AmerisourceBergen 2009 Annual Report Download - page 17

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Richard C. Gozon
Chairman of the Board
January 22, 2010
Fellow Stockholders:
Despite a difficult economic environment, AmerisourceBergen
again delivered outstanding performance in fiscal 2009.
Revenues were up, expense dollars were below the previous
year, operating income and cash flow were strong, and
earnings per share from continuing operations increased
an impressive 17%. The strong cash flow allowed the
Company to increase its return to stockholders by
repurchasing approximately $450 million of its common
stock and raising the dividend twice in fiscal 2009 and
a third time in November 2009. In addition, the Company
split the common stock, two for one, during the year.
The management team continues to focus on the
execution of our objectives for fiscal 2010, while at the
same time investing in the programs and technologies
that will shape the Company’s future. For example,
AmerisourceBergen is investing in an ERP information
technology platform, to be completed by 2012, that
will make it easier for customers to do business with
AmerisourceBergen and improve our cost structure.
Your Board of Directors remains committed to finding
ways to align Board and management interests with those
of the stockholder and is actively involved in overseeing
the Company’s strategy and execution. The Board pays
close attention to governance issues and during the year
made two important governance changes. It voted to
adopt a majority vote standard for stockholder action,
eliminating all supermajority (80%) requirements under
our bylaws and certificate of incorporation. If approved by
stockholders at the coming annual meeting, all corporate
governance actions requiring stockholder approval will be
made by majority vote. Also, it eliminated the Company’s
rights plan, often called a “poison pill.”
I invite you to read this Summary Annual Report to
gain a better understanding of the Company’s financial
performance in fiscal 2009, and its plans to continue
to grow the Company in the coming year and beyond.
On behalf of the Board, thank you for your
ongoing support.
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