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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the quarterly period ended March 31, 2003
--------------

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from to
-------------

Commission file number 33-80849
-----------------------------

Capital Preferred Yield Fund-IV, L.P.
(Exact name of registrant as specified in its charter)

Delaware 84-1331690
-------- ----------
(State of organization) (I.R.S. Employer Identification No.)


2750 South Wadsworth Blvd., C-200
Denver, Colorado 80227
---------------- -----
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (720) 963-9600
--------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No .
--- ---

Exhibit Index Appears on Page 14

Page 1 of 19 Pages

CAPITAL PREFERRED YIELD FUND-IV, L.P.

Quarterly Report on Form 10-Q
For the Quarter Ended
March 31, 2003


Table of Contents
-----------------


PART I. FINANCIAL INFORMATION PAGE
----

Item 1. Financial Statements (Unaudited)

Balance Sheets - March 31, 2003 and December 31, 2002 3

Statements of Income - Three Months Ended
March 31, 2003 and 2002 4

Statements of Cash Flows - Three Months Ended
March 31, 2003 and 2002 5

Notes to Financial Statements 6 - 7

Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 8 - 12

Item 3. Quantitative and Qualitative Disclosures About Market Risk 12

Item 4. Controls and Procedures 12

PART II. OTHER INFORMATION

Item 1. Legal Proceedings 13

Item 6. Exhibits and Reports on Form 8-K 13

Exhibits 14

Signatures 15

Certifications 16-17


2

CAPITAL PREFERRED YIELD FUND-IV, L.P.

BALANCE SHEETS

ASSETS

March 31, December 31,
2003 2002
---- ----
(Unaudited)


Cash and cash equivalents $ 1,027,241 $ 2,100,551
Accounts receivable, net 215,265 267,087
Equipment held for sale or re-lease 192,024 168,661
Net investment in direct finance leases 7,543,534 8,353,900
Leased equipment, net 33,527,339 37,125,321
----------- -----------

Total assets $42,505,403 $48,015,520
=========== ===========


LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
Accounts payable and accrued liabilities $ 1,034,776 $ 1,064,192
Payables to affiliates 98,442 208,798
Rents received in advance 79,396 97,418
Distributions payable to partners 503,552 1,425,083
Discounted lease rentals 25,572,983 28,582,334
----------- -----------

Total liabilities 27,289,149 31,377,825
----------- -----------

Partners' capital:
General partner -- --
Limited partners:
Class A 14,968,362 16,376,581
Class B 247,892 261,114
----------- -----------

Total partners' capital 15,216,254 16,637,695
----------- -----------

Total liabilities and partners' capital $42,505,403 $48,015,520
=========== ===========

See accompanying notes to financial statements.

3

CAPITAL PREFERRED YIELD FUND-IV, L.P.

STATEMENTS OF INCOME
(Unaudited)


Three Months Ended
March 31,
------------------
2003 2002
---- ----
Revenue:
Operating lease rentals $ 4,054,330 $ 3,844,283
Direct finance lease income 128,121 115,365
Equipment sales margin 36,135 100,357
Interest income 1,919 48,351
----------- -----------
Total revenue 4,220,505 4,108,356
----------- -----------

Expenses:
Depreciation 3,221,871 2,994,768
Management fees to general partner 100,014 89,334
Direct services from general partner 72,595 81,098
General and administrative 247,238 132,796
Interest on discounted lease rentals 473,873 405,223
Provision for losses 100,500 215,000
----------- -----------
Total expenses 4,216,091 3,918,219
----------- -----------

Net income $ 4,414 $ 190,137
=========== ===========

Net income (loss) allocated:
To the general partner $ 14,200 $ 13,041
To the Class A limited partners (9,688) 175,325
To the Class B limited partner (98) 1,771
----------- -----------
$ 4,414 $ 190,137
=========== ===========

Net income (loss) per weighted average Class A
limited partner unit outstanding $ (0.02) $ 0.36
=========== ===========

Weighted average Class A limited partner
units outstanding 484,590 486,416
=========== ===========

See accompanying notes to financial statements.

4

CAPITAL PREFERRED YIELD FUND-IV, L.P.

STATEMENTS OF CASH FLOWS
(Unaudited)



Three Months Ended
-----------------------
March 31, March 31,
2003 2002
---- ----

Net cash provided by operating activities $ 4,283,427 $ 1,484,174
----------- -----------

Cash flows from financing activities:
Proceeds from discounted lease rentals -- 2,348,846
Principal payments on discounted lease rentals (3,009,351) (2,694,133)
Redemptions of Class A limited partner units (5,855) (8,428)
Distributions to partners (2,341,531) (1,304,265)
----------- -----------

Net cash used in financing activities (5,356,737) (1,657,980)
----------- -----------

Net decrease in cash and cash equivalents (1,073,310) (173,806)

Cash and cash equivalents at beginning of period 2,100,551 3,917,475
----------- -----------

Cash and cash equivalents at end of period $ 1,027,241 $ 3,743,669
=========== ===========

Supplemental disclosure of cash flow information -Interest
paid on discounted lease rentals $ 473,873 $ 405,223
Supplemental disclosure of noncash investing and
financing activities - Discounted lease rentals assumed in
equipment acquisitions -- 3,096,632


See accompanying notes to financial statements.

5

CAPITAL PREFERRED YIELD FUND-IV, L.P.

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation
---------------------

The accompanying unaudited financial statements have been prepared in
accordance with accounting principles generally accepted in the United
States of America for interim financial information and the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not
include all of the information and disclosures required by accounting
principles generally accepted in the United States of America for annual
financial statements. In the opinion of the general partner, all
adjustments (consisting of normal recurring adjustments) considered
necessary for a fair presentation have been included. The balance sheet at
December 31, 2002 was derived from the audited financial statements
included in the Partnership's 2002 Form 10-K. For further information,
refer to the financial statements of Capital Preferred Yield Fund-IV, L.P.
(the "Partnership"), and the related notes, included in the Partnership's
Annual Report on Form 10-K for the year ended December 31, 2002, previously
filed with the Securities and Exchange Commission.

The Partnership is in its liquidation period, as defined in the Partnership
Agreement. Even so, because the liquidation period extends over an
undefined number of accounting periods, the accompanying financial
statements have been prepared on a going concern basis that contemplates
the realization of assets and payments of liabilities in the ordinary
course of business, which is in accordance with accounting principles
generally accepted in the United States of America.


6

CAPITAL PREFERRED YIELD FUND-IV, L.P.

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

2. Transactions With the General Partner and Affiliates
----------------------------------------------------

Management Fees Paid to General Partner

In accordance with the Partnership Agreement, the General Partner earns a
management fee in connection with its management of the equipment,
calculated as a percentage of the monthly gross rentals received, and paid
monthly in arrears. As of March 31, 2003, management fees of $25,328 are
included in payables to affiliates.

Direct Services from General Partner

The General Partner and an affiliate provide accounting, investor
relations, billing, collecting, asset management, and other administrative
services to the Partnership. The Partnership reimburses the General Partner
for these services performed on its behalf as permitted under terms of the
Partnership Agreement. As of March 31, 2003, direct services from the
General Partner in the amount of $26,977 are included in payables to
affiliates.

General and Administrative Expenses

The General Partner and an affiliate are reimbursed for the actual cost of
administrative expenses incurred on behalf of the Partnership per the terms
of the Partnership Agreement. As of March 31, 2003, administrative expenses
of $46,137 are included in payables to affiliates.


7

CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations, continued

Results of Operations
- ---------------------

Presented below are schedules (prepared solely to facilitate the discussion of
results of operations that follows) showing items of income and expense and
changes in those items derived from the Statements of Income:

Three Months
Ended March 31,
---------------
2003 2002 Change
---- ---- ------

Leasing margin $ 486,707 $ 559,657 $ (72,950)
Equipment sales margin 36,135 100,357 (64,222)
Interest income 1,919 48,351 (46,432)
Management fees to general partner (100,014) (89,334) (10,680)
Direct services from general partner (72,595) (81,098) 8,503
General and administrative expenses (247,238) (132,796) (114,442)
Provision for losses (100,500) (215,000) 114,500
-------- --------- ---------
Net income $ 4,414 $ 190,137 $(185,723)
========= ========= =========

The Partnership entered its liquidation period in 2002, as defined in the
Partnership Agreement, and will not purchase significant amounts of equipment in
future periods. Furthermore, during future periods, initial leases will expire
and the equipment will be remarketed (i.e., re-leased or sold). As a result,
both the size of the Partnership's leasing portfolio and the amount of total
revenue will decline ("portfolio runoff"). Even so, because the liquidation
period extends over an undefined number of accounting periods, the accompanying
financial statements have been prepared on a going concern basis that
contemplates the realization of assets and payments of liabilities in the
ordinary course of business, which is in accordance with accounting principles
generally accepted in the United States of America.

Leasing Margin

Leasing margin consists of the following:

Three Months Ended
March 31,
------------------
2003 2002
---- ----
Operating lease rentals $ 4,054,330 $ 3,844,283
Direct finance lease income 128,121 115,365
Depreciation (3,221,871) (2,994,768)
Interest expense on discounted lease rentals (473,873) (405,223)
----------- -----------
Leasing margin $ 486,707 $ 559,657
=========== ===========
Leasing margin ratio 12 % 14 %
== ==

Operating lease rentals and depreciation increased primarily due to an increase
in the average balance of the Partnership's leased equipment, net. Leased
equipment, net averaged approximately $35,300,000 for the three months ended
March 31, 2003 compared to an average of approximately $33,400,000 for the three
months ended March 31, 2002. Results of Operations, continued

8

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations, continued

Results of Operations
- ---------------------

Leasing Margin, continued

Direct finance lease income increased due to an increase in the average balance
of the Partnership's net investment in direct finance leases. Net investment in
direct finance leases averaged approximately $7,900,000 for the three months
ended March 31, 2003 compared to an average of approximately $6,600,000 for the
three months ended March 31, 2002.

Interest expense on discounted lease rentals increased due to an increase in the
average balance of discounted lease rentals outstanding. Discounted lease
rentals outstanding averaged approximately $27,100,000 for the three months
ended March 31, 2003 compared to an average of approximately $21,500,000 for the
three months ended March 31, 2002.

Leasing margin ratio will vary due to changes in the portfolio, including, among
other things, the mix of operating leases versus direct finance leases, the
average maturity of leases comprising the portfolio, the average residual value
of leased assets in the portfolio, and the amount of discounted lease rentals
financing the portfolio. Leasing margin ratio for a direct finance lease is
fixed over the term of the lease. Leasing margin ratio for an operating lease
financed with discounted lease rentals increases during the term of the lease
since rents and depreciation are typically fixed while interest expense declines
as the related discounted lease rentals principle is repaid. Leasing margin
ratio decreased primarily as a result of the increase in the average net book
value of the operating lease portfolio and an increase in the average balance of
discounted lease rentals outstanding, both of which are discussed above.

The ultimate profitability of the Partnership's leasing transactions is
dependent in part on interest rates at the time the leases are originated,
future equipment values, and on-going lessee creditworthiness. Because leasing
is an alternative to financing equipment purchases with debt, lease rates tend
to rise and fall with interest rates (although lease rate movements generally
lag interest rate changes in the capital markets).

Equipment Sales Margin

Equipment sales margin consists of the following:

Three Months Ended
March 31,
------------------
2003 2002
---- ----
Equipment sales revenue $ 329,185 $ 1,502,477
Cost of equipment sales (293,050) (1,402,120)
----------- -----------
Equipment sales margin $ 36,135 $ 100,357
=========== ===========

Equipment sales margin fluctuates based on the composition of equipment
available for sale. Currently, the Partnership is in its liquidation period (as
defined in the Partnership Agreement). Initial leases are expiring and the
equipment is either being re-leased or sold to the lessee or a third party.
Equipment sales margin varies with the number and dollar amount of equipment
leases that mature in a particular period and the current market for specific
equipment and residual value estimates.

9

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations, continued

Results of Operations
- ---------------------

Interest Income

Interest income varies due to (1) the amount of cash available for investment
pending distribution to partners and (2) the interest rate on such invested
cash.

Expenses

Management fees paid to the general partner are earned on gross rents received
and will fluctuate due to variances in cash flow and the size of the
Partnership's portfolio. Management fees paid to the general partner increased
due to the increase in average portfolio size discussed above, which resulted in
a corresponding increase in gross rents received.

Direct services from general partner decreased primarily because the three
months ended March 31, 2002 included increased costs related to management's
efforts to collect receivables owed to the Partnership and increased remarketing
activities related to the increased amounts of lease terminations.

General and administrative expenses increased primarily due to a) increased
insurance costs of $49,100, and b) upgrades to computer equipment of $46,600
needed to effectively and efficiently manage the Partnership's assets.

Provision for Losses

The realization of greater than the carrying value of equipment (which occurs
when the equipment is remarketed subsequent to initial lease termination) is
reported as equipment sales margin (if the equipment is sold) or leasing margin
(if the equipment is re-leased). The realization of less than the carrying value
of equipment is recorded as provision for losses.

Residual values are established equal to the estimated value to be received from
the equipment following termination of the lease. In estimating such values, the
Partnership considers all relevant facts regarding the equipment and the lessee,
including, for example, the likelihood that the lessee will re-lease or purchase
the equipment. The nature of the Partnership's leasing activities is such that
it has credit exposure and residual value exposure and will incur losses from
those exposures in the ordinary course of business. The Partnership performs
quarterly assessments of the estimated residual value of its assets to identify
any other-than-temporary losses in value that, if any, are also recorded as
provision for losses.

The provision for losses of $100,500 recorded during the three months ended
March 31, 2003 related primarily to losses on equipment returned to the
Partnership at lease maturity occurring because the residual realized was, or is
expected to be, less than the residual value originally estimated.

10

CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations, continued

Liquidity & Capital Resources
- -----------------------------

The Partnership is in its liquidation period, as defined in the Partnership
Agreement. The Partnership is not purchasing additional equipment, initial
leases are expiring, and the amount of equipment being remarketed (i.e.,
re-leased, renewed, or sold) is increasing. As a result, both the size of the
Partnership's lease portfolio and the amount of leasing revenue are declining.
Even so, because the liquidation period extends over an undefined number of
accounting periods, the accompanying financial statements have been prepared on
a going concern basis that contemplates the realization of assets and payments
of liabilities in the ordinary course of business, which is in accordance with
accounting principles generally accepted in the United States of America.

The Partnership funds its operating activities principally with cash from rents
and sales of off-lease equipment. Available cash and cash reserves of the
Partnership are invested in short-term government securities pending
distribution to the partners.

During the three months ended March 31, 2003, the Partnership declared
distributions to the Class A limited partners of $1,392,675 ($524,027 of which
was paid in April 2003). All such distributions are expected to constitute a
return of capital for economic purposes. Distributions may be characterized for
tax, accounting and economic purposes as a return of capital, a return on
capital, or a portion of both. The portion of each cash distribution that
exceeds its net income for the fiscal period may be deemed a return of capital
for accounting purposes. However, the total percentage of the partnership's
return on capital over its life will only be determined after all residual cash
flows (which include proceeds from the re-leasing and sale of equipment) have
been realized at the termination of the partnership.

The General Partner believes that the Partnership will generate sufficient cash
flows from operations during the remainder of 2003, to (1) meet current
operating requirements, and (2) fund cash distributions to Class A limited
partners in accordance with the Partnership Agreement. All distributions are
expected to be a return of capital for economic and accounting purposes.
Additionally, the General Partner anticipates that all equipment owned by the
Partnership will be sold and the Partnership liquidated between 2003 and 2006.

11

CAPITAL PREFERRED YIELD FUND-IV, L.P.

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations, continued

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
- -----------------------------------------------------------------------------
1995
- ----

The statements contained in this report which are not historical facts may be
deemed to contain forward-looking statements with respect to events, the
occurrence of which involve risks and uncertainties, and are subject to factors
that could cause actual future results to differ both adversely and materially
from currently anticipated results, including, without limitation, the level of
lease originations, realization of residual values, the availability and cost of
financing sources and the ultimate outcome of any contract disputes. Certain
specific risks associated with particular aspects of the Partnership's business
are discussed under Results of Operations in this report and under Results of
Operations in the 2001 Form 10-K when and where applicable.


Item 3. Quantitative and Qualitative Disclosures About Market Risk
----------------------------------------------------------

The Partnership's leases with equipment users are non-cancelable and have lease
rates that are fixed at lease inception. The Partnership finances its leases, in
part, with discounted lease rentals. Discounted lease rentals are a fixed rate
debt. The Partnership's other assets and liabilities are also at fixed rates.
Consequently, the Partnership has no interest rate risk or other market risk
exposure.


Item 4. Controls and Procedures

Within 90 days prior to the date of this quarterly report, an evaluation was
performed under the supervision and with the participation of the General
Partner's management, including the President and Director, and the Chief
Accounting Officer, of the effectiveness of the design and operation of the
Partnership's disclosure controls and procedures. Based on that evaluation, the
General Partner's management, including the President and Director, and the
Chief Accounting Officer, concluded that the Partnership's disclosure controls
and procedures are effective in timely alerting them to material information
relating to the Partnership required to be included in the Partnership's
periodic SEC reports. There have been no significant changes in the
Partnership's internal controls or in other factors that could significantly
affect internal controls subsequent to the date of their evaluation.

12

CAPITAL PREFERRED YIELD FUND-IV, L.P.

PART II.

OTHER INFORMATION



Item 1. Legal Proceedings

The Partnership is involved in routine legal proceedings
incidental to the conduct of its business. The General Partner
believes none of these legal proceedings will have a material
adverse effect on the financial condition or operations of the
Partnership.

Item 6. Exhibits and Reports on Form 8-K

(a) Exhibits

(b) The Partnership did not file any reports on Form 8-K
during the quarter ended March 31, 2003.

13

Index to Exhibits

Exhibit
Number Description
* 99.1 Certification by John F. Olmstead pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

* 99.2 Certification by Joseph F. Bukofski pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.


* Filed herewith


14

CAPITAL PREFERRED YIELD FUND-IV, L.P.

Signatures



Pursuant to the requirements of the Securities Exchange Act of 1934, the
Partnership has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



CAPITAL PREFERRED YIELD FUND-IV, L.P.

By: CAI Equipment Leasing V Corp.


Dated: May 14, 2003 By: /s/John F. Olmstead
-------------------
John F. Olmstead
President and Director
(Principal Executive Officer)

CAPITAL PREFERRED YIELD FUND-IV, L.P.

By: CAI Equipment Leasing V Corp.


Dated: May 14, 2003 By: /s/Joseph F. Bukofski
---------------------
Joseph F. Bukofski
Chief Accounting Officer
(Principal Accounting and Financial Officer)


15

CERTIFICATION

I, John F. Olmstead, President and Director of CAI Equipment Leasing V Corp.,
the General Partner of Capital Preferred Yield Fund-IV, L.P. (the
"Partnership"), certify that:

1. I have reviewed this report on Form 10-Q of the Partnership;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading as with respect to the period covered by this
quarterly report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Partnership as of, and for, the periods presented in this quarterly report;

4. The Partnership's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Partnership and have:

a. designed such disclosure controls and procedures to ensure that
material information relating to the Partnership, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report in being
prepared;

b. evaluated the effectiveness of the Partnership's disclosure
controls and procedures as of a date within 90 days prior to the filing
date of this report (the "Evaluation Date"); and

c. presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

5. The Partnership's other certifying officer and I have disclosed, based
on our most recent evaluation, to the Partnership's auditors:

a. all significant deficiencies in the design or operation of internal
controls which could adversely affect the Partnership's ability to record,
process, summarize and report financial data and have identified for the
Partnership's auditors any material weaknesses in internal controls; and

b. any fraud, whether or not material, that involves management or
other employees who have a significant role in the Partnership's internal
controls; and

6. The Partnership's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


/s/John F. Olmstead
-------------------
John F. Olmstead
President and Director
(Principal Executive Officer)
May 14, 2003

16

CERTIFICATION

I, Joseph F. Bukofski, Chief Accounting Officer of CAI Equipment Leasing V
Corp., the General Partner of Capital Preferred Yield Fund-IV, L.P. (the
"Partnership"), certify that:

1. I have reviewed this report on Form 10-Q of the Partnership;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading as with respect to the period covered by this
quarterly report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Partnership as of, and for, the periods presented in this quarterly report;

4. The Partnership's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Partnership and have:

a. designed such disclosure controls and procedures to ensure that
material information relating to the Partnership, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report in being
prepared;

b. evaluated the effectiveness of the Partnership's disclosure
controls and procedures as of a date within 90 days prior to the filing
date of this report (the "Evaluation Date"); and

c. presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

5. The Partnership's other certifying officer and I have disclosed, based
on our most recent evaluation, to the Partnership's auditors:

a. all significant deficiencies in the design or operation of internal
controls which could adversely affect the Partnership's ability to record,
process, summarize and report financial data and have identified for the
Partnership's auditors any material weaknesses in internal controls; and

b. any fraud, whether or not material, that involves management or
other employees who have a significant role in the Partnership's internal
controls; and

6. The Partnership's other certifying officer and I have indicated in
this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant deficiencies
and material weaknesses.


/s/Joseph F. Bukofski
---------------------
Joseph F. Bukofski
Chief Accounting Officer
(Principal Accounting and Financial Officer)
May 14, 2003

17