This document is Jacobs' 2001 annual report. It summarizes that in 2001 Jacobs set new records for revenue ($4 billion) and net income ($87.8 million). It also achieved a backlog of $5.9 billion, an increase of $500 million over 2000. The report discusses Jacobs' strategic acquisitions that expanded its international operations in Europe and Canada. It emphasizes Jacobs' commitment to safety and high client satisfaction. Finally, it expresses confidence that Jacobs' business model and core values will allow it to continue prospering in an uncertain economic climate.
This annual report summarizes the company's performance in fiscal year 2000. Revenues grew to $3.4 billion, though net earnings declined to $51 million due to litigation charges. Total backlog reached a record $5.4 billion. The company continued its global expansion through acquisitions and started new operations in Europe. Looking forward, the company expects markets like chemicals and paper to improve. The relationship-based business model and focus on client satisfaction has supported consistent long-term growth.
The document provides highlights from Rohm and Haas' 2002 annual report. It summarizes that Rohm and Haas achieved record revenues of $4.6 billion and record net income of $109.7 million in fiscal year 2002, an increase over 2001. Total backlog also increased from $5.9 billion in 2001 to $6.7 billion in 2002. The company focused on debt reduction after several acquisitions. Markets like refining, buildings and infrastructure, federal programs and pharmaceuticals were active in 2002 and projected to continue growing. The annual report discusses the company's strategic growth, market climate, client satisfaction, safety performance, leadership and growing client relationships.
This document provides an annual report summary for Jacobs Engineering Group for fiscal year 2003. It highlights increased revenues and record net income compared to previous years. It also summarizes key financial metrics like backlog, assets, and return on equity. The report discusses Jacobs' continued focus on safety, quality, and client satisfaction. It reaffirms Jacobs' core values of being relationship-based and putting people and growth as top priorities.
This document is XTO Energy's 2002 annual report. It summarizes the company's financial and operational performance for 2002. Key highlights include daily production increasing to over 622,000 Mcfe, proved reserves growing to over 3.37 trillion cubic feet equivalent, and operating cash flow reaching $515.9 million. Through successful acquisition and organic growth strategies, XTO Energy has grown production, reserves, and profitability over the past decade to become a leading natural gas producer.
This annual report document summarizes the financial highlights and performance of Pulte Homes for the years 1999-2003. Some key points:
- Revenues and income from continuing operations reached record levels in 2003 of $9.0 billion and $617 million, respectively.
- Earnings per share increased 36% to $4.91 in 2003, while book value per share grew 22% to $27.55.
- Domestic homebuilding operations drove overall growth, with settlement revenues increasing 21% to $8.7 billion in 2003.
- The company is pursuing four business initiatives to further improve performance: expanding market share through segmentation, achieving greater operational excellence, developing employees, and maintaining financial discipline.
This annual report summarizes the company's financial performance in fiscal year 2004. Revenues were relatively flat compared to 2003 at $4.59 billion, and net earnings were also similar to the previous year at $129 million. Total backlog increased to $7.45 billion. The founder and chairman, Dr. Joseph J. Jacobs, passed away in 2004. The company pursued strategic growth through international acquisitions and expansion in key markets such as infrastructure, oil and gas, and government services. Safety performance improved significantly with a 25% reduction in incident rates. Client satisfaction also increased with better survey results.
The document discusses Erie Indemnity Company's financial results and strategic initiatives for improving underwriting profitability in 2003. Key points include:
- Net income increased to $199.7 million in 2003 compared to $172.1 million in 2002.
- Direct written premium increased 16.6% to $3.7 billion in 2003.
- The company launched the AWARE initiative to strengthen underwriting practices.
- Catastrophe losses totaled $183 million in 2003.
- Rate increases approved for 2004 will add $254 million in additional premium.
The document summarizes the history of Fort Worth, Texas from its origins as a frontier Army post in 1849 through its evolution into a modern city. It discusses how Fort Worth was shaped by strong individuals with big dreams who helped build the community through industries like cattle, railroads, oil, and entertainment. The annual report is dedicated to the diverse people who contributed to Fort Worth's growth and character. It also provides background on Cross Timbers Oil Company, the company publishing the report, and the forests they are named after.
This annual report summarizes the company's performance in fiscal year 2000. Revenues grew to $3.4 billion, though net earnings declined to $51 million due to litigation charges. Total backlog reached a record $5.4 billion. The company continued its global expansion through acquisitions and started new operations in Europe. Looking forward, the company expects markets like chemicals and paper to improve. The relationship-based business model and focus on client satisfaction has supported consistent long-term growth.
The document provides highlights from Rohm and Haas' 2002 annual report. It summarizes that Rohm and Haas achieved record revenues of $4.6 billion and record net income of $109.7 million in fiscal year 2002, an increase over 2001. Total backlog also increased from $5.9 billion in 2001 to $6.7 billion in 2002. The company focused on debt reduction after several acquisitions. Markets like refining, buildings and infrastructure, federal programs and pharmaceuticals were active in 2002 and projected to continue growing. The annual report discusses the company's strategic growth, market climate, client satisfaction, safety performance, leadership and growing client relationships.
This document provides an annual report summary for Jacobs Engineering Group for fiscal year 2003. It highlights increased revenues and record net income compared to previous years. It also summarizes key financial metrics like backlog, assets, and return on equity. The report discusses Jacobs' continued focus on safety, quality, and client satisfaction. It reaffirms Jacobs' core values of being relationship-based and putting people and growth as top priorities.
This document is XTO Energy's 2002 annual report. It summarizes the company's financial and operational performance for 2002. Key highlights include daily production increasing to over 622,000 Mcfe, proved reserves growing to over 3.37 trillion cubic feet equivalent, and operating cash flow reaching $515.9 million. Through successful acquisition and organic growth strategies, XTO Energy has grown production, reserves, and profitability over the past decade to become a leading natural gas producer.
This annual report document summarizes the financial highlights and performance of Pulte Homes for the years 1999-2003. Some key points:
- Revenues and income from continuing operations reached record levels in 2003 of $9.0 billion and $617 million, respectively.
- Earnings per share increased 36% to $4.91 in 2003, while book value per share grew 22% to $27.55.
- Domestic homebuilding operations drove overall growth, with settlement revenues increasing 21% to $8.7 billion in 2003.
- The company is pursuing four business initiatives to further improve performance: expanding market share through segmentation, achieving greater operational excellence, developing employees, and maintaining financial discipline.
This annual report summarizes the company's financial performance in fiscal year 2004. Revenues were relatively flat compared to 2003 at $4.59 billion, and net earnings were also similar to the previous year at $129 million. Total backlog increased to $7.45 billion. The founder and chairman, Dr. Joseph J. Jacobs, passed away in 2004. The company pursued strategic growth through international acquisitions and expansion in key markets such as infrastructure, oil and gas, and government services. Safety performance improved significantly with a 25% reduction in incident rates. Client satisfaction also increased with better survey results.
The document discusses Erie Indemnity Company's financial results and strategic initiatives for improving underwriting profitability in 2003. Key points include:
- Net income increased to $199.7 million in 2003 compared to $172.1 million in 2002.
- Direct written premium increased 16.6% to $3.7 billion in 2003.
- The company launched the AWARE initiative to strengthen underwriting practices.
- Catastrophe losses totaled $183 million in 2003.
- Rate increases approved for 2004 will add $254 million in additional premium.
The document summarizes the history of Fort Worth, Texas from its origins as a frontier Army post in 1849 through its evolution into a modern city. It discusses how Fort Worth was shaped by strong individuals with big dreams who helped build the community through industries like cattle, railroads, oil, and entertainment. The annual report is dedicated to the diverse people who contributed to Fort Worth's growth and character. It also provides background on Cross Timbers Oil Company, the company publishing the report, and the forests they are named after.
- Alltel Corporation completed the spin-off of its wireline business and merger with Valor Communications in July 2006, forming Windstream Corporation.
- Alltel agreed to divest certain wireless operations in Minnesota and from the Western Wireless acquisition to comply with regulatory approvals.
- For the third quarter of 2007, Alltel reported service revenues of $2.07 billion, operating income of $433.9 million, and net income of $282.6 million.
Holly Corporation is an oil refining and marketing company operating refineries in Montana and New Mexico. In its 2002 annual report, Holly Corporation reported a net income of $32 million on sales of $889 million, down from $73 million in net income the previous year. Holly Corporation also discussed ongoing litigation, expansion projects at its Navajo Refinery in New Mexico, and continued implementation of cost reduction initiatives.
URS Corporation provides engineering, construction, and operations and maintenance services worldwide. In 2004:
- URS enjoyed strong growth, benefiting from its scale and diversity of service offerings as well as its reputation for delivering high-quality, mission-critical services.
- The federal sector accounted for nearly 50% of revenue and continued to be a major driver of business, with growth in defense and homeland security projects.
- International operations performed well, with increases in transportation projects in Asia-Pacific and opportunities in Europe for environmental work.
The document provides selected financial data for The TJX Companies, Inc. for fiscal years 1997 through 2001. It includes:
1) Income statement and per share data showing increasing net sales, income from continuing operations, and diluted earnings per share each year.
2) Balance sheet data with total assets exceeding $2.9 billion in 2001, and shareholders' equity growing from $1.1 billion in 1997 to $1.2 billion in 2001.
3) Details on the number of stores in operation for each of the company's brands, totaling over 1,493 stores by 2001.
Target Corporation reported strong financial results in 2003, with revenues reaching $48.2 billion, an increase of 10% from 2002. Net earnings grew 12% to $1.8 billion. Target opened 101 new stores in 2003, expanding its retail square footage by 8.8% as it pursued profitable growth. The annual report discusses Target's strategies to drive guest traffic and sales, such as focusing on consumable categories and offering exclusive design partnerships. It also outlines plans to continue expanding the Target store base and pursuing other initiatives to create value for shareholders.
Target Corporation's annual report for 2004 highlights the company's financial performance and strategic initiatives. Revenues grew 17% over the past 5 years to $46.8 billion in 2004. Earnings before interest and taxes grew 165% to $3.6 billion in the same period. The company sold its Mervyn's and Marshall Field's business units for $4.9 billion in pretax cash proceeds. Target also authorized a $3 billion share repurchase program. The report discusses Target's strategy of delivering quality, trend-right merchandise at compelling prices under its "Expect More. Pay Less." brand promise through product design, exclusive brands, store experience, and marketing campaigns. Target expects to operate about 2,000 stores by
Ecolab is a global leader in cleaning, sanitizing, pest elimination, maintenance and repair products and services. It serves customers in over 160 countries across various industries including hospitality, foodservice, healthcare, industrial and commercial markets. Ecolab employs over 22,000 people worldwide and had $4.5 billion in net sales in 2005. It markets its products and services through the largest direct sales force in its industry.
- Service revenues and total revenues and sales increased 15% and 14% respectively in the third quarter of 2007 compared to 2006. For the first nine months of 2007, service revenues and total revenues and sales increased 14% and 13% respectively compared to the same period in 2006.
- Operating income increased 21% in the third quarter of 2007 and 17% for the first nine months of 2007 compared to the same periods in 2006.
- Net income increased 51% in the third quarter of 2007 but decreased 22% for the first nine months of 2007 compared to the same periods in 2006.
Google reported strong financial results for Q4 2006 with revenue growth of 67% year-over-year and 19% quarter-over-quarter. International revenues grew 20% sequentially driven by growth in Germany and France. Google continued to invest heavily in employees, infrastructure, and strategic partnerships while maintaining operating margins over 30%. Looking ahead, Google will continue focusing on international expansion, innovation, and strengthening its ecosystem to drive further growth.
This document discusses The Shaw Group's annual report for 2000. Some key points:
- Shaw acquired Stone & Webster, strengthening its presence in the global power industry.
- Shaw formed a joint venture with Entergy called EntergyShaw to build combined-cycle power plants.
- Shaw is well positioned for continued growth due to increasing demand for new power generation capacity over the next 20 years. Approximately 90% of new capacity is expected to be combined-cycle or combustion turbine technology.
- At the end of 2000, Shaw's backlog reached over $1.9 billion, with 67% from power generation projects. This positions Shaw well to benefit from the build-up of power generation infrastructure.
Group 1 Automotive is a leading automotive retailer that has experienced significant growth since its IPO in 1997. In 2002, Group 1 achieved record financial results for the fifth consecutive year, with revenues increasing 5.5% to $4.2 billion and net income growing 21% to $67.1 million. The company attributes its success to its diverse business model across brands, geographies, and revenue streams. Group 1 aims to continue its acquisition strategy in 2003 to further augment its portfolio and leverage its operating platform.
SYNNEX Corporation is one of the largest IT supply chain services companies in the world. It provides distribution, contract assembly, and logistics management services to IT OEMs and resellers. In fiscal year 2003, SYNNEX generated over $4.1 billion in revenue with net income of $30 million. The company aims to maximize supply chain economics for its clients by building efficient operations and delivering value through transparency and seamless services. Looking ahead, SYNNEX seeks to continue innovating its operations and delivering the highest efficiency in the industry through strategic growth opportunities.
Shakira is praised in this short document. In just a few repetitive sentences, the document expresses that Shakira rules or is in a position of authority. The overall message conveyed is that the author believes Shakira to be worthy of acclaim.
- Boston Scientific achieved record sales of $8.357 billion in 2007, an increase of 7% over 2006, despite challenges in the drug-eluting stent and cardiac rhythm management markets.
- The company launched strategic initiatives to enhance shareholder value, including restructuring business units, selling non-strategic businesses, and reducing expenses.
- Boston Scientific maintained leadership in the worldwide drug-eluting stent market and many other businesses, while growing its non-cardiovascular revenues including a 36% increase in neuromodulation.
This document provides an annual report summary for Jacobs Engineering Group for fiscal year 2003. It highlights increased revenues and record net income compared to previous years. It also summarizes Jacobs' continued focus on safety improvements, client satisfaction, and consistent growth. Jacobs' core values of relationship-based service, growth as an imperative, and its people as the greatest asset are also emphasized.
Renessen leverages Monsanto's biotechnology expertise and Cargill's processing knowledge to create new opportunities through a 50/50 joint venture formed in 1999. Increased ethanol demand will nearly double corn usage for ethanol in the next five years, squeezing corn supplies. Renessen is developing new fractionation technology that increases refinery yields and co-product values by fractionating nutrient-dense corn into high-value revenue streams like corn oil, swine/poultry feed, fermentable starch, and high-protein, low-oil DDGs.
Holden's/Corn States represents an established business model as Holden's was founded in 1937 and Corn States in 1943. They now license 260 seed companies. Their licensees are rapidly adopting new traits and stacks, with early adopters gaining significant market share over other brands from 2001 to 2005. The licensing business contributes significantly to Monsanto's business.
Red foxes are caring parents that take good care of their young cubs. They are also patient hunters that stalk their prey. Their preferred foods include rabbits and various fruits.
Hugh Grant, Chairman and CEO of Monsanto Company, presented at a CEO & Investor Conference on February 14, 2006. In his presentation, he discussed:
1) Biotechnology has been rapidly adopted by farmers due to significant economic and environmental benefits it provides, such as increased productivity and yields as well as reductions in pesticide use.
2) Monsanto has a leading commercial portfolio of biotech traits as well as an unmatched research and development pipeline of new traits in development.
3) During the 2005 Midwest drought, Monsanto's YieldGard Rootworm trait demonstrated its value by allowing corn plants to have heartier roots and tap into available moisture, providing over 30 additional bushels per acre
Hugh Grant, Chairman and CEO of Monsanto Company, presented at the Sanford C. Bernstein Strategic Decisions Conference on June 2, 2006. In his presentation, he discussed how increased grain production will be required to meet changing global food demands, and how Monsanto's seeds and traits strategy focuses on delivering yield gains through breeding and biotechnology across their core crop franchises of corn, cotton, soybeans and vegetables. He also outlined opportunities for continued penetration of existing biotech traits in key markets through 2010.
A document discusses the cost of bent quarturs, stating they are made by Hodini and cost 5000000.50. The document expresses surprise at this very high cost through many exclamation points.
Mrs. Ladais invented the ball point pen using printer ink and lived in Hungary. She created the pen by adapting printer ink technology for use in a pen that wrote smoothly without smudging or needing to be dipped in ink like traditional fountain pens. The ball point pen was an important invention that made writing easier and more portable.
- Alltel Corporation completed the spin-off of its wireline business and merger with Valor Communications in July 2006, forming Windstream Corporation.
- Alltel agreed to divest certain wireless operations in Minnesota and from the Western Wireless acquisition to comply with regulatory approvals.
- For the third quarter of 2007, Alltel reported service revenues of $2.07 billion, operating income of $433.9 million, and net income of $282.6 million.
Holly Corporation is an oil refining and marketing company operating refineries in Montana and New Mexico. In its 2002 annual report, Holly Corporation reported a net income of $32 million on sales of $889 million, down from $73 million in net income the previous year. Holly Corporation also discussed ongoing litigation, expansion projects at its Navajo Refinery in New Mexico, and continued implementation of cost reduction initiatives.
URS Corporation provides engineering, construction, and operations and maintenance services worldwide. In 2004:
- URS enjoyed strong growth, benefiting from its scale and diversity of service offerings as well as its reputation for delivering high-quality, mission-critical services.
- The federal sector accounted for nearly 50% of revenue and continued to be a major driver of business, with growth in defense and homeland security projects.
- International operations performed well, with increases in transportation projects in Asia-Pacific and opportunities in Europe for environmental work.
The document provides selected financial data for The TJX Companies, Inc. for fiscal years 1997 through 2001. It includes:
1) Income statement and per share data showing increasing net sales, income from continuing operations, and diluted earnings per share each year.
2) Balance sheet data with total assets exceeding $2.9 billion in 2001, and shareholders' equity growing from $1.1 billion in 1997 to $1.2 billion in 2001.
3) Details on the number of stores in operation for each of the company's brands, totaling over 1,493 stores by 2001.
Target Corporation reported strong financial results in 2003, with revenues reaching $48.2 billion, an increase of 10% from 2002. Net earnings grew 12% to $1.8 billion. Target opened 101 new stores in 2003, expanding its retail square footage by 8.8% as it pursued profitable growth. The annual report discusses Target's strategies to drive guest traffic and sales, such as focusing on consumable categories and offering exclusive design partnerships. It also outlines plans to continue expanding the Target store base and pursuing other initiatives to create value for shareholders.
Target Corporation's annual report for 2004 highlights the company's financial performance and strategic initiatives. Revenues grew 17% over the past 5 years to $46.8 billion in 2004. Earnings before interest and taxes grew 165% to $3.6 billion in the same period. The company sold its Mervyn's and Marshall Field's business units for $4.9 billion in pretax cash proceeds. Target also authorized a $3 billion share repurchase program. The report discusses Target's strategy of delivering quality, trend-right merchandise at compelling prices under its "Expect More. Pay Less." brand promise through product design, exclusive brands, store experience, and marketing campaigns. Target expects to operate about 2,000 stores by
Ecolab is a global leader in cleaning, sanitizing, pest elimination, maintenance and repair products and services. It serves customers in over 160 countries across various industries including hospitality, foodservice, healthcare, industrial and commercial markets. Ecolab employs over 22,000 people worldwide and had $4.5 billion in net sales in 2005. It markets its products and services through the largest direct sales force in its industry.
- Service revenues and total revenues and sales increased 15% and 14% respectively in the third quarter of 2007 compared to 2006. For the first nine months of 2007, service revenues and total revenues and sales increased 14% and 13% respectively compared to the same period in 2006.
- Operating income increased 21% in the third quarter of 2007 and 17% for the first nine months of 2007 compared to the same periods in 2006.
- Net income increased 51% in the third quarter of 2007 but decreased 22% for the first nine months of 2007 compared to the same periods in 2006.
Google reported strong financial results for Q4 2006 with revenue growth of 67% year-over-year and 19% quarter-over-quarter. International revenues grew 20% sequentially driven by growth in Germany and France. Google continued to invest heavily in employees, infrastructure, and strategic partnerships while maintaining operating margins over 30%. Looking ahead, Google will continue focusing on international expansion, innovation, and strengthening its ecosystem to drive further growth.
This document discusses The Shaw Group's annual report for 2000. Some key points:
- Shaw acquired Stone & Webster, strengthening its presence in the global power industry.
- Shaw formed a joint venture with Entergy called EntergyShaw to build combined-cycle power plants.
- Shaw is well positioned for continued growth due to increasing demand for new power generation capacity over the next 20 years. Approximately 90% of new capacity is expected to be combined-cycle or combustion turbine technology.
- At the end of 2000, Shaw's backlog reached over $1.9 billion, with 67% from power generation projects. This positions Shaw well to benefit from the build-up of power generation infrastructure.
Group 1 Automotive is a leading automotive retailer that has experienced significant growth since its IPO in 1997. In 2002, Group 1 achieved record financial results for the fifth consecutive year, with revenues increasing 5.5% to $4.2 billion and net income growing 21% to $67.1 million. The company attributes its success to its diverse business model across brands, geographies, and revenue streams. Group 1 aims to continue its acquisition strategy in 2003 to further augment its portfolio and leverage its operating platform.
SYNNEX Corporation is one of the largest IT supply chain services companies in the world. It provides distribution, contract assembly, and logistics management services to IT OEMs and resellers. In fiscal year 2003, SYNNEX generated over $4.1 billion in revenue with net income of $30 million. The company aims to maximize supply chain economics for its clients by building efficient operations and delivering value through transparency and seamless services. Looking ahead, SYNNEX seeks to continue innovating its operations and delivering the highest efficiency in the industry through strategic growth opportunities.
Shakira is praised in this short document. In just a few repetitive sentences, the document expresses that Shakira rules or is in a position of authority. The overall message conveyed is that the author believes Shakira to be worthy of acclaim.
- Boston Scientific achieved record sales of $8.357 billion in 2007, an increase of 7% over 2006, despite challenges in the drug-eluting stent and cardiac rhythm management markets.
- The company launched strategic initiatives to enhance shareholder value, including restructuring business units, selling non-strategic businesses, and reducing expenses.
- Boston Scientific maintained leadership in the worldwide drug-eluting stent market and many other businesses, while growing its non-cardiovascular revenues including a 36% increase in neuromodulation.
This document provides an annual report summary for Jacobs Engineering Group for fiscal year 2003. It highlights increased revenues and record net income compared to previous years. It also summarizes Jacobs' continued focus on safety improvements, client satisfaction, and consistent growth. Jacobs' core values of relationship-based service, growth as an imperative, and its people as the greatest asset are also emphasized.
Renessen leverages Monsanto's biotechnology expertise and Cargill's processing knowledge to create new opportunities through a 50/50 joint venture formed in 1999. Increased ethanol demand will nearly double corn usage for ethanol in the next five years, squeezing corn supplies. Renessen is developing new fractionation technology that increases refinery yields and co-product values by fractionating nutrient-dense corn into high-value revenue streams like corn oil, swine/poultry feed, fermentable starch, and high-protein, low-oil DDGs.
Holden's/Corn States represents an established business model as Holden's was founded in 1937 and Corn States in 1943. They now license 260 seed companies. Their licensees are rapidly adopting new traits and stacks, with early adopters gaining significant market share over other brands from 2001 to 2005. The licensing business contributes significantly to Monsanto's business.
Red foxes are caring parents that take good care of their young cubs. They are also patient hunters that stalk their prey. Their preferred foods include rabbits and various fruits.
Hugh Grant, Chairman and CEO of Monsanto Company, presented at a CEO & Investor Conference on February 14, 2006. In his presentation, he discussed:
1) Biotechnology has been rapidly adopted by farmers due to significant economic and environmental benefits it provides, such as increased productivity and yields as well as reductions in pesticide use.
2) Monsanto has a leading commercial portfolio of biotech traits as well as an unmatched research and development pipeline of new traits in development.
3) During the 2005 Midwest drought, Monsanto's YieldGard Rootworm trait demonstrated its value by allowing corn plants to have heartier roots and tap into available moisture, providing over 30 additional bushels per acre
Hugh Grant, Chairman and CEO of Monsanto Company, presented at the Sanford C. Bernstein Strategic Decisions Conference on June 2, 2006. In his presentation, he discussed how increased grain production will be required to meet changing global food demands, and how Monsanto's seeds and traits strategy focuses on delivering yield gains through breeding and biotechnology across their core crop franchises of corn, cotton, soybeans and vegetables. He also outlined opportunities for continued penetration of existing biotech traits in key markets through 2010.
A document discusses the cost of bent quarturs, stating they are made by Hodini and cost 5000000.50. The document expresses surprise at this very high cost through many exclamation points.
Mrs. Ladais invented the ball point pen using printer ink and lived in Hungary. She created the pen by adapting printer ink technology for use in a pen that wrote smoothly without smudging or needing to be dipped in ink like traditional fountain pens. The ball point pen was an important invention that made writing easier and more portable.
The CD player was invented in 1982, though Thomas Edison is incorrectly credited as the inventor. Sony, CBS, Phillips, and Polygram were companies that owned the CD player format in its early years according to the source cited.
This document provides Boston Scientific Corporation's consolidated financial statements for 1995. It includes a table of contents listing financial statements and notes. It also includes a Management Discussion and Analysis summarizing the company's financial results for 1995, including net sales increasing 27.6% to $1.1 billion, but net income decreasing 91.4% to $8.4 million due to $237.1 million in acquisition-related charges. The discussion analyzes results by product segment and geographic region.
Jacobs provides professional technical services across 11 markets from concept to completion. They have the experience and skills to handle any situation. In 2006, Jacobs reported revenues of $7.4 billion, net earnings of $196.9 million, and a return on equity of 15.21%. They employ over 31,000 staff with a backlog of $9.8 billion in contracts.
The leopard frog lives in the southern United States and has big eyes, growing up to five inches long. Some people claim leopard frog legs taste similar to chicken. The document provided information about the leopard frog's habitat, appearance, and an interesting fact about its taste.
- Global trends are changing supply and demand patterns for agriculture worldwide, creating a new dynamic. Growing wealth and populations in Asia are leading to new demands that favor the US as a low-cost corn producer.
- Increasing protein demand over the next decade is expected, as wealth drives increased meat consumption globally. This disproportionately increases demand for grain, with estimates of pounds of grain needed per pound of beef, pork, or chicken produced.
- Emerging countries like China and Brazil are reaching domestic production limits, driving changes in global export markets and advantages for countries like the US, Argentina, and Brazil based on land availability and geographic proximity.
Monsanto has three key strategies for corn breeding success:
1. Structuring breeding programs to support commercial needs and expanding germplasm diversity globally.
2. Increasing breeding throughput through automation and intense selection to identify elite products.
3. Integrating biotech traits into elite germplasm and using molecular markers to enhance breeding efficiency.
Legal Issues In Cross Border Investments, Joint Ventures, Mergers and Acquisi...PreetSethi
This presentation describes what issues are faced by in-house corporate legal counsels and managers in cross-border investments, Joint ventures, mergers and acquisitions.
This annual report summarizes the company's financial performance in fiscal year 2000. Revenues increased to $3.4 billion, though net earnings decreased to $51 million due to a $23.7 million litigation charge. Total backlog increased to a record $5.4 billion. The company continued its global expansion strategy through acquisitions and new offices. Management attributes its long-term growth success to its relationship-based business model where approximately 70% of work comes from long-term partnerships.
The document provides highlights from Rohm and Haas' 2002 annual report. It discusses Rohm and Haas' positive working relationship with Jacobs that has enabled fast-track projects around the world. It also provides selected financial highlights showing increases in revenues, net earnings, assets, and backlog from 2000 to 2002. The report discusses the company's strategic growth through acquisitions, integration of acquired companies, and debt reduction. Market conditions and outlook are also summarized for various industries.
This 2004 annual report summarizes the company's financial performance and strategic growth. It reports that revenues were $4.59 billion for fiscal year 2004, with net earnings of $128.9 million. Total backlog increased to $7.45 billion. The company expanded into new markets and countries through acquisitions in the infrastructure and oil/gas industries. While some markets like chemicals and pharma were slower than expected, most markets are expected to improve in 2005 and fuel renewed growth.
Henry Schein is the largest distributor of healthcare products and services to office-based healthcare practitioners in North America and Europe. In 2002, Henry Schein achieved record financial results with net sales of $2.8 billion, operating income of $196 million, and net income of $117 million. The company expects continued growth through increasing penetration of existing customers, gaining new customers, and cross-selling between its business groups that serve the dental, medical, veterinary, and technology markets.
This annual report summarizes Dole's financial performance in 2000. It shows that revenue was $4.76 billion, net income was $68 million, and diluted EPS was $1.21. Total assets were $2.845 billion. The report discusses business segment results, with fresh vegetables posting record earnings. It also notes leadership changes, including a new president and COO.
The Timken Company had a strong year in 2002, delivering improved financial results and positioning itself for future growth through a transformation strategy. A key part of the transformation was the acquisition of The Torrington Company, which closed in early 2003, increasing Timken's sales by 50% and expected to increase earnings per share by at least 10%. In 2002, Timken achieved earnings of $53 million excluding restructuring charges, up from $0.01 in 2001, and its share price increased over 20%. Timken continued to invest in innovation, expanding its product lines and technology centers around the world to better serve customers. The acquisition of Torrington and continued focus on innovation, cost reductions and customer service have established a solid foundation
Holly Corporation is an independent petroleum refiner that produces gasoline, diesel fuel, and jet fuel. It owns two refineries - the Navajo Refinery in New Mexico with a capacity of 60,000 barrels per day, and the Montana Refinery near Great Falls, Montana with a capacity of 7,000 barrels per day. These refineries process high sulfur crude oils and serve markets in the southwestern U.S., northern Mexico, and Montana. In fiscal year 2001, Holly Corporation achieved record levels of revenue, earnings, and cash flow due to high industry margins and initiatives to improve efficiency and expand marketing efforts.
The document is the 2002 annual report for The Timken Company. It discusses how the company's ongoing transformation has positioned it for strong future growth and profitability. In 2002, the company delivered improved financial results including net income of $53.3 million, excluding restructuring charges. It also completed a major acquisition of The Torrington Company in early 2003, significantly increasing the company's size and expected to boost earnings per share by at least 10%. The acquisition supports the company's transformation into a global leader in tapered roller bearings, needle roller bearings, and alloy steels.
Dover's annual report outlines its consistent business philosophy of achieving and maintaining market leadership in every market it serves. The report discusses Dover's goals of perceiving customers' needs, providing better products/services than competitors, investing to maintain competitive advantages, and expecting a fair price. It emphasizes focusing on quality, innovation, service, and long-term orientation. Dover enhances leadership through acquisitions that strengthen existing markets or offer new ones. Intrinsic to Dover's success is decentralized management that gives autonomy to company presidents.
United Health Group UnitedHealth Group Financial Reviewfinance3
UnitedHealth Group reported strong financial results in 2003 with revenues increasing 15% to $28.8 billion and earnings from operations growing 34% to $2.9 billion. Net earnings grew 35% to $1.8 billion resulting in diluted EPS of $2.96. The results were driven by revenue growth across all business segments, improved margins on risk-based products, and a shift toward higher-margin fee-based services. Looking ahead, the company expects continued growth from increasing premium rates, expanding into new geographies and services, and pursuing additional acquisitions.
This annual report summarizes Cross Timbers Oil Company's financial and operational performance in 1996. Some key highlights include:
- Record revenues of $161.4 million, up 43% from 1995. Record earnings of $19.8 million and operating cash flow of $68.3 million, both up significantly from 1995.
- Acquisition of over $100 million in producing properties in the Green River Basin in Wyoming and Permian Basin in Texas, expanding the company's reserve base.
- Plans to spend $120 million in capital expenditures in 1997 focused on drilling 173 wells and further developing its core areas.
- Goals to increase proved reserves to 5.4 BOE per share and cash
The document summarizes Gannett's newspaper operations in 2001. In the US, Gannett newspapers focused on connecting with young readers and launched initiatives like the "X Manual" to share ideas across papers. They also enhanced their online offerings. Gannett's UK newspaper division, Newsquest, expanded through acquisitions and advanced technologies like computer-to-plate printing. Both US and UK newspapers prioritized appealing to younger audiences through redesigned content and sections.
The document summarizes Gannett's newspaper operations in 2001. In the US, Gannett newspapers focused on connecting with young readers and launched initiatives like the "X Manual" to share ideas across papers. They also saw spikes in circulation around 9/11 coverage. Internationally, Gannett's Newsquest division in the UK expanded through acquisitions and adopted new digital technologies. Both US and UK newspapers worked to appeal more to younger audiences through redesigns and new content sections.
Arrow Electronics had a record year in 2006 with $13.6 billion in sales, a nearly 22% increase over 2005. Some key highlights included operating income increasing nearly 27% to $622 million and net income per share of $2.92 compared to $2.18 in 2005. The company continued to expand its global electronic components and enterprise computing solutions businesses.
United Health Group [PDF Document] UnitedHealth Group Financial Reviewfinance3
This document provides an overview of UnitedHealth Group's financial performance in 2004. Key points include:
- Revenues increased 29% to $37.2 billion, driven by acquisitions as well as 8% organic revenue growth.
- Net earnings increased 42% to $2.6 billion and operating cash flows grew 38% to $4.1 billion.
- The medical care ratio improved slightly to 80.6% due to premium rate increases slightly outpacing medical cost growth.
- Earnings from operations grew 40% to over $4.1 billion, with all business segments showing growth.
The Pantry, Inc. 2001 Annual Report summarizes the company's strategic moves in fiscal 2001 to strengthen its future. Despite challenges from rising gas prices and economic downturn, the company streamlined processes, enhanced efficiency, and implemented technology initiatives like new reporting and inventory systems. It acquired 45 stores to strengthen its market position but curtailed aggressive expansion. The Pantry focused on cost cuts, improving merchandise sales, and leveraging new fuel pricing systems to balance profits and volume in a volatile gas market. It positioned itself to capitalize on future growth opportunities once market conditions improve.
The Pantry is the second largest independently operated convenience store chain in the US. In fiscal 2001, The Pantry focused on implementing strategic moves to strengthen its future, including streamlining processes, enhancing efficiency, and directing resources to improve operations. Key actions taken were curtailing acquisitions, centralizing administrative functions to reduce costs, and implementing technology solutions to better monitor performance and enhance efficiency at the corporate and store levels. While fiscal 2001 proved challenging due to economic conditions, The Pantry is positioned to benefit from its strategic moves once market conditions improve.
Ecolab's 2005 annual report provides the following information:
1) Ecolab is the leading global provider of cleaning and sanitizing products and services, serving customers in over 160 countries.
2) In 2005, Ecolab reported net sales of $4.5 billion, a 8% increase from 2004, and net income of $319 million, a 13% increase.
3) Ecolab aims to provide comprehensive solutions and service to customers in industries like hospitality, healthcare, food processing, and commercial laundries.
United Health Group Consolidated Financial Statementsfinance3
UnitedHealth Group reported strong financial results in 2001 with record revenues of $23.5 billion, up 11% from 2000. Net earnings reached a record $913 million, up 30% from 2000. All business segments experienced revenue and earnings growth. The consolidated operating margin increased to 6.7% due to productivity gains and a shift to higher-margin fee-based products. Return on shareholders' equity improved to 24.5% from 19.0% in 2000, demonstrating superior performance.
This document is the 2001 annual report of Big Lots, Inc. that includes selected financial data from 1998-2002, such as net sales, costs, expenses, earnings, balance sheet information, and store counts. It also includes a management discussion and analysis section and notes regarding forward-looking statements and risk factors that could affect the company's projections.
This document provides an overview and highlights of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the last 12 months including the Telewest merger and Virgin Mobile acquisition. The fourth quarter saw revenue growth across all segments, strong net additions, and continued ARPU and customer care improvements. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
This document provides an overview of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the past year including the Telewest merger and Virgin Mobile acquisition. The highlights of Q4 2006 include revenue growth across all segments, strong broadband and TV subscriber additions, and increased triple play penetration. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
Virgin Media reported its financial results for the first quarter of 2007. Key highlights include:
1) Strong growth in broadband, TV and mobile contract customers due to compelling offers and marketing campaigns promoting bundled services. However, fixed line customers continued to decline due to increased competition.
2) ARPU was slightly down due to lower fixed line usage, but triple play penetration and Old NTL ARPU increased, pointing to continued ARPU growth.
3) Customer churn improved to 1.6% due to more rigorous credit policies and efficient sales channels, while Sky basics had a minimal impact in Q1.
4) Mobile contract growth remained strong through cable cross-sell, while pre-pay declined season
This document summarizes Virgin Media's performance in the first quarter of 2007. It discusses Virgin Media's progress on key priorities such as brand strength, targeting competitors, cable integration, and cross-sell opportunities. Financial metrics like revenue, customer additions and disconnects, and ARPU are also reviewed. Challenges from increased competition and the impact of Sky's new "Basics" package are addressed.
This document provides a summary of Virgin Media's financial performance in the second quarter of 2007. It discusses declines in revenue due to customer churn related to the loss of Sky basics channels, but notes improving trends in areas like TV and broadband. Key points highlighted include strong growth in video on demand usage, successful bundling of products, expansion of high speed broadband services, and continued strength in the mobile business. The summary also previews upcoming content initiatives and their potential to further drive customer growth and engagement.
This document summarizes Virgin Media's financial performance in the second quarter of 2007. Key points include: losses of Sky basic channels impacted customer churn but TV performance was better than expected; strong mobile contract sales and bundling of products continued; and while ARPU was affected by retention activities, cash flow outlook remains strong. The document provides details on customer additions and disconnects, growth of triple play bundling, and increases in video on demand usage.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It notes significant improvements in customer and revenue growth metrics compared to previous quarters. Revenue was up slightly from the second quarter due to growth in the consumer, business services, content, and mobile segments. Operating cash flow also increased due to lower costs and certain one-time benefits. However, proactive investment in customer growth was also noted as impacting operating cash flow. Net debt remained substantial as of the end of the third quarter.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It discusses improvements in customer and revenue growth metrics compared to previous quarters. Specifically, it notes record quarterly gross additions and reduced churn. It also summarizes growth in the company's broadband, TV, telephony, mobile, and business services segments. The document concludes with discussions of operating cash flow, revenue, and net debt levels.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives. He highlighted opportunities in premium TV, basic pay-TV, free DTV and contract mobile. Berkett also outlined Virgin Media's network advantages in speed and reach, and strategies to increase customer value through volume, ARPU and tenure. Mobile was discussed as an important driver of consumer value through cross-selling. Valuable tax assets were also noted.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives, and building the platform for growth. He highlighted opportunities in premium TV, basic pay-TV, free DTV, broadband, and mobile services. Berkett also covered Virgin Media's network advantages, content assets, tax assets, and the significant potential asset value of the company's network, consumer base, mobile business, and content.
This document provides a summary of Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF increased slightly compared to last quarter. Capex remained high at 13.7% of revenue to support network upgrades including faster broadband speeds. Revenue declined slightly due to seasonal factors in certain business units.
This document summarizes Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF was £324 million for Q1 2008, up slightly from the previous quarter. Cash capex was £125 million for network upgrades and expansion.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the same period last year.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the prior year through lower churn, higher triple-play penetration and a focus on quality customer growth. The company believes its cable network gives it advantages over DSL providers that will increase further after investments are completed.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenues increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network upgrades and expand service offerings.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenue increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network investments.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. Key points include plans to: 1) lead in next generation broadband through upgrades to 10Mbps and beyond; 2) lead the on-demand TV revolution through growing video on demand usage and iPlayer views; and 3) leverage mobile as a third screen through bundling mobile services. Virgin Media also aims to build a more efficient customer focused organization through an operational transformation program targeting over £120m in annual cost savings by 2012.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. It aims to lead in next generation broadband, lead the on-demand TV revolution, and leverage mobile as a third screen. Virgin Media has the best broadband economics due to its high market share and lower costs. It is focusing on upgrading customers to higher broadband tiers, growing on-demand TV and video usage, and integrating mobile offerings. The company expects operational transformation to deliver over £120 million in annual cost savings by 2012.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Introductions of the senior management team who will be presenting.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Biographies and photos of Virgin Media's management team, including the CEO and heads of key business units.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
2. THE AEDC TEAM — OF WHICH JACOBS IS THE TEST, OPERATIONS, AND MAINTENANCE
CONTRACTOR — PROVIDED DEVELOPMENTAL ANALYSIS DATA FOR STATE-OF-THE-ART
AIRCRAFT ENGINES, SATELLITE SYSTEMS, AND AERODYNAMICS VEHICLES. IN PARTICULAR,
RELIABILITY HAS INCREASED WHILE MAINTENANCE HAS DECREASED ON AIR FORCE ENGINES
BECAUSE OF THE COMPONENT IMPROVEMENT PROGRAM BEING RUN AT ARNOLD AFB.
COLONEL DAVID EICHHORN, AEDC Group General Manager
AEDC, Arnold AFB, Tennessee
3. SELECTED HIGHLIGHTS
For Fiscal Years Ended September 30 (Dollars in thousands, except per share information)
2001 2000 1999
Revenues $ 3,956,993 $ 3,418,942 $ 2,875,007
Net earnings 87,760 50,981 65,445
Per share information:
Basic EPS $ 3.30 $ 1.95 $ 2.54
Diluted EPS 3.22 1.93 2.47
Net book value 21.72 18.72 16.95
Closing year-end stock price 62.40 40.3125 32.50
Total assets $ 1,557,040 $ 1,384,376 $ 1,220,186
Stockholders’ equity 591,801 495,543 448,717
Return on average equity 16.14 % 10.80 % 15.96 %
Stockholders of record 1,036 1,115 1,208
Backlog:
Technical professional services $ 2,689,300 $ 2,375,300 $ 1,760,000
Total 5,912,500 5,430,100 4,448,200
Permanent staff 20,630 18,800 15,900
Net earnings for fiscal 2000 includes an after-tax charge of $23.7 million, or $0.89 per diluted share, relating to the settlement of certain litigation.
$ 3,956,993
$ 87,760
$ 5,912,500
$ 74,730
$ 3,418,942
$ 5,430,100
$ 65,445
$ 2,875,007
$ 4,448,200
00 01
99
99 01
00
00 01
99
TOTAL BACKLOG
REVENUES NET EARNINGS
in thousands
in thousands in thousands
Net earnings for fiscal 2000 excludes the effects of the litigation settlement.
1
4. SHAREHOLDERS MESSAGE
2001 was the best year in our history. We reported revenues of $4 billion and net income of $87.8 million
($3.22 per diluted share), both new records. We reported year-end backlog of $5.9 billion, which represents
an increase of $500 million over September 30, 2000.
S T R AT E G I C G R O W T H for 2002. A strong surge in research & development
The consolidation trend in our industry drives the Pharmaceuticals & Biotechnology industry,
continues. In February, we finalized our acquisition with a long list of drugs coming to market. Public
of Stork’s engineering and contracting business, the spending drives Buildings, Infrastructure, and Federal
second phase of a two-part transaction. Along with Programs; these markets remain healthy, particularly
geographic diversity in Northern Europe, these in light of recent events. In both Western Europe
operations bring us a solid international presence in and the U.S., Refining is being fueled by new
the petroleum and chemicals business, with regulations to remove sulfur from gasoline and clean
particular strength in upstream oil & gas. up the environment, and in some cases add capacity.
In May we acquired the GIBB portion of the The Pulp & Paper and Chemicals & Polymers
LawGibb Group, now operating under the JacobsGIBB businesses remain at the bottom of their cycles, and the
name. JacobsGIBB is a leading international engineering events of September 11 haven’t helped. Technology
consultant providing expert advice in the fields of was slow during the latter half 2001, but there is some
transportation, civil and structural engineering, evidence that it may pick up by mid-2002.
water and wastewater, and infrastructure. With
JacobsGIBB’s expertise we diversify our business COMMITMENT TO SAFETY
throughout Europe into the publicly-funded sectors, In addition to delighting our clients, we must
emulating the same successful balanced business mix provide a safe environment for both our clients and
we practice in the U.S. our employees. Already an industry leader, in 2001
These two new resources combine with our we further improved safety in the workplace by 25
existing full-service operations to create one of the percent. We began the fiscal year focusing on a
largest and most diverse engineering groups in Europe. quantum improvement in the reduction of our
In October we established a strong Canadian accident rate, and it is clear we have made some
presence through the acquisition of Calgary-based headway. However, we are nowhere near as good as
McDermott Engineers and Constructors Canada we want or need to be. Our objective is to see that
Ltd. Now operating under Jacobs Canada Inc. and even minor accidents will be virtually unheard of in
Jacobs Catalytic Ltd., this company provides a few years. We intend to set the pace for our industry.
engineering, construction, and maintenance
services to the upstream oil & gas, petroleum “The Jacobs organization has a long history of
refining, and chemicals businesses. outstanding safety performance. We value the
relationship that we have developed with Jacobs.
M A R K E T C L I M AT E We are gratified that we work with companies like
Western economies are either in or nearing Jacobs that share our vision of a workplace with no
recession. Nevertheless, our overall business remains injuries or illnesses. We look forward to a continued
steady and we have a strong prospect list. Specifically, positive working relationship with Jacobs.”
Pharmaceuticals & Biotechnology, Buildings,
IRWIN L. LEVOWITZ
Infrastructure, Federal Programs, and Refining Vice President Polyethylene Americas
were robust in 2001 and look even more promising ExxonMobil Chemicals
2
5. S AT I S F I E D C L I E N T S wisdom is a major contributor to our success. There
We are pleased to report that 80 percent of our were several changes to our Board during the course
business comes from long-term clients, and this of the year. Bill Kerler, who was an Executive Vice
percentage continues to grow. Our goal to delight President at Jacobs for many years and later served on
these clients drives us to deliver superior the Board, has retired. Joe Alibrandi, who was a
performance and continuously improve the quality major contributor to our Board for 13 years, has also
of services we provide. To accomplish this, we retired. We express our deep appreciation to both Bill
meticulously survey all of our key clients to and Joe for their wonderful advice over the years.
determine where we can improve our performance, Bob Davidson and Ben Montoya were elected to
and it has been very effective. By design, we set our Board of Directors at the 2001 Annual Meeting
66 as the score for good performance. In 1994 we held in February. Bob is the Chairman and CEO of
conducted 747 surveys, scoring slightly over 72 Surface Protection Industries, a company he founded
percent on average. In 2001 we conducted more in 1978. In addition, Bob serves as a board member
than 1,000 surveys with an average score of 82 for Morehouse College, Fulcrum Venture Capital
percent, up by 2 percent from last year. We will not Corporation, and Childrens Hospital Los Angeles.
be satisfied until our average survey scores are in Ben Montoya just retired from the Public Service
the 90 percent range, with zero dissatisfied clients. Company of New Mexico, where he had been
President and CEO since 1993. Prior to that Ben had
served as Commander, Naval Facilities Engineering
Command, and Chief of Civil Engineers, U.S. Navy.
O U R PAT H F O R WA R D
Today, the world economy remains unsettled,
with the end to recession uncertain. However, we
have a company with both the technical and
geographic diversity to prosper in this business
climate. Our stated intent to grow the business an
average of 15 percent per year at the bottom line
remains unequivocal. Our prospect list remains
BOARD LEADERSHIP strong and we see plenty of opportunity ahead.
One of the strengths of our company is the With the continued loyal support of our employees,
character of our Board of Directors. Their collective clients, and shareholders, we will achieve our goals.
JOSEPH J. JACOBS, NOEL G. WATSON,
Chairman of the Board President & Chief Executive Officer
3
6. BOARD OF DIRECTORS
N O E L G . W AT S O N DALE R. LAURANCE
Director, President and Director (President, Occidental
Chief Executive Officer Petroleum Corporation)
JOSEPH J. JACOBS PETER H. DAILEY
Chairman of the Board Director (Chairman of Enniskerry Financial;
Former U.S. Ambassador to Ireland)
J . C L AY B U R N L a F O R C E
Director (Dean Emeritus, Anderson
Graduate School of Management,
University of California at Los Angeles)
B E N J A M I N F. M O N T O Y A
Director (Retired. Former Commander,
Naval Facilities Engineering Command)
RICHARD E. BEUMER ROBERT B. GWYN
Vice Chairman of the Board Director (Retired. Former CEO and Chairman
of Agricultural Minerals and Chemicals)
L I N D A F AY N E L E V I N S O N
Director (Partner of GRP Partners; Former Partner, LINDA K. JACOBS
McKinsey and Co.) Director (President, Middle East
Technology Assistance)
J A M E S L . R A I N E Y, J R .
Director (Retired President and CEO DAVID M. PETRONE
of Farmland Industries) Director (Chairman, Housing Capital Company;
Former Vice Chairman of Wells Fargo & Co.)
ROBERT C. DAVIDSON, JR.
Director (Chairman and Chief Executive Officer,
Surface Protection Industries, Inc.)
BOARD OF DIRECTORS
& EXECUTIVE MANAGEMENT
4
7. EXECUTIVE MANAGEMENT
(back row - left to right)
H.G. SCHWARTZ, JR.
Group Vice President, Civil
WARREN M. DEAN
Group Vice President, Facilities
MICHAEL J. HIGGINS
Group Vice President, Civil
(seated - left to right)
R O G E R S F. S T A R R
President, Sverdrup Technology, Inc.
ROBERT M. CLEMENT
Group Vice President, International Operations
(back row - left to right)
ANDREW E. CARLSON
President, Jacobs Construction Services, Inc.
W A LT E R C . B A R B E R
Group Vice President, Asia
P H I L I P J . S TA S S I
Group Vice President, Western Region
(seated - left to right)
JAMES W. THIESING
Group Vice President, Federal Operations
GEORGE A. KUNBERGER
Group Vice President, Northern Region
(back row - left to right)
M I C H A E L P. M I L L E R
Senior Vice President, Information Technology
R O B E R T T. M c W H I N N E Y
Group Vice President, Consulting Operations
A L LY N B . TAY L O R
Group Vice President, Southern Region
(seated)
PETER M. EVANS
Group Vice President, Central Region
(back row - left to right)
LAURENCE R. SADOFF
Senior Vice President, Quality & Safety
W I L L I A M C . M A R K L E Y, I I I
Senior Vice President, General Counsel and Secretary
NAZIM G. THAWERBHOY
Senior Vice President, Controller
STEPHEN K. FRITSCHLE
Group Vice President, Field Services
(seated)
GREGORY J. LANDRY
Group Vice President, Field Services
(back row - left to right)
R I C H A R D J . S L AT E R
Executive Vice President, Operations
THOMAS R. HAMMOND
Executive Vice President, Operations
JOHN McLACHLAN
Group Vice President, International Operations
(seated - left to right)
JOHN W. PROSSER, JR.
Senior Vice President, Finance & Administration
CRAIG L. MARTIN
Executive Vice President, Global Sales
5
8. In this difficult economic and political climate, GEOGRAPHIC GROWTH
In the beginning we worked primarily in the
there is an understandable tendency for companies
U.S., periodically executing major projects abroad.
to reassess and focus inwardly. However, we believe
As we grew, our approach to international work
that by consistently following our business model,
shifted from project-driven to relationship-driven.
we can reach outward to help our clients navigate
Our clients determine our geographic targets, as we
these challenging times. Our approach is firmly
position ourselves to support their growth objectives
grounded in three core values:
through our multi-domestic model. We do this by
• Growth is an imperative;
taking locally focused offices in the regions where our
• We are a relationship-based company; and
clients do business, and ensuring that these offices
• People are our greatest asset.
thrive and serve their local clients well. We also bring
in work from our major global clients, applying
These core values translate into goals designed to
disciplined work practices and large project expertise
serve our clients, as well as our shareholders and
to grow these offices into self-sustaining, full-service
employees. For example, we are committed to increase
operations. By integrating these offices with our
profits by 15 percent per year on average, a goal we
global network, our clients benefit in two ways. First,
have met or exceeded over the years.
they trust in our consistent approach, which reduces
their risk with time-proven, disciplined processes.
History of Consistent Net
Earnings Growth
Second, they enjoy specialized expertise available
87.8
90
80 74.7
from our local personnel, combined with our global
65.4
70
54.4
60
knowledge of industry best practices. A good example
($ Millions)
46.9
50 40.4
of this is our Milan office. Joining us as part of an
40 32.2
28.7 28.9
24.5
30 20.4
acquisition, Milan was a small office serving local
14.4
20 Compounded growth rate
10.2
since 1987 exceeds 25%
6.6
10 3.5
facility clients. Integrating our business model, we
0
'87 '88 '89 '90 '91 '92* '93 '94** '95 '96 '97 '98 '99 '00** '01
successfully executed three major projects for a core
pharmaceutical client from this office. We soon
expanded into new markets, broadened our service
Using our relationship-based approach, we meet our
capabilities, and increased the Milan staff five-fold.
clients’ needs by growing in three distinct ways:
Several of our major pharmaceutical and chemical
• Expanding geographically;
clients now benefit from this local yet familiar presence
• Broadening our service base; and
as they expand their business in southern Europe.
• Branching out into new markets.
A BALANCED APPROACH
TO CONSISTENT GROWTH
6
9. SERVICE GROWTH from different industries, we transfer technology
Dr. Jacobs founded our company by providing and continuously improve both quality and safety
engineering consulting services. Anticipating and performance. Also, we balance our resources across
responding to our clients’ needs, we grew these fluctuating markets, stabilizing our workforce to
relationships by expanding our service base. Today one improve response time to our clients. Finally, we
of the best yardsticks of our success is the percentage position ourselves to help our clients as they grow.
of our clients’ capital and maintenance needs that For example, from our five-decade experience base
we fulfill — with the goal to be the predominant in hydrocarbons, we saw the need to grow into the
provider. Ultimately, this life-cycle continuity upstream oil & gas market to better serve our
decreases our clients’ project risk; drives down sales existing clients. With the acquisition of Stork and
and learning curve costs; and makes us better the Canadian arm of McDermott Engineers, we
business partners with our clients. are even better positioned to support our global
clients like Shell, ChevronTexaco, and ExxonMobil
(among others), whose core business spans both
Broaden Life-Cycle Services
upstream and downstream.
3%
Consulting 13%
24%
Operations &
Construction
Maintenance
ADDING VALUE THROUGH GROWTH
1%
Our approach creates a stable yet ever-growing
Modular
resource base for our clients. We continuously add
value to them by:
59% Project
• Broadening our services to readily meet their needs;
Services
• Expanding our geographic presence to serve them
Our consulting arm, Jacobs Consultancy, reflects worldwide; and
this direction. In addition to providing project • Applying diverse market experience to bring them
services, we help our clients set and meet their best practices.
business objectives as they navigate through the
challenges of consolidation, competition, and Growth also serves our other stakeholders.
globalization. On the other end of the spectrum, For investors, we offer a resilient revenue stream
our 10,000-person field maintenance staff helps that evens out individual market fluctuations,
our clients cost-effectively increase the uptime and reducing risk. Since 1998, we have nearly doubled
reliability of their facilities. our revenues, yet balanced our market portfolio.
For employees, we provide stable employment,
MARKET GROWTH enhanced tools, and greater career opportunities.
Early in our history we targeted just a few In a world of rapid and unpredictable change, we
markets, but soon recognized the value of believe that by staying true to our core values and
diversification. This expansion benefits our clients balanced business approach, we can best serve our
in several ways. By applying best practices gleaned clients, shareholders, and employees.
7
11. 4
PHARMACEUTICALS & BIOTECHNOLOGY
This prosperous market is dramatically shifting from chemically-derived to biotechnology-
derived products. With hundreds of therapeutic proteins poised for clinical trials worldwide,
owners compete for dominance — often overlapping new product development to
compress the normal 5- to 6-year conceptualization-to-manufacturing cycle. Customizing
our innovative project execution strategies, we help clients push project initiation later
into Phase III trials — minimizing risk, lowering costs, and improving speed to market.
We are currently working with Genzyme, a premier biotechnology company, to expand and
upgrade capacity at their existing bulk manufacturing facility in Belgium. We also performed
engineering and construction management for their new secondary manufacturing facility “The focus and efforts put
in Ireland. We serve Pfizer Inc., a leading global pharmaceutical company, at their sites
forth by Jacobs resulted
worldwide, with ongoing work in Asia, the U.K., Ireland, and France. For example,
in a seamless Bayer/Jacobs
we provided engineering and construction management services on a large-scale active
pharmaceutical ingredient (API) manufacturing facility in Singapore — Pfizer’s first in this team that got their arms
location. We currently support nearly one billion dollars in pharmaceutical projects
around the project scope
for Pfizer and other major clients from our Asian regional headquarters in Singapore.
and schedule, keeping the
We provided design and engineering services, procurement assistance, and construction
overall project on track.”
supervision to Cadila Pharmaceuticals Limited for their new Hepatitis-B and multipurpose
drug plants in India. Our successful performance earned us additional work for Cadila.
ACHIM NOACK
In response to continually growing demand for one of their important respiratory
Executive Vice President
medications, GlaxoSmithKline is augmenting their production capabilities in France. To
achieve new production line commissioning in early 2002, we are providing engineering, Bayer Corporation,
procurement, and construction management services for this extremely fast-track project. Pittsburgh, Pennsylvania
We provided engineering, procurement, and construction management for Roche
on their new manufacturing facility in Colorado, which was designed to produce
commercial quantities of an investigational anti-HIV compound. Our in-depth
knowledge of fast-track pharmaceutical manufacturing design helps make this new
class of pharmaceuticals available to meet market needs.
The advent of human genome mapping heralds an even greater surge of new
biotechnology-derived products. We have strategically developed our services
capability to meet the project execution needs of our clients for new biotech and
pharmaceutical manufacturing facilities for the foreseeable future.
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9
12. 1
2
INFRASTRUCTURE
1. City of Cedar Rapids, Eastern Iowa Airport
2. Detroit Metro Wayne County Airport, Michigan
3. ABN AMRO, Second Tagus Crossing, Portugal
4. Richmond – San Raphael Bridge, California
10
13. 4
INFRASTRUCTURE
U.S. infrastructure work continues to boom, as federal funding fuels transportation
improvements nationwide. Our international clients are also investing heavily in
infrastructure upgrades and renovations, particularly in rail, aviation, and water utilities.
We are performing final fieldwork on the $1.3 billion Metro Red Line, Segment 3
North Hollywood Extension in Los Angeles. Our construction management efforts
helped this project come in well under budget and 6 months ahead of schedule.
With a record-breaking daily ridership averaging 120,000 passengers, this metro rail
extension is succeeding well beyond our client’s expectations.
“Thank you for your
We work with the City of Atlanta’s Department of Aviation on a $5.4 billion
dedicated effort on our
Hartsfield Development Program for the Hartsfield Atlanta International Airport.
As the lead firm of a limited liability company, our on-site project team affords our client
project. We could not have
immediate access to a complete range of construction and aviation-related services.
completed this important
We are lead consultant and project manager in a joint venture on the Large Hadron
project on schedule without
Collider project for the European Organization for Nuclear Research (or CERN),
the world’s largest particle physics center. The project involves creating large caverns, you and your incredible
tunnels, shafts, a major equipment assembly building, and other structures for
desire, positive attitude,
innovative new particle acceleration and detection equipment. To meet the lab’s
and your dedication to
scientific objectives for this facility, the infrastructure must adhere to stringent
design criteria for temperature, humidity, and vibration control. the partnership.”
We provided comprehensive design services on a new $600 million Air Traffic
Control Center in Scotland that regulates 650,000 square miles of airspace over THOMAS R. ALSPAUGH
Scotland and the North Atlantic. The design of the landmark 15,000-square-meter Senior Project Manager
facility met stringent safety requirements. Other features include uninterruptible
The City of San Diego, California
power supplies, close temperature and humidity control, and full system redundancy
to ensure safe, secure, round-the-clock air traffic control.
In addition to new projects, ahead we see our clients rehabilitating existing
infrastructure and installing or upgrading security at key facilities. Globally, our
strongest sectors in 2002 will be highways, transit, water conveyance, and
rehabilitation and/or expansion of existing facilities. We also expect to significantly
broaden our security-related work.
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14. 1
2
BUILDINGS
1. Midwestern University, Downers Grove, Illinois
2. Norfolk & Norwich District General Hospital, Norwich, United Kingdom
3. Northwestern High School, Washington, D.C.
4. Lloyd D. George U.S. Courthouse, Las Vegas, Nevada
12
15. 4
BUILDINGS
This market was strong in 2001. In particular, public funding boosted capital
spending to meet the added focus on improved security, as well as rising needs for
schools, courthouses, and institutional facility expansions and renovations. Both in
the U.S. and Europe, our management and technical expertise in facilities delivery
maximized the value of our clients’ capital dollars.
Enhancing U.S. aviation control systems capacity, security, and safety, we completed
work on our nationwide contract for architectural-engineering (A-E) services with
the Federal Aviation Administration (FAA), delivering more than $87 million in
projects since 1992. Our work helped enhance FAA’s ability to safely deal with “Your team was able to help
domestic air traffic. Their confidence in our project effectiveness and advanced
HISD save over $100 million
design technology earned us a new $404 million, five-year plus options contract for
on its original $678 million
A-E and design-build services.
program. That money is
We completed our work on the Delaware Department of Prisons’ $135 million
Delaware Prison Bond Program with a new 880-bed maximum-security prison. now being used to renovate
We helped our client overcome several challenges, such as developing a cost-effective
additional facilities. Ten
concrete material to stabilize the swamp-like site. Overall, we received commendations
schools have been added to
for our diligence in controlling costs to deliver a modern, safe, secure, and durable facility.
the original 69 planned for
We are performing engineering, procurement, and construction management on a
major two-phased expansion and upgrade project for Hopital Foch, one of France’s renovation, modernization,
leading private healthcare facilities. As part of their strategy to meet growing service
and upgrading — another
demands, our design includes a new surgical area, intensive care, radiology unit,
success story. On behalf
outpatient and in-patient care, and other hospital service areas.
of HISD, thank you.”
We are the program manager on Houston Independent School District’s (HISD)
“Rebuild 2002” Bond Program, helping to address a dire need to repair and
renovate their facilities. Our efforts have helped save more than $100 million, RICHARD LINDSAY
allowing HISD to add 15 percent more schools to the program.
Senior Project Executive
We see strong near-term potential in the Buildings market, worldwide. Continued HISD, Houston, Texas
public support for funding of educational facilities, facility security upgrade needs,
healthy relationships with public agencies, and strategic federal infrastructure
investment all point to more opportunities in 2002.
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16. 1
2
REFINING
1. Koch, Pine Bend, Minnesota
2. CONOCO, Lake Charles, Louisiana
3. ExxonMobil Refinery, Torrance, California
4. HOVENSA, Virgin Islands
14
17. 4
REFINING
This market was surprisingly robust in 2001, with spot product shortages and
demands for cleaner fuels. Owners continue to focus on ever-increasing regulatory
compliance projects. We support our clients through many formal and informal
capital and maintenance alliances, customizing our disciplined work processes to
consistently save them time and money.
Through our alliance with Koch, we managed the design, procurement, and
construction of a new hydrogen plant in Minnesota on an aggressive schedule. This
plant will help Koch meet increased demands for clean fuels by increasing their
hydrogen capacity. Tight, above-grade conditions characterized mechanical “The HDS revamp project
construction, which we completed in less than six months with no safety or
was handled very well
environmental incidents. For their Low Sulfur Gasoline Program in Texas, we
through real partnering
worked upfront with Koch to evaluate and select the best technology, and identify
operational and yield improvements. Implementation of the selected technology in between Shell and Jacobs.
lieu of available alternatives will save Koch millions of dollars.
Jacobs kept quality
For BP, we are specifying, purchasing, and designing selective catalytic reduction
requirements high on the
(SCR) units to lower NOx emissions on three fluid catalytic cracking units in Illinois
agenda. Safety performance
and Texas. Our expertise helps BP go beyond EPA NOx emissions requirements and
promote their reputation as a green company. For Nerefco (a joint venture between during the execution was
BP and ChevronTexaco) we apply our long-term knowledge and experience with
good. The most memorable
these clients to provide broad-based services at their refinery in the Netherlands,
thing was the excellent
which has the largest crude oil refining capacity in Europe. Our work involves
various clean fuel projects and unit upgrades.
cooperation between the
As a single source provider for Conoco, we are performing maintenance, turnarounds,
project team from Jacobs
and minor capital construction services at all four U.S. refineries and their research
and the Shell parties
& development center. Consolidating this work gives Conoco significant flexibility
in planning, scheduling, and executing maintenance work, maximizing efficiency to involved. The project was
lower their maintenance costs.
delivered on time and the
Ahead, major refiners will continue to invest heavily in low sulfur gas and diesel
revamped units could start
initiatives through 2006. Reliability and operability also remain high priorities.
up successfully. For me,
Through our strong multi-site relationships, we readily customize our services to
our clients’ needs, worldwide. a job well done.”
TOM DE JONG
3
Refinery Manager
Shell Refining, Conversion,
Treating (RCT) Site,
Pernis-Rotterdam, The Netherlands
15
18. 1
2
TECHNOLOGY
1. Cypress Semiconductor, Bloomington, Minnesota
2. Lawrence Livermore Laboratory, Livermore, California
3. Sun Microsystems, Broomfield, Colorado
4. Microchip, Tempe, Arizona
16
19. 4
TECHNOLOGY
As our technology clients wait for hardware demand to rekindle, they focus on
facility maintenance and small capital improvements. We help our clients refine their
best practices to remain competitive by applying specialized design expertise, project
team integration, and rapid responsiveness. We also extend this knowledge base to
our clients on other diverse technology programs.
For long-term semiconductor clients such as National Semiconductor, Cypress,
Motorola, and some confidential clients, we execute tool installation design, basebuild
expansions, retrofits, and a variety of as-needed small capital projects across the U.S.,
Ireland, and greater Europe. We perform a range of services including program “Recently, our beampath
management, architectural design, tenant improvements, procurement, and run rate
project met our completion
(sustaining) work for Sun Microsystems at their campuses in Oregon, California, and
goals. This achievement is
Colorado. We recently completed their 87,000-square-foot manufacturing facility
in Oregon on an extremely fast-track basis to meet delivery schedule for one of the result of the successful
Sun’s high-end server products. Sun views this as a high quality, highly effective
integration of the forces of
manufacturing facility.
our laboratory and Jacobs.
We continue technical and construction management support on the $230 million
It required intense focus and
Beampath Infrastructure System for the U.S. Department of Energy’s (DOE) new
National Ignition Facility (NIF) at Lawrence Livermore National Laboratory in creative solutions to meet
California. This system — the world’s largest laser and a vital element of the DOE’s
a multitude of challenges.
nuclear weapons Stockpile Stewardship Program — consists of 192 powerful lasers
Most importantly, our safety
designed to create fusion reactions. NIF will support multidisciplinary scientific
research in national security, energy, basic science, and economic development.
record was superior.”
For Markley Stearns Partners’ European telecommunication expansion, we are providing
consulting and construction management services for new projects in France and Italy. EDWARD I. MOSES
On several of the projects, we acted as the local development consultant and project
NIF Project Manager
manager, helping our client navigate through the permitting and construction process.
Lawrence Livermore Laboratory,
Ahead, experts point to a semiconductor upswing in mid-2002. We see chip Livermore, California
products further branching into other industries such as automotive and biotech.
With our flexible staff of technology facility experts and our diverse industry
experience, we are poised as our clients both gear up for renewed product demand
and expand into new market territory.
3
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20. 1
2
C H E M I C A L S & P O LY M E R S
1. ATOFINA, Baton Rouge, Louisiana
2. MCC PTA India Corp. Pvt. Ltd., Kolkata, India
3. OSi Specialties, Modules en Route to Sistersville, West Virginia
4. The Dow Chemical Company, Module Destined for Zhangjiagang City, China
18
21. 4
CHEMICALS & POLYMERS
Overcapacity, reduced demand, and increased feedstock prices dampened market
recovery this year. In response, our clients are streamlining existing operations,
increasing plant efficiency, and improving reliability. We help our clients drive
down costs while increasing reliability and safety by consolidating and managing
multi-site service programs.
We provide engineering and construction for Mitsubishi Chemicals on their latest
polyester film line expansion. With unique technological features, this line gives
Mitsubishi 40 percent more capacity to meet increased market demands. Our
synergistic project team works seamlessly with Mitsubishi to identify cost reduction “You spent our money like
areas and help them reach their budget goals. Mitsubishi’s client satisfaction survey
it was your own, while
scores range between 94 and 96 percent, reflecting their confidence in us.
achieving high productivity
We facilitate Dow Chemical’s global expansion through a new Pan European
from the craft labor. The
engineering, procurement, and construction management services contract. In the
U.S. we employ a modular approach that increases safety and effectively reduces project was completed safely,
project cycle time by 33 percent — resulting in a competitive advantage for Dow’s
under budget, on schedule,
emulsion polymers business. To date we have designed and fabricated 18 modules
with very little time for
sent to their China and Brazil facilities.
preparation. The BP BDO
We also provide maintenance services for eight Huntsman sites and for a
polyurethanes manufacturing plant for Rubicon, a joint venture between Huntsman plant has been well served
and Crompton. We continue all routine and non-routine maintenance work for BP
by Jacobs.”
Carson’s Polypropylene Unit — the only unit of its kind in the western U.S. We also
engineered this unit, which became operational in 1999.
BRUCE C. RIDDEL
For the lenders of BASF-YPC Company Limited, a joint venture of BASF and
BDO TAR Manager
Sinopec, we provide market research, technical consulting, and project oversight for
BP Chemicals Inc.,
a new ethylene and derivatives plant in China. The project is on the leading edge
Lima, Ohio
of private investment in China. Our efforts help BASF and Sinopec maximize
return on their $2.9 billion-plus investment.
Experts don’t expect market recovery until late 2002 or early 2003. In the meantime,
we continue to help our clients maximize plant efficiency during this flat period,
and are positioned worldwide to provide new capacity when the market demands it.
3
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22. 1
2
FEDERAL PROGRAMS
1. U.S. Department of Energy, Oak Ridge, Tennessee
2. Rocky Mountain Arsenal, Commerce City, Colorado
3. U.S. Department of Energy, Weldon Spring, Missouri
4. U.S. Army Engineer District, Alaska TERC, Kodiak, Alaska
20
23. 4
FEDERAL PROGRAMS
Our strong relationships with the Department of Defense and the Department of Energy
continue to yield increasing work in environmental remediation, facilities, infrastructure
development, and security upgrades. As competitive contractors consolidate, our
clients rely even more heavily on our cost discipline, breadth of services, and partnering
arrangements to deliver cost-effective projects to meet their customers’ deadlines.
We are providing blast and progressive collapse assessments for government facilities
across the U.S. Since September 11, our work has increased ten-fold due to the
immediate shift in our nation’s security priorities.
“The Weldon Spring Site
We continue our long-term relationship with the Air Force Center for Environmental
Remedial Action Project
Excellence (AFCEE) as part of their $750 million Environmental Remediation
and Construction program. We support AFCEE’s worldwide service expansion
(WSSRAP) received the
through our global presence; our successful history managing complex programs;
Association of Engineering
and our familiarity with their organization, culture, and project requirements.
AFCEE recognizes our commitment to continuous improvement with steadily Geologists Outstanding
increasing award fee scores — including 100 percent on one contract.
Environmental and
In the third successful year of our Oak Ridge Management and Integration (M&I)
Engineering Geologic Project
joint venture contract, we have helped the Department of Energy complete their most
Award. This is the first time
complex site transition yet, while reducing the life-cycle cost estimate by $1.1 billion.
We achieved this in part by awarding more than 170 subcontracts to best-in-class a DOE project has been
subcontractors, saving more than $450 million.
acknowledged with this type
Under the Total Environmental Restoration Contract (TERC) with the U.S. Army
of award. Jacobs has been
Corps of Engineers, we continue providing a broad range of environmental and
an instrumental partner at
remediation services throughout Alaska — working year-round in remote regions
and arctic climates. Using a non-traditional Coordinated Comprehensive Cleanup
the site and their reasonable
strategy, we help clean multiple contaminated World War II and Cold War era defense
and cooperative behavior,
sites. This military campaign-style approach has saved the government millions of
dollars and many years in restoring Alaska’s vast pristine areas. flexibility, and technical
Near term, we expect federal programs work to increase with current priorities of ability have made them
recovery, renewal, and readiness. We are well positioned to support our clients in
a team player that has
infrastructure security upgrading, weapons testing, site closure, and defense programs.
significantly contributed
to the overall success
of WSSRAP.”
3
PAMELA THOMPSON
Project Manager
U.S. DOE, WSSRAP,
Missouri
21
25. 4
FOOD & CONSUMER PRODUCTS
This industry held steady this year. Mergers and acquisitions prevail as producers
battle for market share, balancing and optimizing their new and existing product
lines. We support our clients with our in-depth food processing design expertise and
a broad discipline mix to better integrate and automate their systems, and increase
their product line speed. Also, through our alliance relationships and global office
presence we apply local capability with industry-proven work processes, serving our
clients wherever they acquire new sites.
We continue our alliance with Coors Brewing Company, providing engineering,
procurement, and construction for their three production facilities in the U.S. This “The Jacobs team played
alliance structure contributes to continuous improvement for Coors. For example, this
a tremendous role in the
past year we’ve surpassed our alliance goal in value creation by more than 37 percent.
execution of a project
We continue to strengthen our full-service global alliance with the Kellogg Company,
critical to the Kellogg Supply
helping optimize their capital program with projects in North America, Europe,
Latin America, and Asia Pacific. Part of our work this past year involved Chain business initiative.
engineering, procurement, and project management services for Kellogg’s operations
The project start-up
in Asia. Our scope included basic design of a new expansion plant, an energy
surpassed the committed
conservation program study, and modifications to existing facilities. We execute all
work following our proven project delivery processes, yielding considerable added production curve, was
value on project cost and schedule for Kellogg.
delivered under budget,
We provided conceptual and basic design of Tropicana’s new fresh juice plant
and was on schedule.”
in Belgium and were recently awarded detailed engineering, procurement, and
construction management. This facility will produce 200,000 liters of juice per day
ROBERT C. MILLER
for distribution throughout Europe. Working closely with Tropicana to meet their
project objectives, our design helps maximize product line flexibility; allows for North America Engineering
quick handling of raw materials; incorporates aseptic packaging; and complies with & Construction Services Manager
all local regulatory requirements for food processing facilities. Kellogg Company,
Ahead, we expect more of the same in this industry. Our clients will continue to Battle Creek, Michigan
consolidate and further optimize their existing facilities. With specialized expertise
and global presence, we provide innovative solutions for automation and line
efficiency to drive their products more quickly to market.
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26. 1
2
DEFENSE & AEROSPACE
1. Arnold Engineering Development Center (AEDC),
Arnold AFB, Tennessee
2. NASA Ames Research Center, Moffett Field, California
3. ESS DAMASK, China Lake, California
4. Australian Defense Force, Australia
24
27. 4
DEFENSE & AEROSPACE
This year, we saw considerable new and renewed work supporting U.S. defense
and aerospace programs, with even greater security emphasis at year’s end. Our
clients benefit from our ability to leverage best business practices such as
government/industry performance partnerships.
We celebrate the 50th anniversary of a key client, the U.S. Air Force’s Arnold
Engineering Development Center (AEDC), which plays a critical role in keeping
our nation at the forefront of air and space technology leadership. We have supported
AEDC since its inception and today provide test operations with a 1,300-plus-person
workforce. We were instrumental in capturing over $27 million in commercial “Your foresight and
workload for AEDC during the past year. This added revenue saved taxpayer dollars
contributions to our mission
by reducing the Department of Defense’s funds required to operate and maintain
have left us with a superb
AEDC’s ground test infrastructure.
capability in the data analysis,
We continue to grow our acquisition and logistics work with defense clients.
We support the Army’s Aberdeen Test Center, performing technical services for video data viewing, and
military automotive, weapon, and warfighter systems testing. For the U.S. Special
automated data processing
Operations Command, we provide comprehensive support to special operations
arenas. The accuracy of the
forces worldwide in the performance of their mission, at any time. Under our
weapons acquisition contracts for the U.S. Air Force and the U.S. Navy, we continue data being produced, and the
to support the rapid rollout of next generation air-to-surface weapon systems, such
way we can now display this
as the Joint Direct Attack Munition (JDAM).
data, is a direct reflection of
For NASA, we drive development of the Generalized Fluid System Simulation
your innovative efforts.”
Program (GFSSP), a tool for analyzing fluid conditions in rocket engines, turbo
pumps, and fuel tanks. Recognizing the program’s significant contribution to U.S.
space programs, NASA named GFSSP “Software of the Year.” GFSSP significantly MAJOR ANDREW B. WHITE, III
reduces propulsion system development time and has saved one NASA department
Commander, Detachment 1,
more than 7 percent of their R&D budget since implementation.
46th Operations Group
Our clients express their confidence in our engineering and technical support Air Force Special Operations
services through client satisfaction survey scores averaging greater than 95 percent.
Ahead, we expect increased federally funded defense and aerospace programs
focusing on U.S. security and homeland defense. We also expect new information
technology opportunities in this market.
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28. 1
2
OIL & GAS
1. El Paso Corp./Southern LNG Marine Dock, Savannah, Georgia
2. ExxonMobil, Oil Field Maintenance, La Barge, Wyoming
3. Aux Sable, Liquid Products Inc., Channahon, Illinois
4. Multinational Petroleum Company, Oil and Gas Platform, South China Sea
26
29. 4
OIL & GAS
Despite variable crude oil and gas prices, our clients have seen record profits this past
year, with some downturn at year’s end. With innovative solutions across the range
of upstream sectors we help our clients reduce costs, improve reliability, and increase
their recoverable reserves.
As a key business partner with Chevron, we are in our fifth year of oilfield
maintenance and small capital construction services at three central California sites.
With safety a mutual top priority, we integrate our on-site safety program with
our client’s Behavior Based Safety Program to achieve “Target Zero” — this year we
had a zero recordable incident rate at our Chevron sites. Our disciplined process “Jacobs has served us well
improvements, emphasizing upfront maintenance planning and scheduling, have
since becoming our partner
contributed to substantial, sustainable cost savings for Chevron.
in 1996. Working together
As a consortium partner for the Nederlandse Aardolie Maatsshappij (NAM) —
we have improved our safety
a Shell/Esso joint venture — we performed front-end engineering design to develop
marginal gas fields in the Dutch North Sea. Project NEPTUNUS encompasses record dramatically to its
3 unmanned, standardized, and highly automated gas production facilities that can
.5 Recordable Incident Rate
serve up to 10 gasfields.
— a remarkable achievement
For El Paso Corporation, we worked on the reactivation of their Liquefied Natural
considering the fact that we
Gas (LNG) regasification terminal in Georgia, to deliver natural gas to the
Southeastern U.S. In collaboration with our Leiden office, we performed overall were implementing a new
project management support, plus detailed design for the terminal’s damaged marine
maintenance management
dock and unloading terminal.
philosophy across our entire
In Canada, we are the engineering, procurement, and construction contractor for
valley operations. Also
Imperial Oil Limited’s Cold Lake Project Phases 11-13 (Mahkeses), a new bitumen
production facility. We used 3D CADD to support the engineering and construction
equally impressive is the
effort for this new plant, which includes the first application of cogeneration
impact on costs. Jacobs has
technology at Cold Lake for Imperial.
lowered our maintenance
Ahead, experts predict increased exploration in North America, particularly with
roughly 300 billion barrels of recoverable oil in Canada’s tar sands. Having recently costs by 30 percent.”
expanded our upstream capabilities into Canada, we provide a complete geographic
and technical service base for our clients in this globally competitive market.
GARY LUQUETTE
Vice President
ChevronTexaco,
Bakersfield, California
3
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30. 1
2
BASIC RESOURCES
1. ASTARIS, Soda Springs, Idaho
2. Cerro Copper Tube Mill Project, Cedar City, Utah
3. Nirma Limited, Bhavnagar, India
4. Minera Florida S.A., Alhue Concentrates Leaching Plant Facilities, Alhue, Chile
28
31. 4
BASIC RESOURCES
Our phosphates and related chemicals clients continued diversifying into specialty
products like purified phosphoric acid to increase revenues. In mining, commodity
prices are low, particularly for copper and precious metals. Negotiating consolidations
and complex government regulations, owners look to our process expertise and
industry best practices to cost-effectively increase plant performance.
We completed the successful startup of ASTARIS LLC’s new grassroots Purified
Phosphoric Acid Facility in Idaho, using off-site assembly of modules to mitigate labor
shortages and improve safety. Outstanding safety performance on this project earned
ASTARIS the Construction Industry Excellence Award from the Construction Users “While working on the
Roundtable, as well as the VPP Star Status — OSHA’s most prestigious safety award.
Pinal Creek Water Treatment
We also continue our long-term relationship with PCS Phosphates on a new Purified
Plant in Arizona, Jacobs
Acid Facility in North Carolina, building more than 70 percent of the plant in our
helped increase our operating
modular facility. Internationally, we work with Spur Ventures of Canada to develop
the $380 million Yichang Mining and Fertilizer complex in China — the most availability to more than
significant new facility of its kind in the world.
99 percent and reduced unit
We successfully completed a two-year construction management effort for Jordan
operating costs by more than
Magnesia Co.’s magnesium oxide plant in Jordan. The project advances the
25 percent while maintaining
Hashemite Kingdom of Jordan’s development of its Dead Sea resources, with which
we have been associated for more than 40 years. The plant — which will produce the highest water quality.”
60,000 metric tons per year of various grades of magnesium oxide — is scheduled
to go into production in 2002.
ROBERT D. TUNIS
For one of the world’s largest gold mining companies, we provided design, Technical Services Superintendent
procurement, and construction support services for a new stacking and conveying
Phelps Dodge Mining Company,
system and expanded solution distribution systems. Handling 2,500 metric tons per
Pinal Creek, Arizona
day, this upgrade is key to extending the mine’s life by 10 years.
Ahead, experts foresee improved metals market activity by early 2002. We expect
the phosphates industry to remain very competitive as our clients expand their
market share and global presence. In both sectors, we will help our clients improve
production efficiency, and support their global expansion.
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32. 1
2
PULP & PAPER
1. Abitibi Paper Mill, Lufkin, Texas
2. International Paper, Pine Bluff, Arkansas
3. Inland Paperboard, Orange, Texas
4. Boise Cascade Corporation, International Falls, Minnesota
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33. 4
PULP & PAPER
The U.S. pulp & paper industry remained sluggish as consolidation consumed many
industry leaders’ focus and capital. The European market offered expanded growth
opportunities, with numerous U.S. clients investing overseas. Many owners
completed their Cluster Rule compliance projects and began addressing new MACT II
environmental regulations on particulate matter. These factors led to increased
work as we help our clients improve efficiency and meet regulatory requirements.
We performed engineering, procurement, and construction services for Abitibi’s
$240 million mill reconfiguration, including a pulp mill upgrade and relocated
newsprint machine, the largest machine constructed in the world this past year. “The Jacobs project team’s
We successfully recruited 4,700 skilled trade employees in a difficult, remote labor
understanding of the scope
market and also received Texas Safety Association’s Award of Merit.
and deliverables has been
We provided engineering services on Cluster Rules projects at several International
extremely beneficial. Their
Paper (IP) sites during the past year. Strengthening our multi-site relationship with
IP, our client-focused, flexible project teams add value, reflected by 100 percent experience with other
client satisfaction survey scores on two of those projects.
international paper projects
For Newark America, we performed engineering and design services on a $100-
is a plus. They have an
million-plus Graphic Board mill in Massachusetts — the first of its kind in the U.S.
excellent attitude with a
To reduce costs and hasten production, Newark chose to refit an existing facility,
which will ultimately produce 90,000 tons of graphic board per year. Our design positive spirit and are quick
integrated the existing infrastructure with new process equipment to provide optimum
to respond to project needs.”
process and material flow. With construction underway, we currently support Newark
with construction assistance, programming services, and start-up assistance.
HARRY LEAVENGOOD
In addition to our U.S. work, we are developing relationships with major European
Director of Engineering
producers as they establish presence in North America. Performing a variety of
International Paper,
small capital projects, our industry expertise and disciplined work processes have
Savannah, Georgia
already saved these clients money.
Ahead, we expect significant, targeted paper machine rebuilds, further European
marketplace penetration, and more MACT II compliance projects. Through
continuing relationships with North American clients and new ones with major
European producers, we are well-positioned to grow our pulp & paper business as
our clients expand around the globe.
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31
34. 1
2
AUTOMOTIVE & INDUSTRIAL
1. Ford, Driver Test Facility, Dearborn, Michigan
2. Delphi, Buffalo, New York
3. Toyota, Paris, France
4. Modine, Racine, Wisconsin
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35. 4
AUTOMOTIVE & INDUSTRIAL
This market was stable in 2001. Automotive manufacturers delayed some capital
projects due to industry downturn, but fully utilized our test facility asset
management services. Thus, our clients can focus on designing and producing
vehicles, while cost-effectively outsourcing design, testing, and operations.
With Ford Motor Company, we recently completed commissioning one of the
world’s largest and quietest full-scale aero-acoustic wind tunnels — the first such
tunnel to test automotive vehicles over a wide range of temperature and humidity
conditions. The tunnel features excellent aerodynamic and environmental
simulation capabilities, enabling Ford and other manufacturers to shave months off “By partnering with Jacobs,
new vehicle development cycles.
Delphi is enhancing the
We also completed Mando Climate Control Corporation’s first full-scale wind
value of our facilities,
tunnel facility. This 50-square-foot nozzle facility includes temperature, humidity,
implementing productivity
solar, and wind speed simulation capability. With these and other capabilities, Mando
can replicate the full range of global environmental parameters, reaching a new level efficiencies, and boosting
of performance data that directly translates to improved product quality.
our bottom line with
Our asset management partnership with Delphi brings an integrated approach to the
revenue from the brokering
management, operation, and maintenance of test facilities, equipment, personnel,
of test facilities.”
and processes in support of Delphi’s business objectives. Through this partnership,
Delphi rapidly accesses our full-spectrum engineering functions to support their
ongoing operations. We also broker excess test time to external customers, including JOHN BENOIT
Delphi’s suppliers. This brokering generates additional revenue we share with Delphi, Manager, Engineering Test,
and gives Delphi’s suppliers access to increased test capability, resulting in cost
Model Shop, and Quality Systems
savings passed on to Delphi and ultimately their consumers.
Delphi,
In other sectors, we continue our 6-year relationship with FuelCell Energy, Inc., leveraging Buffalo, New York
our expertise in modular construction to optimize their Direct FuelCell® power plant unit
packaging. Projects include a prototype Ship Service Fuel Cell power plant for the
U.S. Navy and a commercial application sub-megawatt Direct FuelCell® power plant.
Ahead, the industry outlook is solid. As our automotive clients focus on core
business, we are poised to provide value-added approaches to test facility operations.
Strengthening our client relationships through these services-intensive projects creates
a direct path for more capital projects when the automotive industry rebounds.
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33
36. FINANCIAL PERSPECTIVE
“We view Jacobs as one of the best managed companies in the E&C industry and we believe
the company's relationship-based, low-risk approach to the business has been a key to its success.”
R I C H A R D F. R O S S I , ING Barings LLC
(January 4, 2001)
“Jacobs' earnings historically have grown faster, with less volatility, than the rest
of the engineering & construction group and compared to the Standard & Poor 500.”
F R I T Z V O N C A R P, C F A , Merrill Lynch
(February 28, 2001)
“Over the past decade, Jacobs successfully delivered both high levels of growth and consistency.
We attribute this success to their relationship-focused strategy,
focus on lower risk opportunities, and conservative cost structure.”
J O H N B . R O G E R S , C F A , D.A. Davidson & Co.
(June 18, 2001)
“Jacobs, driven by its relationship-based approach to the business, its growing diversification,
and its proven record of making and assimilating strategic acquisitions can continue to produce stable,
superior earnings growth of 15% per year with substantial cash throwoff. It is, far and away,
the best of the larger E&C companies — and an excellent company in absolute terms.”
J O H N E . M C G I N T Y, C F A , Credit Suisse First Boston Corporation
(July 20, 2001)
F O R WA R D - L O O K I N G S TAT E M E N T S A N D O T H E R S A F E H A R B O R A P P L I C AT I O N S
Statements included in this 2001 Summary Annual Report that are not based on historical facts are “forward-looking statements,” as that term is
discussed in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current estimates, expectations and
projections about the issues discussed, the industries in which the Company operates and the services it provides. By their nature, such forward-looking
statements involve risks and uncertainties. The Company cautions the reader that a variety of factors could cause business conditions and results to
differ materially from what is contained in its forward-looking statements. These factors include, but are not necessarily limited to, the following:
increase in competition by foreign and domestic competitors; availability of qualified engineers and other professional staff needed to execute contracts;
the timing of new awards and the funding of such awards; the ability of the Company to meet performance or schedule guarantees; cost overruns on
fixed, maximum or unit priced contracts; the outcome of pending and future litigation and governmental proceedings; the cyclical nature of the
individual markets in which the Company's customers operate; the successful closing and/or subsequent integration of any merger or acquisition
transaction; and the amount of any contingent consideration the Company may be required to pay in the future in connection with the Sverdrup merger
(including the availability of financing that may be required). The preceding list is not all-inclusive, and the Company undertakes no obligation to
update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this 2001 Summary
Annual Report should also read the Company's most recent Annual Report on Form 10-K (including the Management's Discussion and Analysis
contained therein) for a further description of the Company's business, legal proceedings and other information that describes factors that could cause
actual results to differ from such forward-looking statements.
34
37. Consolidated Summary Financial Statements
MANAGEMENT’S RESPONSIBILITIES FOR FINANCIAL REPORTING
The consolidated summary financial statements and other financial information included in this summary annual
report were derived from the Company’s audited, consolidated financial statements. The Company’s 2001 audited,
consolidated financial statements, together with the notes thereto, appear as Exhibit C to the Company’s Proxy
Statement for its 2002 Annual Meeting of Shareholders. Management is responsible for the preparation of the Company’s
consolidated financial statements as well as the financial information appearing in this summary annual report.
The Company's consolidated financial statements have been audited by Ernst & Young LLP, independent auditors.
The independent auditors report on the Company’s 2001 consolidated financial statements is also contained in
Exhibit C to the Proxy Statement.
R E P O R T O F E R N S T & Y O U N G L L P, I N D E P E N D E N T A U D I T O R S
The Board of Directors and Shareholders
Jacobs Engineering Group Inc.
We have audited, in accordance with auditing standards generally accepted in the United States, the consolidated
balance sheets of Jacobs Engineering Group Inc. and subsidiaries as of September 30, 2001 and 2000, and the related
consolidated statements of earnings, comprehensive income, changes in stockholders' equity, and cash flows for
each of the three years in the period ended September 30, 2001 (not presented separately herein) and in our report
dated October 31, 2001, we expressed an unqualified opinion on those consolidated financial statements. In our
opinion, the information set forth in the accompanying condensed consolidated financial statements is fairly stated
in all material respects in relation to the consolidated financial statements from which it has been derived.
Los Angeles, California
October 31, 2001
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