text: The Company has no immediate plans at this time to volun-  ***G R O S S P R O F I T***
  
  tarily change its accounting policy to the fair value based method;  Gross profit as a percent of net sales improved 1.0 percentage point in 
  
  however, the Company continues to evaluate this alternative. In accor-  2003 as compared to fiscal 2002 and 1.3 percentage points in 2002 as 
  
  dance with SFAS No. 148, the Company has been disclosing in the Notes  compared to 2001. The improvement in both periods was a result of the 
  
  to the Consolidated Financial Statements the impact on net income and  continued net benefits of rapid continuous improvement, restructuring 
  
  earnings per share had the fair value based method been adopted. If the  initiatives, business simplification, new products, and improved price 
  
  fair value method had been adopted, net income for 2003, 2002, and  realization. Included in 2003 gross profit was $6.7 million of acceler- 
  
  2001 would have been $3 million, $2.2 million, and $1.4 million lower  ated depreciation, which reduced gross profits 0.4 percentage points. 