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The Company’s debt outstanding as of March 31, 2003 primarily consists of approximately $131.0 million principal amount of 9.5% Senior Notes (the ‘‘Notes’’) due August 2006. Interest is payable semi-annually. The indenture under which the Notes were issued limits the creation of liens, sale and leaseback transactions, consolidations, mergers and transfers of all or substantially all of the Company’s assets, and indebtedness of the Company’s restricted subsidiaries. The Notes are subject to mandatory repurchase by the Company at the option of the holders in the event of a change in control of the Company. The fair value of the Notes was $137.2 million and $141.0 million at March 31, 2003 and 2002, respectively. 

In March 2003, the Company submitted a Tender Offer to purchase the Notes for cash, at a price of $1,047.50 per $1,000 principal amount. The Company received valid tenders for and repurchased Senior Notes approximating $19.0 million. The premium paid, as well as the disposition of other financing fees, resulted in a charge of approximately $1.2 million, which is included in the ‘‘Other (Income) Expense’’ section of the accompa- nying Consolidated Statement of Operations for the year ended March 31, 2003. 

## 8 

## INCOME TAXES 

The components of income (loss) before income taxes from continuing operations and provision for income taxes from continuing operations for the years ended March 31 are as follows: 

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A reconciliation of the federal statutory rate to the Company’s effective income tax rate for the years ended March 31 follows: 

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