Supercuts 2004 Annual Report Download - page 59

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Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Directors of
Regis Corporation:
In our opinion, the accompanying consolidated balance sheet and the related consolidated statements of operations, of changes in shareholders’
equity and comprehensive income and of cash flows present fairly, in all material respects, the consolidated financial position of Regis
Corporation at June 30, 2004 and 2003, and the consolidated results of its operations and its cash flows for each of the three years in the period
ended June 30, 2004, in conformity with accounting principles generally accepted in the United States of America. 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 of these statements in accordance with the standards of the Public Company Accounting Oversight Board
(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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 1 to the consolidated financial statements, Regis Corporation changed its method of accounting for equity-based
compensation arrangements to begin expensing new awards as of July 1, 2003.
/s/ PricewaterhouseCoopers LLP
PRICEWATERHOUSECOOPERS LLP
Minneapolis, Minnesota
August 24, 2004
47