50 Kennedy Plaza
Providence, RI 02903
(401) 751-1600; fax: (401) 751-4610
e-mail: financial@nortek-inc.com
Nortek enjoyed a record year in sales, while net earnings were second highest
in the company’s history. Company officials attributed the successful year to
the company’s diversification strategy. Nortek owns more than 30 companies, and
maintains that because of that diversity it is “better able to weather downturns
in specific segments.” In 2000, the company acquired Eaton Williams Holdings Limited
of Eldenridge, England, which designs, manufactures, installs and services a leading
range of custom-made and standard air conditioning humidification equipment.
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Stock Information
Exchange:NYSE
Symbol: NTK
Annual meeting: May 3, 2001
Shares of common stock outstanding as of March 20, 2001: 10,388,621
Stock price as of Friday, March 30, 2001: $27.35
Market value as of Friday, March 30, 2001:: $284,128,784
12-month high stock price: $30.50
12-month low stock price: $14.50
Operating Results
(Dollars in millions, except per share data)
| For the years ending Dec. 31, |
2000
|
1999
|
1998
|
| Net sales |
$2,194,829
|
$1,987,920
|
$1,725,743
|
| Net earnings |
41,600
|
49,300
|
35,000
|
| Net income per share |
3.71
|
4.19
|
3.11
|
| Total assets |
1,836.8
|
1,791.4
|
1,685.8
|
| Long-term debt |
1,020.5
|
1,023.6
|
1,007.1
|
Directors
Richard L. Bready, 56, director since 1976, chairman, president and chief
executive officer of the company. Shares: 644,950
Phillip L. Cohen, 69, director since 1996, financial consultant, certified
public accountant. Shares: 10,400
J. Peter Lyons, 66, director since 1991, chairman of the Lyons Companies
service for employee insurance benefits. Shares: 11,420
William I. Kelly, 57, director since 1996, director of human resources,
American Tax and Business Services, Boston region. Shares: 10,400
Richard J. Harris, 64, director since 1984, vice president and treasurer
of the company. Shares: 301,800
Directors’ fees
Non-employee directors an annual retainer of $24,000, plus $1,000 per meeting
($500 if the director participates by telephone). Members of committees of the
board of directors receive $1,000 per committee meeting ($500 if held in conjunction
with a board meeting of if a member participates by telephone). Committee chairmen
receive an additional $2,000 per year.
Institutional ownership
Gamco Investors, Inc., 1,131,033 shares;
Neuberger Berman, LLC, 777,650 shares;
Dimensional Fund Advisors, Inc., 593,516 shares;
Gabelli Funds, LLC, 477,000 shares;
Canyon Capital Advisors LLC, 351,300 shares.
Executive compensation
|
Fiscal Year
|
2000
|
1999
|
|
Richard L. Bready, chairman, president,
CEO |
$5,826,320
|
$5,967,100
|
|
Almon C. Hall, vice president and chief
accounting officer |
$740,000
|
$725,000
|
|
Richard J. Harris, vice president and
treasurer |
$575,000
|
$550,000
|
|
Kenneth J. Ortman, former senior vice
president, operations |
$580,000
|
$370,000
|
|
Kevin W. Donnelly, vice president, general
counsel |
$400,000
|
$385,000
|
(1) Retired from his position as senior vice president effective January 31, 2001.
*Executive compensation includes salary, bonuses and other compensation, including
life insurance, cash profit sharing and other payments.
Exercised Stock Options
|
Shares acquired on exercise
|
Value realized
|
|
|
Kevin W. Donnelly
|
1,500
|
$19,312
|
Source: Proxy statement, annual report, quarterly reports, and other PBN research
