Annual Report 1996 |
Management's Report
Financial Reporting and Controls
The financial statements presented in this report were prepared in accordance with generally accepted accounting principles. The Company maintains a number of measures to assure the accuracy of its financial information. To that end, a system of internal accounting controls and procedures has been developed to provide reasonable assurance that assets are safeguarded and that transactions are recorded and reported properly. The Company also maintains financial policies and procedures, and a program of internal audits, management reviews and careful selection and training of qualified personnel.
The Audit Committee is composed entirely of outside directors. As such, it is in a position to provide additional, independent reviews of the adequacy of internal controls and the quality of financial reporting.
Gary T. DiCamillo
Chairman and Chief Executive Officer
William J. O'Neill, Jr.
Executive Vice President and Chief Financial Officer