The Board of Directors and Shareholders of Bangor Punta Corporation:
We have examined the consolidated statement of financial position of Bangor Punta Corporation and consolidated subsidiaries as of September 30, 1968 and the related statements of income and changes in shareholders' equity for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. We have also made a similar examination of the financial statements of Bangor and Aroostook Railroad Company and subsidiaries and Prodco Finance Co., and a summarization of their balance sheets at September 30, 1968 is set forth in Note 1 to the financial statements.
In our opinion, the accompanying consolidated financial statements present fairly the financial position of Bangor Punta Corporation and consolidated subsidiaries at September 30, 1968 and the results of their operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Also, in our opinion, the consolidated statement of source and application of funds presents fairly the information shown therein.
PEAT, MARWICK, MITCHELL & CO.
70 Pine Street, New York, New York December 10, 1968