Report of Independent Auditors. The Board of Directors Sequenom, Inc. We have audited the accompanying consolidated balance sheet of Sequenom, Inc. (a development stage company) as of December 31, 1997 and the related consolidated statements of operations, stockholders' equity (deficit), and cash flows for the year ended December 31, 1997 and the period from February 14, 1994 (inception) through December 31, 1997. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. The financial statements as of December 31, 1996, and for the period February 14, 1994 (inception) through December 31, 1996, were audited by other auditors whose report dated May 15, 1997 expressed an unqualified opinion on those statements. The financial statements for the period February 14, 1994 (inception) through December 31, 1996 include total revenues and net loss of $917,994 and $(6,283,696), respectively. Our opinion on the statements of operations, stockholders' equity, and cash flows for the period February 14, 1994 (inception) through December 31, 1997, insofar as it relates to amounts for prior periods through December 31, 1996, is based solely on the report of other auditors. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the report of other auditors provide a reasonable basis for our opinion. In our opinion, based on our audit and the report of other auditors, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Sequenom, Inc. ( a development stage company) at December 31, 1997, and the result of its operations and its cash flows for the year then ended and the period from February 14, 1994 (inception) through December 31, 1997, in conformity with generally accepted accounting principles. ERNST & YOUNG LLP March 13, 1998 Sequenom, Inc. (a development s...
Report of Independent Auditors. We have audited the accompanying consolidated balance sheets of AMETEK, Inc. as of December 31, 1994 and 1993, and the related consolidated statements of income, cash flows and stockholders' equity for each of the three years in the period ended December 31, 1994. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of AMETEK, Inc. at December 31, 1994 and 1993, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 1994, in conformity with generally accepted accounting principles. As discussed in Note 4 to the consolidated financial statements, the Company changed its method of accounting for marketable securities. /s/ ERNST & YOUNG LLP Philadelphia, PA January 31, 1995 AMETEK, INC. CONSOLIDATED STATEMENT OF INCOME (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) YEAR ENDED DECEMBER 31, ---------------------------------- 1994 ---------- 1993 ---------- 1992 ---------- Net sales.................................. $ 807,964 ---------- $ 732,195 ---------- $ 769,550 ---------- Expenses: Cost of sales, excluding depreciation.... 619,389 582,001 583,357 Selling, general and administrative...... 79,248 76,759 77,690 Depreciation............................. 29,986 28,277 29,360
Report of Independent Auditors. The Partners Decade Companies Income Properties--A Limited Partnership We have audited the accompanying balance sheets of Decade Companies Income Properties--A Limited Partnership (the Partnership) as of December 31, 1995 and 1994, and the related statements of operations, changes in Partners' capital and cash flows for each of the three years in the period ended December 31, 1995. These financial statements are the responsibility of the Partnerships management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Decade Companies Income Properties--A Limited Partnership as of December 31, 1995 and 1994, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 1995, in conformity with generally accepted accounting principles. ERNST & YOUNG LLP Milwaukee, Wisconsin January 26, 1996 Decade Companies Income Properties - A Limited Partnership Balance Sheets December 31 1995 1994 Assets Cash and cash equivalents $ 56,316 $ 16,415 Exchange escrow (Note 4) 497,390 1,117,531 Prepaid expenses and other assets 137,820 81,220 Escrow deposits 186,703 178,881 Investment properties, at cost: Land 5,305,536 5,305,536 Buildings and improvements 23,308,727 23,304,606 Equipment 2,312,974 2,139,760 30,927,237 30,749,902 Less accumulated depreciation 5,393,539 4,282,571 $25,533,698 $26,467,331 Debt issue costs, net of accumulated amortization ($88,193-1995; $71,836-1994) 46,440 52,797 $26,458,367 $27,914,175 Liabiities and Partners' capital Liabilities: Tenant security deposits $ 16,9369 $ 166,677 Accounts payable 81,354 53,874 Accrued real estate taxes 269,368 260,514 Accrued interest payable 37,971 37,872 Distributions payable 221,154 220,264 Pay...
Report of Independent Auditors. The Board of Directors and Shareholders CPLEX Optimization, Inc. We have audited the accompanying balance sheets of CPLEX Optimization, Inc. as of June 30, 1997 and 1996, and the related statements of operations, shareholders' equity (deficit), and cash flows for the year ended June 30, 1997. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit in accordance with generally accepted accounting standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CPLEX Optimization, Inc. at June 30, 1997 and 1996, and the results of its operations and its cash flows for the year ended June 30, 1997 in conformity with generally accepted accounting principles. July 24, 1997 except for Note 5, as to which the date is August __, 1997
Report of Independent Auditors. The Board of Directors and Share Owner Xxxxx-Xxxxxxxx Packaging, Inc. We have audited the accompanying consolidated balance sheets of Xxxxx-Xxxxxxxx Packaging, Inc. as of December 31, 2001 and 2000, and the related consolidated statements of results of operations, net Parent investment, and cash flows for each of the three years in the period ended December 31, 2001. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Xxxxx-Xxxxxxxx Packaging, Inc. at December 31, 2001 and 2000, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2001, in conformity with accounting principles generally accepted in the United States. Ernst & Young LLP Toledo, Ohio January 24, 2002 XXXXX-XXXXXXXX PACKAGING, INC. CONSOLIDATED RESULTS OF OPERATIONS (MILLIONS OF DOLLARS) YEARS ENDED DECEMBER 31, 2001 2000 1999 Revenues: Net sales................................................. $3,749.4 $3,894.1 $3,970.7 Other revenue............................................. 92.2 110.3 130.0 3,841.6 4,004.4 4,100.7 Costs and expenses: Manufacturing, shipping, and delivery..................... 2,946.4 3,091.7 3,168.6 Research and development.................................. 10.5 15.0 13.0 Engineering............................................... 30.0 31.2 35.2 Selling and administrative................................ 173.7 170.1 178.5 Net intercompany interest................................. 156.3 244.1 207.9 Other interest expense.................................... 189.4 126.6 131.2 Other............................................
Report of Independent Auditors. To the Board of Directors and Shareholders of GenCorp Inc.: We have audited the accompanying consolidated balance sheets of GenCorp Inc. as of November 30, 1998 and 1997, and the related consolidated statements of income, shareholders' equity and cash flows for each of the three years in the period ended November 30, 1998. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of GenCorp Inc. at November 30, 1998 and 1997, and the consolidated results of its operations and its cash flows for each of the three years in the period ended November 30, 1998, in conformity with generally accepted accounting principles. Ernst & Young LLP Akron, Ohio January 12, 1999 PART III
Report of Independent Auditors. 30 Financial Statements: Consolidated Balance Sheets ....................................................... 31
Report of Independent Auditors. To the Shareholder and Board of Trustees of Xxxxxxxxxxx Real Estate Fund We have audited the accompanying statement of assets and liabilities of Xxxxxxxxxxx Real Estate Fund (the "Fund") as of February 8, 2002. This statement of assets and liabilities is the responsibility of the Fund's management. Our responsibility is to express an opinion on this statement of assets and liabilities based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement of assets and liabilities is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the statement of assets and liabilities. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall statement of assets and liabilities presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the statement of assets and liabilities referred to above presents fairly, in all material respects, the financial position of Xxxxxxxxxxx Real Estate Fund at February 8, 2002, in conformity with accounting principles generally accepted in the United States. ERNST & YOUNG LLP New York, New York February 8, 2002 Xxxxxxxxxxx Real Estate Fund Statement of Assets and Liabilities February 8, 2002 ASSETS: Cash $100,000 LIABILITIES: $0 Net Assets $100,000 NET ASSETS - Applicable to 10,000 Class A shares of no par value, unlimited shares authorized of beneficial interest outstanding. $100,000 NET ASSET VALUE PER SHARE (net assets divided by 10,000 shares of beneficial interest for Class A.) $10.00 MAXIMUM OFFERING PRICE PER SHARE (net asset vlue plus sales charge of 5.75% of offering price for Class A shares). $10.61 Notes to Statement of Assets and Liabilities Note 1. Organization Xxxxxxxxxxx Real Estate Fund (the "Fund"), was organized as a business trust in the State of Massachusetts on November 27, 2001 as a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended. The Fund has had no operations through February 8, 2002 other than those related to organizational matters and the sale and issuance of 10,000 Class A Shares to OppenheimerFunds, Inc. (OFI or the "Adviser"). On February 12, 2002 the Fund's Board of Tru...
Report of Independent Auditors. The Board of Directors and Stockholders Birch Telecom, Inc. We have audited the consolidated financial statements of Birch Telecom, Inc. (the Company) as of December 31, 1997 and the year then ended and have issued our report thereon dated April 24, 1998. Our audits also included the financial statement schedule included in Item 16(b) of this Registration Statement. This schedule is the responsibility of the management of the Company. Our responsibility is to express an opinion based on our audit. In our opinion, the financial statement schedule referred to above, when considered in relation to the basic financial statements taken as whole, presents fairly in all material respects the information set forth therein. Ernst & Young LLP Kansas City, Missouri April 24, 1998 BIRCH TELECOM, INC. SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS YEAR ENDED DECEMBER 31, 1997 (IN THOUSANDS) Additions Balance Charged Balance beginning Charged to other Other end of of year to income accounts deductions year 1997 Valuation allowance-deferred income tax assets $ - $ 681 $ - $ - $ 681
Report of Independent Auditors. The Board of Directors and Stockholders Valu-Line Companies, Inc. We have audited the consolidated financial statements of Valu-Line Companies, Inc (the Predecessor) as of December 31, 1997 and 1996 and three years ended December 31, 1997 and have issued our reports thereon dated May 15, 1998. Our audits also included the financial statement schedule included in Item 16(b) of this Registration Statement. This schedule is the responsibility of the management of the Predecessor. Our responsibility is to express an opinion based on our audits. In our opinion, the financial statement cchedule referred to above, when considered in relation to the basic financial statements taken as whole, presents fairly in all material respects the information set forth therein. Ernst & Young LLP Kansas City, Missouri May 15, 1998 VALU-LINE COMPANIES, INC. SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED DECEMBER 31, 1997, 1996, AND 1995 (IN THOUSANDS) Additions Balance Charged Balance beginning Charged to other Other end of of year to income accounts deductions year (1) 1997 Allowance for doubtful accounts $ 70 $ 20 $ - $ 10 $ 80 1996 Allowance for doubtful accounts $ 105 $ 45 $ - $ 80 $ 70 1995 Allowance for doubtful accounts $ 35 $ 109 $ - $ 39 $ 105
