We believe that we currently have sufficient working capital to sustain our planned operations at least through 2003. We select investments that maximize interest income to the extent possible given these two constraints. We satisfy liquidity requirements by investing excess cash in securities with different maturities to match projected cash needs and limit concentration of credit risk by diversifying our investments among a variety of high credit-quality issuers. Our average portfolio duration is 1.1 years and our weighted average interest rate is 6.94 percent. We do not use derivative financial instruments in our investment portfolio.
Management believes our exposure to market rate risk is minimal and the risk of loss is remote.
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