim reserve liability for the entire portfolio", "of accident and health business requires management to make ", "estimates and assumptions that affect the reported claim reserve", "levels. The reserve balance as of December 31, 2003 and 2002", "was $54.5 million and $50.9 million, respectively. Management", "must make estimates and assumptions based on historical loss", "experience, changes in the nature of the business, anticipated ", "outcomes of claim disputes and claims for rescission, anticipated", "outcomes of arbitrations, and projected future premium run-off, all", "of which may affect the level of the claim reserve liability. Due to", "the significant uncertainty associated with the run-off of this busi-", "ness, net income in future periods could be affected positively or", "negatively. The consolidated statements of income for all periods", "presented reflect this line of business as a discontinued operation.", "Revenues associated with discontinued operations, which are not", "reported on a gross basis in the Company’s consolidated statements", "of income, totaled $4.8 million, $3.3 million, and $3.0 million for", "2003, 2002, and 2001, respectively.", "79", "THIS IS RGA. 2003 ANNUAL REPORT" ]

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[ "Net cash used in financing activities was $86 million in 2000.", "Provision for Income Taxes:", "This cash was used for dividend payments, repurchases of the", "The CompanyGLYPH<213>s income tax provision in 2000 was a benefit of", "CompanyGLYPH<213>s stock and payments on borrowings. As disclosed in", "$19 million, combining an effective tax rate of 23 percent from", "Note 7 to the Consolidated Financial Statements, the Company", "operations and an effective tax rate of 35 percent from special", "issued $765 million face amount of notes and debentures in", "charges. The effective tax rate from operations in 2000 reflected", "1998 under a $1 billion registration statement filed with the", "reduced taxes on export sales and research tax credits. In", "Securities and Exchange Commission in December 1997. The", "1999, the CompanyGLYPH<213>s tax provision was $55 million, reflecting ", "net proceeds were used to finance the acquisition of Nelson", "an effective tax rate of 25 percent. In 1998, the CompanyGLYPH<213>s ", "and to pay down other indebtedness outstanding at December", "tax provision was $4 million, with the tax benefits from export", "31, 1997. Based on the CompanyGLYPH<213>s projected cash flows from", "sales and the research credit more than offset by the unfavor-", "operations and existing credit facilities, management believes", "able tax effects of nondeductible losses in foreign joint ventures ", "that sufficient liquidity is available to meet anticipated capital", "and nondeductible EPA penalty and goodwill amortization.", "and dividend requirements in the foreseeable future.", "Minority Interest:", "Legal/Environmental Matters:", "Minority interest in net earnings of consolidated entities was ", "The Company and its subsidiaries are defendants in a number", "$14 million in 2000, an increase of $8 million from 1999 and an", "of pending legal actions that arise in the normal course of", "increase of $3 million from 1998. The increase from 1999 was", "business, including environmental claims and actions related ", "primarily due to higher earnings attributable to minority partners", "to use and performance of the CompanyGLYPH<213>s products. Such", "of Cummins India Limited and improved performance of the", "matters are more fully described in Note 17 to the Consolidated", "joint venture with Scania.", "Financial Statements. In the event the Company is determined", "Cash Flow and Financial Condition", "to be liable for damages in connection with such actions or ", "proceedings, the unreserved portion of such liability is not", "Key elements of cash flows were:", "expected to have a material adverse effect on the CompanyGLYPH<213>s", "results of operations, cash flows or financial condition.", "$ Millions", "2000", "1999", "1998 ", "Net cash provided by", "Market Risk:", "operating activities ", "$388", "$307", "$271", "The Company is exposed to financial risk resulting from volatility", "Net cash used in ", "in foreign exchange rates, interest rates and commodity prices.", "investing activities", "(312) ", "(166)", "(752) ", "This risk is closely monitored and managed through the use of", "Net cash (used in) provided by", "derivative contracts. As clearly stated in the CompanyGLYPH<213>s policies", "financing activities", "(86)", "(105)", "471", "and procedures, financial derivatives are used expressly for", "Effect of exchange", "hedging purposes, and under no circumstances are they used", "rate changes on cash", "(2)", "-", "(1)", "for speculating or for trading. Transactions are entered into only", "Net change in cash", "$(12)", "$3", "6", "$(", "1", ")", "with banking institutions with strong credit ratings, and thus ", "the credit risk associated with these contracts is considered ", "During 2000, net cash provided from operating activities was", "immaterial. Hedging program results and status are reported ", "$388 million, reflecting the CompanyGLYPH<213>s decline in net earnings", "to senior management on a monthly and quarterly basis.", "and the non-cash effect of depreciation and amortization,", "reduced by increases in working capital. As disclosed in Note 1", "The following section describes the CompanyGLYPH<213>s risk exposures", "to the Consolidated Financial Statements, the Company sold", "and provides results of sensitivity analyses performed on", "receivables in 2000 in a securitization program, which yielded", "December 31, 2000. The sensitivity tests assumed instanta-", "proceeds of $219 million. The Company is funding the cash", "neous, parallel shifts in foreign currency exchange rates,", "requirements for restructuring actions using cash generated", "commodity prices and interest rate yield curves.", "from operations with the majority of the cash requirement", "expected to occur in 2001. Net cash used in investing activities", "in 2000 was $312 million and included planned capital expendi-", "tures of $228 million. Capital expenditures were $215 million ", "in 1999 and $271 million in 1998. The higher level of net cash", "requirements in 1998 was due primarily to the acquisition of", "Nelson. Acquisitions in 2000 included the South Africa distribu-", "torship and the purchase of assets from the dissolution of the", "WGLYPH<138>rtsilGLYPH<138> joint venture. Investments in joint ventures and alliances", "in 2000 of $53 million reflected the net effect of capital contribu-", "tions and cash generated by certain joint ventures.", "16" ]

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[ "Alcoa is…", "Alcoa Dura-Bright wheels", "continue to give truck ", "fleet owners and operators", "the closest to a mainte-", "nance-free shine. It’s the first", "aluminum wheel you don’t", "polish or scrub – just spray", "with soap and water –", "thanks to a patented treat-", "ment that penetrates the", "aluminum. Harvey Zander’s", "working commercial truck", "with Dura-Bright wheels is", "featured in the ", "2005 Over-", "magazine and 2004", "drive", "SuperRigs calendars.", "Honda all-terrain vehicles,", "Truckers value Alcoa", "like this Rubicon model,", "Wheel Products’ Dura-", "are now traveling on ", "Flange wheels for their", "aluminum wheels with the", "cost-saving performance", "help of Alcoa Mill Products.", "and their good looks. ", "The aluminum wheels ", "feature a rim treatment", "that guards against ", "excessive wear and may", "double their service life." ]

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[ "23", "lower consumption partially offset by higher average newsprint", "the 1999 and 2000 acquisitions. On a pro forma basis, circulation", "prices. The consumption added from recent acquisitions was ", "revenues increased 2% in 2000.", "tempered by a large number of newspapers converting to the new", "For local newspapers, morning circulation accounts for approxi-", "50-inch web width during 2001 and 2000 and an overall decline in", "mately 79% of total daily volume, while evening circulation accounts", "advertising demand. Payroll costs for newspaper operations rose 8%", "for 21%. On a pro forma basis, local morning and Sunday circula-", "in 2001, primarily due to the newly acquired properties. ", "tion volumes declined 1%, while evening circulation declined 2%.", "For 2002, newsprint consumption is expected to increase mod-", "Selected circulation price increases were implemented in 2000 at", "estly. Consumption in 2002 will be tempered by the full year impact", "certain newspapers. Also during 2000, the Green Bay (Wis.) ", "of web width reductions implemented in 2001 and planned web", "Press-Gazette converted from an evening to a morning publication.", "width reductions for 2002. For 2002, newsprint prices are expected", "USA TODAY’s average daily circulation for 2000 rose 0.4% to", "to be significantly lower on average than in 2001. Employee count", "2,284,024. USA TODAY reported an average daily paid circulation", "reductions will also benefit cost comparisons in 2002. ", "of 2,257,774 in the ABC Publisher’s Statement for the six months", "Newspaper operating costs rose $837 million, or 27%, in 2000.", "ended Sept. 24, 2000, a 1% increase over the comparable period a", "The increase was primarily due to incremental costs from the 1999", "year ago. ", "and 2000 acquisitions. Newsprint expense for the year, including", "Reported newspaper advertising revenues for 1999 were $342", "the effect of acquisitions, was 20% higher in 2000. Both consump-", "million greater than in 1998, a 12% increase, while pro forma ", "tion and average newsprint prices were higher by 17% and 3%,", "revenues presented above reflect a 6% increase. The variance in", "respectively. The increase in consumption was tempered by a large", "these two comparisons relates principally to the Newsquest ", "number of newspapers converting to the new 50-inch web width", "properties acquired in July 1999.", "format. Generally, a conversion from a 54-inch web width to a 50-", "Pro forma local ad revenues and linage were up slightly for", "inch web width will result in a more than 7% savings in newsprint", "1999. Ad spending by the larger retailers declined for the year,", "consumption. Payroll costs for newspaper operations rose 26% in", "reflecting closings and consolidations, but this was mostly offset by", "2000, primarily due to the newly acquired properties and the", "greater revenue from expanded sales and marketing efforts directed", "impact of the 53rd week in 2000. ", "toward small- and medium-sized advertisers.", "Newspaper operating expenses rose $197 million, or 7%, in", "Pro forma national ad revenues and linage for 1999 rose 13%", "1999. The increase was caused principally by incremental costs", "and 16%, respectively, driven principally by USA TODAY, which", "from Newsquest properties acquired in July 1999. Newsprint", "reported a 19% gain in revenues on a 14% linage gain. National ad", "expense for the year, including the effect of acquisitions, was 6%", "revenue growth was also strong at USA WEEKEND and at several", "lower than in 1998. While consumption rose nearly 7% (due ", "large daily newspaper properties.", "principally to Newsquest), average newsprint prices declined 12%.", "Pro forma classified revenue in 1999 rose 7% on a 9% linage", "Payroll costs for newspaper operations rose 10% in 1999, in", "gain. Employment ad revenue gains were the strongest, followed by", "part because of the Newsquest acquisition but also because of", "automotive and then real estate. The continued strong economy", "staffing increases in marketing and ad sales and modest pay", "and the tight labor market were key factors in these revenue gains,", "increases.", "along with added marketing and sales resources.", "Newspaper operating income: ", "Operating profit decreased $121", "Newspaper circulation revenues rose $13 million or slightly", "million or 8%. The decrease in operating profits is due largely to", "more than 1% in 1999. Incremental circulation revenues from", "declining advertising revenues and higher newsprint prices for U.S.", "Newsquest offset declines in domestic circulation revenue. On a", "newspapers during much of 2001. Most of the company’s domestic", "pro forma basis, circulation revenues remained even.", "newspapers reported lower results in 2001.", "Pro forma local morning circulation declined 2% in 1999,", "Newsquest operating income improved but financial results", "evening circulation declined 2% and Sunday circulation declined", "were translated from British pounds to U.S. dollars using a weight-", "2%. Circulation price increases were implemented in 1999 at ", "ed average rate of $1.44 for 2001, as compared to $1.50 in 2000,", "certain newspapers. During 1999, the St. Cloud (Minn.) Times ", "which mitigated some of the earnings growth in the U.K.", "and The Daily Journal at Vineland, N.J., converted from evening ", "For 2002, newspaper operating profits are expected to show", "to morning publications.", "modest growth, reflecting revenue gains, the benefit of further web", "USA TODAY’s average daily circulation for 1999 rose 0.1% to", "width reductions and lower newsprint prices, and growth in savings", "2,274,621. USA TODAY reported an average daily paid circulation", "from ongoing cost control efforts, including employee count ", "of 2,235,808 in the ABC Publisher’s Statement for the six months", "reductions.", "ended Sept. 26, 1999, a 1% increase over the comparable period", "The company’s newspapers produced record earnings in 2000.", "in 1998.", "Operating profit rose $231 million or 18%. The increases were", "Newspaper operating expense: ", "Newspaper operating costs rose", "due largely to contributions from the Newsquest, Newscom,", "$369 million, or 9%, in 2001. The increase was primarily due to", "Thomson and Central acquisitions. However, many other U.S. local", "incremental costs from the 2000 acquisitions and higher newsprint", "newspapers reported earnings gains as well.", "prices, which were 10% higher on average over 2000. Cost control", "Newsquest financial results were translated from British pounds", "efforts at all newspaper properties continued as a very high manage-", "to U.S. dollars using a weighted average rate of $1.50 for 2000, as", "ment priority and employee reductions have been achieved at most", "compared to $1.62 in 1999, which mitigated some of the strong", "properties. As a result, on a pro forma basis, overall operating costs", "earnings growth.", "decreased 4%. Newsprint expense decreased 2% in 2001, due to" ]

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[ "1", "2", "3", "5", "4", "8", "7", "6", "10", "9", "11", "Board of Directors", ":", "1", "Ron Greentree, Chairman. ", "2", "Allan McCallum, Deputy Chairman. ", "3", "Nick Burton Taylor. ", "4", "Ross Flanery. ", "5", "Graham Barron. ", "6", "Rick Freeman. ", "7", "David Groves. ", "8 ", "Donald McGauchie. ", "9 ", "Julian Menegazzo. ", "10", "Peter Wade. ", "11", "Tom Keene, Managing Director.", "GrainCorp", "2001 Annual Report", "31" ]

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[ "Bombardier Inc. Annual Report 2003-04", "page 62", "D.", "Rail Control Solutions", "consistent with industry practice. The world-", "In Europe, Bombardier Transportation has ap-", "wide accessible market for rail control solutions", "proximately 27,800 positions, 93% of which", "Bombardier Transportation’s Rail Control", "and telecommunications amounts to ", "5.6", "bil-", "are covered by collective labour agreements.", "Solutions portfolio covers the whole range of", "€", "lion ($8.8 billion). The market is expected to", "During fiscal year 2004, throughout Europe,", "mass transit solutions from manual to fully", "grow at 3% to 5% annually over the next five", "16", "union agreements were negotiated for ", "automatic systems, as well as communica-", "years. Bombardier Transportation’s market", "clerical and production employees, which cover", "tion-based systems, and mainline solutions", "share based on total orders received based on", "19,000 employees, and for which 11 union", "from conventional systems to Level 2 ERTMS. ", "the broader market definition currently stands", "agreements are industry-wide and cover", "Orders", "at 6%, unchanged from the previous year. ", "14,000 employees. During fiscal year 2005,", "*", "With its newly-branded solution Bombardier", "collective labour agreements will be negotiated", "During the year ended January 31, 2004,", "*", "*", "for clerical and production employees, covering", "Bombardier Transportation received two sig-", "Interflo", "and Cityflo", "and its expertise as the", "approximately 7,200 employees. This number", "nificant orders. An order valued at ", "35", "million", "supplier of the first and only existing Level 2", "€", "does not reflect the impact of the previously", "($55 million) for computer-based interlockings", "ERTMS in commercial operation, Bombardier", "discussed restructuring.", "and automatic train protection was received", "Transportation is well positioned to expand its", "In North America, Bombardier Transportation", "from Normetro for the Metro do Porto in", "market share in Europe and to penetrate ", "has approximately 7,000 positions, 52% of ", "Portugal. Another order valued at ", "26", "million", "the growing Asian market. ERTMS will open", "€", "which are covered by collective labour agree-", "($41 million) for traffic management systems,", "new markets as it will replace large installed", "ments. During fiscal year 2004, seven collective", "interlockings, and an automatic block was", "country-specific signalling systems and consti-", "agreements for clerical and production employ-", "received from Italferr for the Pozzuolo-Treviglio", "tutes a prerequisite for European cross-border", "ees were signed, covering 2,000 employees.", "Line in Italy. ", "rail services.", "During fiscal year 2005, collective agreements for ", "Labour relations and workforce", "Market and prospects ", "clerical and production employees are up for", "renewal, covering approximately 1,700 employ-", "Bombardier Transportation has expanded its", "The total number of employees at the end of", "ees. This number does not reflect the impact of", "definition of the rail control solutions market ", "fiscal year 2004 was approximately 35,600,", "the previously discussed restructuring initiative.", "to include rail-related telecommunication, ", "including 3,000 contractual employees. ", "*", "Trademark(s) of Bombardier Inc. or its subsidiaries.", "**", "Metrolink is a trademark of Southern California Rail Authority.", "**", "TGV is a trademark of the Société Nationale des Chemins de fer Français." ]

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[ "directors’ report", "on the Financial Report of Transurban City Link Limited and Controlled Entity.", "are permitted to make additional superannuation contributions", "DIRECTORS’ AND EXECUTIVES’ EMOLUMENTS", "through sacrifice of a corresponding amount of their annual fee.", "The Nomination and Remuneration Committee has four", "members who recommend and review remuneration and", "On retirement, non-executive directors with more than three", "benefit packages for directors and senior executives.", "years service are entitled to receive a lump sum payment", "equivalent to the total emoluments received during a third of", "Directors are paid an annual fee, the total of which does not", "the director’s total period of service or three years, whichever ", "exceed the amount specified in the constitution of the", "is the lesser.", "Company. No additional payments are made for attendance ", "at committee meetings. All directors receive a superannuation", "The following table shows remuneration details for each non-", "guarantee contribution which is 8 per cent of their fees. They", "executive director of the Company:", "Name", "Director’s Fee", "Superannuation", "Retirement", "Total", "$", "$", "$", "$", "L G Cox", "128,125", "10,250", "-", "138,375", "W H J Barr", "47,454", "3,796", "-", "51,250", "P C Byers", "47,454", "3,796", "-", "51,250", "G O Cosgriff", "25,908", "2,073", "-", "27,981", "J G A Davis", "47,454", "3,796", "-", "51,250", "S M Oliver", "47,454", "3,796", "-", "51,250", "The following table shows remuneration details", "for the executive directors of the Company:", "Base Salary", "Bonus", "Superannuation", "Total", "Name and Position", "$", "$", "$", "$", "K Edwards - Managing Director", "510,600", "125,000", "39,400", "675,000", "G R Phillips - Finance Director ", "287,037", "57,000", "22,963", "367,000", "In addition to the above amounts, the following table sets out amounts, ", "which have been accrued in respect of payments to which the executive ", "directors are entitled following completion of construction.", "Name and Position", "Total $", "K Edwards - Managing Director", "700,000", "G R Phillips - Finance Director ", "256,500", "31" ]

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[ 10, 10, 10, 10, 10, 10, 10, 5, 5 ]

[ "S o u t h P a r k M a l l", "The multi-phased expansion of SouthPark Mall included the addition of Nordstrom, ", "", "small shops, The Cheesecake Factory and Maggiano’s, securing its position as the most ", "productive mall in North Carolina with sales per square foot in excess of ", ".", "", "2003 annual report", "7" ]

[]

[]

[]

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[ "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (Dollars in millions except per share data)", "Recently Issued Accounting Pronouncements", "statement replaces FASB Statement No. 125 and revises the stan-", "– In June", "dards for accounting and disclosure for securitizations and other", "1998, the Financial Accounting Standards Board (FASB) issued", "transfers of financial assets and collateral. The statement carries ", "Statement of Financial Accounting Standards No. 133, “Accounting ", "over most of SFAS 125’s provisions without reconsideration and, ", "for Derivative Instruments and Hedging Activities” (SFAS 133) and ", "T", "ENERGIZER 2000 ANNUAL REPOR", "as such, Energizer believes that the implementation of this standard", "in June 2000, issued Statement of Financial Accounting Standards", "will not have a material effect on its consolidated financial position ", "No. 138 (SFAS 138), an amendment of SFAS 133. These statements", "or results of operations.", "are effective for all fiscal quarters of fiscal years beginning after ", "June 15, 2000. The statements require the recognition of derivative", "financial instruments on the balance sheet as assets or liabilities, ", "(3)", "RELATED PARTY ACTIVITY", "at fair value. Gains or losses resulting from changes in the value of", "Cash Management", "– Prior to the spin-off, Energizer participated", "derivatives are accounted for depending on the intended use of the", "in a centralized cash management system administered by Ralston.", "derivative and whether it qualifies for hedge accounting. Accordingly,", "Cash deposits from Energizer were transferred to Ralston on a daily", "Energizer has adopted the provisions of SFAS 133 as of the first", "basis and Ralston funded Energizer’s disbursement bank accounts ", "quarter of fiscal year 2001. Energizer has determined that the ", "as required. Unpaid balances of checks were included in accounts", "implementation of this standard will not have a material effect ", "payable. No interest was charged or credited on transactions ", "28", "on its consolidated financial position or results of operations.", "with Ralston. ", "In December 1999, the Securities and Exchange Commission (SEC)", "Shared Services", "– Energizer and Ralston have entered into a", "issued Staff Accounting Bulletin (SAB) 101, “Revenue Recognition ", "Bridging Agreement under which Ralston has continued to provide ", "in Financial Statements.” SAB 101 provides guidance on recogni-", "certain general and administrative services to Energizer, including", "tion, presentation and disclosure of revenue in financial statements.", "systems, benefits, advertising and facilities for Energizer’s headquar-", "In addition, the Emerging Issues Task Force (EITF) issued EITF ", "ters. Prior to the spin-off, the expenses related to shared services ", "00-10 and 00-14. EITF 00-10, “Accounting for Shipping and", "listed above, as well as legal and financial support services, were", "Handling Fees and Costs,” provides guidance on earnings statement", "allocated to Energizer generally based on utilization, which manage-", "classification of amounts billed to customers for shipping and ", "ment believes to be reasonable. Costs of these shared services", "handling. EITF 00-14, “Accounting for Certain Sales Incentives,”", "charged to Energizer were $9.6, $20.0 and $20.9 for the six months", "provides guidance on accounting for discounts, coupon, rebates ", "ended March 31, 2000 and years ended September 30, 1999 and", "and free product. Energizer will be required to adopt SAB 101, EITF", "1998, respectively. Actual expenses paid by Energizer to Ralston ", "00-10 and EITF 00-14 no later than the fourth quarter of fiscal year", "for such services were $4.0 for the six-month period subsequent ", "2001. Energizer does not expect the adoption of these statements ", "to the spin-off.", "to have a material effect on its results of operations, however, certain", "reclassifications may be necessary.", "Ralston’s Net Investment", "– Included in Ralston’s Net Investment", "are cumulative translation adjustments for non-hyperinflationary", "In September 2000, FASB issued Statement of Financial Accounting", "countries of $84.6 as of March 31, 2000 representing net devaluation", "Standards No. 140, “Accounting for Transfers and Servicing of", "of currencies relative to the U.S. dollar over the period of investment.", "Financial Assets and Extinguishments of Liabilities.” The statement ", "Also included in Ralston’s Net Investment are accounts payable and", "is effective for fiscal years ending after December 15, 2000. The", "receivable between Energizer and Ralston. " ]

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[ "04-HP-876_newMDA.qxd", "12/15/04", "3:04 PM", "Page 33", "The provision for income taxes", "totaled $4.4 million in 2004, $14.6", "million", "in 2003, and $40.6 million in 2002. Effective income tax", "rates on income from", "continuing operations were 55 percent in 2004,", "43", "percent in 2003, and 44 percent", "in 2002. Effective income tax", "rates are higher for the Company’s", " international operations than for", "its U.S. operations. As a result,", "the", "aggregate effective rate is higher in", "years", "when international operations make up a higher percentage of", "financial operating profit. I", "nternational", "operating profit, as a percent", "of total Company operating profit,", "was 68 percent in 2004, eight per-", "cent in 2003, and 15 percent", "in 2002. (See Note 5 of the Financial", "Statements).", "COMPARISON OF THE YEARS", "ENDED SEPTEMBER 30, 2004 AND 2003", "2004", "2003", "% Change", "(in thousands, except operating statistics)", "U.S. LAND OPERATIONS", "Revenues", "$347,793", "$273,993", "26.9%", "Direct operating expenses", "246,177", "201,398", "22.2", "General and administrative expense", "7,765", "9,304", "(16.5)", "Depreciation", "56,528", "44,726", "26.4", "Operating profit", "$ ", "37,323", "$ 18,565 ", "101.0", "Operating Statistics:", "Activity days", "27,472", "22,588", "21.6%", "Average rig revenue per day", "$", "11,700", "$ 11,436", "2.3", "Average rig expense per day", "$", "8,001", "$", "8,221", "(2.7)", "Average rig margin per day", "$", "3,699", "$", "3,215", "15.1", "Number of owned rigs at end of period", "87", "83", "4.8", "Rig utilization", "87%", "81%", "7.4", "Operating statistics for per day revenue, expense and mar", "gin do not include reimbursements of “out-of-pocket” expenses.", "34" ]

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[ "L E E H O O D , M . D . , P h . D .", "President", "Institute for Systems Biology", "Dr. Lee Hood, an internationally prominent ", "scientist and entrepreneur responsible for ", "pioneering the DNA gene sequencer, established", "the Institute for Systems Biology to identify", "strategies for predicting and preventing diseases", "such as cancer, diabetes and AIDS." ]

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[ "P N M", "R E S O U R C E S", "•", "2 0 0 3", "A n n u a l", "MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS", "MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS", "R e p o r t", "PNM’s credit outlook is considered stable by Moody’s Investor Services, Inc. (“Moody’s”) and Standard and Poor’s Ratings Services (“S&P”). The", "PNM has entered into various long-term power purchase agreements (“PPAs”) obligating it to buy electricity for aggregate fixed payments of", "Company is committed to maintaining or improving its investment grade ratings. On June 13, 2003, S&P improved PNM’s business position to a", "$203.3 million plus the cost of production and a return. These contracts expire December 2005 through December 2020. In addition, PNM is", "t o", "five from its previous position of six. On February 27, 2004, S&P upgraded PNM’s ratings on its senior unsecured notes (“SUNs”) to “BBB” with", "obligated to sell electricity for $191.5 million in fixed payments plus the cost of production and a return. These contracts expire through May", "a stable outlook and its preferred stock to “BB+”. On March 9, 2004, Moody’s upgraded PNM’s SUNs, senior unsecured pollution control revenue", "2013. PNM’s marketing portfolio as of December 31, 2003 included open forward contract positions to buy $30.6 million of electricity and to", "S h a r e h o l d e r s", "bonds and $300 million 3 year credit facility to “Baa2” and its preferred stock “Ba1”. Fitch rated PNM’s SUNs and senior unsecured pollution", "sell $28.6 million of electricity. In addition, PNM had open forward contract positions classified as normal sales of electricity under the derivative", "control revenue bonds “BBB-” and its preferred stock “BB-” at December 31, 2003. Beginning in 2004, Fitch will no longer be rating PNM debt.", "accounting rules of $153.3 million and normal purchases of electricity of $64.1 million. ", "Investors are cautioned that a security rating is not a recommendation to buy, sell or hold securities, that it is subject to revision or withdrawal at", "PNM contracts for the purchase of gas to serve its retail customers. These contracts are short-term in nature, supplying the gas needs for the current", "any time by the assigning rating organization, and that each rating should be evaluated independently of any other rating.", "heating season and the following off-season months. The price of gas is a pass-through, whereby PNM recovers 100% of its cost of gas.", "Off Balance Sheet Arrangements", "Contingent Provisions of Certain Obligations", "The Company’s off balance sheet arrangements consist primarily of operating lease obligations for PVNGS Units 1 and 2, EIP and the Delta", "The Holding Company and PNM have a number of debt obligations and other contractual commitments that contain contingent provisions. Some", "operating lease. The total capitalization in relation to these obligations was $179.4 million as of December 31, 2003 and $195.8 million as of", "of these, if triggered, could affect the liquidity of the Company. The Holding Company or PNM could be required to provide security, immediately", "December 31, 2002 (see “Commitments and Contractual Obligations” below).", "pay outstanding obligations or be prevented from drawing on unused capacity under certain credit agreements if the contingent requirements were", "to be triggered. The most significant consequences resulting from these contingent requirements are detailed in the discussion below.", "Commitments and Contractual Obligations", "The following tables show the Company’s long-term obligations and commitments as of December 31, 2003 (In thousands).", "PNM's master purchase agreement for the procurement of gas for its retail customers contains a contingent requirement that could require PNM", "to provide security for its gas purchase obligations if the seller were to reasonably believe that PNM was unable to fulfill its payment obligations", "PAYMENTS DUE ", "under the agreement.", "AFTER", "LESS THAN", "1", "YEAR", "2-3 YEARS", "4-5 YEARS", "5", "YEARS", "TOTAL", "CONTRACTUAL OBLIGATIONS", "The master agreement for the sale of electricity in the Western Systems Power Pool (“WSPP”) contains a contingent requirement that could", "Short-Term Debt (a)", "$", "125,918)%", "$", "125,918)%", "$", "–)%", "$", "–)%", "$", "–)%", "require PNM to provide security if its debt were to fall below investment grade rating. The WSPP agreement also contains a contingent requirement,", "Long-Term Debt", "987,210)%", "407)%", "814)%", "300,170)%", "685,819)%", "commonly called a material adverse change (“MAC”) provision, which could require PNM to provide security if a material adverse change in", "Operating Leases", "425,540)%", "29,068)%", "62,266)%", "65,796)%", "268,410)%", "its financial condition or operations were to occur.", "Purchased Power Agreements", "203,282)%", "27,733)%", "50,870)%", "35,233)%", "89,446)%", "Coal Contract (b)", "PNM’s committed Credit Facility contains a “ratings trigger,” for pricing purposes only. If PNM is downgraded or upgraded by the ratings agencies,", "1,395,926)%", "109,309)%", "192,456)%", "182,359)%", "911,802)%", "Total Contractual Cash Obligations", "$ 3,137,876)%", "$", "292,435)%", "$", "306,406)%", "$", "583,558)%", "$1,955,477)%", "the result would be an increase or decrease in interest cost, respectively. PNM's committed Credit Facility contains a MAC provision which, if triggered,", "could prevent PNM from drawing on its unused capacity under the Credit Facility. In addition, the Credit Facility contains a contingent requirement", "34", "35", "(a)", "Represents the actual outstanding balance of the various credit facilities as of December 31, 2003.", "that requires PNM to maintain a debt-to-capital ratio, inclusive of off-balance sheet debt, of less than 65% as well as maintenance of an earnings", "(b)", "Assumes normal deliveries under the coal contract. If no deliveries are made, certain minimum payments may be required under the coal contract.", "before interest, taxes, depreciation and amortization (“EBITDA”)/interest coverage ratio of three times. If PNM’s debt-to-capital ratio, inclusive", "of off-balance sheet debt, were to exceed 65% or its interest coverage ratio falls below 3.0, PNM could be required to repay all borrowings under", "AMOUNT OF COMMITMENT EXPIRATION PER PERIOD", "the Credit Facility, be prevented from drawing on the unused capacity under the Credit Facility, and be required to provide security for all", "TOTAL AMOUNTS", "AFTER", "outstanding letters of credit issued under the Credit Facility. ", "OTHER COMMERCIAL COMMITMENTS", "COMMITTED", "1", "YEAR", "2-3 YEARS", "4-5 YEARS", "5", "YEARS", "If a contingent requirement were to be triggered under the Credit Facility resulting in an acceleration of the outstanding loans under the Credit", "Short-Term Debt (c)", "$", "335,500)%", "$", "–)%", "$", "335,500)%", "$", "–)%", "$", "–)%", "Facility, a cross-default provision in the PVNGS leases could occur if the accelerated amount is not paid. If a cross-default provision is triggered, the", "Local Lines of Credit", "38,500)%", "38,500)%", "–)%", "–)%", "–)%", "lessors have the ability to accelerate their rights under the leases, including acceleration of all future lease payments.", "Letters of Credit", "4,500)%", "4,500)%", "–)%", "–)%", "–)%", "Total Commercial Commitments", "Financing Activities", "$", "335,500)%", "$", "–)%", "$", "–)%", "43,000)%", "$", "378,500)%", "$", "Pursuant to PRC approval, on September 9, 2003, PNM issued and sold $300.0 million aggregate principal amount of its senior unsecured notes", "(c)", "Represents the unused borrowing capacity of the various credit facilities less outstanding letters of credit of $4.5 million as of December 31, 2003.", "with a 4.40% interest rate that mature September 15, 2008. The transaction closed on September 17, 2003 and the proceeds were used to retire $268.4", "million of long-term debt that would otherwise have matured in August 2005, pay the transaction costs, and improve working capital. All other", "PNM leases interests in Units 1 and 2 of PVNGS, certain transmission facilities, office buildings and other equipment under operating leases.", "long-term debt of PNM matures in 2016 or later. The premium paid to refinance the long-term debt was $23.9 million of which $16.6 million was", "The lease expense for PVNGS is $66.3 million per year over base lease terms expiring in 2015 and 2016. In 1998, PNM established PVNGS Capital", "charged against earnings based on prior regulatory agreements. The remaining balance was capitalized as loss on reacquired debt and will be", "Trust (“Capital Trust”) for the purpose of acquiring all the debt underlying the PVNGS leases. PNM consolidates Capital Trust in its consolidated", "amortized over the life of the new debt.", "financial statements. The purchase was funded with the proceeds from the issuance of $435 million of SUNs, which were loaned to Capital Trust.", "On May 13, 2003, the Company priced $182.0 million of tax exempt pollution control bonds. The bonds were priced at an initial interest rate of", "Capital Trust then acquired and now holds the debt component of the PVNGS leases. For legal and regulatory reasons, the PVNGS lease payment", "2.75%. The bond sale closed on May 23, 2003. By April 1, 2004, $146.0 million of bonds will need to be remarketed and $36.0 million of bonds will", "continues to be recorded and paid gross with the debt component of the payment returned to PNM through Capital Trust. As a result, the net", "need to be remarketed by July 1, 2004. A portion of the proceeds were used to redeem the $46.0 million of pollution control bonds, which became", "cash outflows for the PVNGS lease payment were $14.2 million for the year ended December 31, 2003. The table above reflects the net lease payment.", "callable on December 15, 2002. The remaining $136.0 million was used to redeem $136.0 million of pollution control bonds in August 2003. The", "PNM’s other significant operating lease obligations include the EIP, a leased interest in transmission line with annual lease payments of $2.9", "Company had previously entered into various forward swaps in 2001 and 2002, to hedge the interest rate on the refinancing (see Note 6 – “Fair", "million (see “Financing Activities” below), and an operating lease for the entire output of Delta, a gas fired generating plant in Albuquerque,", "Value of Financial Instruments - Forward Starting Interest Rate Swaps” in the Notes to Consolidated Financial Statements). ", "New Mexico, with imputed annual lease payments of $6.0 million. ", "The Company could enter into other long-term financings or hedging transactions for the purpose of strengthening its balance sheet, funding", "The Company’s off-balance sheet obligations are limited to PNM’s operating leases and certain financial instruments related to the purchase and", "growth and reducing its cost of capital. The Company continues to evaluate its investment and debt retirement options to optimize its financing", "sale of energy (see below). The present value of PNM’s operating lease obligations for PVNGS Units 1 and 2, EIP and the Delta operating lease was", "strategy and earnings potential. No additional first mortgage bonds may be issued under PNM’s mortgage. The amount of SUNs that may be issued", "$179.4 million as of December 31, 2003.", "is not limited by the SUNs indenture. However, debt-to-capital requirements in certain of PNM’s financial instruments and regulatory agreements", "would ultimately limit the amount of additional debt PNM would issue." ]

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[ "Notes to Consolidated Financial Statements", "The Procter & Gamble Company and Subsidiaries", "43", "Realization of certain deferred tax assets is dependent upon generating ", "that can change prior to its exercise. Given the put price cannot exceed ", "sufficient taxable income in the appropriate jurisdiction prior to", "fair market value and the Company’s current liquidity, the Company ", "expiration of the carryforward periods. Although realization is not", "does not believe that exercise of the put would materially impact its re-", "assured, management believes it is more likely than not the deferred tax ", "sults of operations or financial condition. ", "assets net of applicable valuation allowances will be realized.", "The Company leases certain property and equipment for varying periods ", "Deferred income tax assets and liabilities are comprised of the", "under operating leases. Future minimum rental payments with terms in ", "following:", "following:", "excess of one year total approximately $500. ", "June 30", "June 30", "2001", "2002", "The Company is subject to various lawsuits and claims with respect to ", "Total Deferred Tax Assets", "matters such as governmental regulations, income taxes and other", "$196", " $109", "Other postretirement benefits", "actions arising out of the normal course of business. The Company is ", "516", "454", "Loss and other carryforwards", "also subject to contingencies pursuant to environmental laws and", "350", "742", "Other", "regulations that in the future may require the Company to take action ", "(104)", " (106)", "Valuation allowances", "to correct the effects on the environment of prior manufacturing and ", "958", " 1,199", "waste disposal practices. Accrued environmental liabilities for", "Total Deferred Tax Liabilities", "remediation and closure costs were $39 and $43 at June 30, 2002 and ", " (1,093)", " (1,110)", "Fixed assets", "2001, respectively. In management’s opinion, such accruals are", "(362)", " (495)", "Other", "appropriate based on existing facts and circumstances. Current year", " (1,455)", " (1,605)", "expenditures were not material.", "While considerable uncertainty exists, in the opinion of management ", "Net operating losses and other tax credit carryforwards were $1,211 ", "and Company counsel, the ultimate liabilities resulting from such", "and $1,220 as of June 30, 2002 and 2001, respectively. If unused, ", "lawsuits and claims would not materially affect the Company’s financial ", "$711 will expire between 2003 and 2012. The remainder, totaling $500 ", "statements.", "at June 30, 2002, may be carried forward indefinitely.", "Note 12", "Commitments and Contingencies", "The Company’s business creates a need to enter into commitments with ", "suppliers that could affect liquidity and capital resources. These", "commitments do not create immediate liabilities for the Company. ", "The Company has purchase commitments for materials, supplies and ", "property, plant and equipment incidental to the ordinary conduct of ", "business. In the aggregate, such commitments are not in excess of", "current market prices. Additionally, the Company normally commits to ", "some level of marketing related expenditures that extend beyond the ", "fiscal year. These marketing related commitments are necessary in order ", "to maintain a normal course of business and the risk associated with ", "them is limited. It is not expected that these commitments will have a ", "material effect on the Company’s financial condition. ", "At various points from 2007 to 2017, the minority partner in a", "subsidiary that holds most of the Company’s China operations has the ", "right to exercise a put option to require the Company to purchase from ", "half to all of its outstanding 20% interest at a price not greater than ", "fair market value. The impact of this put option is dependent on factors ", "Millions of dollars except per share amounts" ]