Sam Scott
Sam Scott
achieved balance best bottom business cash continuing effects facility hurt income issues level net operating posting profit record recovery sales segment several sheet south though throughout various year
Even though 2005 was the Company's second-best level of net income and EPS, the effects from various operational issues that arose throughout the year at our US Argo facility hurt the bottom line. However, the year had several important positives, with our South American business posting its best year ever for sales and operating income and our Asia/Africa segment continuing its recovery to near-record sales and profit levels. We also strengthened our balance sheet and achieved record operating cash flow.
ability achieve actions continue continuing drive expect financial growth optimistic profitable prospects pursue stated
Much has been accomplished to date, and we expect continuing improvements as we drive our actions and initiatives this year. All in all, we are optimistic about our Company's prospects in 2006 and our ability to continue to pursue profitable growth opportunities and achieve our stated long-term financial targets.
appreciation call celebrate century forward growth helped honor including reach sharing state time
It has been an honor to be a part of Illinois' history, and we look forward to sharing another century of growth with the state that we call home. As we take time to celebrate this event, we look with appreciation to those who have helped us reach this milestone, including our predecessors, employees, neighbors, customers, vendors, and shareholders.
earnings growth meaningful optimistic prospects
We're cautiously optimistic about prospects for meaningful earnings growth in 2006.
america canada continuing difficult energy fourth improved increase issues largest loss mexico north operating quarter reduced results south stronger supply
While we benefited from improved performances in our South America and Asia/Africa segments, the fourth quarter was a very difficult one for our North American business, specifically our U.S. operations. Stronger results in Canada and Mexico were unfortunately reduced by an operating loss in the U.S. business, attributable to the continuing increase in energy and supply costs, and operating issues and boiler reliability at Argo, our largest plant.
america brazil cost line lower margin north performed pleased pressures pricing recovery reflected results south start strong year
We're pleased with our strong start to the year and the significant margin recovery in our North America region. Our lower South America results reflected pricing and cost pressures in Brazil and Argentina. Asia/Africa performed essentially in line with our expectations.