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Brush Engineered Materials Inc Brush Engineered Materials Inc. 2004 Annual Report About the Company Brush Engineered Materials Inc. is a global leader in high performance engineered materials that enable customers to meet superior levels of product strength, reliability, miniaturization and weight savings, thermal dissipation, electrical conductivity and reflectivity. Around the world, the Company’s engineered materials can be found in end-use products within the telecommunications and computer, automotive electronics, magnetic and optical data storage, industrial components, aerospace and defense, and appliance markets. The Company’s subsidiaries are organized into two reportable segments: the Metal Systems Group and the Microelectronics Group. Metal Systems includes Brush Wellman Inc. (Alloy and Beryllium Products) and Technical Materials, Inc. Brush Wellman is the only fully integrated producer of beryllium, beryllium alloys and beryllia ceramic in the world. Technical Materials, Inc. produces engineered material systems including clad metals, plated metal, and electron beam welded, solder-coated and reflow materials. Microelectronics includes Williams Advanced Materials Inc. and Electronic Products, which consists of Brush Ceramic Products Inc. (a wholly owned subsidiary of Brush Wellman Inc.) and Zentrix Technologies Inc. Williams Advanced Materials produces precious metal and specialty alloy products. Brush Ceramic Products manufactures beryllia ceramic materials and Zentrix Technologies produces electronic packaging and circuitry. The Company has operating, service center and major office locations throughout North America, Europe and Asia. The Company has 1,912 employees worldwide. Brush Engineered Materials Inc. common stock (ticker symbol: BW) is listed on the New York Stock Exchange. Contents Letter to Shareholders . 2 Growth in New Products and Markets . 5 Management’s Discussion and Analysis . 14 Reports of Independent Auditors and Management . 28 Reports on Internal Control over Financial Reporting and Certifications . 29 Consolidated Financial Statements . 30 Notes to Consolidated Financial Statements . 34 Selected Financial Data . 52 Directors, Officers, Facilities and Subsidiaries. 54 Corporate Data . 55 Financial Highlights (Dollars in millions except per share amounts) 2004 2003 2002 Sales . $ 496.3 $ 401.0) $ 372.8) Income (loss) before income taxes . 16.7 (12.7) (25.9) Net income (loss) . 15.5 (13.2) (35.6) Net income (loss) per share (diluted) . 0.85 (0.80) (2.15) Shareholders’ equity per share . 11.65 9.27) 9.61) Revenue by Segment 39% 60% Revenue by Market 7% 1% 9% 41% 60% Metal Systems Group 10% Revenue by 39% Microelectronics Group Geographic Market 1% Other 10% 11% 12% 33% 41% Telecommunications & Computer 12% Automotive Electronics 10% Magnetic & Optical Data Storage 67% 10% Aerospace and Defense 9% Industrial Components 7% Appliance 11% Other 67% Domestic 33% International (1) To Our Fellow Shareholders: For Brush Engineered Materials, 2004 50% of our total revenue and in recent years was a year of significant progress. The had declined to 35%, represented approxi- Company’s efforts to expand its revenue base, mately two-thirds of our increase in sales. improve margins, reduce overhead and lower The revenue increase was broad based debt produced very visible benefits through- with Alloy Products growing over $40 million out the year. A dramatic turnaround in our or 25%, Technical Materials, Inc. (TMI) key markets in 2004 added to the momentum. improving by $12 million or 28% and Williams As a result, the financial performance of our Advanced Materials (WAM) increasing by Company improved markedly. $38 million or 30%. Revenue increased by 24% or $95 million to $496 million and Brush was able to return New Product and Market Initiatives Gordon D. Harnett to solid profitability. Earnings per share I am very encouraged by the growth Chairman, President and CEO rebounded from an $0.80 loss in 2003 to an that came from the new product and market $0.85 profit. Brush has always enjoyed solid development initiatives launched over the product margins and, over the past few past few years. challenging years, has worked aggressively In Alloy, we saw good growth from to reduce overhead and improve operationally new products, especially from ToughMet®, so that when revenues did start to improve, a copper-nickel-tin alloy, in oil and gas, the leverage from the revenue increase aerospace and heavy equipment applications. would result in a significant improvement Our new Alloy 390™ is now fully qualified in earnings. In fact, the $95 million growth and being sold where high strength and in revenue generated an improvement conductivity are required. TMI is finding in earnings before taxes of more than innovative new opportunities for its traditional $29 million. clad metal products in disk drive arms, as In addition, an equity offering was well as additional applications in automotive successfully completed in July of 2004, raising fuses and medical products. WAM saw $39 million. The Company used the majority exciting new opportunities begin to develop 30% of the sales growth in 2004 of the proceeds to reduce debt. During the for its thin film (sputtering) products in the flowed to the bottom line year, debt was reduced by $27 million and semiconductor, magnetic data storage and shortly after the end of the year, an additional photonics markets. Beryllium Products $18 million of debt was paid down. As a result, benefited from the initial shipments of debt to total capital has dropped to below primary mirror blanks for NASA’s James Webb 20% and future interest costs are projected Space Telescope, while the bulk of the to decline by $2.5 million annually. $18 million in shipments to fulfill the contract will occur in 2005. In total, our new product Broad-based Revenue Growth and market initiatives contributed over a In 2004, revenue grew by 24%, driven by third of our revenue increase. In addition, a strong recovery in the telecommunications we continued to demonstrate our ability to and computer market, as well as improving serve an increasingly global market for domestic economic conditions, strength our products. International grew 32% with in Asia and Europe, and our initiatives to the largest increase occurring in Asia, broaden our base. The telecom and computer especially China. International revenue, market, which had historically accounted for now 33% of the Company’s total, highlights Our international capabilities the strength of our global capabilities. support increasingly global markets (2) Positioned for Further Growth incremental sales dollar in 2004 flowed to The rebound in our sales underscores earnings before taxes. We expect and believe Quarterly Overhead Costs the fact that our products provide important that progress in our operations will continue (in millions) performance advantages to a wide variety of to drive our margins up. $60 $53.6 customers and applications around the world. I am also pleased about the progress $50 Market demands for increased performance we continued to make in improving our $44.9 and reliability continue to bring new growth worker safety record. This past year saw a $40 opportunities for our materials. Stronger 40% reduction in lost time injuries across the markets, a global capability and our expanding corporation. This is the third year in a row $30 product line should allow us to continue where employees across the company made $20 to capture growth opportunities wherever significant progress due to their conscientious they occur. effort to make our facilities a safe place to $10 work. Our largest Alloy Products’ facility in $0 Earnings Leverage Elmore, Ohio was ranked second in safety 01 04 I’m extremely pleased with the earnings of comparable sized plants by a key industry Through disciplined cost control, we were able to deliver significant leverage we were able to deliver from our earnings leverage from our growth. association. Figures compare first quarter of 2001 growth. As a management team, we are with the quarterly average of 2004 committed to driving much of our increase in Greater Financial Flexibility revenue to the bottom line. Having made close Strengthening the Company’s balance Average Sales to $40 million in cuts in overhead through sheet has remained a priority. As of the end per Employee (in thousands) 2003, we are focused on keeping any growth of 2004, we’ve achieved four consecutive $270 $260 in overhead to a rate that is far below our years of significant reductions in debt and $240 growth in sales. In 2004, overhead grew by off-balance sheet obligations. Total balance $219 $210 $200 only 1%, despite the substantial increase sheet debt, plus off-balance sheet financing $180 in sales. and precious metal consignment obligations, $150 Throughout the year, we continued to have been reduced by over $100 million since $120 drive operating improvements using Lean year-end 2000. An additional $18 million $90 Six Sigma techniques as the way to achieve reduction occurred in January 2005. The debt $60 continuous and lasting progress. We’re reduction was driven in the earlier years by steadily improving our operating performance strong working capital management and $30 $0 company wide. During the past year, we capital spending control. More recently, the 02 03 04 achieved additional reductions in costs to debt reduction was driven by the equity produce key products based on improving offering and improved profits. yields, reduced rework, lower unplanned As indicated earlier, we issued equity Gross Margin (% of sales) downtime and improved productivity. during 2004. We also renegotiated our credit 25% Employment grew by less than 80 people, agreements. As a result, we ended 2004 22.4% with lower debt, $50 million of cash on hand, a 4% increase, in spite of the 24% jump in 20% revenue. Sales per employee reached a improved borrowing capacity and lower 18.2% record $260,000. rates. We now have significant liquidity and 15% These improvements helped drive the financial flexibility needed to support 12.9% margins up in each of our units. Gross profit future growth.
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