We're Unique - We Provide Great Taste
Our business is making food taste great. With 116 years in the business, we know flavor inside out.
In a year of improvement initiatives and challenges, our employees remained focused on the business - developing innovative products, manufacturing high-quality products and serving our customers.
Demand for our products continues to grow. Consumers want bold and zesty flavors. They seek convenience and reliable results. They want healthier lifestyles, lower salt or fat in their diets without skimping on taste. We provide the products to meet these needs and more.
We have great customers who are growing in their core markets and expanding internationally.
These are all characteristics of our business that make us confident of ongoing long-term success.
Our strategy - to improve margins, invest in the business and grow sales and profits - is as effective now as it was in 1998 when we developed and implemented it. With improved margins we are offsetting higher costs, investing in additional marketing support and product development, and increasing profits.
During the past five years, our annual sales have increased an average of 7%. In that same time, our earnings per share have grown an average of 10% annually. Although our share price declined in 2005, our total shareholder return has exceeded that of the S&P 500 Stock Index and the average of other food companies for the last five years.
I thank the employees of McCormick for making our success possible. I am confident that 2005 was a temporary setback in our progress. Working together, we will be implementing some key initiatives for the business and reestablish our record of strong and consistent growth. We thank you for your continued support and look forward to building value for you.
Robert J. Lawless, Chairman, President and CEO
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