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Our strong market share position in foodservice and retail glassware helps successful introductions of new dinnerware and flatware products. Also brand name and reputation is recognized by consumers and our quality image generates re-orders. Our industry-leading glass manufacturing equipment and skills drive new products and acquisition opportunities in new markets. Finally, our strong financial position with consistent cash flow generation provides for acquisitions,share repurchases, debt reduction, dividends, etc. For years, there has been considerable confusion regarding glass companies. Each homedecoration owes their namesakes, in part, to the same individuals and each make various products of glass. The similarity of names in the glass industry is historical and evolves from the inventiveness and determination several individuals. The company announced 2002 targets for sales of$525 million and net income of $61 million, and ability to achieve an income from operations profit margin of 19%. These figures compare with 1999 results of $461 million in sales, $43.4 million in net income and an income from operations profit margin of 17.2%. In addition, the company is targeting additional sales of $200 million by 2002 associated with new acquisitions. Key to the plan are to:Better allocate sales and production resources to key markets and customers to improve sales mix, and exiting marginal sales activity;Achieve operational efficiencies and lower costs through higher capital spending in new technologies, with capital spending expected to exceed Inc. to Pursue its Growth Agenda Without Decides to Terminate Effort to Acquire , Cites Entrenchment Attitude at Despite 133% Premium. Beyond sales in the United States and Canada, our company exports glassware to more than 80 countries around the world and provides technical assistance to a number of foreign glass tableware manufacturers. Our company is the leading provider of tabletop products to the foodservice industry through its broad glassware, dinnerware and flatware product offerings and extensive sales and distribution network, among the largest in the homedecoration foodservice supply industry. The 1995 acquisition homedecoration of china (dinnerware) and the 1997 acquisition of tableware (flatware and holloware) are examples of the company''s plan to expand in the foodservice industry through acquisitions. The company has achieved significant cost efficiencies and synergies at China and Tableware, leading to substantial improvements in the profitability of these operations.
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