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The year 2010 was our most progressive in organizing Simpson Strong-Tie for a long range international future, as well as strengthening our position in the U.S.. In the process, some of our key managers added global responsibility.

We now have operations in 13 countries scattered around the world, and manufacturing has taken on operations in eight of them.

While it takes time to get the right people, who then build a brand name as we have done in the U.S., Canada and Europe, we continue to make progress in other major future markets like China. And, a somewhat surprising new market is Australia, which, unlike most new markets, became profitable right away.

We are pursuing several expanded product lines as well as geographic directions that should, before long, enable us to increase sales and earnings, regardless of whenever the U.S. housing market significantly improves. We are expanding the fastener line with many new products that will help increase sales in markets where structural solutions are needed.

Our Anchor Systems products should have an increased presence in Europe this year. Several new products should increase sales where we already have a presence, in areas such as Asia/Pacific, where the majority of construction is not wood-related.

We also are examining a new worldwide business this year that is based on construction adhesives. These products are used in construction other than residential. As with any new business, it will take a bit of time to organize it properly, but it could become another significant method of broadening our sales and our ability to offset economic downturns.

While our net income in 2010 was over double that of 2009, it was far from our initial long term goal of 10% net profit on sales of $1,000,000,000. However, we feel that great progress was made, and is being made, toward the product and geographic expansion that will make Simpson Strong-Tie a long range growing company, regardless of U.S. housing starts.

And we have that essential element to building anything – the best people!

The Board has increased our quarterly dividend from 10 to 12 1/2 cents.