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Sunkist Growers, Inc. and Subsidiaries
Financial Review 2002
Management Report on Financial Statements
The following financial statements and related financial information of Sunkist Growers, Inc. and Subsidiaries ("the Company") were prepared by Management, which has the primary responsibility for the integrity of the financial information. Except for the effects of accounting for certain fresh fruit revenues on a gross basis rather than on a net basis as discussed in the following financial statements, these statements have been prepared in conformity with accounting principles generally accepted in the United States of America and include amounts that are based on Management's best estimates and judgments. Financial information elsewhere in this annual report is consistent with that in the financial statements.
Management has established and is responsible for maintaining a system of internal control designed to provide reasonable assurance as to the integrity and reliability of the financial statements and the protection of assets from unauthorized use or disposition. The system of internal control includes, among other things, an independent audit committee of the Board of Directors, careful selection of personnel, division of responsibilities, internal audits, and the application of formal policies and procedures consistent with high standards of accounting and administrative practices.
The Audit Committee, composed solely of directors who are not employees of the Company, meets periodically with the independent auditors, the Company's internal auditors, and Management, to evaluate Management's performance in maintaining adequate accounting procedures and reporting processes. The independent auditors and the internal auditors have free access to the Audit Committee, without Management present, to discuss the results of their audit work and their opinions as to the adequacy of the internal controls in place and the quality of financial reporting.
Management recognizes and cautions that there are inherent limitations in the effectiveness of any system of internal control. However, Management believes that, for the year ended October 31, 2002, the Company's system of internal controls, as described above, provided reasonable assurance as to the integrity and reliability of the financial statements and related financial information and the safeguarding of assets.
R. G. French
Vice President, Finance and Treasurer
Jeffrey D. Gargiulo
President & Chief Executive Officer
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