[Name/Title]
[Business/Organization Name]
[Address]
[City, State ZIP]
Dear Chairman [ ]
We will release our annual report within the week, but I wanted to reach you first with our good news. Not only has the firm reached its projected budget increases of [6.3 percent] in all categories, but several categories have surpassed their goals by as much as [3 percent]. This means corporate performance has not only improved but, in light of the current financial climate facing our industry, exceeded our most optimistic expectations.
Specifically, overall revenues in all categories met or only slightly missed budgeted goals. The greatest disparity was [less than 3 percent]. In several categories—[notably electronic applications, bulk distribution, and specialty services]—performance exceeded budget by [1.3 percent to 4.9 percent]. Our average overall revenue increase totaled [7.2 percent], or [0.9 percent]more than budget.
Operational cost savings also exceeded expectations. If you will recall, we had projected cost reductions totaling 18 percent compared to last year’s operational budget. While some categories varied, our overall reduction totaled 23 percent, or 5 percent more than the budgeted amount.
Chief Financial Officer [Jeffrey Toole] will brief the entire board on all details at this month’s meeting. But I chose to exercise my right as chief executive officer to share the good news with you first. I know [Jeff] won’t mind.
If you have any questions, please feel free to call either [Jeff]or me. Otherwise, we look forward to a productive board meeting and a prosperous new year.
Best regards,
[Name]
[Title]
