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The condensed financial statements in this Summary Annual Report were derived from the consolidated financial statements that appear in the appendix to the proxy statement for the 2002 Annual Meeting of Shareholders. Management is responsible for preparing the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America and for maintaining a system of internal accounting control. Management believes the system of internal accounting control provides reasonable assurance that transactions are properly authorized and recorded and that there are adequate safeguards to protect company assets. Key elements in the system of internal control include a strong internal auditing program, careful selection of managers, and appropriate division of responsibilities. Communication programs aimed at assuring that policies, standards, and managerial authorities are understood throughout the organization are also an integral part of the system of controls. Special attention is given to the controls while internal changes are being implemented.
A description of these controls, along with management’s opinion about their overall effectiveness, is contained in the Statement of Responsibility included in the appendix to the proxy statement for the 2002 Annual Meeting of Shareholders. The consolidated financial statements included in the proxy statement were audited by Deloitte & Touche LLP. Their report on the condensed consolidated financial statements is included here.
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