Nutrisystem 2003 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2003 Nutrisystem annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 47

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47

27
The following is a copy of a report issued by Arthur Andersen LLP and included in the 2001 Form 10-K report for
the fiscal year ended December 31, 2001 filed on March 5, 2002. This report has not been reissued by Arthur
Andersen LLP, and Arthur Andersen LLP has not consented to its use in this Annual Report on Form 10-K. For
further discussion, see Exhibit 23.02 to this Form 10-K.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To Nutri/System, Inc.:
We have audited the accompanying consolidated balance sheets of Nutri/System, Inc. (formerly nutrisystem.com
inc.)(a Delaware corporation) and subsidiaries as of December 31, 2000 and 2001, and the related consolidated
statements of operations, stockholders equity and cash flows for each of the three years in the period ended
December 31, 2001. 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.
We conducted our audits in accordance with auditing standards generally accepted in the United States. 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 financial statements referred to above present fairly, in all material respects, the financial position
of Nutri/System, Inc. and subsidiaries as of December 31, 2000 and 2001, and the results of their operations and
their cash flows for each of the three years in the period ended December 31, 2001, in conformity with accounting
principles generally accepted in the United States.
/S/ ARTHUR ANDERSEN LLP
Philadelphia, Pennsylvania,
February 13, 2002