Dividends: Stripping the Varnish

One of the important tools of corporate image making is the richly illustrated annual report. But some firms now regard the glossy booklets sent to stockholders as overly extravagant. Xerox has banished photographs from the pages of its report this year, thereby cutting the cost of each copy from 88¢ to 43¢. Total savings: $180,000. AMF, a New York-based conglomerate, after losing $1.5 million last year, cut its report by twelve pages and adopted a no-frills design. Much of A T & T's report is printed on paper almost as flimsy as the...

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