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<br /> Chairman's Message <br /> million. Annual net income rose <br /> 21 percent to $32.5 million. <br /> Our ability to handle the sig- <br /> ntlicant sales increase demon- <br /> strates that our investments in <br /> additional capacity, primarily in <br /> the commercial and space areas <br /> of our business, are supporting <br /> this growth in business activity. <br /> The improved operating mar- <br /> gins in the third and fourth <br /> quarters show progress in our <br /> efforts to increase profitability <br /> during this period of unprece- <br /> dented growth. <br /> We are working to continue <br /> improving margins as new <br /> facilities make additional con- <br /> tributions to performance. <br /> We have also restructured the <br /> company to focus on Rohr's <br /> product and business opera- <br /> tions. Product Operations has <br /> responsibility for our core <br /> products-such as nacelles, <br /> Front: H. W. Thdd, chairman, chief e:œcutive officer and president thrust reversers and pylons- <br /> and G. (Don) Sim, vice chairman. Iœar: lWbert H. Goldsmith, senior from design to delivery, re- <br /> vice president, business aperations; John W. Sandford, senior vice <br /> president, product operations; and. David J. RugglÆs, senior vice enforcing the objectives of high <br /> president, finance, and chief financial officer. quality and timely delivery <br /> throughout the entire process. <br /> Business Operations concen- <br /> F iscal1988 results showed Fourth-quarter sales reached trates on those varied aspects <br /> continuing progress a record $253.4 million with of the aerospace industry which <br /> toward Rohr's long-term improving operating profit make up Rohr's businesses, <br /> strategy of achieving growth margins for the second straight providing focused attention <br /> while, at the same time, posi- quarter:. to each business area. These <br /> tioning the company to partid- The new annual sales record business areas are commercial, <br /> pate in what aerospace industry of $906.8 million represents a military, space, customer sup- <br /> analysts project will be a contin- 37 percent increase from the port, and technology and new <br /> uing strong market in the 1990s. previous year's sales of $663.4 product development. <br /> 4 <br />