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Thursday, January 8, 2009
Mission Statement
Our mission is to be the world’s leader in high quality sensor chips. Our goal is to enrich the community in which we operate in, harvest our partnerships, empower our employees and deliver on our financial responsibilities to our share holders, without compromising our integrity, the environment and our values.
President & CEO Message
All of us at Chester, Inc. – Board of Directors, senior management, and employees – share a strong believe that doing business the right way will help us continue to serve our customers far into the future.
Chester Inc. is a unique company with the capability as a provider of engineered solutions that truly sets us apart from other electronic component distributors. Engineered solutions range from a single component to a complete integrated system designed to meet our customers’ requirements.
We are working hard to improve the efficiency of our internal operations. In late December, we began attacking areas such as freight, inventory management, supplier and service agreements, staffing levels, and began general cost-cutting initiatives. We are working to realign the company’s support structure to create visibility into costs, to drive accountability, and to reduce overall fixed costs.
Chester Inc.’s team is focused and committed to producing solid financial results for 2016. We have improved visibility and awareness into our financial metrics—both from a P&L and balance sheet perspective. On a daily basis, we review sales, margin and inventory levels. To better align the team with our financial objectives, we have changed the incentive plans to include a working capital component in addition to earnings.
Community Responsibility
Chester Inc. and its founders have a deep commitment to social, civic and environmental issues. The Company sponsors a number of national, international and community programs each year, whether through contributions of time or financial resources. The Company also actively supports new opportunities proposed by employees. It is our employees who turn each opportunity into a successful contribution, because of their commitment to helping others and determination to make a difference.
Below are some highlights of Chester Inc’s recent contributions to philanthropic events, programs and organizations. We look forward to continually adding to this list and to our continued investment in the social, civic and environmental programs helping to improve our community.
Bikes For Kids Foundation:
This foundation gives thousands of bikes away each year at Christmas time to disadvantaged and orphaned children. This is the fifth year that Chester Inc. has been heading the Bikes for Kids Foundation and 4,500 bikes were given away in 2016. This year, 200 employees participated in raising funds for the bikes, as well as assisted in putting them together. We were able to raise $16,409.97.
American Diabetes Association Walk:
For the fourth year in a row Chester Inc. has put together a team of walkers to raise money to help fight diabetes. Many employees who are not available to walk are participating by financially sponsoring their colleagues. This year’s walk took place on Sunday, October 5.
Los Angeles Fire Relief:
To aid our Los Angeles location and colleagues, who were affected in the fire that struck on Monday, May 12, 2016, Chester Inc. coordinated a worldwide collection from our global offices of monetary donations to go to the American Red Cross – Los Angeles Fire Fund Relief. Chester Inc., agreed to match the total amount raised, and collected nearly $50,000.00 for the relief effort. The American Red Cross is working with its partners in the California Region and other partners to assist those affected by this disaster.
Communities That Care:
Chester Inc. again hosted a "giving tree" for the Communities That Care Holiday Gift Program. Communities that Care is a non profit organization, that serves under resourced communities in the San Diego area. The “giving tree” was set up in the cafeteria at Chester Inc’s corporate headquarters in San Diego, CA with tags listing items requested by families in the area. Employees took tags from the tree and purchased the item(s) listed. The gift items were then distributed to several local organizations (see below).
The collected gift items are distributed to families using services from Toys for Tots, A.J.’s Playhouse Childrens Hospital Center, San Diego Food Bank, and Father John’s Homeless shelters. All of these agencies work with low income/at-risk families and children from ages 0-17. Families receive emergency shelter, counseling etc for victims of abuse, neglect due to alcohol & drug addiction.
News Center
Our News Center is intended to help you stay current with news about Chester, Inc. and our products, services and philanthropic activities. Here, you also have access to a wide range of news and information, as well as key media contacts within our company
Careers
Some decisions impact all aspects of your life, like your career. With the right employer you can be part of something meaningful, surrounded by people you respect and inspired to reach your professional and personal goals. Let us help you decide if we are that employer for you.
With 12,600 Chester employees around the world as our solid foundation, we are committed to developing and cultivating the future leadership at Chester for the ongoing success of the company.
Contact Us
We appreciate your comments and questions. Let us help you get the answers you need.
For general comments and questions, including customer service, contact us by one of the following methods.
Send us an email: ccheetah@chestercheetah.com
Call us: 800-555-1212
Directions:
Chester Inc.
1555 Chester Cheetah Lane
San Diego, CA 92128
http://chesterinc.blogspot.com/
Meet Chester's Dream Team
In January 2016, Chester Cheetah was named president and chief executive officer of Chester Inc., and elected to the board of directors. Joining Chester Inc in 1991, Chester held significant leadership positions in Chester’s businesses, most recently as senior vice president of Chester. Prior to that, he was vice president of operations. Chester has been a powerful contributor to Chester’s growth agenda, and we are delighted that our business now will benefit from his leadership.
Ashley Bobb, former vice president of Hard Rock Electronics, as the new Senior Vice President of Research and Development. Ashley brings over 15 years of experience growing technology and services businesses in the enterprise market. Her proven track record of creating value for customers in this industry will be an asset to Chester Inc.
Enrique Estrada as Senior Vice President of Manufacturing and Production.
The appointment was effective January 2016. Enrique has over 21 years of experience in manufacturing and engineering in electronics systems and analytical instrumentation. Enrique has been with Chester Inc. since 2003. Most recently, he served as vice president, U.S. manufacturing and operations, oversaw the expansion of one of our new facilities. Enrique supervised the production and directed new product development. His proven track record and experience will be an asset in Chester Inc.’s growth.
Tammie McQuain as Vice President of Marketing. The appointment is effective immediately. As vice president of marketing, Tammie will be responsible for the development and implementation of brand and marketing strategies for Chester Inc. Tammie previously held the title of director of marketing and has been with Chester Inc. since 2006. She has had over 18 years of experience in marketing and brand development and will be an industry asset to Chester Inc.
Judi Mercado as Vice President of Finance. This appointment took place first quarter of 2016. As vice president of finance, Judi will be responsible for Chester Inc.’s budget and financial management and will oversee operational activities including Human Resources, and Risk Management. She will report to Chester Cheetah, President & CEO of Chester Inc. Judi joined Chester Inc. in 2009 as Accounting Manager, and then in 2013 as Controller and now as vice president of finance. Judi has had over 17 years of experience in finance and will be an asset to Chester Inc.Competitive Market
Research & Development: Our customers have continued to enjoy the high quality and dependability of our products. At Chester, Inc. comprise is a word that we will never use. We don’t believe in compromising our products to cut cost. Our number one goal has been and will continue to be high-end, dependable products regardless of the market segment. Year over year, Chester, Inc. has invested in increasing performance and dependability. “Just like our biggest asset, our associates. We believe we have the best and brightest employees and our products reflect our pride.” Ashley Bobb, VP of Research and Development.
Short term we will continue to invest in our assets, but our long term strategy will be to introduce new and exciting products to the low end and traditional segments.
Marketing:
Over the past three years we have enjoyed well over an 80% awareness index across all segments. This is true testament to our marketing team led by Tammie McQuain, VP of Marketing. Her dedication to increase awareness and customer service is second to none. Our associates once again have delivered on another successful campaign and we are proud to be the leading marketing organization in the sensor chip field. We are also as excited to launch a new marketing campaign for 2017, “Little Bits of Nothing”. More to come, but thought we would give you a small peek under the tent.
Production:
Although capacity had been a challenge for us in 2014 and 2015, we invested heavily in 2016 and it paid off. Our overall sales grew by over 15%, on an already large base and heavy competition in the marketplace. We have also continued to increase automation and enjoyed a 30%+ blended contribution margin in 2016. Our focus short term will be to increase capacity, in tangent with new item introduction for 2018 and 2019. “Now more than ever we are poised for success, we have the right executive team in place and have made key investments in our infrastructure to ensure our place as a leader in the marketplace.” Enrique Estrada, VP of Production.
Short term we will continue to invest in our assets, but our long term strategy will be to introduce new and exciting products to the low end and traditional segments.
Marketing:
Over the past three years we have enjoyed well over an 80% awareness index across all segments. This is true testament to our marketing team led by Tammie McQuain, VP of Marketing. Her dedication to increase awareness and customer service is second to none. Our associates once again have delivered on another successful campaign and we are proud to be the leading marketing organization in the sensor chip field. We are also as excited to launch a new marketing campaign for 2017, “Little Bits of Nothing”. More to come, but thought we would give you a small peek under the tent.
Production:
Although capacity had been a challenge for us in 2014 and 2015, we invested heavily in 2016 and it paid off. Our overall sales grew by over 15%, on an already large base and heavy competition in the marketplace. We have also continued to increase automation and enjoyed a 30%+ blended contribution margin in 2016. Our focus short term will be to increase capacity, in tangent with new item introduction for 2018 and 2019. “Now more than ever we are poised for success, we have the right executive team in place and have made key investments in our infrastructure to ensure our place as a leader in the marketplace.” Enrique Estrada, VP of Production.
Corporate Financial Overview
In 2016, Chester Inc. delivered its eighth year of increased profits, sixth year of record revenues, and second year of income from operations. We delivered these results as we continue to invest in the future growth of our Company.
As we review what we have accomplished in 2016, we are pleased with our achievements. Some of these achievements include:
· Growing Sales by 84%
· Increasing Net Profit by 24%
· Increased Cash from Operations by 48%
· Reduced Inventory Carry Over
2016, Chester Inc took a broad strategic approach and focused on five major technology segments: (High End, Performance, Size, Traditional and Low End). Our products have been growing in unit rates of 20%. To take advantage of this opportunity, we plan to redefine total available market and reassess which market segments bring Chester larger returns. We plan to continue to gain a competitive advantage by distinguishing our products with excellent design, high awareness, easy accessibility, cost and product extenders. We will develop an R&D competency that keeps our designs fresh and exciting. Our products will keep pace with the market, offering improved size, performance, reliability, and cost. We will price competitively and expand capacity as we generate higher demand.
Our vision is to be an even stronger company than we were in 2016. Our strategic position is solid and diversified, and we continue to pride ourselves on our ability to provide substantial returns on our investments. We envision Chester Inc to be the leader in premium products for the industry: our brands withstand the tests of time, define the cutting edge and have value beyond what our competitors offer. In short, our vision and execution are in sync with the interest of our primary stakeholders, customers, stockholders, management, and employees.
Our goal is to drive industry-leading performance now, while investing strongly in our future for the growth and success of Chester Inc. Our vision remains the same: to be the number-one worldwide provider of products, services and solutions, that connect technology with customers and to deliver premium investment results for our shareholders.
The priorities that guided us in 2015 and will also guide us in the years to come, include targeting profitable growth areas where we see opportunity and continuing the transformation and expansion of our business, while building shareholder value.
As we look forward, we see significant opportunities to grow across markets, geographies and products, particularly with small- and medium-sized customers that comprise approximately 80 percent of sales in our components business.
Finance: We will Finance our investments primarily through long-term bond issues, supplementing with stock offerings on an as needed basis. When our cash position allows, we will establish a dividend policy and begin to retire stock. We are somewhat adverse to debt, and prefer to avoid interest payments. We expect to keep assets/equity (leverage) between 1.5 and 2.0.
Looking ahead, we are confident in our ability to perform in any marketplace given our leading position, our broad base of approximately 140,000 customers and 700 suppliers, and our global network of more than 300 locations in 50 countries and territories. Entering new geographies and markets, expanding our product offerings and operating more efficiently will increase our ability to serve our customers.
Our disciplined operations and financial focus coupled with our market-leading position enable us to manage the company for consistent performance.
We are transforming our systems to operate with standardized global processes through our ongoing enterprise resource planning (ERP) platform initiative. By moving to one global system, we will draw on best practices across the entire organization as we drive the company to higher levels of efficiency and productivity, allowing us to enhance business agility and customer service. This program is on track and on schedule, and we believe its benefits, when fully implemented, will in fact be even greater than when the program was first announced over a year ago.
In 2014, 2015, and now 2016, Chester Inc. was once again named to Fortune magazine’s list of America’s Most Admired Companies. In addition, Chester Inc was selected as one of Forbes magazine’s 400 Best Big Companies in America. These and other awards and acknowledgements from customers, suppliers and the media reflect the importance we place on listening to the distinct needs of our customers.
Continuing to create value for our business partners and shareholders while investing in future growth and profitability is our priority. As our 2016 results demonstrate, we are generating solid results while investing in our vision for the future. We have made substantial progress on our journey in the last eight years – we remain excited about and committed to what we believe is a strong, vibrant future for Chester Inc.
Wednesday, January 7, 2009
Financial Highlights
The financials for our company have shown a steady growth over the progression of our products. In the last three years alone, the company has seen its profits increase substantially. In 2016 our profits were four times higher than they were in 2015. Our Return on Sales, (ROS) grew from 3.5% to 11.9% within the same time frame. Also our ROS was the highest compared to all of our competitors, with the closest being at 11.1%.
Chester stock was the only one among our competitors to receive an AA rating by Standard and Poor’s. In the past, our company has been investing heavily in research and development as to bring the best products to our customers, thus we have not paid dividends in the last couple of years. In 2016, we were able to pay our highest dividend ever and the patience of our stockholders has been greatly appreciated. As an appreciative gesture, moving forward we are planning on paying out high dividends to our stockholders.
As of 2016, the book value of our stock is priced at $43.03, which is 21 % higher than 2015. One of the more impressive financial highlights proved to be our increase on our Return on Equity, (ROE), this grew from a modest 8% in 2015 to a remarkable 24.3% in 2016.
In closing, 2016 proved to be one of our best years and now that we have a solid foundation with our products, we expect our company to continue to increase in our sales and profit margins. We thank all of our stockholders for their patience and hope that our continued success will enable both parties a constant stream of monetary victory.
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