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              [html]<thead><tr><td>based based based by and based based based based based based backers</td><td>Demonstrated by</td></tr></thead><tbody><tr><td>member - owner culture, throughout our history, every member</td><td>We are investing significantly in our brands and increasing our</td></tr><tr><td>has had an opportunity to participate in making the business</td><td>understanding of our diverse range of end - users and the solu -</td></tr><tr><td>better. We did so again in 2003.</td><td>tions they want. We are building market power through several</td></tr><tr><td>We outperformed our peers. We grew our sales and</td><td>initiatives : focused selling models ; clear brand identity ; tar -</td></tr><tr><td>profits. We gained market share by providing strong brands,</td><td>geted advertising ; expanded channel presence ; and aggressive</td></tr><tr><td>innovative products and services, and greater value to our end -</td><td>products and solutions development. We are strengthening our</td></tr><tr><td>users. We continued to increase our gross margins, a direct</td><td>ability to be the “ perfect match ” with end - users in every seg -</td></tr><tr><td>result of our ongoing commitment to lean initiatives. We used</td><td>ment we serve.</td></tr><tr><td>our strong, positive cash flow to invest in our business for the</td><td>long term and returned profits to shareholders. We accom -</td></tr><tr><td>ACH1EVING BEST TOTAL COST AND</td><td>plished all of this in a very challenging economy and market.</td></tr><tr><td>LEAN ENTERPRISE</td><td>Although we are proud of what we achieved, our phi -</td></tr><tr><td>“ Best total cost ” means more than being a low - cost manufac -</td><td>losophy of constructive discontent drives us to continue to</td></tr><tr><td>turer. It requires us to think about the entire value stream −</td><td>challenge ourselves to do better. We believe to succeed in a</td></tr><tr><td>where and how to manufacture, ship, install, outsource,</td><td>business environment of ongoing change and continuous trans -</td></tr><tr><td>assemble, service, procure, and sell — all to provide the best</td><td>formation we also must continue to change. Today, we are</td></tr><tr><td>total value to our end - users. We implemented lean initiatives,</td></tr><tr></tr><tr></tr><tr></tr><tr></tr></tbody>
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