Plaintiff's Exhibit 8.

1342

1343

INDEX TO FINANCIAL STATEMENTS
UNIVERSAL LABORATORIES, INC.

Page

Universal Consolidated Opinion of Independent Public Accountants

34

34 Balance Sheets-June 30, 1951

36-37 36-37 Income (Loss) statements—years 1948, 1949, 1950 and six months ended June 30, 1951

38-39 38-39 Surplus (Deficit) statements—years 1948, 1949, 1950 and six months ended June 30, 1951

40-41 40-41 Supplementary profit and loss information-years

1948, 1949, 1950 and six months ended June 30,
1951

44-45 44-45 OHIO RIVER STEEL CORPORATION

Page
Opinion of Independent Public Accountants

49
Balance Sheets-December 31, 1950 and May 31,
1951 ..

46 and 50-51 Income Statements—Period September 11, 1950 to

December 31, 1950 and five months ended May 31,
1951 ...

47 and 52
Earned Surplus Statement-Period September 11,

1950 to December 31, 1950 and five months ended
May 31, 1951

47 and 52
Supplementary profit and loss information—Period

September 11, 1950 to December 31, 1950 and
five months ended May 31, 1951

48 and 53
PRO-FORMA BALANCE SHEET—JUNE 30, 1951
Giving effect to acquisition of assets subject to liabil-

ities of Ohio River Steel Corporation in exchange
for $2,500,000 of 6% voting preferred stock, par
value $5 of Universal Laboratories, Inc.

1344

54

Plaintiff's Exhibit 8.

1345

OPINION OF INDEPENDENT PUBLIC ACCOUNTANTS

SCHUTTE & WILLIAMS
ACCOUNTANTS AND AUDITORS

50 Broadway

New York 4, N. Y. To the Stockholders and Board of Directors,

Universal Laboratories, Inc.:

In our opinion, the financial statements of Universal Laboratories, Inc. and of Universal Laboratories, Inc. and Subsidiaries Consolidated, referred to below, present fairly their financial positions at June 30, 1951, and the results of their operations for 1948, 1949, 1950 and six months ended June 30, 1951, in conformity with generally accepted accounting principles consistently applied. Our examinations of these statements were made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other procedures as we considered necessary in the circumstances.

Page

Universal Consolidated Balance Sheets—June 30, 1951 ....

36-37 36-37 Income (Loss) statements—years 1948, 1949, 1950 and six months ended June 30, 1951

38-39 38-39 Surplus (Deficit) statements—years 1948, 1949, 1950 and six months ended June 30, 1951

40-41 40-41 Supplementary profit and loss information-years

1948, 1949, 1950 and six months ended June 30, 1951

44-45 44-45

1340

1347

SCHUTTE & WILLIAMS

New York, N. Y.
July 31, 1951

Plaintiff's Exhibit 8.

1348

1349

1350