Nutrisystem 2003 Annual Report Download - page 28

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26
INDEPENDENT AUDITORS REPORT
The Board of Directors and Stockholders
NutriSystem, Inc.:
We have audited the 2003 and 2002 consolidated financial statements of NutriSystem, Inc. and subsidiaries as listed
in the accompanying index. These financial statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on these financial statements based on our audits. The 2001 consolidated
financial statements of NutriSystem, Inc. and subsidiaries as listed in the accompanying index were audited by other
auditors who have ceased operations. Those auditors expressed an unqualified opinion on those financial statements
in their report dated February 13, 2002.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the 2003 and 2002 financial statements referred to above present fairly, in all material respects, the
financial position of NutriSystem, Inc. and subsidiaries as of December 31, 2003 and 2002 , and the results of their
operations and their cash flows for the years then ended in conformity with accounting principles generally accepted
in the United States of America.
As discussed in Note 2 to the consolidated financial statements, effective January 1, 2002, the Company adopted the
provisions of Statement of Financial Accounting Standards No. 142, Goodwill and Other Intangible Assets.
/S/ KPMG LLP
Philadelphia, Pennsylvania
February 6, 2004