Independent Auditors' Report
The Board of Directors
Payless Cashways, Inc.:
We have reviewed the accompanying condensed balance sheets of Payless
Cashways, Inc. as of May 27, 2000 and May 29, 1999 and the related
condensed statements of operations and cash flows for the thirteen and
twenty-six week periods then ended. These condensed financial statements
are the responsibility of the Company's management.
We conducted our reviews in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical
procedures to financial data and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope
than an audit conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion regarding
the financial statements taken as a whole. Accordingly, we do not express
such an opinion.
Based on our reviews, we are not aware of any material modifications that
should be made to the accompanying condensed financial statements for them
to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the balance sheet of Payless Cashways, Inc. as of November 27,
1999 and the related statements of operations, shareholders' equity, and
cash flows for the fiscal year then ended (not presented herein); and in
our report dated January 14, 2000, we expressed an unqualified opinion on
those financial statements. In our opinion, the information set forth in
the accompanying condensed balance sheet as of November 27, 1999 is fairly
presented, in all material respects, in relation to the balance sheet from
which it has been derived.
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Kansas City, Missouri
June 9, 2000
