14  INDEX Page A M P H E N O L C O R P O R A T I O N 2 0 0 4 A N N U A L R E P O R T  PART I  15 Item 1.  Business 15  General 15  Business Segments  17  International Operations  18  Customers 18  Manufacturing 19  Research and Development  19  Trademarks and Patents  19  Competition 19  Backlog 20  Employees 20  Other 20  Cautionary Statements for Purposes of Forward Looking Information  20 Item 2.  Properties 21 Item 3.  Legal Proceedings 21 Item 4.  Submission of Matters to a Vote of Security Holders 22 PART II  22 Item 5.  Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer  Purchases of Equity Securities 22 Item 6.  Selected Financial Data 25 Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 34 Item 8.  Financial Statements and Supplementary Data 35  Report of Independent Registered Public Accounting Firm  35  Consolidated Statements of Income  36  Consolidated Balance Sheets  37  Consolidated Statements of Changes in Shareholders' Equity and Other Comprehensive Income  38  Consolidated Statements of Cash Flow  39  Notes to Consolidated Financial Statements  40 Item 9.  Changes in and Disagreements with Independent Accountants on Accounting and Financial  Disclosure 54 Item 9A.  Controls and Procedures  54 Item 9B.  Other Information  55 PART III  55 Item 10.  Directors and Executive Officers of the Registrant 55 Item 11.  Executive Compensation 55 Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related  Stockholder Matters 55 Item 13.  Certain Relationships and Related Transactions 56 Item 14.  Principal Accountant Fees and Services 56 PART IV  56 Item 15.  Exhibits and Financial Statement Schedules 56  Signature of the Registrant  59  Signatures of the Directors  59