1
Exhibit 99
SNODGRASS
Certified Public Accountants
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors
and Shareholders of
Tuscarora Incorporated
We have audited the accompanying consolidated balance sheets of Tuscarora
Incorporated and subsidiaries as of August 31, 1996 and 1995, and the related
consolidated statements of income, shareholders' equity and cash flows for the
years then ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material missstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Tuscarora
Incorporated and subsidiaries as of August 31, 1996 and 1995, and the results
of their operations and their cash flows for the years then ended, in
conformity with generally accepted accounting principles.
/s/ S.R. SNODGRASS, A.C.
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S.R. Snodgrass, A.C.
Beaver Falls, PA
October 11, 1996
S.R. Snodgrass, A.C.
110 Central Square Drive Beaver Falls, PA 15010-7302 Phone: 412-843-4920
Facsimile: 412-847-5048