| NOTE 14 - FAIR VALUE OF FINANCIAL INSTRUMENTS: |
| The carrying amounts reflected in the consolidated balance sheet for cash and equivalents and notes payable approximate fair value as reported in the balance sheet due to the short maturities. The fair value of long-term debt is estimated using discounted cash flow analyses, based on the Company's incremental borrowing rates for similar types of borrowing arrangements. The fair value of the Company's long-term debt, including current portion, is approximately $384.4 million, compared to a carrying value of $381.0 million at May 31, 1998 and $295.9 million, compared to a carrying value of $298.2 million at May 31, 1997. See Note 15 for fair value of derivatives. |
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