03-01-1984 Industrial Development Corporation Board of Directors Meeting (2)

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THERIOT, MILFORD & DUNN CERTIFIED PUBLIC ACCOUNTANTS P, o. DRAweR 9246 LEON C. THERIOT. C.P.A. .,_ T, MILFORD. JR.. C.P.A. LOUISIANA SAVINGS HUILOING. SUITE 699 ~ LAKE CHARLES. LOUISIANA 70602 ROBERT G. DUNN, C.P.A. TELEPHONE (9f e1 499-6297 LAKE CHARLES. LOUISIANA 70601 STANLEY J. RAIL HEL, JR., C.P.A. W, GEORGE GRAGSON. C.P.A. JAMES H. NICMOLB, C.P.A. - RICHARD W• CABIDAY, G.P.A. 0. TALBOTT RDHERTBON. C.P.A. February 5,.1980 Board of Directors Plant Specialties, Inc. 4Je have examined the consolidated balance sheets of Plant Specialties, Inc. and Subsidiaries as of October 31, 1979 and 1978, and the related consolidated statements of earnings, retained earnings and changes in financial position for the years then ended. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our report dated February 19, 1979, our opinion on the 1978 financial statements was qualified as being subject to the actions of the Small Business Administration regarding violations of certain loan provisions by the Company. No actions were taken by the creditor during 1979 concerning the loan viola- tions. Accordingly, our present opinion on the 1978 financial statements, as presented herein, is different from that expressed in our previous report. 0 4 In our opinion, the consolidated financial statements referred to above present fairly the financial position of Plant Specialties, Inc. and Sub- sidiaries at October 31, 1979 and 1978, and the results of their operations and the changes in their financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. gC ~l.VYv~-