"AN INVESTMENT IN THE NOTES involves certain risks which prospective investors should carefully consider. These risks include (1) the highly leveraged financial condition of the Company; (2) the insufficiency of the Company's earnings to cover fixed charges; (3) that the Notes will be subordinated and unsecured and will not be entitled to the benefit of any guarantees, unlike most of the Company's existing senior indebtedness; (4) the Company's seasonal requirements for cash in excess of cash provided by operations to service its indbtedness, to finance seasonal increases in working capital and for capital expenditures, and the possible inability to finance all such requirements. . ."

-- From a prospectus issued by Woodward & Lothrop Inc., August 15, 1985. The notes, underwritten by Salomon Bros. Inc., carried 14 3/4% at a time when 10-year Treasuries were auctioned at 10 1/2%.