text: In May 2003, the Financial Accounting Standards Board (“FASB”) issued SFAS No. 150, “Accounting for Certain 
  Financial Instruments with Characteristics of Liabilities and Equity,” which was effective at the beginning of the first 
  interim period beginning after June 15, 2003. This Statement establishes standards for the classification and 
  measurement of certain financial instruments with characteristics of both liabilities and equity. The Statement also 
  includes required disclosures for financial instruments within its scope. For the Company, the Statement was effective 
  
  53 ■ 2003 ANNUAL REPORT 