1) Mohawk Industries is a leading global flooring manufacturer with over 120 years in business. It produces carpet, ceramic tile, wood, stone, laminate, vinyl and other flooring products.
2) In 2004, Mohawk achieved record financial results with $5.9 billion in sales and $369 million in net earnings, increases of 18% and 19% respectively over the previous year.
3) Mohawk has a diverse customer base and end-use markets. It aims to cover all flooring needs through its broad portfolio of products, brands, manufacturing and distribution capabilities.
This document is Chiquita Brands International's 2005 Annual Report. Some key highlights include:
- Net sales grew 27% to a record $3.9 billion in 2005. Operating income increased 66% to $188 million and net income grew 138% to $131 million.
- The company continued strengthening its management team and board. It also acquired Fresh Express, the US market leader in value-added salads.
- In Europe, Chiquita reinforced its brand leadership in the face of a controversial new EU banana import regime. In North America, it achieved its first meaningful increase in banana pricing in over 15 years.
- Fresh Express accelerated its market leadership in retail value-added salads to a
Foot Locker, Inc. reported strong financial results for 2003, with total sales increasing 6.0% to $4.779 billion and operating profit margin expanding to 7.2% from 6.0%. The company saw significant growth from its international operations, particularly in Europe, and its direct-to-customer business. For 2004, Foot Locker plans to open approximately 110 new stores while remodeling over 200 existing stores, focusing on continued expansion in international markets like Europe as well as growing its e-commerce business. The company ended 2003 in a strong financial position with $112 million in cash, positioning it to take advantage of future investment and expansion opportunities.
The "fine" champagne market increasing the fizzLiv-ex Ltd
Jack Hibberd, Head of Data and Marketing at Liv-ex, explores Champagne's place in the fine wine market and ways in which the region can take advantage of new opportunities.
The document discusses housing market trends in Southwest California based on January 2011 real estate data. It notes that January sales were lower than the previous year in most cities in the region. Median home prices remained relatively stable compared to previous years. Foreclosure activity and housing inventory levels increased. The unemployment rate declined nationally but many people stopped looking for work and were removed from the unemployment rolls. The outlook for the housing market recovery remains uncertain given high unemployment levels.
Mohawk Industries is a leading global flooring manufacturer that produces carpet, rugs, ceramic tile, wood, stone, laminate, and other flooring products. In 2006, Mohawk saw sales growth of 19% to $7.9 billion despite challenges in the housing market, due to its recent acquisition of Unilin and price increases. Earnings per share grew 17% compared to 2005. Mohawk invested $166 million in capital expenditures to increase production capacity and enhance customer service. Going forward, Mohawk aims to continue expanding its product categories, customer markets, and global presence through strategic investments and organizational changes.
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.
This document is Ameren's consolidated statement of income, balance sheet, and cash flows for the years ended December 31, 2003, 2002, and 2001.
In 2003, Ameren reported total operating revenues of $4.6 billion and net income of $524 million. Total assets were $14.2 billion as of December 31, 2003, with long-term debt of $4.1 billion and total stockholders' equity of $4.4 billion.
Cash provided by operating activities was $1 billion in 2003. Cash used in investing activities included $682 million for construction expenditures and $479 million for acquisitions. Financing activities included $410 million in dividends paid and $815 million in
Mohawk Industries is the second largest carpet manufacturer in the US. In 1999, Mohawk saw increases in net sales (12% to $3.1 billion), net earnings (23% to $157.2 million), and earnings per share (23% to $2.61 per share). Mohawk achieved strong growth through a combination of internal expansion and acquisitions, gaining market share despite only a 3% industry growth. While Mohawk's financial performance was strong, its stock price did not reflect this, leading the board to approve a share repurchase program to demonstrate confidence in the company's future.
This document is Chiquita Brands International's 2005 Annual Report. Some key highlights include:
- Net sales grew 27% to a record $3.9 billion in 2005. Operating income increased 66% to $188 million and net income grew 138% to $131 million.
- The company continued strengthening its management team and board. It also acquired Fresh Express, the US market leader in value-added salads.
- In Europe, Chiquita reinforced its brand leadership in the face of a controversial new EU banana import regime. In North America, it achieved its first meaningful increase in banana pricing in over 15 years.
- Fresh Express accelerated its market leadership in retail value-added salads to a
Foot Locker, Inc. reported strong financial results for 2003, with total sales increasing 6.0% to $4.779 billion and operating profit margin expanding to 7.2% from 6.0%. The company saw significant growth from its international operations, particularly in Europe, and its direct-to-customer business. For 2004, Foot Locker plans to open approximately 110 new stores while remodeling over 200 existing stores, focusing on continued expansion in international markets like Europe as well as growing its e-commerce business. The company ended 2003 in a strong financial position with $112 million in cash, positioning it to take advantage of future investment and expansion opportunities.
The "fine" champagne market increasing the fizzLiv-ex Ltd
Jack Hibberd, Head of Data and Marketing at Liv-ex, explores Champagne's place in the fine wine market and ways in which the region can take advantage of new opportunities.
The document discusses housing market trends in Southwest California based on January 2011 real estate data. It notes that January sales were lower than the previous year in most cities in the region. Median home prices remained relatively stable compared to previous years. Foreclosure activity and housing inventory levels increased. The unemployment rate declined nationally but many people stopped looking for work and were removed from the unemployment rolls. The outlook for the housing market recovery remains uncertain given high unemployment levels.
Mohawk Industries is a leading global flooring manufacturer that produces carpet, rugs, ceramic tile, wood, stone, laminate, and other flooring products. In 2006, Mohawk saw sales growth of 19% to $7.9 billion despite challenges in the housing market, due to its recent acquisition of Unilin and price increases. Earnings per share grew 17% compared to 2005. Mohawk invested $166 million in capital expenditures to increase production capacity and enhance customer service. Going forward, Mohawk aims to continue expanding its product categories, customer markets, and global presence through strategic investments and organizational changes.
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.
This document is Ameren's consolidated statement of income, balance sheet, and cash flows for the years ended December 31, 2003, 2002, and 2001.
In 2003, Ameren reported total operating revenues of $4.6 billion and net income of $524 million. Total assets were $14.2 billion as of December 31, 2003, with long-term debt of $4.1 billion and total stockholders' equity of $4.4 billion.
Cash provided by operating activities was $1 billion in 2003. Cash used in investing activities included $682 million for construction expenditures and $479 million for acquisitions. Financing activities included $410 million in dividends paid and $815 million in
Mohawk Industries is the second largest carpet manufacturer in the US. In 1999, Mohawk saw increases in net sales (12% to $3.1 billion), net earnings (23% to $157.2 million), and earnings per share (23% to $2.61 per share). Mohawk achieved strong growth through a combination of internal expansion and acquisitions, gaining market share despite only a 3% industry growth. While Mohawk's financial performance was strong, its stock price did not reflect this, leading the board to approve a share repurchase program to demonstrate confidence in the company's future.
Dover Corporation reported strong financial results for the second quarter of 2007, with record revenue, earnings, and bookings. Revenue increased 12% year-over-year to $1.9 billion, driven by both organic growth and acquisitions. Earnings per share grew 10% to $0.85 per share. Several industrial segments performed well including oil and gas equipment, mobile equipment, and process equipment. The company continued to generate strong free cash flow. Overall, Dover exceeded targets for most key financial metrics in the second quarter.
This document is Ameren Corporation's 2006 annual report. It highlights that in 2006 Ameren was committed to generating, delivering, and distributing electricity and natural gas safely and reliably while protecting the environment. It also discusses how Ameren worked to reduce plant emissions to meet new clean air regulations, responded effectively to severe storms to restore power to customers, and helped customers adapt to changing energy markets in Illinois. The financial highlights section at the end summarizes Ameren's 2006 financial results including operating revenues, expenses, income, earnings per share, dividends, stock information, assets, liabilities, and capitalization ratios.
community health systems annual reports 2003finance30
Community Health Systems is a leading operator of 72 general acute care hospitals across 22 states. It is headquartered in Brentwood, Tennessee and trades on the New York Stock Exchange under the symbol CYH. In 2003, the company reported net operating revenues of $2.8 billion, net income of $131 million, and earnings per share of $1.30 diluted. The document provides an overview of Community Health Systems including its hospital locations, key financial data, and operating performance over time.
1) Ameren reported 2007 earnings per share of $2.98 but expects 2008 EPS to be between $2.68-$3.08 due to various factors including weather, fuel prices, plant maintenance costs and regulatory proceedings.
2) Ameren aims for 4-6% annual EPS growth through 2010 and beyond, targeting over $4 EPS by 2011 and strong long-term shareholder returns.
3) Ameren provided its 2008 EPS guidance breakdown by segment and an overview of its regulatory proceedings calendar.
During the fourth quarter of 2008:
- The company repurchased 10 million shares at an average price of $46.15 per share, completing its $500 million share repurchase program.
- It acquired one company for $3.9 million to boost its Fluid Management segment.
- It sold a line of business for a $7.5 million gain in its Electronic Technologies segment.
- It incurred tax expenses of $28 million related to prior tax matters and discontinued operations.
This document provides selected financial data for Mohawk Industries for the years 2003-2002. It includes statements of earnings, balance sheets, and cash flows. It also discusses critical accounting policies including inventory valuation, accounts receivable, revenue recognition, goodwill and intangible asset impairments, and deferred taxes. The company acquired Dal-Tile in 2002 and Lees Carpet in 2003 to expand into ceramic tile and commercial carpet markets.
This document provides selected financial data for Mohawk Industries for the years 2002-1997. It includes income statement data such as net sales, costs, expenses, earnings, and earnings per share. It also includes balance sheet data such as working capital, assets, liabilities, and stockholders' equity. Key notes provide additional details on items in the financial statements such as restructuring costs, asset write-downs, legal settlements, and stock splits. The document also identifies two operating segments for Mohawk Industries following its acquisition of Dal-Tile in 2002 - the Mohawk segment and the Dal-Tile segment.
The document is Dover Corporation's 2007 Annual Report. It provides an overview of Dover as a diversified global manufacturer serving industrial and commercial markets. It discusses Dover's realignment into four business segments: Industrial Products, Engineered Systems, Fluid Management, and Electronic Technologies. The realignment enhances sharing of best practices, identifies synergy opportunities, provides direction for acquisitions, and creates leadership opportunities while providing clarity to shareholders.
This document provides a summary of Ameren's Q1 2007 earnings and earnings guidance for 2007. Some key points:
- Q1 2007 GAAP earnings per share were $0.59, excluding costs related to severe January 2007 storms. Non-GAAP earnings were $0.63 per share.
- Factors that impacted Q1 2007 earnings both positively and negatively compared to Q1 2006 are listed, such as higher electric and gas margins but also higher fuel prices and labor costs.
- 2007 earnings guidance on a non-GAAP basis is provided as $3.15-$3.60 per share, excluding costs from January 2007 storms and potential future charges. A reconciliation of the factors expected to
This document provides an agenda and background information for an investor presentation by Mohawk Industries. The presentation will be held in Charlotte, NC and include management presentations in the morning and tours of two Mohawk manufacturing facilities in the afternoon. Mohawk is a leading flooring manufacturer with market positions across major categories. It aims to deliver consistent financial performance through disciplined management and a vertically integrated business model.
The document is a transcript of Dover Corporation's third quarter 2008 earnings conference call. The key points are:
1) Dover reported solid third quarter results with EPS of $1.01, up 13% year-over-year, and revenues of $2 billion, up 5%.
2) Segment performance was mixed, with strong growth at Fluid Management but declines at Industrial Products and Engineered Systems.
3) Dover generated $306 million in free cash flow for the quarter, up from the prior year, and remains focused on acquisitions and returning capital to shareholders.
This document provides an overview and summary of Ameren Corporation's financial condition and results of operations. Some key points:
- Ameren is a public utility holding company with rate-regulated electric, gas, and non-rate regulated generation subsidiaries operating in Missouri and Illinois.
- In 2003, Ameren acquired CILCORP, adding over 200,000 electric and gas customers. Ameren also plans to acquire Illinois Power, adding over 1 million more customers, pending regulatory approval.
- Ameren's 2003 net income was positively impacted by the CILCORP acquisition, higher power prices on interchange sales, and cost reductions. This was partially offset by cooler weather reducing sales and an electric rate reduction in
Dover Corporation reported a 16% increase in EPS to $0.88 for Q3 2007 compared to $0.76 for Q3 2006. Revenue increased 15% to $1.84 billion. For the first nine months of 2007, EPS increased 11% to $2.36 while revenue increased 15% to $5.37 billion. The company achieved organic growth of 3.3% and acquisition growth of 9.6% in Q3. Looking ahead, Dover expects continued solid business in Q4 but with moderating growth and restructuring charges of $0.02-0.03 per share.
This document provides an annual report from Pilgrim's Pride Corporation for the year 2003. It summarizes the company's financial performance for the fiscal year, noting record sales of $2.6 billion and net income of $56 million. It highlights the acquisition of ConAgra Foods' chicken division, which doubled Pilgrim's Pride in size. The report expresses confidence that the acquisition will create significant growth opportunities by expanding Pilgrim's Pride's product offerings, distribution capabilities, and earnings potential. It outlines the company's strategic priorities going forward and optimism about realizing the full potential of the new, larger organization.
The document discusses Mohawk Industries, a flooring company. It highlights their strategic goal to become a total flooring company through acquisitions that have expanded their product portfolio. Their two largest acquisitions, Dal-Tile in 2002 and Unilin in 2005, catapulted them to become the leaders in the ceramic tile and laminate flooring categories, respectively. These acquisitions positioned Mohawk to capitalize on growing demand for hard surface flooring options.
The document discusses Mohawk Industries, a flooring company. It highlights their acquisitions of Dal-Tile, the largest ceramic tile company, and Unilin, a leading European laminate flooring producer. These acquisitions have transformed Mohawk into the leading provider in ceramic tile and laminate flooring in North America. The acquisitions also support Mohawk's strategy to expand into new product categories and become a total flooring solutions company.
Masco Corporation's 2001 annual report summarizes the company's financial results and business operations for the year. Key points include:
- Net sales reached a record $8.3 billion, up 15% from 2000, though net income declined to $199 million due to a $344 million non-cash investment write-down. Excluding special items, net income declined 21% to $543 million.
- The company achieved record operating profit exceeding $1 billion despite economic challenges. Capital expenditures totaled $274 million.
- Sales growth was driven by acquisitions expanding the cabinets/related products and installation/services segments, though plumbing product sales declined 5%.
- Most of Masco's
- The annual report summarizes AutoZone's fiscal year 2002 performance, which saw record sales of $5.3 billion, earnings per share of $4.00, and a 52% return for shareholders.
- The three divisions - U.S. Retail, AZ Commercial, and Mexico - all contributed to growth. U.S. Retail had same-store sales growth of 8% and now operates 3,068 stores across 44 states.
- AZ Commercial grew 20% to $532 million in sales by expanding commercial product offerings and dedicated sales force for commercial customers.
- AutoZone aims to continue delivering strong profitable growth and pursuing opportunities in the large market for automotive maintenance and repairs.
Holly Corporation is an independent petroleum refiner and marketer that operates refineries in New Mexico and Utah. In 2005, Holly delivered record earnings of $167.7 million, significantly higher than its 2004 earnings of $83.9 million, due to favorable refining margins. Key accomplishments for Holly in 2005 included repurchasing $100 million of its own stock, completing a $17 million project to upgrade production at its New Mexico refinery, and selling its intermediate pipelines to Holly Energy Partners. Looking ahead, Holly plans further expansion projects at its refineries and is considering new growth opportunities.
This document appears to be an annual report from AutoZone summarizing its 2006 fiscal year performance. Some key points:
- AutoZone increased sales to nearly $6 billion and earnings per share to $7.50, both 4% increases over the previous year. It also invested over $260 million back into the business.
- Two hurricanes severely impacted Gulf Coast stores at the beginning of the year, destroying 13 locations and impacting over 160 AutoZone employees.
- Key initiatives for the year focused on improving the customer shopping experience, reducing non-automotive items, optimizing store layouts, expanding product offerings, and renewing emphasis on training and culture.
- AutoZone saw increases in
Arrow Electronics reported on its 2002 annual results. Key points include:
- Sales declined 22% from 2001 to $7.4 billion due to a prolonged industry downturn.
- Operating income was $167.5 million, down from $152.7 million in 2001.
- Net income was $12.1 million compared to a net loss of $75.6 million in 2001.
- The company strengthened its balance sheet, ending 2002 with over $690 million in cash to fund future growth.
Mohawk Industries is a leading global flooring manufacturer that produces carpet, rugs, ceramic tile, stone, wood, laminate, and vinyl flooring. In 2003, Mohawk saw continued growth with net sales of $5 billion, net earnings of $310 million, and diluted earnings per share of $4.62. Key acquisitions like Dal-Tile and Lees Carpet enhanced Mohawk's product offerings and market share in tile and commercial carpet, respectively. While facing challenges like higher raw material costs and economic weakness, Mohawk was able to offset costs with price increases and efficiencies, and expand its business and customer base. The company's consistent long-term strategy has led to steady growth over the
Dover Corporation reported strong financial results for the second quarter of 2007, with record revenue, earnings, and bookings. Revenue increased 12% year-over-year to $1.9 billion, driven by both organic growth and acquisitions. Earnings per share grew 10% to $0.85 per share. Several industrial segments performed well including oil and gas equipment, mobile equipment, and process equipment. The company continued to generate strong free cash flow. Overall, Dover exceeded targets for most key financial metrics in the second quarter.
This document is Ameren Corporation's 2006 annual report. It highlights that in 2006 Ameren was committed to generating, delivering, and distributing electricity and natural gas safely and reliably while protecting the environment. It also discusses how Ameren worked to reduce plant emissions to meet new clean air regulations, responded effectively to severe storms to restore power to customers, and helped customers adapt to changing energy markets in Illinois. The financial highlights section at the end summarizes Ameren's 2006 financial results including operating revenues, expenses, income, earnings per share, dividends, stock information, assets, liabilities, and capitalization ratios.
community health systems annual reports 2003finance30
Community Health Systems is a leading operator of 72 general acute care hospitals across 22 states. It is headquartered in Brentwood, Tennessee and trades on the New York Stock Exchange under the symbol CYH. In 2003, the company reported net operating revenues of $2.8 billion, net income of $131 million, and earnings per share of $1.30 diluted. The document provides an overview of Community Health Systems including its hospital locations, key financial data, and operating performance over time.
1) Ameren reported 2007 earnings per share of $2.98 but expects 2008 EPS to be between $2.68-$3.08 due to various factors including weather, fuel prices, plant maintenance costs and regulatory proceedings.
2) Ameren aims for 4-6% annual EPS growth through 2010 and beyond, targeting over $4 EPS by 2011 and strong long-term shareholder returns.
3) Ameren provided its 2008 EPS guidance breakdown by segment and an overview of its regulatory proceedings calendar.
During the fourth quarter of 2008:
- The company repurchased 10 million shares at an average price of $46.15 per share, completing its $500 million share repurchase program.
- It acquired one company for $3.9 million to boost its Fluid Management segment.
- It sold a line of business for a $7.5 million gain in its Electronic Technologies segment.
- It incurred tax expenses of $28 million related to prior tax matters and discontinued operations.
This document provides selected financial data for Mohawk Industries for the years 2003-2002. It includes statements of earnings, balance sheets, and cash flows. It also discusses critical accounting policies including inventory valuation, accounts receivable, revenue recognition, goodwill and intangible asset impairments, and deferred taxes. The company acquired Dal-Tile in 2002 and Lees Carpet in 2003 to expand into ceramic tile and commercial carpet markets.
This document provides selected financial data for Mohawk Industries for the years 2002-1997. It includes income statement data such as net sales, costs, expenses, earnings, and earnings per share. It also includes balance sheet data such as working capital, assets, liabilities, and stockholders' equity. Key notes provide additional details on items in the financial statements such as restructuring costs, asset write-downs, legal settlements, and stock splits. The document also identifies two operating segments for Mohawk Industries following its acquisition of Dal-Tile in 2002 - the Mohawk segment and the Dal-Tile segment.
The document is Dover Corporation's 2007 Annual Report. It provides an overview of Dover as a diversified global manufacturer serving industrial and commercial markets. It discusses Dover's realignment into four business segments: Industrial Products, Engineered Systems, Fluid Management, and Electronic Technologies. The realignment enhances sharing of best practices, identifies synergy opportunities, provides direction for acquisitions, and creates leadership opportunities while providing clarity to shareholders.
This document provides a summary of Ameren's Q1 2007 earnings and earnings guidance for 2007. Some key points:
- Q1 2007 GAAP earnings per share were $0.59, excluding costs related to severe January 2007 storms. Non-GAAP earnings were $0.63 per share.
- Factors that impacted Q1 2007 earnings both positively and negatively compared to Q1 2006 are listed, such as higher electric and gas margins but also higher fuel prices and labor costs.
- 2007 earnings guidance on a non-GAAP basis is provided as $3.15-$3.60 per share, excluding costs from January 2007 storms and potential future charges. A reconciliation of the factors expected to
This document provides an agenda and background information for an investor presentation by Mohawk Industries. The presentation will be held in Charlotte, NC and include management presentations in the morning and tours of two Mohawk manufacturing facilities in the afternoon. Mohawk is a leading flooring manufacturer with market positions across major categories. It aims to deliver consistent financial performance through disciplined management and a vertically integrated business model.
The document is a transcript of Dover Corporation's third quarter 2008 earnings conference call. The key points are:
1) Dover reported solid third quarter results with EPS of $1.01, up 13% year-over-year, and revenues of $2 billion, up 5%.
2) Segment performance was mixed, with strong growth at Fluid Management but declines at Industrial Products and Engineered Systems.
3) Dover generated $306 million in free cash flow for the quarter, up from the prior year, and remains focused on acquisitions and returning capital to shareholders.
This document provides an overview and summary of Ameren Corporation's financial condition and results of operations. Some key points:
- Ameren is a public utility holding company with rate-regulated electric, gas, and non-rate regulated generation subsidiaries operating in Missouri and Illinois.
- In 2003, Ameren acquired CILCORP, adding over 200,000 electric and gas customers. Ameren also plans to acquire Illinois Power, adding over 1 million more customers, pending regulatory approval.
- Ameren's 2003 net income was positively impacted by the CILCORP acquisition, higher power prices on interchange sales, and cost reductions. This was partially offset by cooler weather reducing sales and an electric rate reduction in
Dover Corporation reported a 16% increase in EPS to $0.88 for Q3 2007 compared to $0.76 for Q3 2006. Revenue increased 15% to $1.84 billion. For the first nine months of 2007, EPS increased 11% to $2.36 while revenue increased 15% to $5.37 billion. The company achieved organic growth of 3.3% and acquisition growth of 9.6% in Q3. Looking ahead, Dover expects continued solid business in Q4 but with moderating growth and restructuring charges of $0.02-0.03 per share.
This document provides an annual report from Pilgrim's Pride Corporation for the year 2003. It summarizes the company's financial performance for the fiscal year, noting record sales of $2.6 billion and net income of $56 million. It highlights the acquisition of ConAgra Foods' chicken division, which doubled Pilgrim's Pride in size. The report expresses confidence that the acquisition will create significant growth opportunities by expanding Pilgrim's Pride's product offerings, distribution capabilities, and earnings potential. It outlines the company's strategic priorities going forward and optimism about realizing the full potential of the new, larger organization.
The document discusses Mohawk Industries, a flooring company. It highlights their strategic goal to become a total flooring company through acquisitions that have expanded their product portfolio. Their two largest acquisitions, Dal-Tile in 2002 and Unilin in 2005, catapulted them to become the leaders in the ceramic tile and laminate flooring categories, respectively. These acquisitions positioned Mohawk to capitalize on growing demand for hard surface flooring options.
The document discusses Mohawk Industries, a flooring company. It highlights their acquisitions of Dal-Tile, the largest ceramic tile company, and Unilin, a leading European laminate flooring producer. These acquisitions have transformed Mohawk into the leading provider in ceramic tile and laminate flooring in North America. The acquisitions also support Mohawk's strategy to expand into new product categories and become a total flooring solutions company.
Masco Corporation's 2001 annual report summarizes the company's financial results and business operations for the year. Key points include:
- Net sales reached a record $8.3 billion, up 15% from 2000, though net income declined to $199 million due to a $344 million non-cash investment write-down. Excluding special items, net income declined 21% to $543 million.
- The company achieved record operating profit exceeding $1 billion despite economic challenges. Capital expenditures totaled $274 million.
- Sales growth was driven by acquisitions expanding the cabinets/related products and installation/services segments, though plumbing product sales declined 5%.
- Most of Masco's
- The annual report summarizes AutoZone's fiscal year 2002 performance, which saw record sales of $5.3 billion, earnings per share of $4.00, and a 52% return for shareholders.
- The three divisions - U.S. Retail, AZ Commercial, and Mexico - all contributed to growth. U.S. Retail had same-store sales growth of 8% and now operates 3,068 stores across 44 states.
- AZ Commercial grew 20% to $532 million in sales by expanding commercial product offerings and dedicated sales force for commercial customers.
- AutoZone aims to continue delivering strong profitable growth and pursuing opportunities in the large market for automotive maintenance and repairs.
Holly Corporation is an independent petroleum refiner and marketer that operates refineries in New Mexico and Utah. In 2005, Holly delivered record earnings of $167.7 million, significantly higher than its 2004 earnings of $83.9 million, due to favorable refining margins. Key accomplishments for Holly in 2005 included repurchasing $100 million of its own stock, completing a $17 million project to upgrade production at its New Mexico refinery, and selling its intermediate pipelines to Holly Energy Partners. Looking ahead, Holly plans further expansion projects at its refineries and is considering new growth opportunities.
This document appears to be an annual report from AutoZone summarizing its 2006 fiscal year performance. Some key points:
- AutoZone increased sales to nearly $6 billion and earnings per share to $7.50, both 4% increases over the previous year. It also invested over $260 million back into the business.
- Two hurricanes severely impacted Gulf Coast stores at the beginning of the year, destroying 13 locations and impacting over 160 AutoZone employees.
- Key initiatives for the year focused on improving the customer shopping experience, reducing non-automotive items, optimizing store layouts, expanding product offerings, and renewing emphasis on training and culture.
- AutoZone saw increases in
Arrow Electronics reported on its 2002 annual results. Key points include:
- Sales declined 22% from 2001 to $7.4 billion due to a prolonged industry downturn.
- Operating income was $167.5 million, down from $152.7 million in 2001.
- Net income was $12.1 million compared to a net loss of $75.6 million in 2001.
- The company strengthened its balance sheet, ending 2002 with over $690 million in cash to fund future growth.
Mohawk Industries is a leading global flooring manufacturer that produces carpet, rugs, ceramic tile, stone, wood, laminate, and vinyl flooring. In 2003, Mohawk saw continued growth with net sales of $5 billion, net earnings of $310 million, and diluted earnings per share of $4.62. Key acquisitions like Dal-Tile and Lees Carpet enhanced Mohawk's product offerings and market share in tile and commercial carpet, respectively. While facing challenges like higher raw material costs and economic weakness, Mohawk was able to offset costs with price increases and efficiencies, and expand its business and customer base. The company's consistent long-term strategy has led to steady growth over the
Mohawk Industries is a leading flooring manufacturer that produces carpet, tile, wood, stone and other flooring products. In 2003, Mohawk saw continued growth with net sales reaching $5 billion, a 10% increase over 2002. Net earnings grew 9% to $310 million while earnings per share increased 5% to $4.62. Mohawk's strategy of expanding into new product categories beyond carpet has made the company less vulnerable to economic cycles and increased its revenues. Recent acquisitions, including Dal-Tile and Lees Carpet, strengthened Mohawk's portfolio and market share in the commercial and residential flooring sectors.
The document provides an overview of Bank of America's Global Corporate & Investment Banking division, including:
1) It combines the Global Business & Financial Services and Global Capital Markets & Investment Banking businesses.
2) For the first half of 2005, the combined business generated $10.2 billion in revenue.
3) The division aims to better serve clients through an integrated operating model and cross-selling opportunities across BofA.
1) Kellogg reported strong financial results in 2003, with net sales increasing 6% to $8.8 billion and earnings per share growing 10% despite rising costs.
2) The company invested substantially in brand building, innovation, and cost savings projects to strengthen the business for future growth.
3) Kellogg also strengthened its organizational capabilities with leadership changes and initiatives to develop talent, improve culture, and promote diversity and safety.
This document provides a summary of Fannie Mae's 2005 10-K investor report. It highlights that Fannie Mae saw increased net income of $6.3 billion in 2005, up 28% from 2004. Their single-family business saw revenue growth of 13% and net income growth of 15%. Their capital markets business generated $3 billion in net income, up 42% from 2004 levels. The summary also provides financial results and income statements for each of Fannie Mae's business segments for 2005 compared to 2004 and 2003.
1) Timken's 2005 annual report summarizes their vision of delivering value to customers through innovative solutions in friction management and power transmission.
2) In 2005, Timken achieved strong financial results including record sales of $5.2 billion and earnings per share of $2.81, nearly double the previous year.
3) Timken's focus on improving costs and productivity, along with investments in high-growth markets like Asia and industrial applications, positions them for continued profitable growth as industrial markets remain strong in 2006.
This document is Timken's 2005 Annual Report which summarizes the company's strong financial performance and growth. The report discusses how Timken's vision of delivering value through friction management and power transmission solutions has guided its expansion into new markets and growth opportunities around the world. Key points include record sales and earnings, investments to support growth, expanding capabilities in aerospace and emerging markets like China, and leadership changes with W.R. Timken stepping down as chairman.
This document is Mohawk Industries' 2001 Annual Report. The summary provides:
1) Mohawk achieved record financial results in 2001 despite economic challenges, with net earnings of $188.6 million and diluted EPS of $3.55, up 15% from 2000.
2) Mohawk continued improving operations through cost reductions, debt paydown, inventory management and cash flow increases.
3) Mohawk completed a merger with Dal-Tile to become a leader in both soft and hard flooring, with the goal of expanding product categories and driving shareholder value.
This document is Mohawk Industries' 2001 Annual Report. The summary provides:
1) Mohawk achieved record financial results in 2001 despite economic challenges, with net earnings of $188.6 million and diluted EPS of $3.55, up 15% from 2000.
2) Mohawk continued improving operations through cost reductions, debt paydown, inventory management and cash flow increases.
3) Mohawk completed an acquisition of Dal-Tile to become a leader in both soft and hard flooring, with the goal of expanding product categories and market position.
Masco Corporation achieved record sales, net income, and earnings per share in 2004 through a strategic shift to focus on improving return on invested capital. Net sales increased 14% to $12.1 billion, driven by internal growth. Income from continuing operations was $930 million, or $2.04 per share, though it included non-cash goodwill impairment charges. The company generated over $1 billion in free cash flow for the second consecutive year through working capital management. It ended 2004 in a strong financial position with $1.5 billion in cash and marketable securities.
This document is Mohawk Industries' 2002 Annual Report. Some key highlights include:
- Mohawk is the leading manufacturer and marketer of floorcovering in the US, but has less than 25% market share, indicating room for growth.
- In 2002, Mohawk saw record financial results with net sales of $4.5 billion (up 31% from 2001), net earnings of $284 million (up 24% from 2001), and earnings per share of $4.39.
- Mohawk has strategically grown over the years through acquisitions, transforming from a small carpet manufacturer to a leading floorcovering producer offering various product types.
- Mohawk's CEO discusses initiatives in 2002 like
This document is Mohawk Industries' 2002 Annual Report. Some key highlights include:
- Mohawk is the leading manufacturer and marketer of floorcovering in the US, but has less than 25% market share, indicating room for growth.
- In 2002, Mohawk saw record financial results with net sales of $4.5 billion (up 31% from 2001), net earnings of $284 million (up 24% from 2001), and earnings per share of $4.39.
- Mohawk has strategically grown over the years through acquisitions, transforming from a small carpet manufacturer to a leading floorcovering producer offering various product types.
- Mohawk's CEO discusses initiatives in 2002 like
This document is AutoZone's 2003 annual report which provides financial highlights and discusses priorities and growth areas. Some key points:
- In fiscal year 2003, AutoZone achieved record sales of $5.5 billion, operating profit of $918 million, earnings per share of $5.34, and after-tax return on invested capital of 23.4%.
- The three growth priorities are the U.S. retail business, AZ Commercial business, and expanding into Mexico.
- The CEO highlights accomplishments in fiscal 2003 and discusses opportunities for continued growth in the industry, focusing on increasing market share and capturing unperformed maintenance.
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Smurfit-Stone reported a net loss of $19 million for Q1 2005, an improvement from a $66 million loss in Q1 2004. Net sales increased 8% to $2.1 billion. The company continued to face cost pressures from higher energy, fiber, and employee benefit costs which narrowed margins. However, demand was improving and costs were expected to moderate for the rest of the year, leading the company to expect a return to profitability in Q2 2005.
Smurfit-Stone Container Corporation reported second quarter 2005 net income of $1 million, an improvement from a $10 million net loss in the second quarter of 2004. Sales increased to $2.2 billion from $2 billion in the prior year period. For the first half of 2005, the company reported a net loss of $18 million, an improvement from a $76 million net loss in the first half of 2004, with sales of $4.2 billion compared to $4 billion in the prior year. The company expects third quarter results to be negatively impacted by unfavorable pricing trends but anticipates increased packaging demand in the seasonally strong period.
Smurfit-Stone Container Corporation reported a net loss of $229 million or $0.90 per share for Q3 2005, primarily due to a $293 million pretax restructuring charge related to mill closures in Canada and a paper machine closure. Net sales were $2.1 billion, down from $2.2 billion in Q3 2004. For the first nine months of 2005, the net loss was $247 million or $0.97 per share, compared to a net loss of $48 million or $0.19 per share for the same period in 2004. The company expects costs to increase in Q4 due to higher energy and freight expenses, while average corrugated prices are expected to
- Smurfit-Stone Container Corporation reported a net loss of $92 million for Q4 2005 and a net loss of $339 million for the full year 2005.
- Market conditions were unfavorable in the first half of 2005 with declining containerboard and corrugated prices but began to improve in Q4 2005. However, higher energy and fiber costs negatively impacted results.
- The company expects better comparisons going forward as market conditions improve but not meaningful sequential earnings growth in Q1 2006 due to seasonal factors and cost pressures.
- Smurfit-Stone Container Corporation reported a net loss of $64 million for Q1 2006 compared to a net loss of $19 million in Q1 2005.
- Net sales were $2.1 billion for Q1 2006, comparable to Q1 2005. However, higher costs such as energy and freight, as well as lower containerboard and corrugated prices, negatively impacted year-over-year results.
- The company expects results to improve in Q2 2006 but not reach breakeven, and anticipates returning to profitability in Q3 2006 as prices have rebounded and benefits from strategic initiatives continue.
Smurfit-Stone Container Corporation reported financial results for the second quarter of 2006. The company reported a net loss of $44 million compared to net income of $1 million in the second quarter of 2005. Sales were flat at $1.76 billion. For the first half of 2006 the company reported a net loss of $108 million compared to a net loss of $18 million in the first half of 2005, with sales of $3.5 billion, consistent with the previous year. The company's containerboard and corrugated containers segment saw improved operating profits compared to the previous quarter and previous year.
1) Smurfit-Stone Container Corporation reported a net income of $22 million or $0.09 per diluted share for Q4 2006, compared to a net loss of $0.36 per diluted share in Q4 2005.
2) For full year 2006, Smurfit-Stone reported a net loss of $71 million or $0.28 per diluted share, an improvement from a net loss of $339 million or $1.33 per diluted share in 2005.
3) The company exceeded its cost reduction target for 2006 from its strategic initiatives program, achieving $243 million in savings, and expects further meaningful earnings growth in 2007.
1) Smurfit-Stone Container Corporation reported a net loss of $55 million for the first quarter of 2007 compared to a net loss of $0.25 per share in the first quarter of 2006.
2) The company announced plans to close two containerboard mills with 200,000 tons of annual capacity and restart a previously idled paper machine with 170,000 tons of annual capacity to realign its mill system.
3) While costs increased due to higher wood and recycled fiber prices, the company expects improved second quarter results and a return to profitability due to moderating costs and stronger demand.
Smurfit-Stone Container Corporation reported financial results for the second quarter of 2007, with the following highlights:
1) Operating profits were up 59% from the previous quarter and 16% from the second quarter of 2006, driven by higher average prices across major product lines.
2) Sales increased 6% year-over-year to $1.87 billion for the second quarter.
3) The company expects higher mill production and continued price improvements to drive further financial gains in the third quarter.
Smurfit-Stone Container Corporation reported improved financial results in the third quarter of 2007 compared to the previous quarter:
- Adjusted net income nearly doubled from the second quarter, reaching $28 million.
- Strategic initiatives led to $18 million in quarterly benefits from cost reductions.
- Debt was reduced by $328 million through the sale of the Brewton, Alabama mill.
While earnings are expected to decrease in the fourth quarter due to seasonal factors, management expects ongoing benefits from strategic cost cutting initiatives and capital investments to drive continued margin improvements.
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Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
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In World Expo 2010 Shanghai – the most visited Expo in the World History
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3. Business Description
Mohawk Industries began covering the market more than 120 years ago as a carpet manufacturer. Since that time, the
Company evolved into one of the world’s leading flooring companies. Its product line encompasses tufted and woven
carpet, carpet cushion, ceramic tile, wood, stone, laminate, vinyl, rugs and niche home products, such as throws and
pillows. Mohawk is headquartered in Calhoun, Georgia. Its shares trade on the New York Stock Exchange under the
ticker symbol “MHK.”
Financial Highlights
For the Years Ended December 31,
(in thousands, except per share data) 2004 2003 2002 2001 2000
Net Sales $ 5,880,372 $ 4,999,381 $ 4,516,957 $ 3,441,267 $ 3,400,905
Gross Profit $ 1,620,841 $ 1,393,802 $ 1,269,092 $ 857,598 $ 844,133
Operating Income $ 635,590 $ 542,029 $ 522,065 $ 327,157 $ 310,115
Net Earnings $ 368,622 $ 310,149 $ 284,489 $ 188,592 $ 162,599
Diluted Earnings Per Share $ 5.46 $ 4.62 $ 4.39 $ 3.55 $ 3.00
4. ����
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We Cover the Market
�
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As a leading supplier of floorcovering products in North America, Mohawk possesses a
breadth and depth of products, brands, customers, service and distribution capabilities
� �
that are unmatched in the industry. As a result, we possess an equally broad array of
opportunities that will enable us to continue the remarkable growth performance that
we have enjoyed over the past decade.
In Millions In Dollars
$6 $6 �
5 5 �
4 4 �
3 3 �
2 2
Market Coverage Produces Results
�
1 1
Net Sales EPS �
In Millions In Dollars
0 0 �
04 04
00 00 01 01 02 02 03 03
Mohawk’s financial discipline is demonstrated by a 13 percent
annual net sales growth rate and a 16 percent annual earnings
per share growth rate over the past five years.
[1]
5. 5. Area Rugs
6. Home Products
1. Carpet
WE COVER
A $23 BILLION
MARKET
7. Mohawk Product Categories
1. Carpet
Broadloom carpet is a $10+ billion market in the U.S. In 2004, our share
of approximately 30 percent is the second largest in the industry.
2. Ceramic Tile
Through our Dal-Tile subsidiary, we are the largest supplier in the
$2 billion ceramic tile market that includes both residential and com-
mercial uses.
3. Hard Surface Floorcovering
Hardwood, laminates and vinyl represent some of the fastest-growing
categories in flooring and comprise a combined $5 billion market.
4. Stone Surfaces
Stone flooring and countertops represent a highly fragmented market.
As a result of acquisitions during the past two years, we have rapidly
gained the leading share in this category.
5. Area Rugs
Mohawk is the largest supplier of area rugs in a market that exceeds
$2 billion.
6. Home Products
Mohawk is the market leader in product categories such as accent rugs,
bath mats and throws and also a supplier of pillows and bedding.
7. Carpet Cushion
Mohawk is a leading supplier of carpet cushion and padding, which is
engineered to maximize the performance of its carpet products.
10. The Commercial Market
Mohawk is a leading supplier of both carpet and ceramic tile to the commercial segment of the market,
which includes the corporate, transportation, education, healthcare, retail and hospitality sectors.
11. COVER
ETHE OPTIONS
LL
FASHION BRANDS
Karastan, CustomWeave, Ralph Lauren
and Helios are among the most highly
valued brands in the industry. With
Style, color, texture, quality – Mohawk designs ranging from the traditional
meets the flooring needs of its resi- to the contemporary, these lines offer
options for virtually every style of dé-
dential and commercial customers by
cor and bring a fashion-forward sense
offering the industry’s broadest array
to floorcoverings.
of products and brands that span all
price points. In doing so, we not only
provide more choices to satisfy every
taste and budget, but we also lever-
age our operations across multiple
RUGS
distribution channels.
From Karastan’s luxurious interpre-
tations of ancient Persian and Oriental
rugs to value-oriented home décor
accent rugs and stylish, sumptuous
bath mats, Mohawk offers an array
of styles and colors that appeals to
all homemakers.
12. STONE PRODUCTS
BROADLOOM Granite, marble and limestone are just
The Aladdin, Horizon and Wunda some of the materials that comprise our
Weve brands offer an astounding stone product offerings. These materials
product selection at all price points. are among the most popular in residen-
The three lines connect Mohawk to tial and commercial design today. Their
the value-oriented consumer, the natural beauty and durability make
fashion-conscious homemaker and them suitable for widespread use in
the individual for whom everyday kitchens and bathrooms, as well as deco-
luxury is a must. rative accents in other living spaces.
DAL-TILE CERAMIC
The leading name in ceramic tile offers
comprehensive lines of fashionable,
high-quality tile products in a range of
colors, textures and finishes. Ceramic
products are sold through tile and floor-
ing contractors, tile and flooring retail-
ers, independent distributors and home
center retailers.
MOHAWK HARDWOOD,
MOHAWK CUSHION LAMINATE AND VINYL
Mohawk is a leading manufacturer of Mohawk offers beautifully handcrafted
carpet cushion, all of which is specifically hardwood flooring in a full range of wood
designed to maximize carpet perfor- species, as well as a full line of attractive
mance. Products include molded ure- laminate products that feature precision
thane, premium white bonded, rebond engineered construction. Mohawk is also
and synthetic cushions. Mohawk’s carpet a national distributor of Congoleum vinyl
cushion is the perfect foundation for a products, which offer versatility, dura-
high-performance floor. bility and an unparalleled selection of
colors and styles.
COMMERCIAL AND CARPET TILE
Bigelow, Mohawk Commercial, Durkan,
Karastan Contract and Lees are among
the most respected names in the commer-
cial carpet segment. The addition of Lees
carpet tile has helped Mohawk earn new
business opportunities. These products
grace the nation’s hotels, schools, airports
and retail environments.
[5]
[5]
13. 2. New Home Construction
1. Commercial
3. Residential Replacement
[6]
14. E COVER
0K CUSTOMERS ����
����
����
Diversified Customer Base
����
1
Mohawk enjoys an exceptionally broad and diversified
3 Commercial Contract
customer base. Approximately 85 percent of our sales Residential
27%
����
Replacement
are made to independently owned dealers, contrac-
56%
tors and distributors. The balance is sold to large
Industry
national chains, home centers and mass merchants.
����
End-Use Market
Similarly, end-use purchases of our products are broad
and varied. Residential replacement accounts for over
half of our sales, with commercial and new residential
�
construction representing other major purchasing cat- 2
New Construction
egories. This diversity brings increased stability to our
17%
business and helps to balance the inherent business
cycles in each area.
[7]
15. WE COVER
240 Ceramic Service Centers 1,000 Trucks 2,000 Trailers
AN ENTIRE
ATION
16. 15 Regional Warehouses 20 Factory Warehouses 42 Satellite Warehouses
Backward and forward integration of our manufacturing, distribution and marketing operations provides a
tremendous competitive advantage for our products in the marketplace and brings powerful scale to our business
model. Fiber extrusion assets provide over 50 percent of our carpet and rug fibers, including nylon, polyester and
olefin. We control manufacturing for carpet, rug and carpet cushion products, as well as a majority of ceramic tile.
Mohawk’s Real Time Visibility (RTV), the industry’s most accurate and reliable order tracking system, ensures on-time
delivery of the right products. With over 1,000 trucks and 300 distribution points, we understand the importance of
staying connected with our customers. We also stay connected closely with the retail marketing of our products through
several merchandising programs. These include Mohawk Floorscapes, which offers dealers a total merchandising
solution featuring our complete line of products; Mohawk ColorCenter, a store-within-a-store concept; and Floorz by
Mohawk, a merchandising system aimed at larger-format retailers that have a heavier inventory commitment.
[9]
18. A Letter to Our Stockholders
As you have read on the preceding pages, Mohawk required several price increases. The leveraging of fixed
covers the market by every measure – products, costs against sales increases, demonstrating the strong
brands, market share, customers, manufacturing scale inherent to our business, allowed us to maintain
and distribution. This position not only makes our overall margins.
Mohawk an industry leader, but also a great busi- We invested $107 million in capital expenditures during
ness capable of exceptional performance. The 2004 and expect to increase investments in the business in
past year certainly underscores this point. 2005. During the first quarter of 2005, we acquired one of
our carpet backing vendors, which will allow us to manu-
Ongoing profitable investment in every aspect of our
facture carpet backing internally. Our capital expendi-
business allowed us to capitalize on a rebounding econ-
tures for 2005 include capacity expansion projects at our
omy and flooring market. This rebound was led by the
Monterrey, Mexico, and Muskogee, Oklahoma, ceramic
residential replacement channel of our business, and
tile manufacturing facilities and at our nylon extrusion
further strengthened by a continued high level of new
and yarn processing operations. Much of this will not
housing construction. The commercial side of the mar-
be fully operational until 2006. Additionally, we are con-
ket, down by more than 30 percent in some channels,
solidating several leased warehouse facilities in North
began its own upturn later in the year as non-residential
Georgia for our hard surface and home products into
construction spending began to increase. Our sales of
owned facilities. Each of these investments supports
hard surface products also continued to enjoy signifi-
our ongoing efforts to sustain the company’s history of
cant growth.
profitable growth. With a 25 percent debt-to-capitaliza-
The combined sales momentum from all areas of our
tion ratio and Mohawk’s investment grade rating, our
business helped to offset record-high raw material and
ability to finance capital investments and explore other
energy costs that impacted our business during the
opportunities remains solid.
year. The industry’s response to these rising costs has
been a rational one and a series of price increases, un-
Experiencing Success across Every Surface
precedented in the history of the industry, have been sub-
One of the most gratifying aspects of our performance
stantially absorbed in an orderly manner. Fortunately,
in 2004 was that it reflected growth in every aspect of
consumers continue to recognize that carpet and other
our business. Innovation and investment in products,
flooring options remain one of the best values for home
marketing and service continue to keep our core car-
or office improvement, which helps to support industry
pet business at the forefront of the industry. Our in-
sales in a cost-pressured environment.
vestments in technology are enabling us to introduce
Against this market scenario, Mohawk’s year was,
exclusive new products such as SmartStrand™, made
quite simply, an exceptional one. Sales grew 18 percent
from a proprietary DuPont™ polymer that combines
to $5.9 billion, with growth in both the Mohawk and
the softness of nylon with enhanced stain resistance
Dal-Tile segments exceeding our expectations. Our
and wear characteristics. SmartStrand™, made with
acquisition of Lees Carpet in late 2003 also contributed
DuPont™ Sorona® polymer, is an engineered-in prod-
to the sales growth. Net earnings rose 19 percent over
uct, not a topical treatment, so the stain resistant prop-
2003 to $369 million in 2004, which translated into an
erties are a part of the entire fiber, not just the surface.
18 percent increase over 2003 in diluted earnings per
Innovation also extends to the marketing front. We’ve
share of $5.46. This earnings growth was achieved in
had an extremely positive response to our new regional
a very difficult environment with increasing costs that
[11]
19. Broadening Distribution
marketing shows, where we bring our sales force and our
dealers together to view product lines in a smaller, more Dal-Tile also has quickly built a commanding position
productive setting. (DuPont™ and Sorona® are regis- in stone surfaces through a series of acquisitions and
tered trademarks of DuPont.) strong internal growth. This is a strategy Dal-Tile in-
Our commercial carpet business has a great story to tends to pursue further in this rapidly growing and
tell this year. The acquisition of Lees in 2003 proved to highly fragmented market. The benefits are two-fold:
be perfectly timed to catch the beginning of the 2004 up- Stone surfaces are growing as a stand-alone business
turn in the commercial sector, where Lees has allowed and, we have discovered, stone and tile perform even
us to significantly increase our market share. Perhaps better when sold together.
even more importantly, Lees allowed us to expand a For Mohawk, hard surfaces represent a compelling
new line of business, modular carpet, which is current- growth front. In addition, these surfaces create opportu-
ly one of the fastest growing categories in the flooring nity and demand for area and accent rugs. We currently
industry. We are leveraging Lees’ expertise in this area enjoy market strength in the specialty retail distribu-
by extending modular product into our Mohawk com- tion channel, where our highly prized Karastan brand
mercial line, which is focused on a more value-oriented is sold, and in the mass merchant retail channel, where
segment of the market. the Mohawk brand is popular. Mohawk has recently
Carpet is and will continue, in the foreseeable future, introduced two new rug lines, Studio by Karastan and
to be our largest product category, but our presence is Mohawk Select, to floorcovering retailers. These rug
expanding in hard surfaces, which is the fastest grow- lines are machine woven area rugs in the medium price
ing area of the flooring industry. Indeed, hard surfaces range that complement our other products. Mohawk’s
now comprise over 30 percent of Mohawk’s total reve- line of accent and area rugs, bath mats and home acces-
nues, up from approximately 5 percent just three years sories continues to expand and to offer products across
ago. Our ceramic tile, wood, vinyl and laminate prod- a broad range of price points. Product innovation and
ucts are enjoying sales momentum due to increasing design are focused on creating value while meeting the
consumer demand for those surfaces. changing demands of the retail consumer.
The growth trends for ceramic tile and stone are
Covering the Market
strong and we are reaping the benefits of this growth
through Dal-Tile. Three years after our acquisition of In closing, it is important to note that Mohawk not
this ceramic market leader, we continue to be extremely only covers the flooring market, but also that the floor-
pleased with its performance. We have invested in this ing market itself is one well worth covering. Relative to
business by increasing manufacturing capacity, im- many other sectors, our industry enjoys many solid fun-
proving inventory availability and increasing product damentals – strong recurring demand from end-users, a
selection with higher style products. Additional invest- consolidating manufacturing base, a wide and diversified
ments included remodeling the showrooms in over half customer base and relatively little competition from for-
of Dal-Tile’s service centers, adding sales personnel and eign imports. It’s a great foundation upon which to grow
opening design centers in five markets. Investments in our business and create value for our shareholders. As
Dal-Tile have paid off with average sales growth of ap- this year has demonstrated, we’re doing exactly that.
proximately 15 percent since our purchase. Improved Many thanks for your continued support, as well as
sales strength is helping Dal-Tile increase its share in to our employees and customers.
the residential market to complement its historically
strong share in the commercial arena.
Jeffrey S. Lorberbaum
Chairman, President and Chief Executive Officer
[12]
20. John Swift, Retiring Chief Financial Officer
Honoring Two Decades of Leadership
John Swift retired as Chief Financial Officer at the end By 1992, Mohawk was strong enough to go public and
of 2004. To recount his career at Mohawk is essentially quickly began what has been a trajectory growth pattern.
to recount the evolution of our Company over the past John and Mohawk’s management team worked diligently
two decades. John arrived at Mohawk as Vice President over the next decade to complete 18 acquisitions. Sales
of Finance in 1984, after 18 years at GE. At the time, grew to over $5 billion. The Company climbed to No. 349
Mohawk was an unprofitable subsidiary of Mohasco on the Fortune 500 list. And, by the time John announced
Corporation. But, this didn’t last. John and a group of his intention to retire in 2004, Mohawk’s enterprise value
fellow executives turned around the business within four was approximately $6 billion.
years and decided to go for a leveraged buyout. Mohawk While John’s accomplishments at Mohawk comprise
became an independent company in 1988 and John be- an impressive list, his leadership, character and work
came its Chief Financial Officer, Treasurer and Corporate ethic have left an equally impressive mark on our organi-
Secretary. Sales were under $300 million and the busi- zation. We honor and thank John for his years of service
ness was limited in its product offerings. This didn’t last and wish him a rewarding retirement.
long either.
[13]
21. Jeff Lorberbaum, Chairman, President and Chief Executive Officer
(left) and Frank Boykin, Chief Financial Officer
[14]
22. Dealer programs are the centerpiece of our marketing initiatives.
Q&A Discussion
More Ways to Cover the Market and Grow Our Business
A conversation with Mohawk Chairman, President the business so that we can react more quickly to busi-
and Chief Executive Officer Jeff Lorberbaum and ness changes and effectively manage our costs.
Chief Financial Officer Frank Boykin
Q: How can you push growth in the residential replace-
Q: Your growth strategy encompasses both acquisitions ment segment of the carpet market?
and internal growth. What have been and are likely to be
A: Jeff: We do it in several ways – service, quality,
the key internal drivers?
product design and marketing. A major part of under-
A: Jeff: From standing Mohawk is to understand our commitment
a top-line perspective, market share
to improving our customers’ sales and profitability. Our
gains are one of the most obvious and our broadloom
success is a function of their success. Dealer programs,
carpet business is a good example. Our business has
such as Floorscapes, ColorCenter and Floorz, are key
exceeded the industry growth rate over the last sev-
to our distribution. For larger accounts, we assist in
eral years. Part of our success has been to focus on
developing proprietary marketing systems. We do ev-
areas where we had the greatest potential to increase
erything possible to support these programs, from
market share, such as new home construction and
training to advertising to marketing campaigns that
ceramic tile.
promote our brands.
Frank: On the cost side, we always are focusing on
Q:
process improvements and have had significant suc- How much volatility is there in the flooring market?
cess in developing cross-functional teams to look at
A: Frank: Not as much as perceived. Our business
our business in new ways. Our management team is
is actually quite diversified among residential replace-
proactive in its approach to streamlining the business
ment, new construction and commercial. This helps
and leveraging knowledge across all business lines.
to smooth the inherent ups and downs in each part of
We have used this approach in developing information
the market.
systems that provide us with real-time visibility into
[15]
23. Q: materials. Mohawk is well positioned in this scenario
On a similar note, higher interest rates could im-
because of our broad range of price points in all major
pact new home construction. Wouldn’t that adversely
product categories.
impact Mohawk?
Q: A broadening of product categories has been a major
A: Frank: Again, I think the impact is overstated
strategic initiative for Mohawk over the past four years.
because of our market diversification. If new home
Is this likely to continue?
sales do slow as a result of increasing interest rates,
our residential replacement and commercial business
A: Jeff: The past four years have been about transi-
segments are likely to see growth because higher inter-
tioning Mohawk from a carpet company into a total floor-
est rates generally indicate an economy in expansion.
ing company. We’ve successfully done so and now have
Furthermore, the average square footage per home
a presence in every flooring category. Approximately 30
has increased approximately 40 percent since 1973 to
percent of our revenues comes from hard surfaces, which
approximately 2,330 square feet in 2003. So even if the
is the fastest growing part of the flooring market. So I
number of new housing starts does decline, there will be
think we have made significant progress in the transi-
some offset due to the increased size of homes.
tion, but we are just beginning to realize the potential
in these new areas.
Jeff: Another way to look at the interest rate issue is
to analyze all the demographic data relative to home-
Frank: Scale is a tremendous driver of profitability
building. Based on that analysis, many builders believe
in our carpet business. Now, we have the opportunity
the sector will remain strong through the decade based
to build similar scale in the hard surface side. The good
on simple supply and demand dynamics. Interest rates
news is that we have a head start because of so much
tend to affect price points more than anything else,
existing infrastructure, such as transportation and
with buyers more likely to trade down on price in a ris-
distribution centers.
ing rate environment. This trend extends to building
[16]
24. $2,000 ���� ����
1,500 ���� ����
An expanding product line combined 1,000 ���� ����
with sound marketing strategies has Gross Profit Dollars ����
led to consistent growth in profitability. 500 ��� ���
����
0 � �
����
03 04
00 01 02
(Amounts in millions $)
����
���
�
Q: Q:
Your carpet and tile manufacturing is integrated What type of consumer purchasing similarities are
� ����
backward. Do you need to have the same integration in there between soft and hard surfaces?
� ����
other categories such as wood, laminate and vinyl?
� ����
A: Jeff: One of the reasons retail carpet is a rela-
A: Frank: We will probably work toward a model that
� ����
tively fragmented industry is because it requires a
resembles our tile operations, where we have a balanced very high level of service. Flooring represents a major
� ����
strategy between third-party sourcing and internal manu- home improvement expenditure for homeowners and
� ����
facturing. This provides us with a great deal of flexibility one not done frequently. As a result, a significant part
� �
in a variety of areas, ranging from capital expenditures of the sales process involves consumer education. A
to product assortment. consumer with greater product knowledge can make
more informed choices based on decorating consider-
Q: ations, product performance and overall value. This
Mohawk’s distribution network is a major strength.
requires a well-trained and knowledgeable sales force.
Can you leverage this tool and the retailer network it serves
There also are installation considerations, which should
to grow the hard surface business segment?
be coordinated with the purchase. These factors make
A: Jeff: Yes. Carpet dealers face the same market flooring somewhat of a complex purchase, whether it’s
trends that Mohawk faces, namely the growing popu- broadloom carpet, ceramic tile, vinyl, laminate or
larity of hard surfaces. So, like us, they have and will hardwood flooring. In each case, a specialized level of
continue to broaden their product assortment. And we service is required and carpet retailers are well-posi-
will expand our support of them in this effort just as tioned to provide the resources needed to make this
we have supported them in their carpet sales. It’s also level of service happen.
important to remember that the consumer purchasing
dynamics are similar in both soft and hard surfaces.
[17]
25. Q: Q:
How are the marketing dynamics different for Acquisitions have been a major part of your growth
Dal-Tile, where distribution is weighted more toward strategy for over a decade. Are there still attractive acqui-
contractors rather than retailers? sition candidates and what are your acquisition criteria?
A: A: Jeff: Absolutely – there are still attractive candi-
Jeff: Ceramic and stone are interesting because
they extend beyond flooring to other surfaces, such dates. We make acquisitions for three primary reasons.
as countertops and walls. Ceramics, in particular, can First, we acquire to gain market share. Last year’s acqui-
involve extremely intricate design. The key is getting sition of Lees Carpet is the perfect example. It gave us
the customer – whether it’s a designer, contractor or immediate leadership in commercial carpet and a strong
end-user – into a sales environment that is conducive to position in modular carpet tile. Second, we acquire to
viewing the full range of possibilities. That’s why we have improve backward integration in manufacturing as
been investing heavily in remodeling Dal-Tile’s service we did recently in our Wayn-Tex acquisition. This
center showrooms. We’re also introducing Dal-Tile Design gives us yet another point of control in the supply chain.
Centers in major markets. These centers can display the And third, we acquire to broaden our product offering.
entire product line, as well as accommodate “idea” A current example would be stone surfaces, which is a
displays that showcase installed designs. A homeowner, highly fragmented market. We’ve bought two stone
for instance, can visit a Design Center, receive assistance slab distributors since 2002.
from Dal-Tile design experts and then order through
Frank: It’s important to remember that acquisitions
their installation contractor or flooring dealer.
are a means to realize a goal. Our goals are earnings
Frank: Historically, Dal-Tile has been stronger in the growth and return on invested capital. Acquisitions are
commercial rather than the residential market. The one way to achieve our goals, but we also are very open
initiatives that Jeff has described, along with adding to joint ventures or building a “green field” operation
more high-end porcelain to their product line, will be from the ground up. We will pursue the best path based
particularly helpful as we pursue more upside in the on our strategic needs and the financial equation.
residential market.
[18]
26. ���� ����
���� ����
���� ����
$3,000 ����
��� ���
2,400 ����
The strength of our balance sheet
� �
1,800 ����
is evidenced by a four-fold increase
Stockholders’ Equity
1,200 ����
in stockholders’ equity over the
past five years. 600 ���
0 �
03 04
00 01 02
(Amounts in millions $)
� ����
� ����
� ����
� ����
� ����
Q: proposition that involves weighing the benefits of new
Over the past decade, Mohawk has spent cash of
� ����
markets versus the loss of certain operational leverage
approximately $1.4 billion on acquisitions. In the event
� �
in North America. It is, however, a route we may explore
acquisition activity does slow, then where will you direct
in the future.
your cash?
Q:
A: Frank: We have a structured approach to our use of In closing, what makes you most optimistic about
Mohawk’s future?
capital. Our first priority is internal capital expenditures
which have the lowest risk but still provide high returns
A: Jeff: As we’ve explained in this report, the
for us. Next would be acquisitions that add revenue
Company’s market position is really hard to beat. We
growth and expand our product lines quicker than we
benefit from a strong management team that promotes
could develop those lines internally. These investments
innovation and efficiency. We have a tremendous group
often provide stronger returns. Finally, we would em-
of employees who take great pride in their work. We’re
ploy stock repurchases as an alternative if the first two
also excited about the environment in which we do
options are not available. We have a repurchase program
business. We are seeing a rebound in the commercial
in place that allows for an additional four million shares
business, which will be a great chance to maximize the
to be repurchased.
potential of Lees. On our residential side, there are
favorable trends. More people own homes; the aver-
Jeff: The next level for cash investment would be to
age home is larger; interest in home décor is higher
look beyond the current parameters of our business,
than ever before. We feel fortunate to provide products
such as possible expansion into new product categories
that are an integral part of building, maintaining and,
that complement our flooring business. Another long-
frankly, enjoying a home. Our business is a good place
term possibility is to look at opportunities outside North
to be and is going to remain so for a long time.
America. International expansion is a more complex
[19]
27. BOARD OF DIRECTORS AND OFFICERS
Mohawk Industries, Inc. and Subsidiaries
DIRECTORS
Jeffrey S. Lorberbaum John F. Fiedler † // Robert N. Pokelwaldt * †
Chairman of the Board, President Former Chairman and Former Chairman and Chief Executive
and Chief Executive Officer Chief Executive Officer Officer of York International Corporation
Borg-Warner Automotive Inc. (a manufacturer of air conditioning and
(a manufacturer of automotive parts) cooling systems)
Leo Benatar † //
Principal of Benatar and Associates and
David L. Kolb S.H. “Jack” Sharpe
Former Chairman of Engraph, Inc., a sub-
sidiary of Sonoco Products Company (an Former Chairman and Executive Vice President
international manufacturer of industrial Chief Executive Officer Mohawk Residential Business
and consumer packaging products) Mohawk Industries
W. Christopher Wellborn
Phyllis O. Bonanno * Larry W. McCurdy * † President
President and Former Chairman, Dal-Tile
Chief Executive Officer of President and Chief Executive
International Trade Solutions, Inc. Officer of Echlin, Inc. (a worldwide
manufacturer of motor vehicle parts)
Bruce C. Bruckmann * // * Audit Committee
Managing Director † Compensation Committee
Bruckmann, Rosser, Sherrill & Co., Inc. // Nominating and Corporate
(a venture capital firm) Governance Committee
OFFICERS
Jeffrey S. Lorberbaum Jerry L. Melton W. Christopher Wellborn
Chairman, President and Vice President President
Chief Executive Officer Human Resources Dal-Tile
Frank H. Boykin Donald R. Riley Joe W. Yarbrough, Jr.
Vice President Finance and Chief Information Officer Vice President
Chief Financial Officer Operations
H. Monte Thornton
William B. Killbride President
President Mohawk Flooring
Mohawk Home
Officers (shown below from left to right): H. Monte Thornton, Donald R.
Board of Directors (shown below from left to right): Bruce C. Bruckmann, W. Christopher
Riley, Joe W. Yarbrough, Jr., Jeffrey S. Lorberbaum, William B. Killbride,
Wellborn, David L. Kolb, S.H. “Jack” Sharpe, Robert N. Pokelwaldt, Phyllis O. Bonanno,
Frank H. Boykin, Jerry L. Melton and W. Christopher Wellborn.
Jeffrey S. Lorberbaum, Leo Benatar, John F. Fiedler and Larry W. McCurdy.
[20]