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Message from the Chief Financial Officer Fiscal 2001 was a challenging year. The U.S. economy softened considerably and the value of European currencies declined versus the U.S. dollar. That had an unfavorable effect on our international results. Management reacted quickly and reduced costs during the second fiscal quarter as the first signs of a softening economy appeared. Despite the unfavorable environment, the Company was able to achieve solid profitability. The Company ended the year with a strong balance sheet. Inventory turns and number of days receivables outstanding are consistent with the previous year. The total-debt-to-capital ratio was 47%. This was accomplished even as we continued the share buy-back program. We repurchased two million shares at a cost of $67 million during the year. Capital expenditures were $88 million and all critical projects were implemented to support the growth expected in the next five years. We expect record growth with continued improvements in our balance sheet over the next five years.
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