IBM 2010 Annual Report Download - page 3

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Dear IBM Investor:
I am pleased to report that IBM had another strong year in 2010.
Your company continued to outperform our industry and the
market at large. We once again achieved record pre-tax earnings,
record earnings per share, record free cash flow and improved
profit margins, with increased 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 global
economy recovers.
These results were made possible by decisions and actions
that we undertook a decade ago, based on where we believed
the world was shifting. But even more, they are a reflection of the
mindset, ambitions and values that have guided IBM since its
inception, 100 years ago. As such, our performance in 2010
marks a fitting conclusion to our first century as a corporation,
and a promising start to our second.
In this letter, I will explain why the long-term thinking
and management that IBM has practiced over the past decade
have positioned your company advantageously for the next
five years and beyond.
A Letter from the Chairman 1