RECENTLY ISSUED ACCOUNTING STANDARDS

In June 1998, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 133, Accounting for Derivative Instruments and Hedging Activities. This statement establishes accounting and reporting standards for derivative instruments, requiring recognition of the fair value of all derivatives as assets or liabilities on the balance sheet. This statement is effective for fiscal years beginning after June 15, 1999. Management intends to adopt the provisions of SFAS No. 133 during fiscal 2001. The impact of this pronouncement on the Company's financial results is currently being evaluated.