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View Annual Report BoundlessOpportunities 2003 Annual Report T HE T IMKEN C OMPANY The Timken Company is a leading global manufacturer of highly engineered bearings and alloy steels and a provider of related products and services. Through the 2003 acquisition of The Torrington Company, the largest acquisition in company history, Timken expanded its products, services and geographic reach. With 2003 sales of $3.8 billion, the 104-year-old company has 26,000 associates in 29 countries. C ONTENTS 2 Letter to Shareholders 6 Soaring with Opportunities 8 Driving New Opportunities 10 Beyond Boundaries 12 Boundless Innovation 14 Boundless Drive to Excel 16 Corporate Profile 20 Financial Information 62 Directors 63 Officers and Executives 64 Shareholder Information Financial Summary 2003 2002 (Thousands of dollars, except per share data) Net sales $ 3,788,097 $ 2,550,075 Impairment and restructuring charges 19,154 32,143 Income before income taxes and cumulative effect of change in accounting principle 60,802 85,518 Provision for income taxes 24,321 34,067 Income before cumulative effect of change in accounting principle $ 36,481 $ 51,451 Net income $ 36,481 $ 38,749 Earnings per share $ .44 $ .63 Earnings per share - assuming dilution $ .44 $ .62 Dividends per share $ .52 $ .52 EARNINGS NET SALES PER SHARE- DIVIDENDS ($ Millions) DILUTED PER SHARE $4,000 $1.25 $0.80 $3,500 $1.00 $0.70 $0.75 $3,000 $0.60 $0.50 $2,500 $0.50 $0.25 $2,000 $0.40 $0.00 $1,500 $0.30 $(0.25) $1,000 $0.20 $(0.50) $0.10 $500 $(0.75) ’99 ’00 ’01 ’02 ’03 ’99 ’00 ’01 ’02 ’03 ’99 ’00 ’01 ’02 ’03 1 To Our Shareholders The year 2003 was truly one of remarkable • Startup of a joint-venture manufactur- While our earnings fell short of our expec- change and challenge. We took the bold- ing facility in the United States that is tations, the Torrington acquisition was est leap in our company’s history with our expected to reduce bearing manufac- accretive to earnings in the first year. In acquisition of The Torrington Company, turing costs. order to deliver the rest of the shareholder increasing our size by nearly 50%. We value anticipated in the Torrington acqui- • Significant expansion in key geographic now are a global leader in three comple- sition, our challenge is to: and industrial markets, with a joint- mentary product and service lines – venture plant under construction in • Improve the performance of our tapered roller bearings, needle roller bear- Suzhou, China; stronger business rela- Automotive Group, which faced the ings and alloy steels. By successfully tionships with U.S. operations of Asian simultaneous challenges of integrating integrating these two industry leaders, automakers and their suppliers; an two businesses and completing previ- we are creating a platform for profitable expanded product line in industrial ously launched manufacturing rationali- growth – and boundless opportunities for distribution; and greater penetration in zation programs. our future. aerospace and other key markets. • Mitigate record high prices for scrap Other 2003 achievements included: • Effective actions that improved our bal- steel and increased energy and alloy • Record sales of $3.8 billion, including ance sheet following the $840 million costs in our steel business. our first $1 billion quarter at the end acquisition of Torrington in February • Overcome the impact of the continued of the year. The combination of Timken 2003. We had leveraged our balance cyclical trough in global industrial markets. and Torrington product lines has sheet to purchase Torrington, with expanded our market presence, creat- debt peaking at more than $1 billion. Boundless Change ing greater opportunities to provide Then, we took steps to reduce our We are optimistic. There are signs the customers with valued solutions. debt to $735 million or 40% of total markets are finally moving in our favor, capitalization – even lower than the 43% • Successful launches of innovative and we have increased confidence that level at year-end 2002. new products, adding approximately our actions over the last few years posi- $174 million in sales. tion us well for continued profitable growth. 2 W.R. Timken, Jr. has served The Timken Company for 41 years. His A Tribute vision for growth, passion for produc- tive change, pursuit of innovation and the high expectations he sets all have lifted the company to new heights. When he became chairman in 1975, sales were $805 million. Today, Timken is a global $3.8 billion company. Tim's leadership extends far beyond Timken. He remains a strong voice for manufacturing in U.S. policymaking. He has served as chairman of the National Association of Manufacturers and currently serves as chairman of the Manufacturing Institute. His commitment to ethics and integrity resulted in a Presidential appointment in 2003 to the chairmanship of the Securities Investor Protection Corporation. At the end of 2003, he retired from day-to-day management at the company but continues as non-executive chairman. Great leaders have a profound impact on those around them. Tim Timken leaves a lasting legacy through his enduring commitment to shareholders, customers and associates. W. R. Timken, Jr., chairman To thrive in today’s competitive environ- driven innovation, each product addresses business in North America, which is part ment, creating value for both customers a pressing issue, be it fuel efficiency, high of our Industrial Group. Sales to this chan- and shareholders, we are becoming performance or debris resistance, or nel have grown more than 30% in each more adaptive to the boundless change the need for such ancillary offerings as of the past four years, and we see more in the marketplace. Our transformation is engineered surfaces, sensor products or opportunity globally. tied to three key strategies: integrated assemblies. Automotive Group: Our Automotive • Customer-driven innovation; Industrial Group: We are tapping new Group had a strong year on the customer • A focus on performance; and opportunities to serve industrial cus- front. New product launches on the tomers with a broader range of globally Ford F150, Nissan Pathfinder Armada, • An adaptive management capability. competitive products and services. A Mercedes E-Class, Chevy Colorado and Boundless Innovation recent example is our support for China’s other vehicles brought in approximately Innovation has been a strength through- growing infrastructure, where we are $125 million in new sales. Based on the out our history. Our combined knowledge providing large-bore bearings for power technical competencies created by the of materials science, friction manage- generation plants, with the potential to combination of Timken and Torrington, ment and precision manufacturing is supply future plants. many new doors were opened. For example, in 2003 Timken was one of an unequalled. These core technical compe- We complement our product offerings elite group of suppliers invited to General tencies provide a globally competitive with a growing number of industrial Motors TechWorld, where we show- advantage that allows us to continue to services – from bearing and non-bearing cased chassis and powertrain applica- expand the products and services we component repair to engineering design tions of our bearing- and steel-based offer to customers. In 2003, we devel- and technical consulting services. In technologies for more than 1,000 GM oped nearly 3,000 new prototypes. We 2003, these services provided more than engineering executives and senior man- are leveraging our technological compe- $75 million in revenue. tencies and global engineering resources agement. This customer interaction is Our innovative offerings are rapidly to introduce new solutions – extending sowing the seeds of opportunity based expanding our automotive distribution beyond the bearing itself to the environ- on new products. ment around the bearing. With customer- 3 James W. Griffith, president and chief executive officer, left, with W. R. Timken, Jr., chairman. Automotive Group performance lagged are creating new opportunities through history, which focused on improv- expectations as the group struggled to affiliations such as the one we have with ing operations at both Timken and execute integration strategies while Sumitomo Metals Kokura of Japan, Torrington plants. While the magnitude restructuring automotive plants. As a which is resulting in proprietary new of change had a negative impact on result, we have made changes in our products that replace environmentally Automotive Group results in 2003, we leadership team and management sys- unfriendly leaded steels. In 2004, we will expect to see benefits and improved tems. Fourth quarter results confirmed begin supplying these to the U.S. opera- operating performance in 2004. the success of these efforts, and we look tions of a Japanese automaker. Further, we are expanding cap- forward to a more profitable year in 2004. acity at several low-cost manufac- Boundless Drive to Excel In February 2004, we announced that turing locations, including those in Jacqueline A. Dedo, an automotive indus- The drive to excel is codified in our focus Poland, Romania, China and the try veteran, is joining Timken as president on performance. It is part of our company Czech Republic. of the Automotive Group. culture, embodied by our 26,000 men • In China and other emerging regions, and women around the world. Through Steel Group: Profitability is an issue not we increased our presence to serve their daily efforts, we maintain our just for Timken, but for the steel industry these markets as they grow and competitive edge. as a whole. In 2003, the Steel Group strengthen our export capabilities. In experienced its first full-year loss after a • We surpassed our Year One cost- 2003, we opened a new distribution decade of profitability. To mitigate the saving targets in integrating Timken center in Shanghai. Construction on our severe effects of scrap steel and energy and Torrington, achieving $28 million fourth Chinese plant will be completed costs, we are increasing prices, passing of pretax savings.
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