to our stockholders March  2002 EMCOR ANNUAL REPORT 2001  1 For the past seven years  I have been reporting to you about the progress and the profitability of your Company  and each year it has been my pleasure to report increased earnings and enhanced prospects for future success. 2001 was no different  in a sense; EMCOR set all-time records in all aspects of profitability and diluted earnings per share  and the public market’s approval of our progress was reflected in the 78% increase in our share price during the course of the year. What was different  and notable  about 2001 was that these results were accomplished during a recession  in markets that were also affected by the attacks of September 11. Notwithstanding The Dynamic nature of our group of companies  is illustrated every day in our responses to the changing demands and expectations of our customers and markets worldwide. EMCOR companies are constantly in touch with the owners and end-users of the facilities we construct  and maintain  anticipating their needs and these challenges  we entered 2002 with almost $2.4 billion of high-quality construction and facilities services contracts in hand  the highest backlog level in our history and an important indicator of future success. Our continued progress  despite changing circumstances  led to our theme for this year’s Annual Report:  Dynamic  Diverse  Enduring. DYNAMIC DIVERSE ENDURING