It's Corporate America's Spring Hornblowing Festival

They've started to clog the mailbox by now, unannounced, often unwanted. Annual reports--the yearly report card, photo album, and corporate promo in one. Some trumpet the successes of the 12 months past, real or not. Others just trumpet. BUSINESS WEEK's Grace M. Kang plowed through this year's crop to judge the best--and worst--of the breed.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.