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Packard Company Hewlett Packard Company 1983 Annual Report To Our Shareholders Barid'Padwd, John A. Yomg amdWi@$bn 8.Ewlett e art pbsed to rqrtthat shtt~b.m~wn@dto $1.69, campared Mmlet t-Pzs&& w8:zX;mu~ with 91.53 a par ago (restsrted to ilois sales5eagniqs and orders refleet a 2-for-1 stock spli1; during growth during 1983 and tb& we =re 29831. Qtdem for the year increased abae ta &$&n an zqgreshe 18 peroent to $4-92taiHIjoa. At par- pmduct-de~11~pm~t~~, md, order backiog was $ I.01 billion, wtak empl~pntgnmth and aompmed with $76$ million at 'the end further improve ow $iiua&l position. of B82. j Met iacrmsejd l2per.cent to nirdmd fourth quarter orders $4.71 ~QD.~~~ r@Se 13 shmed the kx&yar-to-year gains perwnt it^ S32 miiI!fs)n. Earnings per sfnae W,r&azt.ing the mmhg U.S. e~~~w~lliwozucmanew- prSaudmci km$er~a,gpr~~. htPrn&tirnrrJ!wndm hm henslow to show d@wni improvement, lagging the U.S. same period in 1982. Despite these recovery by several months. For quarter-to-quarter fluctuations, we the year, international orders grew completed the year with a very only 7 percent, while domestic balanced performance. orders improved by 27 percent. As we frequently have stated, The strength of the U.S. dollar new products are fundamental to the against other major currencies company's growth. For example, more continued during the year. This led to than two-thirds of HP's 1983 orders HP's U.S.-manufactured products were for products introduced during being less competitive in non-U.S. the past four years. Research and markets and in the company realizing development expenditures for the year fewer dollars of sales revenue per unit totaled $493 million. or 10.5 percent of local currency-a condition that HP of sales revenues-slightly higher as has been experiencing since early a percentage than the previous two 1981. This is discussed in more detail years, primarily due to lower-than- on page 21. projected shipment levels. All four of the company's business We introduced many products segments reported increased business during the year that we expect to in 1983. Orders for computer products contribute to our customers' produc- were up 18 percent over 1982, elec- tivity and to HP's future growth. Our tronic test and measurement up 20 new family of advanced printed-circuit percent, medical electronic equipment board testing equipment. for example, up 12 percent and analytical instru- can test a large, highly complex board mentation up 13 percent. in just 20 seconds. Similarly, the Beginning in the first half of the network analyzer pictured on the cover year we made large investments in our offers a highly accurate and cost effec- field marketing activities. This was tive way to measure the performance done to take full advantage of the characteristics of circuits, transistors anticipated economic upturn by having and other electronic devices. trained personnel in place to support In late September, HP introduced new products and to accommodate the HP 150 touchscreen personal increasing customer requirements for computer. The HP 150 represents a more extensive computer software. new thrust by HP into the mainstream These added expenses were not business-computer market and sets completely offset by increased sales the standard for our future personal- in the third quarter, leading to an computer products. We are committed earnings shortfall for that period. We to becoming a leader in this market made good progress in bringing orders and are backing this commitment with and shipments into balance during the aggressive marketing and a compre- fourth quarter and were able to post a hensive new dealer program. 32 percent earnings increase over the These new products illustrate HP's strategy of offering interactive products that can be linked-instru- ments to computers and computers to other systems-to enable our customers to gather and use the information they need to maximize productivity. This is the thrust of HP's business and also is the subject of the following pages of this report. During the year. HP entered into a joint venture with Genentech, Inc. to form HP Genenchem. to develop instruments and related commitments to new-product adver- systems for worldwide use by bio- tising and other marketing activities, technology industries. HP is the we are approaching the first half of majority owner and manager through fiscal 1984 with a degree of caution. our Analytical Products Group. We On the positive side, we have believe Genentech's pioneering work started the year with a record order in bioscience and bioengineering backlog. We have many important new provides HP with a unique oppor- products emerging from our labora- tunity to expand rapidly into new tories and the capability to manufac- instrumentation technology for many ture and market them effectively. industries, including pharmaceuticals, Further, our financial position is sound agriculture and industrial processing. and we have a dedicated, resilient Also during the year, HP and organization. Overall, we are Yokogawa-Hokushin Electric Corp. optimistic about the company's (YEW) agreed that HP would increase prospects for 1984. its equity position in Yokogawa- Hewlett-Packard (YHP) , our Tokyo- based joint venture company established in 1963. HP's position increased from 49 to 75 percent in David Packard I November 1983. The change was Chairman of the Board intended to provide a broader charter for YHP in applying its manufacturing and marketing expertise in support of HP products supplied to our Asian customers, while continuing our William R. Hewlett cooperative relationship with YEW. Vice Chairman of the Board In September, Shozo Yokogawa, YEW president, was elected to HP's board of directors. Also in September, William P. Doolittle, an HP manager for 36 years, retired from the board. Mr. Doolittle, who had retired as John A. Young senior vice president, international, President and Chief Executive Officer earlier in the year, played a central role in establishing HP as an international December 9,1983 company. We are grateful for his many years of creative and dedicated service. During 1983, the total number of HP employees grew 7 percent to approximately 72,000. Of this number, about 51,000 are employed in the U.S. The past year saw a substantial strengthening of the U.S. economy and most signs point to continued growth through 1984. However, given the uncertain timing of an interna- tional economic upturn and our Strategies for ewlett-Packard Company is in one of the most dynamic peri- ods of its 44-year history. It is a time of change in the needs of Hcustomers, in the technologies available to meet those needs, and in the size and shape of HP itself. When a company changes as rapidly as HP, there is the possibility of it growing apart, of its product lines and operations diverging. For HP, the opposite is true. Its organization and products have become better inte- grated to shape and support the company's purpose. Although HP's 6,400 products serve many different markets, their common purpose is to provide customers with the information needed to solve technical and business problems. HP's strength lies not only in its wide spectrum of products, but also in its ability to merge technologies to pro- vide comprehensive solutions to a variety of specific problems. HP prod- ucts are information tools in a three-tiered business strategy. Tier One. HP is continuing a strategy that has served it well over the years: offering products that represent state-of-the-art technology and that are useful on a stand-alone basis. Each product is a tool that provides in- formation to help solve a problem, such as the measurement of an elec- tronic function, the analysis of a chemical compound, the monitoring of a vital life sign, or the computation, analysis, display or transmission of data. Tier Two. Joining individual products to create systems is the second way HP is making information an effective decision-making tool. Increas- ingly, HP is designing its products as modules that can interact with other HP equipment or with products of other vendors. HP's systems may con- sist of test and measurement instruments, data-processing equipment, in- strumentation for chemical analysis or medical monitoring, or combina- tions of these product groups. This ability to combine product groups is one of HP's main strengths and is manifest in many ways. Networks of computers and personal work- stations help organizations create, move, store and use information ef- fectively. Measurement systems linked to computers translate what is happening on the factory floor into information that managers can use in decision-making. In laboratories, analytical instruments and computers combine to computerize and automate the preparation and analysis of chemical compounds. In health care facilities, patient-monitoring and critical-care equipment, data management, financial and order-entry sys- tems combine to improve care while helping control costs. Productivity Networks clocslhcwrisL?m&inr- conbinarionofmuyurnncrrt ircetjg-wirhm- MdconrpuuoionolW-, putcwawolled~b%y, HnvLrt-Packord offm buriJcmlinkioconrp.utcr&d cuaczmet~mktbuinawayno d&@rys~bmrdweittfo~ othrr comp~yean. 97KHP rm&fandct&@in the design j(M5printed*irarii bmdtest pramam euitesr firm. ntc sys~mrtypw HP'~stra@p of gddplnrahow~abwt are linking uxnpuim und imbw eamputu-W pmof a men& to fonn qstewu ag.stantiUrt~~fnlcsluwnpkx imp~owproduaivity.Not only bwrdr quid& Mdr#y. Tier Three. The third tier of HP's strategy is to provide software packages that further integrate HP equipment in order to solve customer problems. Productivity networks is the term HP uses to describe its inte- grated software packages.
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