IBM 2009 Annual Report Download - page 3
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Dear IBM Investor :
When I wrote to you a year ago, the global economy was experiencing
profound disruption. The nancial system was freezing up. Many companies
and entire industries were pulling in their horns, hoping simply to ride out
the storm. IBM’s own industry was no different.
Nonetheless, I said that we felt condent heading into 2009. We were
entering the year strong, and we expected to exit it stronger.
A year later, despite an environment that remains very challenging,
I am happy to report that your company has continued to outperform our
industry and the market at large. We delivered strong results in 2009,
once again achieving record pre-tax earnings, record earnings per share and
record free cash ow
—
despite reduced revenues. At the same time, we
continued to deliver superior returns to you, our owners. Most importantly,
we are well positioned to grow as the economy begins to recover.
A LETTER FROM THE CHAIRMAN