Black & Decker Corp. (Proxy report excerpts)(Company Profile)

Corporate profile

A strong fourth-quarter performance helped to make 1997 a record year for Towson-based Black & Decker. The Power Tools and Accessories, Security Hardware, and Fastening and Assembly Systems divisions reported record sales and operating income for the year. Sales grew I percent. Higher margins, more efficient manufacturing, tighter cost control and reduced borrowing expense contributed to an increase in earnings before taxes of 19 percent compared to the amount reported in 1996. Strong operating results enabled the company to generate free cash flow of $150 million, bringing its average annual free cash flow to approximately $135 million over the past …