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EXHIBIT 99.1
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Board of Directors
Earl Scheib, Inc.
We have audited the accompanying consolidated statements of operations,
shareholders' equity, and cash flows of Earl Scheib, Inc. (the "Company") for
the year ended April 30, 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 audit.
We conducted our audit 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
audit provides a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all
material respects, the results of operations and cash flows of Earl Scheib,
Inc. and subsidiaries for the year ended April 30, 1998 in conformity with
accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Los Angeles, California
July 27, 1999
