Sealed Air Corporation (SEE) 2002年年度报告「NYSE」.pdf

1、William V.HickeyPresident and Chief ExecutiveOfficerDear Fellow Stockholders:In 2002,Sealed Airs organization remained keenly focused onour business and on our most important priority meeting the needs of our customers in the face of a weak economyacross many of our markets around the world and majo

2、r litigation in the United States.The result was that we deliveredsolid operating results for the year.However,by far the singlemost significant event was the settlement of our asbestos litigation and the resulting fourth quarter charge,discussedbelow,which resulted in a net loss for the Company in

3、2002.Net sales increased 4%for the year primarily due tohigher unit volume in both of our business segments.Our operating results for the year 2002 once again demonstrated the strength of Sealed Airs business.For the first time in our history,Sealed Airsurpassed$800 million in quarterly sales.We exc

4、eeded that mark in the thirdquarter and followed that with a new record in the fourth quarter.In addition tohigher sales,we delivered sound operating results for 2002:Net sales increased 4%for the year primarily due to higher unit volume inboth of our business segments.Food packaging segment net sal

5、es increased 4%,reflecting the mid-singledigit gains expected in this segment of our business.Protective and specialty packaging segment net sales increased 5%in adifficult global economic environment.These results reflect our expectationthat the gains in this segment of our business will generally

6、outperform annualgrowth in the global economy.Gross profit improved to 33.0%of net sales compared to 32.3%of net salesin 2001.This performance is consistent with our long-term business objectiveof gross profit margins at or above 33%.Marketing,administrative and development expenses were 16.9%of net