"Turning to financial results, we set a new record for annual sales. Without the non-recurring items, full year earnings would have increased versus 2004. Cash from operations was $445 million, 30% higher than last year. In May, the Board granted a 7% dividend increase -- our 34th consecutive annual increase -- and at year-end the dividend yield was 2.8%.
"We are optimistic about 2006, and expect to post record sales and earnings. Sales should grow about 5%, and we project a 15% - 35% increase in per share earnings. Our executives feel strongly enough about the company's prospects that more than 100 of them made a decision (in December) to forego part or all of their 2006 cash compensation. Collectively, this group is giving up over $7 million and choosing to receive either Leggett stock or stock options instead."
Leggett & Platt is North America's leading independent manufacturer of: a) components for residential furniture and bedding; b) retail store fixtures and point of purchase displays; c) components for office furniture; d) non-automotive aluminum die castings; e) drawn steel wire; f) automotive seat support and lumbar systems; g) carpet underlay; h) adjustable beds; and i) bedding industry machinery for wire forming, sewing and quilting. Primary raw materials include steel and aluminum. Main operations include metal stamping, forming, casting, machining, coating, welding, wire drawing, and assembly.
The 123-year-old firm is composed of 29 business units, 33,000 employee-partners, and more than 300 facilities located in over 20 countries.
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