Dear Fellow Shareholders: 

2004 was a year of record performance. 

The Company achieved new records for sales, EPS and cash fl  ow. Sales grew 23% to $1.5 billion and EPS grew 44% to $1.82 (excluding the 2003 one-time expense for early extinguishment of debt). The fourth quarter of 2004 represented the twelfth consecutive increase in quarterly EPS. This performance was far ahead of the industry. Net income as a percentage of sales reached 11%; a level of pro fi  tability, again, far better than the industry. In addition, we maintained our strong fi  scal discipline generating the highest level of free cash fl  ow in the Company’s history; a cash fl  ow that is vital to insuring the fl  exibility to reinvest in the many opportunities we see. 

In addition to the outstanding fi  nancial performance, the Company achieved a number of important milestones in 2004. These include: 

♦ The achievement of an upgrade in credit rating re fl  ecting our strong fi  nancial condition; 

♦ The successful transition to a broader shareholder base as KKR phased out their investment; 

♦ Inclusion in the S&P 400 Mid Cap Index; 

♦ The second stock split in four years; 

♦ Initiation of a 5 million share stock repurchase program; and 

♦ The declaration, effective in 2005, of the fi  rst cash dividends in the Company’s history. 

