ConAgra 10388

ConAgra Foods fills Americans’ refrigerators, freezers, and pantries and, ultimately, their tummies. The company is a US top food producer, offering packaged and frozen foods. ConAgra’s brands include Armour, Banquet, Butterball, Chef Boyardee, Healthy Choice, Hunt’s, Orville Redenbacher’s, PAM, Slim Jim, and Van Camp’s. It is also one of the country’s largest foodservice suppliers and offers shelf-stable foods, seafood, and dairy products. The company is in the process of selling off its agricultural segments in order to produce only branded and value-added packaged foods. The company offers cold cuts, and poultry under its Butterball, Decker, and Eckrich brands. ConAgra Foods also makes shelf-stable and frozen foods under names that include Banquet, Hunt’s, Marie Callender’s, Peter Pan, and Wesson. The company has shifted away from its beginnings as a commodity producer and has tried to recast itself as “America’s favorite food company.” Brisk restructuring and shedding of nonfood-related businesses have allowed the company to better pay attention to more recently acquired brands, including Chef Boyardee, Louis Kemp, and PAM, among others. In 2003 ConAgra agreed to pay $1.5 million in cash and job offers to settle an EEOC lawsuit charging bias against disabled workers at the company’s California-based Gilroy Foods plant. The agreement involves the largest disability settlement in the agriculture industry. The dispute dated back to 1999, when Gilroy Foods, then owned by Basic Vegetable Products (ConAgra bought the facility in 2000), after a strike failed to recall disabled workers who were on leaves of absence due to illness or pregnancy or who had a history of illness or injury. Also in 2003 in keeping with its strategy to focus on its branded and value-added food business, ConAgra sold United Agri Products to Apollo Management for stock and securities. The deal was worth about $600 million.

HISTORY Alva Kinney founded Nebraska Consolidated Mills in 1919 by combining the operations of four Nebraska grain mills. It did not expand outside Nebraska until it opened a mill and feed processing plant in Alabama in 1942. Consolidated Mills developed Duncan Hines cake mix in the 1950s. But Duncan Hines failed to raise a large enough market share, and the company sold it to Procter & Gamble in 1956. Consolidated Mills used the proceeds to expand, opening a flour and feed mill in Puerto Rico the next year. In the 1960s, while competitors were moving into prepared foods, the firm expanded into animal feeds and poultry processing. By 1970 it had poultry processing plants in Alabama, Georgia, and Louisiana. In 1971 the company changed its name to ConAgra (Latin for “in partnership with the land”). During the 1970s it expanded into the fertilizer, catfish, and pet accessory businesses. Poorly performing subsidiaries and commodity speculation caused ConAgra severe financial problems until 1974, when Mike Harper, a former Pillsbury executive, took over. Harper trimmed properties to reduce debt and had the company back on its feet by 1976. ConAgra stayed focused on the commodities side of the

business, but was thus tied to volatile price cycles. In 1978 it bought United Agri Products (agricultural chemicals). ConAgra moved into consumer food products in the 1980s. It bought Banquet (frozen food, 1980) and within six years had introduced almost 90 new products under that label. Other purchases included Singleton Seafood (1981), Armour Food Company (meats, dairy products, frozen food; 1983), and RJR Nabisco’s frozen food business (1986). ConAgra became a major player in the red meat market with the 1987 purchases of E.A. Miller (boxed beef), Monfort (beef and lamb), and Swift Independent Packing. Confident it had found the right path, ConAgra continued with acquisitions of consumer food makers, including Beatrice Foods (Orville Redenbacher’s popcorn, Hunt’s tomato products) in 1991. In 1997 the company agreed to pay $8.3 million to settle federal charges of wire fraud and watering down grain. That year ConAgra named VC and president Bruce Rohde as CEO; he became chairman in 1998. Also in 1998 the company bought GoodMark Foods, maker of Slim Jim, and Nabisco’s Egg Beaters and tablespreads units (Parkay). ConAgra bought Holly Ridge Foods (pastries) in 1999. In 2000 ConAgra acquired Seaboard’s poultry division and refrigerated meat alternatives maker Lightlife (Tofu pups, Smart Dogs), before buying major brand holder International Home Foods from Hicks, Muse, Tate & Furst for about $2.9 billion. The company then became ConAgra Foods. During 2001 the company drew SEC attention and was forced to restate earnings for the previous three years due to accounting no-no’s in its United Agri Products division. In 2002 the USDA forced ConAgra to recall 19 million pounds of ground beef because of possible E. coli contamination, making it the secondlargest food recall in US history. (The largest recall occurred in 1997 when Hudson Foods, later purchased by Tyson Foods, withdrew 35 million pounds of beef.) Later in 2002 ConAgra sold its fresh beef and pork processing business — one of the largest in the US — to Booth Creek Management and Hicks, Must, Tate & Furst, which renamed it Swift & Company. In 2003 the company began supplying packaged meat products for grilling to George Foreman Foods, which sells them via its Web site. That year it sold its Bumble Bee canned seafood business to members of Bumble Bee management and private investment firm Centre Partners Management, and its blue cheese brands (Treasure Cave, Nauvoo) to Canada’s Saputo, Inc. for undisclosed prices. It also sold its chicken processing business to Pilgrim’s Pride for about $550 million in 2003. In 2004 ConAgra sold its turkey hatchery and breeding business to Ag Forte. It sold its Canadian and US crop inputs businesses and its Spanish feed and Portuguese poultry businesses that year as well. In addition it sold Casa de Oro Foods (the US’s third-largest tortilla maker) to the Plaza Belmont Fund II. Also that year ConAgra introduced Golden Cuisine, a line of frozen meals designed for seniors. The company began manufacturing and supplying Golden Cuisine to Meals On Wheels, which distributes the meals, which are formulated for seniors, to the homebound elderly. That year ConAgra introduced a high-fiber flour, called Ultragrain, that has the taste and texture of refined flour but the nutrition of whole grain.

HOOVER’S HANDBOOK OF AMERICAN BUSINESS 2005

EXECUTIVES Chairman and CEO: Bruce C. Rohde, age 55, $4,779,929 pay EVP, Organization and Administration, and Corporate Secretary: Owen C. Johnson, age 58, $1,400,000 pay EVP, Strategic Development: Dwight J. Goslee, age 54, $1,680,000 pay SVP, Capital and Marketing Investment Effectiveness: Jay D. Bolding, age 43 SVP, Corporate Affairs, and Chief Communications Officer: Michael A. Fernandez, age 47 SVP, Economic and Commercial Affairs: Michael D. Walter, age 55 SVP, Enterprise System Implementation: Kevin P. Adams, age 37 SVP, Environment, Health, and Safety: Philip J. James SVP, Human Resources: Peter M. Perez, age 50 SVP, Integrated Logistics: Rick D. Blasgen, age 45 SVP, Manufacturing Effectiveness: Kevin W. Tourangeau, age 52 SVP, Marketing: Roger Berdusco SVP, Marketing and Stragegic Development: James P. Kinnerk SVP, Operational Effectivness: Russell J. Bragg SVP, Purchasing: George P. Nulty SVP and Corporate Controller: John F. Gehring, age 43 SVP and Director, Office of Product Quality and Development: Patricia Verduin, age 44 SVP, Treasurer and Assistant Secretary: Scott E. Messel, age 45 VP, Investor Relations: Christopher (Chris) Klinefelter, age 37 General Counsel: Roger W. Wells Auditors: Deloitte & Touche LLP

LOCATIONS HQ: ConAgra Foods, Inc. 1 ConAgra Dr., Omaha, NE 68102 Phone: 402-595-4000 Fax: 402-595-4707 Web: www.conagra.com ConAgra Foods’ refrigerated goods operations are in Australia, Panama, Puerto Rico, and the US; its packaged goods unit has operations in Canada, the Netherlands, the UK, and the US.

PRODUCTS/OPERATIONS 2004 Sales Retail products Foodservice products Food ingredients Total

$ mil.

% of total

8,434 3,714 2,374

58 26 16

14,522

100

Selected Brands and Products Dairy Foods Blue Bonnet Egg Beaters Fleischmann’s Parkay Reddi-wip Banquet

Gilardi’s Kid Cuisine MaMa Rosa’s Marie Callender’s Morton Patio

Frozen Foods Banquet Gilardi’s Kid Cuisine La Choy MaMa Rosa’s

Marie Callender’s Morton Patio Wolfgang Puck

Refrigerated Foods Armour Butterball Decker Eckrich Healthy Choice

Hebrew National Lightlife Louis Kemp National Deli

241

Stock History

Packaged Foods Act II Andy Capp’s Chef Boyardee Chun King Crunch ’n Munch Fernando’s Gebhardt Gulden’s Hunt’s J. Hungerford Smith Jiffy Knott’s Berry Farm La Choy Lamb Weston Libby’s Manwich

Maypo Orville Redenbacher’s PAM Pemmican Penrose Peter Pan Ranch Style Rosarita Ro*Tel Singleton Slim Jim Swiss Miss Van Camp’s Webber Farms Wesson Wolf Brand

COMPETITORS ADM Bunge Limited Bush Brothers Campbell Soup Cargill Carl Buddig CHS Dean Foods DuPont Frito-Lay Gardenburger General Mills Gold Kist Hershey Heinz Hormel JR Simplot King Arthur Flour Kraft Foods Land O’Lakes Luigino’s Mars McCain Foods Nestlé Perdue Pilgrim’s Pride Pinnacle Foods Sara Lee Foods Schwan’s Smithfield Foods Smucker Tyson Foods Unilever Uniq

Income Statement

FYE: Last Sunday in May

REVENUE ($ mil.)

NET INCOME ($ mil.)

NET PROFIT EMPLOYEES MARGIN

14,522 19,839 27,630 27,194 25,535 24,594 23,841 24,002 24,822 24,109

880 775 783 639 382 358 613 615 189 496

6.1% 3.9% 2.8% 2.3% 1.5% 1.5% 2.6% 2.6% 0.8% 2.1%

39,000 63,000 89,000 89,000 85,000 80,000 82,169 80,000 80,000 90,871

(5.5%)

6.6%

—

(9.0%)

2004 Year-End Financials Debt ratio: 109.1% Return on equity: 18.6% Cash ($ mil.): 589 Current ratio: 1.71 Long-term debt ($ mil.): 5,281

242

STOCK PRICE ($) P/E PER SHARE ($) FY Close High/Low Earnings Dividends Book Value

5/04 5/03 5/02 5/01 5/00 5/99 5/98 5/97 5/96 5/95

28.12 24.27 24.61 20.85 23.06 26.06 29.25 30.19 21.31 16.69

18 19 17 20 35 46 28 23 59 17

13 12 13 13 19 30 20 15 41 14

Annual Growth

6.0%

— —

1.66 1.46 1.47 1.24 0.80 0.75 1.33 1.36 0.40 1.04

1.02 0.97 0.92 0.86 0.76 0.67 0.59 0.51 0.45 0.39

9.29 8.61 8.02 7.42 5.87 5.96 5.79 5.19 4.64 5.80

5.3% 11.3%

5.4%

105905

Company Type: Public

Annual Growth

5/95 5/96 5/97 5/98 5/99 5/00 5/01 5/02 5/03 5/04

ConocoPhillips

HISTORICAL FINANCIALS

5/04 5/03 5/02 5/01 5/00 5/99 5/98 5/97 5/96 5/95

NYSE: CAG

40 35 30 25 20 15 10 5 0

No. of shares (mil.): 521 Dividends Yield: 3.6% Payout: 61.4% Market value ($ mil.): 14,656

Formed by the merger of Conoco and Phillips Petroleum, ConocoPhillips is the third-largest integrated oil and gas company in the US, behind Exxon Mobil and ChevronTexaco. The company explores for oil and gas in 29 countries and has proved reserves of 7.85 billion barrels of oil equivalent, excluding 0.3 billion barrels of Syncrude (Canadian oil sands). It has a refining capacity of 2.6 million barrels per day and sells fuel under the 76, Conoco, and Phillips 66 brands. Other operations include chemicals, gas gathering, fuels technology, and power generation. In 2003, as part of its plan to exit the retail business, the company sold its Circle K gas station chain to Alimentation Couche-Tard for $812 million. Conoco, formerly a unit of chemical giant Dupont, explored for oil and gas in 20 countries and had proved reserves of about 3.6 billion barrels of oil equivalent in Europe, Southeast Asia, and the Americas. It gained reserves of more than 1 billion barrels of oil equivalent in 2001 by buying Gulf Canada Resources. Conoco also operated about 6,000 miles of US pipeline. It owned or had stakes in nine refineries, and ran a network of gas stations in the US, Europe, and Asia. Easily recognized by the highway-sign shape of its Phillips 66 logo, Phillips Petroleum had major exploration and production operations in Alaska, and had proved reserves of 5.1 billion barrels of oil equivalent. In 2001 Phillips expanded its refining and marketing business by buying Tosco. Following the merger, ConocoPhillips began to shift its focus to oil and gas exploration and away from refining and retail operations. This strategy includes selling $4 billion in assets.

HISTORY The roots of ConocoPhillips go back more than a century and run deep into the history of the US oil industry. Isaac Elder Blake, an Easterner who had lost everything on a bad investment, came to Ogden, Utah, and founded Continental Oil & Transportation (CO&T) in 1875. In 1885 CO&T merged with Standard Oil’s operations in the Rockies and was reincorporated in Colorado as Continental Oil. Continental tightened its grip on the Rocky Mountain area and by 1906 had taken over 98% of the western market. Its monopoly ended in 1911 when the US Supreme Court ordered Standard to divest several holdings: Continental was one of 34 independent oil companies created in 1913. Seeing opportunity in autos, Continental built a gas station in 1914. Two years later it got into oil production when it bought United Oil, and by 1924 it had become fully integrated by merging with Mutual Oil, which owned production, refining, and distribution assets. Continental’s biggest merger came in 1929 when it merged with Marland Oil of Oklahoma. Continental diversified in the 1960s, acquiring American Agricultural Chemicals in 1963 and Consolidation Coal (Consol) in 1966. Restructuring in the 1970s into Conoco Chemical, Consol, and two petroleum divisions, the company ramped up oil exploration and entered ventures to develop uranium. In 1979 it changed its name to Conoco. In the late 1970s, Conoco began joint ventures with chemical titan DuPont. The companies worked together well, and in 1981 Conoco was acquired by DuPont to forestall hostile takeover attempts by Mobil and Seagram. DuPont sold off $1.5 billion of Conoco’s assets and absorbed Conoco Chemical. In 1998, however, DuPont spun off Conoco in what was the US’s largestever IPO at the time (DuPont had completely divested its 70% stake by the next year). Conoco expanded its natural gas reserves in 2001 by buying Gulf Canada Resources for $4.3 billion in cash and $2 billion in assumed debt. Also that year Conoco agreed to merge with Phillips Petroleum. The story of Phillips Petroleum begins with Frank Phillips, a prosperous Iowa barber who married a banker’s daughter in 1897 and began selling bonds. When a missionary who worked with Native Americans in Oklahoma regaled him with stories about the oil patch, Phillips migrated to Bartlesville, Oklahoma, and established Anchor Oil in 1903. Anchor’s first two wells were dry, but the next one — the Anna Anderson No. 1 — was the first of a string of 81 successful wells. Phillips and his brother L. E., doubling as bankers in Bartlesville, transformed Anchor into Phillips Petroleum in 1917. With continued success on Native American lands in Oklahoma, Phillips moved into refining and marketing. In 1927 the company opened its first gas station in Wichita, Kansas. Frank Phillips retired after WWII and died in 1950. During the 1980s Phillips became a target of takeover attempts. To fend off bids from corporate raiders T. Boone Pickens (1984) and Carl Icahn (1985), Phillips repurchased stock and ran its debt up to $9 billion. It then cut 8,300 jobs and sold billions of dollars’ worth of assets; strong petrochemicals earnings kept it afloat. As part of an industry trend to share costs of less-profitable operations, Phillips and Conoco

HOOVER’S HANDBOOK OF AMERICAN BUSINESS 2005

Contents List of Lists ............................................................................................................viii Companies Profiled................................................................................................ix About Hoover’s Handbook of American Business 2005 ....................................xiii Using Hoover’s Handbooks..................................................................................xiv A List-Lover’s Compendium ..................................................................................1 The Companies ....................................................................................................25 The Indexes ........................................................................................................951 Index of Companies by Industry ....................................................................952 Index of Companies by Headquarters Location ............................................957 Index of Company Executives ........................................................................962

List of Lists HOOVER’S RANKINGS

MEDIA

The 300 Largest Companies by Sales in Hoover’s Handbook of American Business 2005.......................2–3 The 300 Most Profitable Companies in Hoover’s Handbook of American Business 2005.......................4–5 The 300 Most Valuable Public Companies in Hoover’s Handbook of American Business 2005.......................6–7 The 300 Largest Employers in Hoover’s Handbook of American Business 2005 .............................................8–9 The 100 Fastest-Growing Companies by Sales Growth in Hoover’s Handbook of American Business 2005 .....10 The 100 Fastest-Growing Companies by Employment Growth in Hoover’s Handbook of American Business 2005 ...............................................11 50 Shrinking Companies by Sales Growth in Hoover’s Handbook of American Business 2005 .........12 50 Shrinking Companies by Employment Growth in Hoover’s Handbook of American Business 2005 .........12

Advertising Age’s Top 50 Media Companies by Revenue.....................................................................20

THE BIGGEST AND THE RICHEST The FORTUNE 500 Largest US Corporations.............13–16 The Forbes Largest Private Companies in the US......17–18 Top 20 in CEO Compensation...........................................19 Top 20 Most Powerful Women in Business ......................19 Forbes 20 Greatest US Fortunes .......................................19 Forbes 20 Most Powerful Celebrities ................................19

RETAIL Chain Store Age’s Top 20 US Retailers.............................20 Supermarket News’ Top 20 Supermarket Companies .....20

LEGAL, BUSINESS, AND FINANCIAL SERVICES Top 20 Bank Holding Companies .....................................21 Top 20 US Law Firms ........................................................21 Top 20 Money Managers....................................................21 Top 20 Tax and Accounting Firms....................................21

THE WORKPLACE FORTUNE’s 100 Best Companies to Work For in America......................................................................22 FORTUNE’s 10 Most Admired Companies........................22 Top 20 Companies for Female Executives........................23 The 20 Best Companies for Minorities .............................23 Top 20 Black-Owned Businesses.......................................23 Top 20 Hispanic-Owned Businesses .................................23

Companies Profiled 3Com ..........................................................26 3M ...............................................................27 7-Eleven ......................................................28 A&P .............................................................30 Abbott Laboratories ....................................31 ABC .............................................................32 Abercrombie & Fitch .................................34 ABM Industries ...........................................35 Accenture ...................................................36 Ace Hardware .............................................37 Adobe ..........................................................38 Adolph Coors ..............................................40 Advance Publications .................................41 Advanced Micro Devices .............................42 AES Corporation ........................................43 Aetna ...........................................................44 Affiliated Computer Services .....................46 AFLAC .........................................................47 A.G. Edwards ..............................................48 AGCO ..........................................................49 Agilent Technologies ..................................51 Air Products and Chemicals ......................52 AK Steel ......................................................53 Alaska Air ....................................................54 Alberto-Culver ............................................55 Albertson’s ..................................................57 Alcoa ...........................................................58 Allegheny Energy .......................................59 Allegheny Technologies .............................61 Allergan ......................................................62 Alliant Techsystems ...................................63 Allied Waste ................................................64 Allmerica ....................................................66 Allstate ........................................................67 ALLTEL .......................................................68 Altria ...........................................................69 Amazon.com ...............................................71 Amerada Hess .............................................72 AMERCO .....................................................73 Ameren .......................................................74 America West ..............................................75 American Electric Power ...........................76 American Express .......................................78 American Financial ....................................79 American Greetings ...................................81 American International Group ..................82 American Standard ....................................83 Amerisource-Bergen ..................................85 Amgen .........................................................86 AMR Corp. ..................................................87 AmSouth .....................................................88 Anadarko Petroleum ..................................90 Analog Devices ...........................................91 Anheuser-Busch .........................................92 Anixter International .................................93 Anthem .......................................................94 Aon ..............................................................95 Apache ........................................................96 Apple Computer .........................................98 Applied Materials ........................................99 Aquila ........................................................100 ARAMARK .................................................102

Arch Coal ..................................................103 Archer Daniels Midland ...........................104 Armstrong Holdings ................................105 Arrow Electronics ....................................106 ArvinMeritor .............................................108 Ashland .....................................................109 AT&T .........................................................110 Automatic Data Processing ......................112 AutoNation ...............................................113 AutoZone ..................................................114 Avery Dennison ........................................115 Avnet .........................................................117 Avon ..........................................................118 Baker & McKenzie ...................................120 Baker Hughes ...........................................120 Ball Corporation .......................................122 Bank of America .......................................123 Bank of New York .....................................124 Barnes & Noble ........................................126 Bausch & Lomb ........................................127 Baxter .......................................................128 BB&T ........................................................129 Bear Stearns .............................................131 Beazer Homes ..........................................132 Bechtel ......................................................133 Beckman Coulter .....................................134 Becton, Dickinson ....................................135 Bed Bath & Beyond ..................................136 Bell Microproducts ...................................137 BellSouth ..................................................139 Bemis ........................................................140 Berkshire Hathaway .................................141 Best Buy ....................................................143 Beverly Enterprises ..................................145 Big Lots ....................................................146 BJ Services ................................................147 BJ’s Wholesale Club .................................148 Black & Decker .........................................149 Blockbuster ..............................................150 Blue Cross ................................................152 Boeing .......................................................153 Boise Cascade ...........................................154 Borders .....................................................155 BorgWarner ..............................................157 Boston Scientific ......................................158 Bowater .....................................................159 Briggs & Stratton .....................................160 Brinker .....................................................161 Brink’s ......................................................162 Bristol-Myers Squibb ...............................163 Brown Shoe ..............................................165 Brown-Forman .........................................166 Brunswick .................................................167 Burger King ..............................................169 Burlington Coat Factory ..........................170 Burlington Northern Santa Fe ................171 Burlington Resources ..............................172 Cablevision Systems .................................173 CalPERS ...................................................175 Campbell Soup .........................................176 Capital One Financial ...............................177 Cardinal Health ........................................178

Caremark ..................................................179 Cargill .......................................................180 Carlisle Companies ..................................182 Carlson Wagonlit ......................................183 CarMax ......................................................184 Carnival ....................................................185 Casey’s General Stores .............................186 Caterpillar .................................................187 CBRL Group .............................................189 CBS ...........................................................190 CDW ..........................................................191 CellStar .....................................................192 Cendant ....................................................193 CenterPoint Energy .................................195 Centex .......................................................196 CenturyTel ................................................197 Ceridian ....................................................198 C.H. Robinson Worldwide ........................199 Champion Enterprises .............................201 Charles Schwab ........................................202 Charming Shoppes ...................................203 Charter Communications ........................204 ChevronTexaco .........................................205 Chiquita Brands .......................................206 CHS ...........................................................207 Chubb .......................................................208 Church & Dwight .....................................210 CIGNA .......................................................211 Cincinnati Bell .........................................212 Cincinnati Financial ................................213 Cinergy .....................................................214 Cintas ........................................................216 Circuit City ...............................................217 Cisco Systems ...........................................218 CIT Group .................................................220 Citigroup ..................................................221 Clear Channel ...........................................222 Clorox .......................................................224 CMS Energy ..............................................225 CNA Financial ..........................................226 CNF ...........................................................228 Coca-Cola Company .................................229 Coca-Cola Enterprises ..............................230 Colgate-Palmolive ....................................231 Collins & Aikman .....................................233 Comcast ....................................................234 Comerica ..................................................235 Commercial Metals ..................................237 Computer Associates ................................238 Computer Sciences ..................................239 ConAgra ....................................................241 ConocoPhillips .........................................242 Conseco ....................................................243 CONSOL Energy ......................................244 Consolidated Edison ................................246 Constellation Brands ................................247 Constellation Energy Group ....................248 ContiGroup ...............................................250 Continental Airlines .................................251 Cooper Industries .....................................252 Cooper Tire & Rubber ..............................253 Corning .....................................................254

Companies Profiled (continued) Costco Wholesale .....................................256 Countrywide Financial .............................257 Cox Communications ..............................259 Cox Enterprises ........................................260 C. R. Bard .................................................261 Crompton .................................................262 Crown .......................................................263 CSX ...........................................................265 Cummins ..................................................266 CVS ...........................................................267 Dana ..........................................................268 Danaher ....................................................270 Darden ......................................................271 DaVita .......................................................272 Dean Foods ...............................................273 Deere .........................................................275 Del Monte Foods ......................................276 Dell ...........................................................277 Deloitte .....................................................279 Delphi .......................................................280 Delta .........................................................281 Deluxe .......................................................283 Denny’s .....................................................284 Devon Energy ...........................................285 Diebold .....................................................286 Dillard’s ....................................................287 DIMON ......................................................288 DIRECTV Group .......................................289 Dole Food .................................................291 Dollar General ..........................................292 Dominion Resources ................................293 Domino’s ..................................................295 Dover ........................................................296 Dow Chemical ..........................................297 Dow Jones .................................................299 D.R. Horton ..............................................300 Dreyer’s .....................................................301 DST Systems ............................................302 DTE Energy ..............................................304 Duke Energy .............................................305 Dun & Bradstreet .....................................306 DuPont .....................................................308 Dynegy ......................................................309 E. & J. Gallo ..............................................310 EarthLink .................................................311 Eastman Chemical ...................................312 Eastman Kodak ........................................314 Eaton ........................................................315 eBay ..........................................................317 EchoStar Communications .....................318 Ecolab .......................................................319 Edison International ................................320 El Paso Corporation .................................322 Electronic Arts .........................................323 Electronic Data Systems ..........................324 Eli Lilly .....................................................326 EMC ..........................................................327 EMCOR .....................................................328 Emerson Electric .....................................330 Engelhard .................................................331 Entergy .....................................................332 Equifax ......................................................334 Equity Group Investments .......................335 Ernst & Young .........................................336 Estée Lauder .............................................337 E*TRADE ..................................................338 E. W. Scripps ............................................340 Exelon .......................................................341 Exide .........................................................342 Expeditors International ..........................343 Express Scripts .........................................344 Exxon Mobil ..............................................345 Family Dollar Stores ................................346 Fannie Mae ...............................................348 Federal-Mogul ..........................................349 Federated ..................................................350 FedEx ........................................................351 Fidelity National .......................................353 Fifth Third Bancorp .................................354

First American ..........................................355 First Data ..................................................356 FirstEnergy ...............................................358 Fiserv ........................................................359 Fisher Scientific .......................................360 Fleetwood Enterprises .............................361 Flowers Foods ..........................................363 Fluor .........................................................364 FMC ..........................................................365 FMR ..........................................................366 Foot Locker ..............................................367 Ford ..........................................................368 Forest Laboratories ..................................370 Fortune Brands ........................................370 Fox Entertainment ...................................372 FPL Group ................................................373 Franklin Resources ..................................374 Freddie Mac ..............................................376 Freeport-McMoRan ..................................377 Freescale Semiconductor ........................378 Furniture Brands International ...............379 Gannett .....................................................380 Gap ............................................................382 Gateway ....................................................383 GATX .........................................................385 Gemstar-TV Guide ....................................386 Genentech ................................................387 General Dynamics ....................................388 General Electric .......................................390 General Mills ............................................391 General Motors .........................................392 Genuine Parts ...........................................394 Georgia-Pacific .........................................395 Gillette ......................................................396 Global Crossing ........................................398 Golden West Financial .............................399 Goldman Sachs ........................................400 Goodrich ...................................................401 Goodyear ...................................................403 Goody’s Family Clothing .........................404 Google .......................................................405 Green Bay Packers ...................................406 Guidant .....................................................407 Halliburton ...............................................408 Hallmark ...................................................410 H&R Block ................................................411 Harley-Davidson .......................................412 Harman International ..............................414 Harrah’s Entertainment ..........................415 Harris Corp. ..............................................416 The Hartford .............................................417 Hartmarx ..................................................418 Hasbro ......................................................420 Hayes Lemmerz ........................................421 HCA ...........................................................422 Health Management Associates ...............424 Health Net ................................................425 HEALTHSOUTH .......................................426 Hearst .......................................................427 Henry Schein ............................................428 Hercules ...................................................429 Herman Miller ..........................................430 Hershey .....................................................432 Hertz .........................................................433 Hewitt Associates .....................................434 Hewlett-Packard .......................................435 Hicks, Muse, Tate & Furst .......................436 Highmark .................................................437 Hillenbrand ..............................................438 Hilton .......................................................439 H.J. Heinz .................................................440 HNI ...........................................................441 Home Depot .............................................443 Honeywell International ..........................444 Hormel .....................................................446 Host Marriott ............................................447 Hovnanian Enterprises ............................448 Humana ....................................................449 Huntington Bancshares ...........................450

Hyatt .........................................................452 IAC ............................................................453 IBM ...........................................................454 IGA ............................................................455 IKON .........................................................456 Illinois Tool Works ...................................458 Ingersoll-Rand ..........................................459 Ingram Industries ....................................460 Ingram Micro ...........................................461 Insight Enterprises ..................................462 Intel ..........................................................463 International Flavors ...............................465 International Game Technology ..............466 International Paper ..................................467 Interpublic Group ....................................468 Interstate Bakeries ...................................470 Intuit .........................................................471 ITT Industries ...........................................472 Jabil ...........................................................473 Jack in the Box .........................................474 Jacobs Engineering ..................................476 J. B. Hunt .................................................477 J. C. Penney ..............................................478 Jefferson-Pilot ..........................................479 Jo-Ann Stores ...........................................481 Johnson & Johnson ..................................482 Johnson Controls .....................................484 Jones Apparel ............................................485 J.P. Morgan Chase ....................................486 Kaiser Foundation ....................................488 KB Home ..................................................489 Kellogg .....................................................490 Kelly Services ...........................................492 Kerr-McGee ..............................................493 KeyCorp ....................................................494 KeySpan ....................................................495 Kimberly-Clark .........................................497 Kindred .....................................................498 King Ranch ...............................................499 KLA-Tencor ..............................................500 Kmart .......................................................501 Knight-Ridder ..........................................502 Koch .........................................................503 Kohlberg Kravis Roberts ..........................504 Kohl’s ........................................................506 KPMG .......................................................507 Kraft Foods ...............................................508 Kroger .......................................................510 L-3 Communications ...............................511 Lafarge North America .............................512 Laidlaw International ...............................514 Land O’Lakes ............................................515 La-Z-Boy ...................................................516 Lear ...........................................................517 Legg Mason ..............................................519 Leggett & Platt .........................................520 Lehman Brothers .....................................521 Lennar ......................................................523 Lennox ......................................................524 Level 3 Communications .........................525 Levi Strauss ..............................................527 Lexmark International .............................528 Liberty Media ............................................529 Liberty Mutual ..........................................530 Limited Brands .........................................531 Lincoln National ......................................533 Linens ’n Things ......................................534 Liz Claiborne ............................................535 Lockheed Martin ......................................536 Loews ........................................................538 Longs Drug ...............................................539 Louisiana-Pacific ......................................540 Lowe’s .......................................................542 LSI Logic ..................................................543 Lubrizol ....................................................544 Lucent .......................................................545 Lyondell Chemical ...................................547 MacAndrews & Forbes .............................548 Magellan Health .......................................549

Companies Profiled (continued) Manor Care ...............................................550 Manpower .................................................551 Marathon Oil ............................................552 Markel .......................................................553 Marriott ....................................................554 Mars ..........................................................555 Marsh & McLennan ..................................556 Martha Stewart Living .............................558 Masco ........................................................559 Massachusetts Mutual Life .......................560 MasterCard ...............................................561 Mattel ........................................................563 Maxtor .......................................................564 May Department Stores ...........................565 Maytag ......................................................566 MBNA ........................................................568 McCormick ...............................................569 McDermott ...............................................570 McDonald’s ...............................................571 McGraw-Hill .............................................573 MCI ...........................................................574 McKesson .................................................576 McKinsey & Company ..............................577 MeadWestvaco ..........................................578 Medco Health Solutions ...........................579 Medtronic .................................................579 Mellon Financial ......................................580 Merck ........................................................582 Merrill Lynch ............................................583 MetLife ......................................................585 MGM .........................................................586 MGM Mirage .............................................587 Michaels Stores ........................................588 Micron Technology ..................................590 Microsoft ...................................................591 Mohawk Industries ...................................593 Molex ........................................................594 Monsanto ..................................................595 Morgan Stanley ........................................596 Motorola ...................................................597 NACCO Industries ....................................599 NASD ........................................................600 Nash Finch ...............................................601 National City ............................................602 National Fuel Gas .....................................604 Nationwide ...............................................605 Navistar .....................................................606 NBC ...........................................................607 NCR ...........................................................608 NeighborCare ...........................................609 Neiman Marcus ........................................610 New York Life ...........................................611 NYSE .........................................................612 New York Times .......................................614 Newell Rubbermaid ..................................615 Newmont Mining .....................................616 Nextel ........................................................618 Nicor .........................................................619 NIKE .........................................................620 NiSource ...................................................621 Nordstrom ................................................623 Norfolk Southern .....................................624 Northeast Utilities ....................................625 Northern Trust .........................................626 Northrop Grumman .................................628 Northwest Airlines ...................................629 Northwestern Mutual ...............................631 Novell ........................................................632 NSTAR ......................................................633 Nucor ........................................................634 NVIDIA ......................................................635 NVR ...........................................................636 Occidental Petroleum ..............................637 Office Depot ..............................................638 Olin ...........................................................639 Omnicare ..................................................641 Omnicom ..................................................642 ONEOK .....................................................643 Oracle .......................................................644

OshKosh B’Gosh ......................................646 Oshkosh Truck .........................................647 Outback Steakhouse ................................648 Owens & Minor ........................................649 Owens Corning .........................................650 Owens-Illinois ..........................................652 PACCAR ....................................................653 PacifiCare .................................................654 palmOne ...................................................655 The Pantry ................................................656 Parker Hannifin ........................................657 Pathmark ..................................................659 Payless ShoeSource ..................................660 Penn Traffic ..............................................661 Peoples Energy .........................................662 PeopleSoft .................................................663 The Pep Boys ............................................664 Pepsi Bottling Group ...............................666 PepsiAmericas ..........................................667 PepsiCo .....................................................668 Performance Food ....................................669 Perot Systems ...........................................670 PETCO ......................................................672 Peter Kiewit Sons’ ....................................673 PETsMART ................................................674 Pfizer .........................................................675 PG&E ........................................................677 Phelps Dodge ............................................678 Phillips-Van Heusen .................................679 Pier 1 Imports ..........................................680 Pilgrim’s Pride ..........................................682 Pinnacle West ...........................................683 Pitney Bowes ............................................684 Plains All American Pipeline ....................685 PNC Financial Services ............................686 Polaris Industries .....................................687 Polo Ralph Lauren ...................................689 PPG ...........................................................690 PPL ...........................................................691 Praxair ......................................................693 Precision Castparts ..................................694 Premcor ....................................................695 Pricewaterhouse-Coopers ........................696 PRIMEDIA ................................................698 Principal Financial ...................................699 Procter & Gamble ....................................700 Progress Energy .......................................702 Progressive Corporation ..........................703 Protective Life ..........................................704 Providian Financial ..................................705 Prudential .................................................706 Public Service Enterprise ........................708 Publix ........................................................709 Pulte Homes .............................................710 QUALCOMM .............................................711 Quest Diagnostics ....................................713 Qwest ........................................................714 RadioShack ...............................................715 Raytheon ...................................................716 Reader’s Digest .........................................718 Reebok ......................................................719 Regions Financial .....................................720 Regis .........................................................722 Rent-A-Center ..........................................723 Republic Services .....................................724 Revlon .......................................................725 Reynolds American ..................................727 Rite Aid .....................................................728 Robert Half ...............................................729 Rockwell Automation ...............................730 Rohm and Haas ........................................732 Ross Stores ...............................................733 Royal Caribbean Cruises ..........................734 RPM ..........................................................735 R.R. Donnelley ..........................................737 Russell ......................................................738 Ryder .........................................................739 Ryerson Tull .............................................740 Ryland Group ...........................................741

Sabre .........................................................743 Safeco .......................................................744 Safeguard Scientifics ................................745 Safeway .....................................................746 St. Jude Medical .......................................747 St. Paul Travelers .....................................748 Saks ...........................................................749 Sallie Mae .................................................751 Sanmina-SCI ............................................752 Sara Lee ....................................................753 SBC Communications ..............................754 S.C. Johnson .............................................756 SCANA ......................................................757 Schering-Plough ......................................758 Schlumberger ...........................................759 Scholastic .................................................761 Scientific-Atlanta .....................................762 Scotts ........................................................763 Seaboard ...................................................765 Seagate Technology .................................766 Sealed Air ..................................................767 Sears .........................................................768 Sempra Energy .........................................769 Sequa ........................................................771 Service Corporation International ..........772 ServiceMaster ...........................................773 Sharper Image ..........................................774 Shaw Group ..............................................775 Shell ..........................................................777 Sherwin-Williams .....................................778 ShopKo Stores ..........................................779 Silicon Graphics .......................................780 Simon Property ........................................782 Skadden, Arps ...........................................783 Smithfield Foods ......................................784 Smurfit-Stone Container .........................785 Snap-on ....................................................787 Solectron ..................................................788 Solutia ......................................................789 Sonoco Products ......................................790 Sotheby’s ..................................................792 Southern Company ..................................793 Southwest Airlines ...................................794 Spartan Stores ..........................................795 Spherion ...................................................796 Sprint ........................................................797 SPX ...........................................................798 Stanley Works ..........................................800 Staples ......................................................801 Starbucks ..................................................803 Starwood Hotels & Resorts ......................804 State Farm ................................................805 State Street ...............................................806 Steelcase ...................................................808 StorageTek ...............................................809 Sun Microsystems ....................................810 SunGard ...................................................811 Sunoco ......................................................813 SunTrust ...................................................814 SUPERVALU .............................................815 Swift Transportation ................................817 Symantec ..................................................818 Synovus ....................................................818 SYSCO ......................................................820 Target .......................................................821 Tech Data ..................................................823 Telephone and Data Systems ...................824 Temple-Inland ..........................................825 Tenet Healthcare ......................................826 Tenneco Automotive ................................828 Terex .........................................................829 Tesoro Petroleum .....................................830 Texas Instruments ....................................831 Textron .....................................................833 Thermo Electron ......................................834 TIAA-CREF ...............................................835 Tiffany .......................................................836 Time Warner ............................................838 The Timken Company ..............................839

Companies Profiled (continued) TJX Companies .........................................840 Toll Brothers ............................................841 Torchmark ................................................843 Toro Company ..........................................844 Tower Automotive ....................................845 Toys “R’’ Us ...............................................846 Trammell Crow ........................................848 Trans World Entertainment ....................849 Transocean ...............................................850 Triarc ........................................................851 Tribune .....................................................852 Trump Hotels & Casino Resorts ..............854 The Trump Organization .........................855 TruServ .....................................................856 Tupperware ...............................................857 TVA ...........................................................858 TXU ...........................................................859 Tyco International ....................................861 Tyson Foods ..............................................862 UAL ...........................................................863 UGI ............................................................865 Union Pacific ............................................866 Unisys .......................................................867 United Parcel Service ...............................868 United Rentals ..........................................869 U. S. Cellular ............................................871 United States Postal Service ....................872 U. S. Steel .................................................873 United Stationers .....................................874 United Technologies ................................875

UnitedHealth ............................................876 Universal Corporation ..............................878 Univision ...................................................879 Unocal .......................................................880 UnumProvident ........................................881 URS ...........................................................882 US Airways ................................................884 U.S. Bancorp .............................................885 USAA .........................................................886 USF ...........................................................887 USG ...........................................................889 UST ...........................................................890 Valero Energy ...........................................891 Valspar ......................................................892 Vanguard Group .......................................893 Verizon .....................................................894 VF ..............................................................896 Viacom ......................................................897 Viad ...........................................................899 Visa ...........................................................899 Vishay Intertechnology ............................901 Vulcan Materials .......................................902 Wachovia ..................................................903 Wakefern Food .........................................904 Walgreen ...................................................905 Wal-Mart ...................................................906 Walt Disney ..............................................908 Warnaco ....................................................910 Washington Group ...................................911 Washington Mutual ..................................912

Washington Post ......................................914 Waste Management ..................................915 Weatherford International .......................916 WellChoice ...............................................917 Wells Fargo ...............................................918 Wendy’s .....................................................920 WESCO International ..............................921 Westar Energy ..........................................922 Western Digital ........................................923 Weyerhaeuser ...........................................924 Whirlpool ..................................................926 Whole Foods .............................................927 Williams Companies ................................928 Williams-Sonoma .....................................930 Winn-Dixie ...............................................931 World Fuel Services .................................932 Worthington Industries ...........................933 W. R. Grace ...............................................934 W.W. Grainger ..........................................936 Wrigley .....................................................937 Wyeth ........................................................938 Wyndham .................................................939 Xcel Energy ..............................................940 Xerox .........................................................942 Yahoo! .......................................................943 Yellow Roadway ........................................944 York International ....................................946 YUM! .........................................................947 Zale ...........................................................948 Zions Bancorporation ..............................949

About Hoover’s Handbook of American Business 2005 The latest edition of Hoover’s Handbook of American Business carries on a 15-year tradition of providing one of America’s premier sources of business information. A redesign of the 2004 edition allowed us to pack even more information into fewer pages, so that this year we have combined our usual two volumes into one — making the book more efficient for the reader while keeping the same amount of information. By doing this, we achieve our goal of always striving to add more value to this already valuable resource. So search away for the business information you need to make the important decisions facing you. Leave the factfinding and digging and the sorting and sifting to the editors at Hoover’s. Hoover’s Handbook of American Business is the first of our four-title series of handbooks that covers, literally, the world of business. The series is available as an indexed set, and also includes Hoover’s Handbook of World Business, Hoover’s Handbook of Private Companies, and Hoover’s Handbook of Emerging Companies. This series brings you information on the biggest, fastest-growing, and most influential enterprises in the world. HOOVER’S ONLINE FOR BUSINESS NEEDS In addition to the 2,550 companies featured in our handbooks, coverage of some 40,000 business enterprises is available in electronic format on our Web site, Hoover’s Online (www.hoovers.com). Our goal is to provide one site that offers authoritative, updated intelligence on US and global companies, industries, and the people who shape them. Hoover’s has partnered with other prestigious business information and service providers to bring you all the right business information, services, and links in one place. We welcome the recognition we have received as the premier provider of high-quality company information — online, electronically, and in print — and continue to look for ways to make our products more available and more useful to you. We believe that anyone who buys from, sells to, invests in, lends to, competes with, interviews with, or

works for a company should know all there is to know about that enterprise. Taken together, this book and the other Hoover’s products and resources represent the most complete source of basic corporate information readily available to the general public. This latest version of Hoover’s Handbook of American Business contains, as always, profiles of the largest and most influential companies in the United States. Each of the companies profiled here was chosen because of its important role in American business. For more details on how these companies were selected, see the section titled “Using Hoover’s Handbooks.” HOW TO USE THIS BOOK This book has four sections: 1. “Using Hoover’s Handbooks” describes the contents of our profiles and explains the ways in which we gather and compile our data. 2. “A List-Lover’s Compendium” contains lists of the largest, smallest, best, most, and other superlatives related to companies involved in American business. 3. The company profiles section makes up the largest and most important part of the book — 750 profiles of major US enterprises. 4. Three indexes complete the book. The first sorts companies by industry groups, the second by headquarters location. The third index is a list of all the executives found in the Executives section of each company profile. As always, we hope you find our books useful. We invite your comments via phone (512-374-4500), fax (512-374-4538), mail (5800 Airport Boulevard, Austin, Texas 78752), or e-mail ([email protected]). The Editors, Austin, Texas, October 2004