Annual Reports, Inc. was founded more than 30 years ago in 1969 by Jay P. Doyle. Previously, he was a stockbroker for one of the five largest New York Stock Exchange member firms. For the first seven years of his career he sold stocks and bonds, chiefly to individual investors in the Chicago area. He was then promoted and sent to manage his firm’s branch office in Indianapolis, which comprised 30 brokers.

There he found that his brokers were constantly coming to him for stock ideas so they would always have new investments to offer their customers. He decided that annual reports were the best source of corporate information since they were the only “official” publication a company produced for investors, with the exception of the 10-K, which was not sent to investors, except on written request.

For over two years he read every annual report he could get his hands on. He concluded that many reports were lacking in the kinds of information that motivate investors . . . and stock brokers as well. He found that many reports were also poorly designed and organized, which seriously hindered anyone from trying to understand a company. He decided there was a better way to present annual report information.

And when his firm wanted him to join its management staff at its New York City headquarters, he demurred and struck out on his own. Instead, he became an investment advisor, writing stock research reports, which he sold by subscription to stockbrokers around the country. The reports were an immediate hit with stockbrokers. And the companies he wrote about were delighted with the sudden investor interest his reports attracted. Many companies then asked Doyle to produce their annual reports as a way to sustain investor interest. And that’s how Annual Reports, Inc. got started back in 1969. It is believed to be the oldest, continuously operating firm in the nation specializing in annual reports. It is now a multi-million dollar enterprise, producing approximately 50 reports each year.

Jay Doyle remains quite active to this day, focusing on the writing and general structuring of corporate messages for the company’s clients. His practical experience with investors and analysts and intimate knowledge of the annual report industry provide clients with a decisive edge in communicating with investors. He is also extremely helpful in advising clients how to work with analysts. This is a delicate area requiring the nicest sense of judgment as Wall Street does not routinely reveal its real purpose when making a call on corporations.

Christopher Doyle, joined the firm in 1983, after working two years with various institutions following his graduation from Hillsdale (Michigan) College in 1981, where he majored in corporate finance. He specializes in finance and visual communications as they relate to investor motivation. His findings from working with investor focus groups have been instrumental in shaping highly readable and informative reports.

He was promoted to Vice President in 1988, Senior Vice President in 1990, and President and Chief Executive Officer in 1995.