Summary
This filing for W.W. Grainger, Inc. (GWW) covers the period ending March 30, 2004, and provides an update on issuer purchases of equity securities and matters submitted to a vote of security holders. The company's management, including the CEO and CFO, have concluded that disclosure controls and procedures are effective. There were no material changes to internal control over financial reporting during the quarter. The company continued its share repurchase program, buying back 785,300 shares for an average price of $46.63 during the first quarter of 2004, with a substantial number of shares remaining authorized for future repurchases. Key events from the annual shareholder meeting on April 28, 2004, indicate strong support for management's director nominees and the ratification of Grant Thornton LLP as the independent auditor for fiscal year 2004. The filing also lists several material exhibits, including amendments to by-laws and incentive plans, as well as separation agreements for former executives. Investors should note the ongoing commitment to share repurchases and the solid governance practices affirmed by shareholder votes.
Key Highlights
- 1Disclosure controls and procedures were found to be effective by management, including the CEO and CFO.
- 2No material changes occurred in internal control over financial reporting during the reporting period.
- 3W.W. Grainger repurchased 785,300 shares of its common stock during the first quarter of 2004 for an aggregate cost of approximately $36.6 million.
- 4The average purchase price for shares during the quarter was $46.63.
- 5As of March 31, 2004, W.W. Grainger had authorization to purchase up to 8,296,400 additional shares under its ongoing share repurchase program.
- 6Shareholders overwhelmingly re-elected all of management's director nominees at the annual meeting held on April 28, 2004.
- 7Grant Thornton LLP was ratified as the independent auditor for the fiscal year ending December 31, 2004.