For 2001, internal cash flows and short-term borrowing facilities are expected to be sufficient to finance working capital needs, dividends, capital expenditures and debt service. These funds are held by a third party agent and are included in other non-current assets on the Balance Sheets. In January 2001, the Board of Directors authorized the repurchase of up to 1,000,000 additional shares of the Company's stock. As with most industrial and land-development companies of its size, the Company's operations have certain risks which could result in expenditures for environmental remediation. The Company believes that it is in compliance, in all material respects, with applicable environmental laws and regulations, and works proactively to identify potential environmental concerns.
Management believes that appropriate liabilities have been accrued for environmental matters.
Information about the Company's outlook for 2001 and its plans to address issues affecting primary business units are included in the Letter to Shareholders on pages 9 through 11 and in the business unit discussions included on pages 14 through 21 of the Annual Report to Shareholders, which sections are incorporated herein by reference. As a result of the Company's advance preparations and its execution of remedial plans, the Company did not experience any Y2K problems. The Company, from time to time, may make or may have made certain forward-looking statements, whether orally or in writing, such as forecasts and projections of the Company's future performance or statements of management's plans and objectives. Except for historical information contained in these written or oral communications, such communications contain forward-looking statements. Inc. All rights reserved.