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In March of 2001, the Company reached a final resolution on discussions with the Securities and Exchange Commission on SAB No. 101 — “Revenue Recognition in Financial Statements” as it relates to prearranged sales activities. Although not required to implement SAB No. 101 until the fourth quarter of fiscal year 2001, the Company implemented the new accounting guidance in the first fiscal quarter of 2001. See Note 3 to the consolidated financial statements for further discussion of SAB No. 101 and its impact on the Company’s financial condition and results of operations.
For a discussion of SFAS No. 133 and SFAS No. 140 through SFAS No. 144, see Note 3 to the consolidated financial statements.
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