Ashland Inc. issues 2000 annual report
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Ashland Inc. (NYSE:ASH) released its 2000 annual report to shareholders today, acknowledging its improved financial performance, its narrowed business focus, and its new corporate identity.
"In our 1999 annual report, we stated our intent to improve performance," states Chairman and CEO Paul W. Chellgren, in a 5-page letter to shareholders. "We did just that. Operating income, net income and earnings per share all reached record highs, excluding unusual items. Return on equity, excluding unusual items, reached 14 percent, an impressive increase given rising and volatile hydrocarbon costs. Excluding unusual items, we increased gross cash flow by 29 percent and repurchased 2.7 million shares of stock," Chellgren continued.
"But financials tell only part of the story. Following up on a pledge to unlock the value of our investment in Arch Coal, we distributed the majority of our Arch Coal shares to Ashland shareholders. We intend to sell our remaining shares in the first half of this fiscal year," Chellgren said.
"During the past year, we also better defined our mission and vision. Our new logo and tag line,"The Who In How Things Work™" captures the diversity and innovative mentality that today define Ashland and its people. This new identity is a unifying force throughout the organization," Chellgren concluded.
The annual report spotlights six case studies in which Ashland employees provided innovative solutions to a customer, market or a community. Each case demonstrates that Ashland's successes have been employee-driven, either by individuals or teams.
The 54-page report may also be viewed at www.ashland.com. The web version includes a printer-friendly version and an on-line version including brief digital video of the employees featured in the six narrative case studies. Copies of the annual report may also be obtained by calling (859)-815-5860.
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