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                                                                    EXHIBIT 13.2

MARKET RISK

         The following discusses the Company's exposure to market risk related
to changes in interest rates and foreign currency exchange rates.

         OUTSTANDING DEBT OF THE COMPANY - The Company has exposure to interest
rate changes primarily relating to outstanding indebtedness under the 1997
Credit Facility. As of December 31, 1998, the Company had outstanding debt of
$283.0 million, $252.8 million of which was outstanding under the 1997 Credit
Facility. The majority of the Company's debt, including the 1997 Credit
Facility, bears interest at rates which vary with changes in the London
Interbank Offered Rate (LIBOR). The weighted average interest rate on the
Company's borrowings in 1998 was 6.6%. The Company has not undertaken any
actions to manage interest market risk, and does not speculate on the future
direction of interest rates. If LIBOR rates were to increase by 100 basis
points, the estimated impact on the Company's consolidated financial statements
would be to reduce net income by approximately $1.6 million after taxes based on
amounts outstanding at December 31, 1998. Increases in interest rates could also
increase the interest expense associated with future borrowings by the Company,
if any.

         NOTES RECEIVABLE - The Company also has exposure to interest rate
changes relating to the fair market value of certain outstanding long-term notes
receivable with fixed interest rates. As of December 31, 1998, the Company had
outstanding long-term notes receivable of $9.0 million, $7.5 million of which
was receivable from Bass Pro. Subsequent to December 31, 1998, the Company
advanced an additional $28.1 million to Bass Pro under an unsecured note
agreement. Except for the $7.5 million receivable from Bass Pro, all of the
Company's notes receivable bear interest at fixed rates, and therefore would
become less valuable if interest rates were to rise.

         CASH BALANCES - Certain of the Company's outstanding cash balances are
occasionally invested overnight with high credit quality financial institutions.
The Company does not have significant exposure to changing interest rates on
invested cash at December 31, 1998. As a result, the interest rate market risk
implicit in these investments at December 31, 1998, if any, is low.

         FOREIGN CURRENCY EXCHANGE RATE RISK - Substantially all of the
Company's revenues are realized in U.S. Dollars and are from customers in the
United States. Although the Company owns certain subsidiaries who conduct
business in foreign markets and whose transactions are settled in foreign
currencies, these operations are not material to the overall operations of the
Company. Therefore, the Company does not believe it has any significant foreign
currency exchange rate risk. The Company generally does not hedge against
foreign currency exchange rate changes and does not speculate on the future
direction of foreign currencies.

         SUMMARY - Based on the Company's overall market interest rate and
foreign currency exchange rate exposure at December 31, 1998, the Company
believes that the effect, if any, of reasonably possible near-term changes in
interest rates or fluctuations in foreign currency exchange rates on the
Company's consolidated financial position, results of operations or cash flows
would not be material.