The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Cash and Cash Equivalents. The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair value.

Long- and Short-term Debt. The carrying amounts of the Company’s borrowings under its revolving credit agreements and the receivables purchase agreement approximate their fair values, since the interest rate under these agreements is variable. Also, the carrying amount of long-term debt was estimated to approximate their fair values.

The carrying amounts and fair value of the Company’s financial instruments at December 31, 1994 are as follows:

                                 Carrying    Fair
                                  Amount     Value  
                                     ($ thousands)

Cash and cash equivalents       $  3,458   $  3,458
Short-term debt                   50,065     50,082
Long-term debt                    23,331     24,773