Exhibit 99
AUDITORS' REPORT
To the shareholder of
E-Z-EM Canada Inc.
We have audited the consolidated balance sheets of E-Z-EM CANADA INC. as of May
31, 2000 and 1999 and the consolidated statements of income, retained earnings
and cash flows for the years ended May 31, 2000, 1999 and 1998. 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 generally accepted auditing
standards. Those standards require that we plan and perform an 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.
In our opinion, these consolidated financial statements present fairly, in all
material respects, the financial position of the company as of May 31, 2000 and
1999 and the results of its operations and its cash flows for the years ended
May 31, 2000, 1999 and 1998 in accordance with generally accepted accounting
principles.
Jacques Davis Lefaivre
Chartered Accountants
Montreal, July 7, 2000
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