REPORT OF INDEPENDENT ACCOUNTANTS. In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of The Brazilian Investment Fund, Inc. (the "Fund") at December 31, 1995, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the four years in the period then ended and for the period June 4, 1991 (commencement of operations) through December 31, 1991, in conformity with generally accepted accounting principles. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 1995 by correspondence with the custodians and brokers and the application of alternative auditing procedures where confirmations from brokers were not received, provide a reasonable basis for the opinion expressed above. PRICE WATERHOUSE LLP 0000 Xxxxxx xx xxx Xxxxxxxx Xxx Xxxx, Xxx Xxxx 00000 February 9, 1996 FINANCIAL STATEMENTS --------- STATEMENT OF NET ASSETS --------- DECEMBER 31, 1994 VALUE SHARES (000) --------------------------------------------------------- ------------ BRAZILIAN INVESTMENT FUND (98.7%) -------------------------------------------------- ---------- BRAZILIAN PREFERRED STOCKS (96.8%) (Unless otherwise noted) --------------------------------------------------------- ------------- APPLIANCES & HOUSEHOLD DURABLES (9.2%) Brasmotor 4,441,800 U.S.$ 1,799 Continental 2001 7,600,000 205 Multibras 1,274,500 1,670 Refripar 1,143,557,920 3,780 ----------- 7,454 ----------- --------------------------------------------------------- ------------...
REPORT OF INDEPENDENT ACCOUNTANTS. To the Shareholders and Board of Directors of The Brazilian Investment Fund, Inc. In our opinion, the accompanying statement of net assets and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of The Brazilian Investment Fund, Inc. (the "Fund") at December 31, 1994, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period June 4, 1991 (commencement of operations) through December 31, 1991, in conformity with generally accepted accounting principles. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 1994 by correspondence with the custodians and brokers and the application of alternative auditing procedures where confirmations from brokers were not received, provide a reasonable basis for the opinion expressed above. PRICE WATERHOUSE LLP 0000 Xxxxxx xx xxx Xxxxxxxx New York, New York 10036 February 17, 1995
REPORT OF INDEPENDENT ACCOUNTANTS. To the Owners of El Paso Field Services San Xxxx Gathering and Processing Businesses Typhoon Gas Pipeline Typhoon Oil Pipeline Coastal Liquids Partners NGL business: In our opinion, the accompanying combined balance sheets and the related combined statements of income, cash flows, owners' net investment and comprehensive income and changes in accumulated other comprehensive income present fairly, in all material respects, the financial position of El Paso Field Services San Xxxx Gathering and Processing Businesses, the Typhoon Gas Pipeline, the Typhoon Oil Pipeline, and the Coastal Liquids Partners NGL business (collectively, the "Businesses") at December 31, 2001 and 2000, and the results of their operations and their cash flows for the three years in the period ended December 31, 2001 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Businesses' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As described in Note 2 to the combined financial statements, the Businesses adopted Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities, on January 1, 2001. As described in Note 7 to the combined financial statements, the Businesses have significant transactions and relationships with affiliated entities. Because of these relationships, it is possible that the terms of these transactions are not the same as those that would result from transactions among wholly unrelated parties. Furthermore, as discussed in Note 2, the combined financial statements include various cost allocations and management estimates based on assumptions that management believes are reasonable under the circumstances. However, these allocations and estimates ...
REPORT OF INDEPENDENT ACCOUNTANTS. To the Board of Directors and Shareholders of Orbitex Life Sciences & Biotechnology Fund, Inc. In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations, of cash flows and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Orbitex Life Sciences & Biotechnology Fund, Inc. (the "Fund") at October 31, 2001, and the results of its operations, its cash flows, the changes in its net assets and the financial highlights for the period November 2, 2000 (commencement of operations) through October 31, 2001, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with auditing standards generally accepted in the United States of America, which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2001 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. PricewaterhouseCoopers LLP New York, New York December 20, 2001 -------------------------------------------------------------------------------- ORBITEX LIFE SCIENCES & BIOTECHNOLOGY FUND, INC. -------------------------------------------------------------------------------- SEMI-ANNUAL REPORT April 30, 2002 A PRODUCT OF THE ORBITEX FAMILY OF FUNDS -------------------------------------------------------------------------------- Dear Shareholder: The markets have continued to wrestle with economic weaknesses that developed prior to the events of September 11, 2001, as well as with subsequent events that have permeated the nation's psychology. During the past 18 months investors have regarded the biotechnology sector as an extension of t...
REPORT OF INDEPENDENT ACCOUNTANTS. To the Participants and Administrator of The BellSouth Retirement Savings Plan: In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the BellSouth Retirement Savings Plan (the "Plan"), formerly the BellSouth Management Savings and Employee Stock Ownership Plan, at December 31, 1998 and 1997, and the changes in net assets available for benefits for each of the three years in the period ended December 31, 1998 in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental Schedule of Assets Held for Investment Purposes is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of each fund. This supplemental schedule and fund information are the responsibility of the Plan's management. The supplemental schedule and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion...
REPORT OF INDEPENDENT ACCOUNTANTS. To the partners of Liberty Washington, LP In planning and performing our audit of the consolidated financial statements of Liberty Washington, LP for the year ended December 31, 200_____, we considered its internal control to determine our auditing procedures for the purpose of expressing our opinion on the consolidated financial statements and not to provide assurance on internal control. Our consideration of internal control would not necessarily disclose all matters in internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by errors or fraud in amounts that would be material in relation to the consolidated financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving internal control and its operation that we consider to be material weaknesses as defined above. This report is intended solely for the information and use of the partners of Liberty Washington, LP, management, and others within the organization and is not intended to be and should not be used by anyone other than these specified parties. We would be pleased to discuss the above matters or to respond to any questions, at your convenience. EXHIBIT K DUE DILIGENCE AND CLOSING PROCEDURES FOR ACQUISITION OF VACANT LAND, LAND AND IMPROVEMENTS SUITABLE FOR BEING REHABILITATED AS REDEVELOPMENT PROPERTY, AND FUNCTIONAL OFFICE PROPERTY
REPORT OF INDEPENDENT ACCOUNTANTS. To the Board of Directors and Shareholders of Universal Hospital Services, Inc.: In our opinion, the accompanying balance sheets and the related statements of operations, shareholders' (deficiency) equity and other comprehensive loss and cash flows present fairly, in all material respects, the financial position of Universal Hospital Services, Inc. (the Company) at December 31, 2002 and 2001, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2002, in conformity with accounting principles generally accepted in the United States of America. 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 of these statements in accordance with auditing standards generally accepted in the United States of America, which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 2 to the financial statements, the Company adopted Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets" on January 1, 2002. PRICEWATERHOUSECOOPERS LLP Minneapolis, Minnesota February 14, 2003 UNIVERSAL HOSPITAL SERVICES, INC. BALANCE SHEETS AT DECEMBER 31, 2002 AND 2001 2002 2001 -------------- -------------- ASSETS Current assets: Accounts receivable, less allowance for doubtful accounts of $1,800,000 and $2,000,000 at December 31, 2002 and 2001, respectively $ 29,806,992 $ 30,573,422 Inventories 2,982,972 2,761,982 Deferred income taxes 3,062,000 2,370,000 Other current assets 1,699,840 1,120,282 -------------- -------------- Total current assets 37,551,804 36,825,686 Property and equipment, net: Movable medical equipment, net 118,408,936 111,964,787 Property and office equipment, net 5,746,428 5,932,737 -------------- -------------- Total property and equipment, net 124,155,364 117,897,524 Intangible assets: Goodwill 35,608,043 35,608,043 Other, primarily deferred financing costs, net 3,947,445 5,179,240 Othe...
REPORT OF INDEPENDENT ACCOUNTANTS. To the Board of Directors and Shareholders of Amkor Technology, Inc.: In our opinion, based on our audits and the report of another auditor, the consolidated financial statements listed in the accompanying index present fairly, in all material respects, the financial position of Amkor Technology, Inc. and its subsidiaries at December 31, 2002 and 2001, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2002 in conformity with accounting principles generally accepted in the United States of America. 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 did not audit the financial statements of Amkor Technology Philippines, Inc. (formerly Amkor Technology Philippines (P1/P2), Inc. and Amkor Technology Philippines (P3/P4), Inc.) a wholly owned subsidiary, referred to herein as ATP, which combined financial statements reflect total assets of 14% and 17% and operating expenses of 14%, 18% and 17% of the related consolidated totals as of December 31, 2002 and 2001 and for each of the three years in the period ended December 31, 2002. The combined financial statements of ATP as of December 31, 2002 and for the year ended December 31, 2002 were audited by another auditor whose report thereon has been furnished to us, and our opinion expressed herein, insofar as it relates to the amounts included for ATP, is based solely on the report of the other auditor. The financial statements of ATP as of December 31, 2001 and for each of the two years in the period ended December 31, 2001 were audited by other independent accountants who have ceased operations. Those independent accountants expressed an unqualified opinion on those financial statements in their report dated March 19, 2002. In addition, in our opinion, the financial statement schedule listed in the accompanying index presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which 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 amou...
REPORT OF INDEPENDENT ACCOUNTANTS. 24 Powers of Attorney.* 27 Financial Data Schedule.* * Filed electronically herewith.
REPORT OF INDEPENDENT ACCOUNTANTS. ........................ 38
