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<SEC-DOCUMENT>0001169232-05-003059.txt : 20050611
<SEC-HEADER>0001169232-05-003059.hdr.sgml : 20050611
<ACCEPTANCE-DATETIME>20050608092639
ACCESSION NUMBER:		0001169232-05-003059
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20050430
FILED AS OF DATE:		20050608
DATE AS OF CHANGE:		20050608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMTECH TELECOMMUNICATIONS CORP /DE/
		CENTRAL INDEX KEY:			0000023197
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		IRS NUMBER:				112139466
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-07928
		FILM NUMBER:		05884084

	BUSINESS ADDRESS:	
		STREET 1:		105 BAYLIS RD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		6317778900

	MAIL ADDRESS:	
		STREET 1:		105 BAYLIS ROAD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMTECH INC
		DATE OF NAME CHANGE:	19870503

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMTECH TELECOMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19831215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMTECH LABORATORIES INC
		DATE OF NAME CHANGE:	19780425
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>d64173_10-q.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD align="center"><FONT face="Times New Roman, Times, Serif" size=2><B>UNITED STATES<br>
  </B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B>&nbsp;SECURITIES AND EXCHANGE COMMISSION<br>
  </B></FONT><FONT face="Times New Roman, Times, Serif" size=2>Washington, D.C. 20549</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD><hr align="center" width="130" size="1" noshade></TD>
</TR>
<TR>
  <TD align="center"><font face="Times New Roman, Times, Serif" size=2><b>FORM 10-Q</b></font></TD>
</TR>
<TR>
  <TD><hr align="center" width="130" size="1" noshade></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(Mark One)</FONT></TD></TR></TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="10%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td align="center"><font size="2" face="wingdings">x</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="Times New Roman, Times, Serif" size=2><b>For the quarterly period ended April 30, 2005</b></font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td align="center"><font size="2" face="wingdings">o</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></td>
  </tr>
  <tr align="left" valign="top">
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td align="center">&nbsp;</td>
    <td align="center"><font face="Times New Roman, Times, Serif" size=2>Commission File Number:&nbsp;&nbsp;&nbsp; 0-7928</font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="75%">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><div align="center"><img src="image001.jpg" width="256" height="61"></div></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center">
    <td colspan="3">&nbsp;</td>
  </tr>
  <tr align="center">
    <td colspan="3"><font face="Times New Roman, Times, Serif" size=2>(Exact name of registrant as
specified in its charter)</font></td>
  </tr>
  <tr align="center">
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr align="center" valign="bottom">
    <td width="55%"><font size="2" face="Times New Roman, Times, serif"><b>Delaware</b></font></td>
    <td width="5%">&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif"><b>11-2139466</b></font></td>
  </tr>
  <tr align="center">
    <td><hr size="1" noshade></td>
    <td>&nbsp;</td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr align="center" valign="top">
    <td><font size="2" face="Times New Roman, Times, serif">(State or other jurisdiction of incorporation /organization)</font></td>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">(I.R.S. Employer Identification Number)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center">
    <td width="55%"><font size="2" face="Times New Roman, Times, serif"><b>105 Baylis Road, Melville, New York</b></font></td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif"><b>11747</b></font></td>
  </tr>
  <tr align="center">
    <td><hr size="1" noshade></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><hr size="1" noshade></td>
  </tr>
  <tr align="center">
    <td><font size="2" face="Times New Roman, Times, serif">(Address of principal executive offices)</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">(Zip Code)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="25%">&nbsp;</td>
    <td>&nbsp;</td>
    <td width="25%">&nbsp;</td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center"><font size="2" face="Times New Roman, Times, serif"><b>(631) 777-8900</b></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center"><hr size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align="center" nowrap><font size="2" face="Times New Roman, Times, serif">(Registrant&#146;s telephone number, including area code)</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD width=48 vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD colspan="2" vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2></FONT><FONT face="Times New Roman, Times, Serif" size=2>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section
  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. </FONT></div></TD>
</TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top>
<P align=justify><font size="2" face="wingdings">x</font><FONT face="Times New Roman, Times, Serif" size=2> Yes&nbsp;&nbsp;</FONT><font size="2" face="wingdings">o</font><FONT face="Times New Roman, Times, Serif" size=2> No</FONT></P></TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2></FONT><FONT face="Times New Roman, Times, Serif" size=2>Indicate by check mark whether registrant is an accelerated filer (as defined in Rule 12b-2 of the
  Exchange Act).</FONT></div></TD>
</TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top>
<P align=justify><font size="2" face="wingdings">x</font><FONT face="Times New Roman, Times, Serif" size=2> Yes </FONT><font size="2" face="wingdings">o</font><FONT face="Times New Roman, Times, Serif" size=2> No</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>APPLICABLE ONLY TO CORPORATE ISSUERS:</FONT></P></TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>As of June 3, 2005, the number of outstanding shares of Common Stock, par value $.10 per share, of the registrant was 21,723,642 shares. </FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE width="600" border="0" cellPadding="0" cellSpacing="0">

<TR>
<TD align="center">
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B><U>COMTECH TELECOMMUNICATIONS CORP.<br>
</U></B></FONT><FONT face="Times New Roman, Times, Serif" size=2><B><U>INDEX </U></B></FONT></P>
</TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<table width=600 border=0 cellpadding=0 cellspacing=0>
  <tr valign=Bottom>
    <th><font face="Times New Roman, Times, Serif" size=1></font></th>
    <th>&nbsp;</th>
    <th>&nbsp;</th>
    <th>&nbsp;</th>
    <th width="8%" align="left"><font face="Times New Roman, Times, Serif" size=1>Page</font></th>
    <th>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <td width=4% align=LEFT>&nbsp;</td>
    <td width=7% align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td width="2%" align=RIGHT>&nbsp;</td>
    <td width="6%" align=RIGHT>
      <hr size="1" noshade width="50%" align="left">
    </td>
    <td width="2%" align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td colspan="3" align=LEFT><a href="#a11"><font face="Times New Roman, Times, Serif" size=2><b>PART
      I.&nbsp;&nbsp;FINANCIAL INFORMATION</b></font></a></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width="6%" align=RIGHT><font face="Times New Roman, Times, Serif" size=2></font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Item 1.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Financial
      Statements</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;<a href="#a1">Consolidated
      Balance Sheets &#150; April 30, 2005 (Unaudited)</a></font></td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a1">and
      July 31, 2004</a></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width="6%" align=left><font face="Times New Roman, Times, Serif" size=2>2</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;<a href="#a2">Consolidated
      Statements of Operations &#150; Three and Nine Months Ended</a></font></td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a2">April
      30, 2005 and 2004 (Unaudited)</a></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width="6%" align=left><font face="Times New Roman, Times, Serif" size=2>3</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;<a href="#a3">Consolidated
      Statements of Cash Flows &#150; Nine Months Ended April 30, 2005</a></font></td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a3">and
      2004 (Unaudited)</a></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width="6%" align=left><font face="Times New Roman, Times, Serif" size=2>4</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;<a href="#a4">Notes
      to Consolidated Financial Statements</a></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width="6%" align=left nowrap><font face="Times New Roman, Times, Serif" size=2>5
      - 17</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Item 2. </font></td>
    <td align=LEFT><a href="#a5"><font face="Times New Roman, Times, Serif" size=2>Management&#146;s
      Discussion and Analysis of Financial Condition and Results of</font></a></td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#a5">Operations</a></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width="6%" align=left nowrap><font face="Times New Roman, Times, Serif" size=2>18
      - 25</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Item 3.</font></td>
    <td align=LEFT><a href="#a6"><font face="Times New Roman, Times, Serif" size=2>Quantitative
      and Qualitative Disclosures about Market Risk</font></a></td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left><font face="Times New Roman, Times, Serif" size=2>26</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2> Item 4.</font></td>
    <td align=LEFT><a href="#a7"><font face="Times New Roman, Times, Serif" size=2>
      Controls and Procedures</font></a></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width="6%" align=left><font face="Times New Roman, Times, Serif" size=2>26</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td colspan="3" align=LEFT><a href="#a8"><font face="Times New Roman, Times, Serif" size=2><b>PART
      II.&nbsp;&nbsp;OTHER INFORMATION</b></font></a></td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Item 6.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2> <a href="#a9">Exhibits</a></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width="6%" align=left><font face="Times New Roman, Times, Serif" size=2>26</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td colspan="3" align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td colspan="3" align=LEFT><a href="#a10"><font face="Times New Roman, Times, Serif" size=2>Signature
      Page</font></a></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width="6%" align=left><font face="Times New Roman, Times, Serif" size=2>27</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td colspan="3" align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td width="6%" align=left>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td colspan="3" align=LEFT><font face="Times New Roman, Times, Serif" size=2><a href="#a11">Certifications</a></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width="6%" align=left nowrap><font face="Times New Roman, Times, Serif" size=2>28
      - 31</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
</table>

<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><U><a name="a11"></a>PART I<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2><U>FINANCIAL INFORMATION<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2><U>COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2><U><a name="a1">CONSOLIDATED BALANCE SHEETS</a></U></FONT></P>
</TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2 align="left"><b><font size="1">Item 1.</font></b></TH>
    <TH COLSPAN=2 align="center"><font size="1" face="Times New Roman, Times, serif">April 30,<br>
      2005</font></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2 align="center"><font size="1" face="Times New Roman, Times, serif">July 31,<br>
      2004</font></TH>
    <TH></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif"></FONT></TH>
    <TH COLSPAN=2><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
    <TH COLSPAN=2><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT valign="top"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2">Assets</font></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=center valign="top"><b><font size="1" face="Times New Roman, Times, serif">(Unaudited)</font></b></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Current assets:</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2></FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 205,250,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>163,292,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,044,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,054,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>38,229,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>43,002,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>45,455,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>39,758,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,896,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,817,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets &#150; current</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>6,501,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>6,501,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>300,375,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>258,424,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=3><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=3><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Property, plant and equipment, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>17,337,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>14,652,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Goodwill</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>22,322,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>18,721,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Intangibles with definite lives, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>9,716,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>10,706,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Deferred financing costs, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,131,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,541,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>Other assets, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>365,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>346,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 353,246,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>306,390,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities and Stockholders&#146; Equity</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Current liabilities:</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 23,307,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>9,566,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>27,660,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>20,515,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Customer advances and deposits</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>6,751,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>7,290,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Deferred service revenue</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>9,222,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>13,716,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Current installments of other obligations</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>234,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>234,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>525,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,073,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,699,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,812,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>72,398,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>57,206,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=3><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=3><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Convertible senior notes</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>105,000,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>105,000,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Other obligations, less current installments</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>457,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>158,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>Deferred tax liabilities &#150; non-current</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,908,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,628,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>182,763,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>163,992,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Stockholders&#146; equity:</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, par value $.10 per share; shares authorized and<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unissued 2,000,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $.10 per share; authorized 30,000,000 shares;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued 21,907,379 shares at April 30, 2005 and 21,557,002 shares<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at July 31, 2004</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,191,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,156,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>112,136,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>109,716,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>56,341,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>30,711,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>170,668,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>142,583,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Less:</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock (210,937 shares)</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(185,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(185,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>170,483,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>142,398,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders&#146; equity</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 353,246,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>306,390,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
  </TR>
  <TR bgcolor="#eaf9e8">
    <TD COLSPAN=2><FONT FACE="Times New Roman, Times, serif" SIZE=2>Commitments and contingencies</FONT></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
    <TD></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>See accompanying notes to consolidated financial statements.</FONT></P></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><U>COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2><U><a name="a2"></a>CONSOLIDATED STATEMENTS OF OPERATIONS<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;(Unaudited)</FONT></P>
</TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2>&nbsp;</TH>
    <TH COLSPAN=5><p><font size="1" face="Times New Roman, Times, serif">Three months ended<br>
        April 30,</font></p></TH>
    <TH></TH>
    <TH COLSPAN=5><p><font size="1" face="Times New Roman, Times, serif">Nine months ended<br>
        April 30,</font></p></TH>
    <TH></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2></TH>
    <TH COLSPAN=5><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
    <TH COLSPAN=5><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2></TH>
    <TH COLSPAN=2><font size="1" face="Times New Roman, Times, serif">2005</font></TH>
    <TH></TH>
    <TH COLSPAN=2><font size="1" face="Times New Roman, Times, serif">2004</font></TH>
    <TH></TH>
    <TH COLSPAN=2><font size="1" face="Times New Roman, Times, serif">2005</font></TH>
    <TH></TH>
    <TH COLSPAN=2><font size="1" face="Times New Roman, Times, serif">2004</font></TH>
    <TH></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2></TH>
    <TH COLSPAN=2><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
    <TH COLSPAN=2><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
    <TH COLSPAN=2><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
    <TH COLSPAN=2><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Net sales</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 75,388,000</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>51,244,000</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>209,597,000</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>164,334,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Cost of sales</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>45,910,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>30,635,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>120,708,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>102,132,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>29,478,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>20,609,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>88,889,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>62,202,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Expenses:</FONT></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>12,855,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>8,775,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>36,112,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>26,153,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Research and development</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>5,325,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,993,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>15,175,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>11,198,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>597,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>499,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,734,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,498,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>18,777,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>13,267,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>53,021,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>38,849,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Operating income</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>10,701,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>7,342,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>35,868,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>23,353,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Other expense (income):</FONT></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>669,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>675,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,005,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>750,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Interest income</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(1,191,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(324,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(2,739,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(543,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Income before provision for income taxes</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>11,223,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>6,991,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>36,602,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>23,146,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Provision for income taxes</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,851,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,238,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>10,972,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>7,407,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Net income</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 8,372,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,753,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>25,630,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>15,739,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Net income per share (See Note 8):</FONT></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 0.39</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>0.22</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1.19</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>0.75</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 0.32</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>0.20</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1.00</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>0.67</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Weighted average number of common shares<br>
&nbsp;&nbsp;&nbsp;outstanding &#150; basic</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>21,666,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>21,326,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>21,505,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>21,125,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Weighted average number of common and<br>
&nbsp;&nbsp;&nbsp;&nbsp;common equivalent shares outstanding<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assuming dilution &#150; diluted</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>27,327,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>26,439,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>26,936,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>24,329,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><font size="2">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=2></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>See accompanying notes to consolidated financial statements.</FONT></P></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>3</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><U>COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2><U><a name="a3"></a>CONSOLIDATED STATEMENTS OF CASH FLOWS<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2>(Unaudited)</FONT></P>
</TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2></TH>
    <TH COLSPAN=5><font size="1" face="Times New Roman, Times, serif">Nine months ended April 30,</font></TH>
    <TH></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2></TH>
    <TH COLSPAN=5><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2></TH>
    <TH COLSPAN=2><font size="1" face="Times New Roman, Times, serif">2005</font></TH>
    <TH></TH>
    <TH COLSPAN=2><font size="1" face="Times New Roman, Times, serif">2004</font></TH>
    <TH></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif"></FONT></TH>
    <TH COLSPAN=2><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
    <TH COLSPAN=2><HR SIZE=1 NOSHADE></TH>
    <TH></TH>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Cash flows from operating activities:</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2></FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net income</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 25,630,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>15,739,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating activities:</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>5,609,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,738,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>410,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>144,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>78,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>123,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for excess and obsolete inventories</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,258,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>956,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit from stock option exercises</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>526,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,001,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,280,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property, plant and equipment</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>19,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>90,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of effects of acquisition:</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash securing letter of credit obligations</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,010,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>92,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,695,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(21,992,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(6,780,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(3,534,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(1,900,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(393,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>13,741,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(373,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>5,665,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,034,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances and deposits</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(539,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,364,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred service revenue</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(4,494,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,279,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(548,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>554,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(113,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(531,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>49,547,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>6,291,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Cash flows from investing activities:</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Payments for business acquisition</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(2,735,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(6,498,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(4,295,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Purchase of proprietary technology</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(75,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(9,308,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(4,295,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Cash flows from financing activities:</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible senior notes, net of<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;related costs of $3,821,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>101,179,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on other obligations</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(210,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(755,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercises of stock options, warrants and<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employee stock purchase plan shares</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,929,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,781,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,719,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>102,205,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>41,958,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>104,201,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>163,292,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>48,617,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=1 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of period</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 205,250,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>152,818,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><HR SIZE=2 NOSHADE></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, serif" SIZE=2>Supplemental cash flow disclosure:</FONT></u></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp; </FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif"><u><FONT FACE="Times New Roman, Times, serif" SIZE=2>Cash paid during the period for:</FONT></u></font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp; &nbsp;&nbsp;&nbsp;Interest</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 2,143,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>52,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp; &nbsp;Income taxes</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 7,377,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>6,937,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><u><FONT FACE="Times New Roman, Times, serif" SIZE=2>Non-cash investing activities:</FONT></u></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp; &nbsp;Purchase of proprietary technology through financing obligation</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 509,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp; Accrued business acquisition payments (See Note 3)</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 1,000,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2>See accompanying notes to consolidated financial statements.</FONT></P></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>4</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><U>COMTECH TELECOMMUNICATIONS CORP. AND SUBSIDIARIES<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2><U><a name="a4"></a>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2>(Unaudited)</FONT></P>
</TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(1)</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>General</U></I></FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>
The accompanying consolidated financial statements of Comtech Telecommunications Corp. and Subsidiaries (the &#147;Company&#148;) at and for the three and nine months ended April
  30, 2005 and 2004 are unaudited. In the opinion of management, the information furnished reflects
  all adjustments necessary for a fair presentation of the results for the unaudited interim periods.
  During the nine months ended April 30, 2005, the Company recorded positive adjustments relating to
  its estimated gross profit and progress toward completion on certain long-term contracts accounted
  for using the percentage-of-completion method. The results of operations for such periods are not
  necessarily indicative of the results of operations to be expected for the full year. </FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>These consolidated financial statements should be read in conjunction with the audited consolidated
  financial statements of the Company for the fiscal year ended July 31, 2004 and the notes thereto
  contained in the Company&#146;s Annual Report on Form 10-K, filed with the Securities and Exchange
  Commission, and all of the Company&#146;s other filings with the Securities and Exchange Commission.</FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(2)<I></I></FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Reclassifications</U></I></FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Certain reclassifications have been made to previously reported statements to conform to the Company&#146;s
  current financial statement format. </FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(3)<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Acquisition</U></I></FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>On February 1, 2005, the Company acquired certain assets and assumed certain liabilities of Tolt Technologies,
  Inc. (&#147;Tolt&#148;). Tolt, which is based in Gig Harbor, Washington, has significant experience
  in providing turnkey employee mobility solutions to large enterprises, including hands-on experience
  with customers that have trucking fleets. The purchase price of the business was $3,735,000, including
  estimated transaction costs of $235,000. Of the total purchase price excluding transaction costs,
  $2,500,000 was paid at closing and the remaining $1,000,000, which is expected to be paid by November
  2005, is included in &#147;<I>Accrued expenses&#148;</I> in the accompanying consolidated balance sheet at April 30, 2005. Based on the achievement of fiscal
  2006 sales goals, the Company may be required to pay an earn-out of $500,000. The purchase price
  for Tolt was primarily allocated to goodwill (which includes assembled workforce). Tolt&#146;s net
  sales during the three months ended April 30, 2005 were $5,190,000 and Tolt operated at approximately
  break-even for such period. Results of operations for the three months ended April 30, 2004 and the
  nine months ended April 30, 2005 and 2004 would not have been materially different from the Company&#146;s
  reported results of operations for such periods had the acquisition of Tolt occurred at the beginning
  of each respective period.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The results of operations of Tolt are included in the Company&#146;s mobile data communications segment. </FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(4)&nbsp; </FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Accounts Receivable</U></I></FONT></TD>
</TR>
<TR>
  <TD vAlign=top></TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
  <TD vAlign=top></TD>
  <TD vAlign=top><font face="Times New Roman, Times, serif" size=2>Accounts receivable consist of the following:</font></TD>
</TR>
<TR>
  <TD vAlign=top></TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
</TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=4></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><b></b></TD>
    <TD WIDTH=1% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=right nowrap><b><FONT FACE="Times New Roman, Times, serif" SIZE=1>April 30, 2005</FONT></b></TD>
    <TD WIDTH=3% ALIGN=center nowrap>&nbsp;</TD>
    <TD colspan="2" ALIGN=right nowrap><b><FONT FACE="Times New Roman, Times, serif" SIZE=1>July 31, 2004</FONT></b></TD>
    <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN=4></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD width="8%" ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>Accounts receivable from commercial customers</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD width="1%" ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD width="12%" ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2> 22,416,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD width="1%" ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD width="12%" ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>27,845,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Unbilled receivables (including retainages)<br>
&nbsp;&nbsp;&nbsp;on contracts-in-progress</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>5,287,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>6,684,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>Amounts receivable from the U.S. government and its agencies</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>11,272,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>9,205,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4 bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>38,975,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>43,734,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>Less allowance for doubtful accounts</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>746,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>732,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 38,229,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>43,002,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD COLSPAN=4></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>There was $2,029,000 of retainage included in unbilled receivables at April 30, 2005. In the opinion
  of management, substantially all of the unbilled balances will be billed and collected within one
  year.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>As of July 31, 2004, a North African country represented 34.4% of total net accounts receivable.</FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>5</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=4></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT face="Times New Roman, Times, Serif" size=2>(5)&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT face="Times New Roman, Times, Serif" size=2> <I><U>Inventories</U></I></FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=center nowrap>&nbsp;</TD>
    <TD ALIGN=center nowrap>&nbsp;</TD>
    <TD colspan="2" ALIGN=center nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2> </FONT></TD>
</TR>

<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2> Inventories consist of the following:</FONT></TD>
</TR>

  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=center nowrap>&nbsp;</TD>
    <TD ALIGN=center nowrap>&nbsp;</TD>
    <TD colspan="2" ALIGN=center nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><b><FONT FACE="Times New Roman, Times, serif" SIZE=1></FONT></b></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=right nowrap><b><FONT FACE="Times New Roman, Times, serif" SIZE=1>April 30, 2005</FONT></b></TD>
    <TD ALIGN=center nowrap><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=right nowrap><b><FONT FACE="Times New Roman, Times, serif" SIZE=1>July 31, 2004</FONT></b></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD WIDTH=8% ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Raw materials and components</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 27,585,000</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>22,502,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Work-in-process and finished goods</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>24,013,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>22,878,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>51,598,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>45,380,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Less reserve for excess and obsolete inventories</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>6,143,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>5,622,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Inventories, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 45,455,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>39,758,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Inventories directly related to long-term contracts were $9,935,000 and $8,555,000 at April 30, 2005
  and July 31, 2004, respectively.</FONT></div></TD></TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(6)<I></I></FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Accrued Expenses</U> &nbsp;&nbsp;&nbsp; </I></FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2> Accrued expenses consist of the following:</FONT></TD>
</TR>
</TABLE>



<br>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=4></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><b></b></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=right nowrap><b><FONT FACE="Times New Roman, Times, serif" SIZE=1>April 30, 2005</FONT></b></TD>
    <TD ALIGN=center nowrap><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=right nowrap><b><FONT FACE="Times New Roman, Times, serif" SIZE=1>July 31, 2004</FONT></b></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD WIDTH=8% ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>Accrued wages and benefits</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2> 11,053,000</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>9,972,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Accrued commissions</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,442,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,255,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>Accrued warranty</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>6,601,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,990,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Accrued hurricane-related costs (See Note 12)</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,331,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>Accrued business acquisition payments (See Note 3)</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,000,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Other</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,233,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,298,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4 bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2> 27,660,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>20,515,000</FONT></TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The Company provides standard warranty coverage for most of its products for a period of at least one
  year from the date of shipment. The Company records a liability for estimated warranty expense based
  on historical claims, product failure rates and other factors. Changes in the Company&#146;s product
  warranty liability during the nine months ended April 30, 2005 and 2004 were as follows:</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR></TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=4></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="5" ALIGN=center nowrap><b><font size="1" face="Times New Roman, Times, serif">Nine months ended April 30,</font></b></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="5" ALIGN=center nowrap><HR NOSHADE SIZE=1></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif"><b></b></font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=center nowrap><b><FONT FACE="Times New Roman, Times, serif" SIZE=1>2005</FONT></b></TD>
    <TD ALIGN=center nowrap><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=center nowrap><b><FONT FACE="Times New Roman, Times, serif" SIZE=1> 2004</FONT></b></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD WIDTH=8% ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Balance at beginning of period</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 4,990,000</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,139,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Acquired warranty obligations (See Note 3)</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>480,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Accrual for warranty obligations</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,352,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,865,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Settlement and charges incurred</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(2,221,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>(1,877,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>)</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Balance at end of period</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 6,601,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,127,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD COLSPAN=4></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
  </TR>
  <TR>
    <TD COLSPAN=4></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(7)</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>2.0% Convertible Senior Notes</U></I> </FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>On January 27, 2004, the Company issued $105,000,000 of its 2.0% convertible senior notes in a private
  offering pursuant to Rule 144A of the Securities Act of 1933, as amended. The net proceeds from this
  transaction were $101,179,000 after deducting the initial purchaser&#146;s discount and other transaction
  costs.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The notes bear interest at an annual rate of 2.0% and, during certain periods, the notes are convertible
  into shares of the Company&#146;s common stock at an initial conversion price of $31.50 per share
  (a conversion rate of 31.7460 shares per $1,000 original principal amount of notes), subject to adjustment
  in certain circumstances. The notes may be converted if, during a conversion period on each of at
  least 20 trading days, the closing sale price of the Company&#146;s common stock exceeds 120% of
  the conversion price in effect. Upon conversion of the notes, in lieu of delivering common stock,
  the Company may, in its discretion, deliver cash or a combination of cash and common stock. The Company
  may, at its option, redeem some or all of the notes on or after February 4, 2009. Holders of the
  notes will have the right to require the Company to repurchase some or all of the outstanding notes
  on February 1, 2011, February 1, 2014 and February 1, 2019 and upon certain events, including a change
  in control. If not redeemed by the Company or repaid pursuant to the holders&#146; right to require
  repurchase, the notes mature on February 1, 2024.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The 2.0% interest is payable in cash, semi-annually, through February 1, 2011. After such date, the
  2.0% interest will be accreted into the principal amount of the notes. Also, commencing with the
  six month period beginning February 1, </FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>6</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>2009, if the average note price for the applicable trading period equals 120% or more of the accreted
  principal amount of such notes, the Company will pay contingent interest at an annual rate of 0.25%.
</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The notes are general unsecured obligations of the Company, ranking equally in right of payment with
  all of its other existing and future unsecured senior indebtedness and senior in right of payment
  to any of its future subordinated indebtedness. All of Comtech Telecommunications Corp.&#146;s (the
&#147;Parent&#148;) wholly-owned subsidiaries have issued full and unconditional guarantees in favor
  of the holders of the Company&#146;s 2.0% convertible senior notes (the &#147;Guarantor Subsidiaries&#148;),
  except for the subsidiaries that purchased Memotec, Inc. in fiscal 2004 and Tolt in fiscal 2005 (collectively,
  the &#147;Non-Guarantor Subsidiaries&#148;). These full and unconditional guarantees are joint and
  several. Condensed consolidating financial information regarding the Parent, the Guarantor Subsidiaries
  and the Non-Guarantor Subsidiaries is presented in Note 15. </FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(8)</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Earnings Per Share</U> &nbsp; </I></FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The Company calculates earnings per share (&#147;EPS&#148;) in accordance with Statement of Financial
  Accounting Standards (&#147;SFAS&#148;) No. 128, &#147;Earnings per Share.&#148;&nbsp;Basic EPS is
  computed based on the weighted average number of shares outstanding. Diluted EPS reflects the dilution
  from potential common stock issuable pursuant to the exercise of stock options and warrants, if dilutive,
  and convertible senior notes outstanding during each period. </FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>There were no stock options excluded from the diluted EPS calculation for the three months ended April
  30, 2005. Stock options to purchase 58,750 shares for the nine months ended April 30, 2005 were not
  included in the diluted EPS calculation because their effect would have been anti-dilutive. Stock
  options to purchase 149,250 and 50,750 shares for the three and nine months ended April 30, 2004,
  respectively, were not included in the diluted EPS calculation because their effect would have been
  anti-dilutive. </FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>In accordance with Emerging Issues Task Force (&#147;EITF&#148;)
Issue No. 04-8, &#147;The Effect of
  Contingently Convertible Instruments on Diluted Earnings per Share,&#148; the Company has (i) included the
  impact of the assumed conversion of its 2.0% convertible senior notes in calculating diluted EPS
  commencing in the fiscal quarter ended January 31, 2005 and (ii) restated prior periods&#146; diluted
  EPS for comparative purposes.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The following table reconciles the numerators and denominators used in the basic and diluted EPS calculations:</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR></TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=4></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
  </TR>
  <TR align="center" VALIGN=Bottom>
    <TD>&nbsp;</TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="5"><b><font size="1" face="Times New Roman, Times, serif">Three months ended<br>
      April 30, <br>
    </font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="5"><b><font size="1" face="Times New Roman, Times, serif">Nine months ended<br>
      April 30, <br>
    </font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=5 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=5 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR align="center" VALIGN=Bottom>
    <TD>&nbsp;</TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">2005</font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">2004<br>
    </font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">2005</font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">2004</font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD WIDTH=8% ALIGN=LEFT bgcolor="#FFFFFF">&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Numerator:</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2></FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2></FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2></FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;Net income for basic calculation</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 8,372,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>4,753,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>25,630,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>15,739,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF">&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;Effect of dilutive securities:</FONT></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense (net of tax) on<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;convertible senior notes</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>450,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>450,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,349,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>475,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF">&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Numerator for diluted calculation</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2> 8,822,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>5,203,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>26,979,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>16,214,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Denominator:</FONT></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF">&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;Denominator for basic calculation</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>21,666,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>21,326,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>21,505,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>21,125,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;Effect of dilutive securities:</FONT></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF">&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stock options</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,328,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,780,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,098,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>2,031,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Conversion of convertible<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;senior notes</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,333,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,333,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>3,333,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>1,173,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#FFFFFF">&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>Denominator for diluted calculation</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>27,327,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>26,439,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>26,936,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=2>24,329,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=4><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(9)</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Stock-Based Compensation Plans</U></I></FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The Company accounts for its stock option and employee stock purchase plans under the intrinsic value
  method of Accounting Principles Board (&#147;APB&#148;) Opinion No. 25, &#147;Accounting for Stock
  Issued to Employees,&#148; and as a result, no compensation cost has been recognized. Had compensation
  cost for these plans been determined consistent with SFAS No. 123, &#147;Accounting for Stock-Based
  Compensation,&#148; (&#147;SFAS No. 123&#148;), the Company&#146;s net income and income per share
  would have been reduced to the following pro forma amounts:</FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>7</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=5></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
  </TR>
  <TR align="center" VALIGN=Bottom>
    <TD><font size="1">&nbsp;</font></TD>
    <TD colspan="2"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="5"><b><font size="1" face="Times New Roman, Times, serif">Three months ended<br>
      April 30, <br>
    </font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="5"><b><font size="1" face="Times New Roman, Times, serif">Nine months ended<br>
      April 30, <br>
    </font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD COLSPAN=5><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=5 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=5 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR align="center" VALIGN=Bottom>
    <TD><font size="1">&nbsp;</font></TD>
    <TD colspan="2"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">2005</font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">2004<br>
    </font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">2005</font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">2004</font></b></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD COLSPAN=5><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD width="8%" ALIGN=LEFT bgcolor="#FFFFFF"><font size="1">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Net income, as reported</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1> 8,372,000</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,753,000</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>25,630,000</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>15,739,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD colspan="2" ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Less: Total stock-based employee<br>
&nbsp;&nbsp;&nbsp;compensation expense determined <br>
&nbsp;&nbsp;&nbsp;under fair value based method for all<br>
&nbsp;&nbsp;&nbsp;awards, net of related tax effects</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(607,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(384,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(1,684,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(1,088,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=5><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2 bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>Pro forma net income</FONT></TD>
    <TD bgcolor="#eaf9e8">&nbsp;</TD>
    <TD bgcolor="#eaf9e8">&nbsp;</TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1> 7,765,000</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,369,000</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>23,946,000</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>14,651,000</FONT></TD>
    <TD bgcolor="#eaf9e8">&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN=5>&nbsp;</TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2><FONT FACE="Times New Roman, Times, serif" SIZE=1>Net income per share:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="20%" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As reported&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>Basic</FONT></TD>
    <TD bgcolor="#eaf9e8">&nbsp;</TD>
    <TD bgcolor="#eaf9e8">&nbsp;</TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1> 0.39</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>0.22</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">1.19</font></TD>
    <TD ALIGN=LEFT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">0.75</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT FACE="Times New Roman, Times, serif" SIZE=1>Diluted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN=RIGHT valign="Bottom"><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom"><FONT FACE="Times New Roman, Times, serif" SIZE=1> 0.32</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom"><FONT FACE="Times New Roman, Times, serif" SIZE=1>0.20</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">1.00</font></TD>
    <TD ALIGN=LEFT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">0.67</font></TD>
    <TD ALIGN=LEFT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro forma &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>Basic</FONT></TD>
    <TD bgcolor="#eaf9e8">&nbsp;</TD>
    <TD bgcolor="#eaf9e8">&nbsp;</TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1> 0.36</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>0.20</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">1.11</font></TD>
    <TD ALIGN=LEFT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom" bgcolor="#eaf9e8"><font size="1" face="Times New Roman, Times, serif">0.69</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT FACE="Times New Roman, Times, serif" SIZE=1>Diluted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN=RIGHT valign="Bottom"><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom"><FONT FACE="Times New Roman, Times, serif" SIZE=1> 0.30</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom"><FONT FACE="Times New Roman, Times, serif" SIZE=1>0.18</FONT></TD>
    <TD ALIGN=LEFT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">0.94</font></TD>
    <TD ALIGN=LEFT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD ALIGN=RIGHT valign="Bottom"><font size="1" face="Times New Roman, Times, serif">0.62</font></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The per share weighted average fair value of stock options granted during the three months ended April
  30, 2005 and 2004 was $13.56 and $11.87, respectively, on the date of grant. These fair values were
  determined using the Black Scholes option-pricing model with the following weighted average assumptions:&nbsp;2005
&#150; expected dividend yield of 0%, risk free interest rate of 4.05%, expected volatility of 61.70%,
  and an expected life of 5 years; 2004 &#150; expected dividend yield of 0%, risk free interest rate
  of 2.68%, expected volatility of 77.04%, and an expected life of 5 years. </FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The per share weighted average fair value of stock options granted during the nine months ended April
  30, 2005 and 2004 was $8.35 and $6.35, respectively, on the date of grant. These fair values were
  determined using the Black Scholes option-pricing model with the following weighted average assumptions:&nbsp;2005
&#150; expected dividend yield of 0%, risk free interest rate of 3.70%, expected volatility of 65.22%,
  and an expected life of 5 years; 2004 &#150; expected dividend yield of 0%, risk free interest rate
  of 3.22%, expected volatility of 50.66%, and an expected life of 5 years. </FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(10)</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Segment and Principal Customer Information</U></I></FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Reportable operating segments are determined based on the Company&#146;s management approach. The management
  approach, as defined by SFAS No. 131, is based on the way that the chief operating decision-maker
  organizes the segments within an enterprise for making operating decisions and assessing performance.
  While the Company&#146;s results of operations are primarily reviewed on a consolidated basis, the
  chief operating decision-maker also manages the enterprise in three segments:&nbsp;(i) telecommunications
  transmission, (ii) mobile data communications and (iii) RF microwave amplifiers. Telecommunications
  transmission products include analog and digital modems, frequency converters, power amplifiers,
  satellite VSAT transceivers and antennas, voice gateways and over-the-horizon microwave communications
  products and systems. Mobile data communications provide satellite-based mobile tracking and messaging
  hardware and related services, as well as turnkey employee mobility solutions. RF microwave amplifier
  products include solid-state high-power amplifier products and systems that use the microwave and
  radio frequency spectrums. Unallocated assets consist principally of cash, deferred financing costs
  and deferred tax assets. Unallocated expenses result from such corporate expenses as legal, accounting
  and executive. Interest expense associated with the Company&#146;s 2.0% convertible senior notes
  is not allocated to the operating segments. Substantially all of the Company&#146;s long-lived assets
  are located in the U.S. </FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Corporate management defines and reviews segment profitability based on the same allocation methodology
  as presented in the segment data tables. Intersegment sales for the three months ended April 30,
  2005 and 2004 by the telecommunications transmission segment to the RF microwave amplifiers segment
  were $2,465,000 and $908,000, respectively. Intersegment sales for the nine months ended April 30,
  2005 and 2004 by the telecommunications transmission segment to the RF microwave amplifiers segment
  were $6,991,000 and $1,989,000, respectively. For the three months ended April 30, 2005 and 2004,
  intersegment sales by the telecommunications transmission segment to the mobile data communications
  segment were $5,427,000 and $2,775,000, respectively. For the nine months ended April 30, 2005 and
  2004, intersegment sales by the telecommunications transmission segment to the mobile data communications
  segment were $16,866,000 and $9,686,000, respectively. Intersegment sales have been eliminated from
  the tables below. </FONT></div></TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>8</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Three months ended<br>
</B></FONT><FONT face="Times New Roman, Times, Serif" size=2><U><B>April 30, 2005<br>
</B></U></FONT><FONT face="Times New Roman, Times, Serif" size=2>(in thousands)</FONT></P>
</TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE WIDTH=600 BORDER=0 CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=Bottom>
    <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
    <TH COLSPAN=3 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Telecommunications<BR>
      Transmission</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=3 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Mobile Data<BR>
      Communications</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>RF Microwave<BR>
      Amplifiers</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2 align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Unallocated</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2 align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total</FONT></TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="3" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="3" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net sales</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 43,220</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>22,311</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=11% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,857</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>75,388</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Operating income (expense)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,906</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,228</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,495</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1,928</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,701</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Interest income</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(10</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,201</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,191</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Interest expense</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>661</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>669</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Depreciation and amortization</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,384</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>216</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>318</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>25</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,943</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Expenditures for long-lived<br>
&nbsp;&nbsp;&nbsp;assets, including intangibles</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,016</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,333</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>228</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>7,596</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total assets</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>86,733</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>28,747</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>25,362</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>212,404</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>353,246</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Three months ended<br>
        </B></FONT><FONT face="Times New Roman, Times, Serif" size=2><U><B>April 30, 2004<br>
    </B></U></FONT><FONT face="Times New Roman, Times, Serif" size=2>(in thousands)</FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<table width=600 border=0 cellpadding=0 cellspacing=0>
  <tr valign=Bottom>
    <th><font face="Times New Roman, Times, Serif" size=1></font></th>
    <th colspan=3 align="center"><font face="Times New Roman, Times, Serif" size=1>Telecommunications<br>
      Transmission</font></th>
    <th>&nbsp;</th>
    <th colspan=3 align="center"><font face="Times New Roman, Times, Serif" size=1>Mobile
      Data<br>
      Communications</font></th>
    <th>&nbsp;</th>
    <th colspan=2 align="center"><font face="Times New Roman, Times, Serif" size=1>RF
      Microwave<br>
      Amplifiers</font></th>
    <th>&nbsp;</th>
    <th colspan=2 align="right"><font face="Times New Roman, Times, Serif" size=1>Unallocated</font></th>
    <th>&nbsp;</th>
    <th colspan=2 align="right"><font face="Times New Roman, Times, Serif" size=1>Total</font></th>
    <th>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td colspan="3" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="3" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Net sales</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>$</font></td>
    <td width=7% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>
      34,754</font></td>
    <td width=2% align=RIGHT><font size="1">&nbsp;</font></td>
    <td width=3% align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=7% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>11,739</font></td>
    <td width=2% align=RIGHT><font size="1">&nbsp;</font></td>
    <td width=3% align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=11% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>4,751</font></td>
    <td width=3% align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=8% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&#151;</font></td>
    <td width=3% align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=8% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>51,244</font></td>
    <td width=2% align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Operating
      income (expense)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>7,834</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>962</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>131</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>(1,585</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>7,342</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Interest
      income</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size="1">(18</font></td>
    <td align=left><font size="1">)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&#151;</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>342</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>324</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Interest
      expense</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>8</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&#151;</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size="1">5</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>662</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>675</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Depreciation
      and amortization</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>1,189</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>96</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>271</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>58</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>1,614</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Expenditures
      for long-lived<br>
      &nbsp;&nbsp;&nbsp;assets, including intangibles</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>1,393</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>117</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>345</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>20</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>1,875</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Total assets</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>85,577</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>24,995</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>22,711</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>163,118</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>296,401</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Nine months ended<br>
        </B></FONT><FONT face="Times New Roman, Times, Serif" size=2><U><B>April 30, 2005<br>
    </B></U></FONT><FONT face="Times New Roman, Times, Serif" size=2>(in thousands)</FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
    <TH COLSPAN=3 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Telecommunications<BR>
      Transmission</FONT></TH>
    <TH width="3%">&nbsp;</TH>
    <TH COLSPAN=3 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Mobile Data<BR>
      Communications</FONT></TH>
    <TH width="3%">&nbsp;</TH>
    <TH COLSPAN=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>RF Microwave<BR>
      Amplifiers</FONT></TH>
    <TH width="3%">&nbsp;</TH>
    <TH COLSPAN=2 align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Unallocated</FONT></TH>
    <TH width="4%">&nbsp;</TH>
    <TH COLSPAN=2 align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total</FONT></TH>
    <TH width="2%">&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="3" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="3" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net sales</FONT></TD>
    <TD width="1%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD width="7%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 120,372</FONT></TD>
    <TD width="2%" ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD width="3%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD width="1%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD width="8%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>61,798</FONT></TD>
    <TD width="2%" ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD width="3%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD width="1%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD width="11%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>27,427</FONT></TD>
    <TD width="3%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD width="1%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD width="8%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD width="4%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD width="1%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD width="8%" ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>209,597</FONT></TD>
    <TD width="2%" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Operating income (expense)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>28,125</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,133</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,522</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(5,912</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>35,868</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Interest income</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>68</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,670</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,739</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Interest expense</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>12</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,984</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,005</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Depreciation and amortization</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,034</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>564</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>949</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>62</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,609</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> Expenditures for long-lived<br>
&nbsp;&nbsp;&nbsp;assets, including intangibles</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,238</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,036</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>651</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>44</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,969</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total assets</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>86,733</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>28,747</FONT></TD>
    <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>25,362</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>212,404</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>353,246</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>Nine months ended<br>
        </B></FONT><FONT face="Times New Roman, Times, Serif" size=2><U><B>April 30, 2004<br>
    </B></U></FONT><FONT face="Times New Roman, Times, Serif" size=2>(in thousands)</FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <th><font face="Times New Roman, Times, Serif" size=1></font></th>
    <th colspan=3 align="center"><font face="Times New Roman, Times, Serif" size=1>Telecommunications<br>
      Transmission</font></th>
    <th>&nbsp;</th>
    <th colspan=3 align="center"><font face="Times New Roman, Times, Serif" size=1>Mobile
      Data<br>
      Communications</font></th>
    <th>&nbsp;</th>
    <th colspan=2 align="center"><font face="Times New Roman, Times, Serif" size=1>RF
      Microwave<br>
      Amplifiers</font></th>
    <th>&nbsp;</th>
    <th colspan=2 align="right"><font face="Times New Roman, Times, Serif" size=1>Unallocated</font></th>
    <th>&nbsp;</th>
    <th colspan=2 align="right"><font face="Times New Roman, Times, Serif" size=1>Total</font></th>
    <th>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td colspan="3" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="3" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Net sales</font></td>
    <td width=1% align=LEFT><font face="Times New Roman, Times, Serif" size=1>$</font></td>
    <td width=7% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>
      103,547</font></td>
    <td width=2% align=RIGHT><font size="1">&nbsp;</font></td>
    <td width=3% align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=8% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>46,416</font></td>
    <td width=2% align=RIGHT><font size="1">&nbsp;</font></td>
    <td width=3% align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=11% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>14,371</font></td>
    <td width=3% align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=8% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&#151;</font></td>
    <td width=3% align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td width=8% align=RIGHT><font face="Times New Roman, Times, Serif" size=1>164,334</font></td>
    <td width=2% align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Operating
      income (expense)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>21,625</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>6,086</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>618</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>(4,976</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>)</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>23,353</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Interest
      income</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size="1">3</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>3</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size="1">537</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>543</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Interest
      expense</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>34</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&#151;</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>18</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>698</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>750</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Depreciation
      and amortization</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>3,502</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>308</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>814</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>114</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>4,738</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Expenditures
      for long-lived<br>
      &nbsp;&nbsp;&nbsp;assets, including intangibles</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>3,531</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>292</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>433</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>39</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>4,295</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>Total assets</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>85,577</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>24,995</font></td>
    <td align=RIGHT><font size="1">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>22,711</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>163,118</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=1>296,401</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=1>&nbsp;</font></td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>9</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>For the three months ended April 30, 2005 and 2004, approximately 35.5% and 37.3%, respectively, of
  the Company&#146;s consolidated net sales resulted from contracts with the U.S. government or prime
  contractors to the U.S. government. During the nine months ended April 30, 2005 and 2004, approximately
  42.5% and 40.3%, respectively, of the Company&#146;s consolidated net sales resulted from contracts
  with the U.S. government or prime contractors to the U.S. government.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Except for sales to the U.S. government, one customer, a prime contractor, represented 13.7% of consolidated
  net sales for the three months ended April 30, 2005. Except for sales to the U.S. government, no
  customer represented 10% or more of consolidated net sales for the nine months ended April 30, 2005.
  During the three months ended April 30, 2004, sales to one customer, another prime contractor, represented
  10.9% of consolidated net sales. Sales to the same customer for the nine months ended April 30, 2004
  were 15.2% of consolidated net sales.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>International sales comprised 49.1% and 46.7% of consolidated net sales for the three months ended
  April 30, 2005 and 2004, respectively. International sales comprised 44.2% and 44.5% of consolidated
  net sales for the nine months ended April 30, 2005 and 2004, respectively. International sales include
  sales to domestic companies for inclusion in products which the Company believes will be sold to
  international customers.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Direct and indirect sales to a North African country, including certain sales to the prime contractors
  mentioned above, during the three and nine months ended April 30, 2005 represented 12.7% and 11.5%,
  respectively, of consolidated net sales. Direct and indirect sales to a North African country, including
  certain sales to the prime contractors mentioned above, during the three and nine months ended April
  30, 2004 represented 15.9% of consolidated net sales in both periods. </FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(11)&nbsp;</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Intangible Assets </U></I></FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Intangibles with definite lives arising from acquisitions as of April 30, 2005 and July 31, 2004 are
  as follows:</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR></TABLE>
<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <th>&nbsp;</th>
    <th><font face="Times New Roman, Times, Serif" size=1></font></th>
    <th colspan=5><font face="Times New Roman, Times, Serif" size=1>April 30,
      2005</font><font face="Times New Roman, Times, Serif" size=1></font></th>
    <th>&nbsp;</th>
    <th colspan=5><font face="Times New Roman, Times, Serif" size=1>July 31, 2004</font><font face="Times New Roman, Times, Serif" size=1></font></th>
    <th>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <th>&nbsp;</th>
    <th>&nbsp;</th>
    <th colspan=5>
      <hr size="1" noshade>
    </th>
    <th>&nbsp;</th>
    <th colspan=5>
      <hr size="1" noshade>
    </th>
    <th>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <th>&nbsp;</th>
    <th><font face="Times New Roman, Times, Serif" size=1></font></th>
    <th colspan=2><font face="Times New Roman, Times, Serif" size=1>Gross Carrying<br>
      Amount</font></th>
    <th>&nbsp;</th>
    <th colspan=2><font face="Times New Roman, Times, Serif" size=1>Accumulated<br>
      Amortization</font></th>
    <th>&nbsp;</th>
    <th colspan=2><font face="Times New Roman, Times, Serif" size=1>Gross Carrying<br>
      Amount</font></th>
    <th>&nbsp;</th>
    <th colspan=2><font face="Times New Roman, Times, Serif" size=1>Accumulated<br>
      Amortization</font></th>
    <th>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td width="8%" align=LEFT bgcolor="#FFFFFF">&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Existing
      technology</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td width=12% align=RIGHT><font face="Times New Roman, Times, Serif" size=2>
      12,456,000</font></td>
    <td width=2% align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=12% align=RIGHT><font face="Times New Roman, Times, Serif" size=2>7,304,000</font></td>
    <td width=2% align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=12% align=RIGHT><font face="Times New Roman, Times, Serif" size=2>12,456,000</font></td>
    <td width=2% align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=1% align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=12% align=RIGHT><font face="Times New Roman, Times, Serif" size=2>5,992,000</font></td>
    <td width=2% align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Technology
      license</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>2,154,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>395,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>2,154,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>314,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td align=LEFT bgcolor="#FFFFFF">&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Proprietary
      and core<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;technology</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>2,794,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>515,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>2,210,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>318,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Other</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>833,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>307,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>673,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>163,000</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="1" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#eaf9e8">
    <td align=LEFT bgcolor="#FFFFFF">&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Total</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 18,237,000</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=right><font face="Times New Roman, Times, Serif" size=2>8,521,000</font></td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right><font face="Times New Roman, Times, Serif" size=2>17,493,000</font></td>
    <td align=right>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right><font face="Times New Roman, Times, Serif" size=2>6,787,000</font></td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="2" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="2" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="2" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="2" align=RIGHT>
      <hr size="2" noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Amortization expense for the nine months ended April 30, 2005 and 2004 was $1,734,000 and $1,498,000,
  respectively. The estimated amortization expense for the twelve months ending April 30, 2006, 2007,
  2008, 2009 and 2010 is $2,367,000, $2,345,000, $1,169,000, $930,000 and $845,000, respectively.</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The changes in the carrying amount of goodwill by segment for the nine months ended April 30, 2005
  are as follows:</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR></TABLE>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH>&nbsp;</TH>
    <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Telecommunications<BR>
      Transmission</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Mobile Data<BR>
      Communications</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>RF Microwave<BR>
      Amplifiers</FONT></TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2 align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total</FONT></TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD WIDTH=8% ALIGN=LEFT bgcolor="#ffffff">&nbsp;</TD>
    <TD ALIGN=LEFT bgcolor="#eaf9e8"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at July 31, 2004</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 8,865,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,434,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,422,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$ </FONT></TD>
    <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18,721,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Acquisition of Tolt</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,601,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,601,000</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT bgcolor="#ffffff">&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Balance at April 30, 2005</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 8,865,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,035,000</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,422,000</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22,322,000</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="2" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="2" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="2" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="2" noshade></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>10</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(12)</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Impact of&nbsp; Hurricanes</U></I> &nbsp;&nbsp; </FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>During the first quarter of fiscal 2005, two of the Company&#146;s leased facilities located in Florida
  experienced hurricane damage to both leasehold improvements and personal property. As of April 30,
  2005, the Company has received $2,787,000 in advances from its insurance carrier, of which $1,335,000
  was received in the third quarter of fiscal 2005. At April 30, 2005, the Company has an $816,000
  insurance recovery receivable which is included in the caption &#147;<I>Prepaid expenses and other current assets</I>&#148; in the accompanying consolidated balance sheet. For the three and nine months ended April 30,
  2005, the Company reduced &#147;<I>Selling, general and administrative expenses</I>&#148; in the accompanying consolidated statement of operations by $460,000 and $145,000, respectively,
  which represents the amount of hurricane-related expenses offset by the amount of insurance proceeds
  that were in excess of the net book value of certain of the Company&#146;s damaged assets. </FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>As of April 30, 2005, the Company has substantially completed all restoration efforts relating to the
  hurricane damage. The Company has a written agreement with its general contractor which the Company
  believes limits its liability to the amount of insurance proceeds ultimately received. The Company&#146;s
  general contractor is in a dispute with certain of its subcontractors. As a result, in May 2005,
  the Company placed approximately $1,422,000, which represents the amount of insurance proceeds still
  payable to the general contractor, into an escrow account with the 9<SUP>th</SUP> Judicial Circuit Court in Orange County, Florida. The Company is awaiting the Court&#146;s direction
  as to how these funds should be disbursed. The Company is also continuing its efforts to work with
  the insurance carrier and the general contractor and its subcontractors to finalize the amount of
  any additional insurance proceeds. </FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(13)&nbsp;&nbsp;</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Three-for-Two Stock Split</U></I></FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>On March 8, 2005, the Company&#146;s Board of Directors approved a three-for-two stock split of the
  Company&#146;s common shares to be effected in the form of a stock dividend. The additional shares
  were issued on April 4, 2005 to stockholders of record at the close of business on March 21, 2005.
  All share and per share amounts in this Quarterly Report on Form 10-Q have been adjusted for the
  split.</FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(14)&nbsp;&nbsp;</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><I><U>Recent Accounting Pronouncements</U></I> &nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>In December&nbsp;2004, the Financial Accounting Standards Board (&#147;FASB&#148;) issued SFAS No.
  123(R), &#147;Share-Based Payments&#148; (&#147;SFAS No. 123(R)&#148;). This statement replaces SFAS
  No. 123 and supersedes APB Opinion No. 25. SFAS&nbsp;No. 123(R) requires all stock-based compensation
  to be recognized as an expense in the financial statements and that such cost be based on grant-date
  fair value of the award, with the associated cost to be recognized over the period during which such
  optionee is required to provide service in exchange for the award. We will adopt this revised SFAS
  effective August 1, 2005 (our fiscal 2006 year). While the Company currently provides the pro forma
  disclosures required by SFAS No. 148, &#147;Accounting for Stock-Based Compensation-Transition and
  Disclosure,&#148; on a quarterly basis (see Note&nbsp;9), it is currently evaluating the impact this
  statement will have on its consolidated financial statements. </FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48>&nbsp;</TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>In November&nbsp;2004, the FASB issued SFAS No. 151, &#147;Inventory Costs - an amendment of Accounting
  Research Bulletin No. 43, Chapter 4&#148; (&#147;SFAS No. 151&#148;). SFAS No. 151 requires all companies
  to recognize a current period charge for abnormal amounts of idle facility expense, freight, handling
  costs and wasted materials. This statement also requires that the allocation of fixed production
  overhead to the costs of conversion be based on the normal capacity of the production facilities.
  SFAS No. 151 will be effective for the Company&#146;s fiscal year 2006. The Company is currently
  evaluating the impact this statement will have on its consolidated financial statements. </FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>11</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%" valign="top"><font size="2" face="Times New Roman, Times, serif">(15)</font> </td>
    <td><p align="justify"><font face="Times New Roman, Times, serif"><em> <font size="2"><u>Condensed Consolidating Financial Information</u></font></em></font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The condensed consolidating financial information presented below reflects information regarding the Parent, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries of the Company&#146;s 2.0% convertible senior notes. Other than supporting the operations of its subsidiaries, the Parent has no independent assets or operations and there are currently no significant restrictions on its ability, or the ability of the subsidiaries, to obtain funds from each other by dividend or loan. The condensed consolidating financial information presented herein is not utilized by the chief operating decision-maker in making operating decisions and assessing performance. </font></p>
        <p align="justify"><font size="2" face="Times New Roman, Times, serif">The following reflects the condensed consolidating balance sheet as of April 30, 2005: </font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<br>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TD COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="1" face="Times New Roman, Times, serif">Assets</font></TD>
    <TH COLSPAN=2 nowrap><font size="1" face="Times New Roman, Times, serif">Parent</font></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH COLSPAN=2 nowrap><font size="1" face="Times New Roman, Times, serif"> Guarantor <br>
      Subsidiaries</font></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH COLSPAN=2 nowrap><font size="1" face="Times New Roman, Times, serif">Non-Guarantor<br>
      Subsidiaries</font></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH COLSPAN=2 nowrap><font size="1" face="Times New Roman, Times, serif">Consolidating<br>
      Entries </font></TH>
    <TH nowrap><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH COLSPAN=2 nowrap><font size="1" face="Times New Roman, Times, serif">Consolidated<br>
      Total</font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Current assets</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 201,698,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,495,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,057,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 205,250,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>41,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,003,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,044,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>33,373,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,856,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>38,229,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>45,299,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>156,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>45,455,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>542,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,767,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>587,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,896,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets &#150; current</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>168,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,284,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>49,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,501,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>202,449,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>91,221,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,705,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>300,375,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Property, plant and equipment, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>491,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>16,416,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>430,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>17,337,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Investments in subsidiaries</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>125,140,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,281,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(129,421,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Goodwill</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>17,726,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,596,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>22,322,000</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Intangibles with definite lives, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,430,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,286,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,716,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Deferred financing costs, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,131,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,131,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other assets, net</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>317,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>48,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>365,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Intercompany receivables</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>42,470,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(42,470,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 331,211,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>180,861,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>13,065,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(171,891,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 353,246,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities and Stockholders&#146; Equity</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Current liabilities:</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 660,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19,896,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,751,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 23,307,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,607,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>20,967,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,086,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>27,660,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances and deposits</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,751,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,751,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred service revenue</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,222,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,222,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current installments of other obligations</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>234,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>234,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>525,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>525,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,699,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,699,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,491,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>57,070,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,837,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>72,398,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Convertible senior notes</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>105,000,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>105,000,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other obligations, less current installments</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>457,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>457,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Deferred tax liabilities &#150; non-current</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,222,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,686,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,908,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Intercompany payables</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>42,015,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>455,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(42,470,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>160,728,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>59,213,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,292,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(42,470,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>182,763,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Stockholders&#146; equity</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Common stock</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,191,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,191,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in-capital</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>112,136,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>78,675,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,922,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(87,597,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>112,136,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit)</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>56,341,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>42,969,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1,149,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(41,820,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>56,341,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>170,668,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>121,648,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>7,773,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(129,421,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>170,668,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Less:</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(185,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(185,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>170,483,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>121,648,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>7,773,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(129,421,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>170,483,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders&#146; equity</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 331,211,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>180,861,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>13,065,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(171,891,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 353,246,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
    <TD></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR vAlign=top>
    <TD width="600"><BR>
        <P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>12</FONT></P>
        <HR color=gray noShade SIZE=5></TD>
  </TR>
</TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>


<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="8%"><font size="2" face="Times New Roman, Times, serif">(15)  </font></td>
    <td> <u><font size="2" face="Times New Roman, Times, serif"><i>Condensed Consolidating Financial Information (continued)</i> </font></u></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">The following reflects the condensed consolidating balance sheet as of July 31, 2004 : </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Parent</FONT></TH>
     <TH>&nbsp;</TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Guarantor<BR>
Subsidiaries</FONT></TH>
     <TH>&nbsp;</TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Non-Guarantor<BR>
Subsidiaries</FONT></TH>
     <TH>&nbsp;</TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Consolidating<BR>
Entries</FONT></TH>
     <TH>&nbsp;</TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Consolidated<BR>
Total</FONT></TH>
     <TH>&nbsp;</TH>
</TR>
<TR>
  <TD></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD></TD>
  <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD></TD>
  <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD></TD>
  <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <td align="left"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Assets</FONT></td>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Current assets</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=12% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1></FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>  162,503,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>925,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(136,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>  163,292,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>41,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,013,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,054,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>42,420,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>582,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>43,002,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>39,758,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>39,758,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>411,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,374,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>32,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,817,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets &#150; current</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>69,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>6,366,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>66,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>6,501,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>163,024,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>93,931,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,605,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(136,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>258,424,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Property, plant and equipment, net</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>554,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>13,935,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>163,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>14,652,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Investments in subsidiaries</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>96,237,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,546,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(100,783,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Goodwill</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>17,726,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>995,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>18,721,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Intangibles with definite lives, net</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>9,355,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,351,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>10,706,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Deferred financing costs, net</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>3,541,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>3,541,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Other assets, net</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>339,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>7,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>346,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Intercompany receivables</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,024,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>804,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(4,828,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>  263,356,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>143,856,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,925,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(105,747,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>  306,390,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=2></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=2></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=2></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities and Stockholders&#146; Equity</FONT></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Current liabilities:</FONT></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>      330,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>9,190,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>46,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>    9,566,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>3,617,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>16,701,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>333,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(136,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>20,515,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances and deposits</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>7,290,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>7,290,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred service revenue</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>13,716,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>13,716,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current installments of other obligations</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>234,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>234,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,073,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,073,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,812,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,812,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>9,832,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>

    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>47,131,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>379,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(136,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>57,206,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Convertible senior notes</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>105,000,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>105,000,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Other obligations, less current installments</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>158,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>158,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Deferred tax liabilities &#150; non-current</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,298,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>330,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,628,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Intercompany payables</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,828,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(4,828,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>120,958,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>47,619,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>379,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(4,964,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>163,992,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Stockholders&#146; equity</FONT></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Common stock</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>2,156,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(4,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>2,156,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in-capital</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>109,716,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>78,675,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>5,187,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(83,862,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>109,716,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit)</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>30,711,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>17,558,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(641,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(16,917,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>30,711,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>142,583,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>96,237,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,546,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(100,783,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>142,583,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Less:</FONT></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(185,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(185,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD></TR>
<TR>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>142,398,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>96,237,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,546,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(100,783,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>142,398,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders&#146; equity</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>  263,356,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>143,856,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,925,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(105,747,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>  306,390,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=2></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=2></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><HR NOSHADE SIZE=2></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD><TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR>
     <TD></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=3></TD></TR>
</TABLE>

<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>13</FONT></P>
<HR color=gray noShade SIZE=5></TD></TR></TABLE>

<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>

<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%" scope="col"><font size="2" face="Times New Roman, Times, serif">(15) <i> </i></font></td>
    <td scope="col"><font size="2" face="Times New Roman, Times, serif"><i><u>Condensed Consolidating Financial Information (continued)</u></i></font></td>
  </tr>
  <tr>
    <td scope="row">&nbsp;</td>
    <td scope="row">&nbsp;</td>
  </tr>
  <tr>
    <td scope="row">&nbsp;</td>
    <td scope="row"><font size="2" face="Times New Roman, Times, serif">The following reflects the condensed consolidating statement of operations for the three months ended April 30, 2005: </font></td>
  </tr>
  <tr>
    <th colspan="2" scope="row">&nbsp;</th>
  </tr>
</table>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Parent</FONT></TH>
     <TH>&nbsp;</TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Guarantor<BR>
Subsidiaries</FONT></TH>
     <TH>&nbsp;</TH>
     <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Non-Guarantor<BR>
Subsidiaries</FONT></TH>
     <TH>&nbsp;</TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Consolidating Entries</FONT></TH>
     <TH>&nbsp;</TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Consolidated<BR>
Total</FONT></TH>
     <TH>&nbsp;</TH>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net sales</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>          &#151;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>69,207,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,213,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(32,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  75,388,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Cost of sales</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>41,268,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,674,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(32,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>45,910,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>27,939,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,539,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>29,478,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR>
     <TD><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=2><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=2><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=2><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Expenses:</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>11,017,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,838,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>12,855,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>5,081,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>244,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>5,325,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>511,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>86,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>597,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>16,609,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,168,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>18,777,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Operating income (loss)</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>11,330,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(629,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,701,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=2><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=2><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=2><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other expense (income):</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>661,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>669,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (income) and other expense</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1,201,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1,191,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>)</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Income (loss) before provision (benefit) for income taxes&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;equity in undistributed earnings (loss) of subsidiaries</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>540,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>11,322,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(639,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>11,223,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Provision (benefit) for income taxes</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>181,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,884,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(214,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,851,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net earnings (loss) before equity in <br>
     &nbsp;&nbsp;&nbsp;&nbsp;undistributed earnings&nbsp;(loss) of &nbsp;subsidiaries</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>359,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,438,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(425,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,372,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Equity in undistributed earnings (loss) of subsidiaries</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,013,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(201,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(7,812,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net income (loss)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 8,372,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,237,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(425,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(7,812,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 8,372,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="2"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="2"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="2"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD ALIGN=RIGHT><HR  SIZE="2"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="2"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR>
     <TD></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=2></TD>
     <TD COLSPAN=3></TD></TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <th colspan="2" scope="col">&nbsp;</th>
  </tr>
  <tr>
    <td width="8%" scope="row"><p>&nbsp; </p></td>
    <td scope="row"><font size="2" face="Times New Roman, Times, serif">The following reflects the condensed consolidating statement of operations for the three months ended April 30, 2004:</font></td>
  </tr>
  <tr>
    <th colspan="2" scope="row">&nbsp;</th>
  </tr>
</table>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Parent</FONT></TH>
     <TH>&nbsp;</TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Guarantor<BR>
Subsidiaries</FONT></TH>
     <TH>&nbsp;</TH>
     <TH COLSPAN=2 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Non-Guarantor<BR>
Subsidiaries</FONT></TH>
     <TH>&nbsp;</TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Consolidating<br>
     Entries</FONT></TH>
     <TH>&nbsp;</TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Consolidated<BR>
Total</FONT></TH>
     <TH>&nbsp;</TH>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net sales</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>          &#151;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>51,244,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD><TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>  51,244,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Cost of sales</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>30,635,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>30,635,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>20,609,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>20,609,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR>
     <TD><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Expenses:</FONT></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>8,775,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>8,775,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>3,993,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>3,993,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>499,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>499,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>13,267,000</FONT></TD>
        <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp; </FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
        <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
        <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=1>13,267,000</FONT></TD>
        <TD ALIGN=LEFT><font size="1">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Operating income</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>7,342,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>7,342,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Other expense (income):</FONT></TD></TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>662,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>13,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>675,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (income) and other expense</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(342,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>18,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(324,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR>
     <TD><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Income (loss) before provision for income taxes and<br>
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;equity in undistributed earnings of subsidiaries</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(320,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>7,311,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6,991,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Provision (benefit) for income taxes</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(102,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,340,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,238,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net earnings (loss) before equity in undistributed earnings<br>
     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of subsidiaries</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(218,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,971,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,753,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Equity in undistributed earnings of subsidiaries</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,971,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4,971,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="1"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR>
     <TD><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1">&nbsp;</font></TD></TR>
<TR VALIGN=Bottom bgcolor="#eaf9e8">
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net income</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 4,753,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,971,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4,971,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 4,753,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="2"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="2"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="2"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="2"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><HR  SIZE="2"   NOSHADE></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR>
     <TD></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR>
     <TD></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR>
     <TD></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
</TABLE>

<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>14</FONT></P>
<HR color=gray noShade SIZE=5></TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%"><font size="2" face="Times New Roman, Times, serif">(15)</font></td>
    <td><font size="2" face="Times New Roman, Times, serif"><i><u>Condensed Consolidating Financial Information (continued)</u></i></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><p> <font size="2" face="Times New Roman, Times, serif">The following reflects the condensed consolidating statement of operations for the nine months ended April 30, 2005 : </font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
</table>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=630>
  <TR align="center" VALIGN=Bottom>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">Parent</font></b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif"> Guarantor <br>
Subsidiaries</font></b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap><b><font size="1" face="Times New Roman, Times, serif"> Non-Guarantor <br>
Subsidiaries </font></b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">Consolidating<br>
Entries </font></b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">Consolidated <br>
Total </font></b></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Net sales</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>           &#151;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>200,395,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>9,323,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(121,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>  209,597,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Cost of sales</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>114,817,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>6,012,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(121,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>120,708,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>85,578,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>3,311,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>88,889,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Expenses:</FONT></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative</FONT></TD>
     <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>32,905,000</FONT></TD>
        <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>3,207,000</FONT></TD>
        <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>36,112,000</FONT></TD>
        <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>14,554,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>621,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>15,175,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles</FONT></TD>
     <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,509,000</FONT></TD>
        <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>225,000</FONT></TD>
        <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,734,000</FONT></TD>
        <TD ALIGN=LEFT bgcolor="#EAF9E8"><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>&nbsp;</TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>48,968,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>4,053,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>53,021,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Operating income (loss)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>36,610,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(742,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>35,868,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Other expense (income):</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
 <TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,985,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>20,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>2,005,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (income) and other expense</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(2,670,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(79,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>10,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(2,739,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Income (loss) before provision (benefit) for income</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  <TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;taxes and equity in undistributed earnings (loss)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  <TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of subsidiaries</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>685,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>36,669,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(752,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>36,602,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Provision (benefit) for income taxes</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>222,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>10,994,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(244,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>10,972,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD colspan="2" ALIGN=RIGHT><hr size="1" noshade></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Net earnings (loss) before equity in undistributed</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  <TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings (loss) of subsidiaries</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>463,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>25,675,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(508,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>25,630,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Equity in undistributed earnings (loss) of subsidiaries</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  <TD></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>25,167,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(264,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(24,903,000</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
  <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR>
     <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
     <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=3><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Net income (loss)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>   25,630,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>25,411,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(508,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(24,903,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>   25,630,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR>
     <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
  <TD COLSPAN=2>&nbsp;</TD>
  <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD COLSPAN=2 ALIGN=RIGHT>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top"><p>  <font size="2" face="Times New Roman, Times, serif">The following reflects the condensed consolidating statement of operations for the nine months ended April 30, 2004 : </font></p></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="left" valign="top">&nbsp;</td>
  </tr>
</table>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=610>
  <TR align="center" valign="bottom">
    <TD COLSPAN=2>&nbsp;</TD>
    <TD COLSPAN=2><b><font size="1" face="Times New Roman, Times, serif">Parent</font></b></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2><b><font size="1" face="Times New Roman, Times, serif"> Guarantor <br>
    Subsidiaries </font></b></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2 nowrap><b><font size="1" face="Times New Roman, Times, serif">Non-Guarantor<br>
Subsidiaries</font></b></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2><b><font size="1" face="Times New Roman, Times, serif">Consolidating<br>
Entries </font></b></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN=2><b><font size="1" face="Times New Roman, Times, serif">Consolidated <br>
Total </font></b></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
    <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Net sales</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>           &#151;</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>164,334,000</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>  164,334,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Cost of sales</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>102,132,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>102,132,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR>
  <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>62,202,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>62,202,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR>
  <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Expenses:</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
 <TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>26,153,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>26,153,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>11,198,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>11,198,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,498,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>1,498,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR>
  <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>38,849,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>38,849,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR>
  <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Operating income</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>23,353,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>23,353,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD></TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Other expense (income):</FONT></TD>
  <TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>698,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>52,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>750,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (income)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(537,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(6,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(543,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
</TR>
<TR>
  <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Income (loss) before provision for income taxes and</FONT></TD>
  <TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;equity in undistributed earnings of subsidiaries</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(161,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>23,307,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>23,146,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Provision for income taxes</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(51,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>7,458,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>7,407,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR>
  <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Net earnings (loss) before equity in undistributed</FONT></TD>
  <TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;earnings of subsidiaries</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(110,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>15,849,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>15,739,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Equity in undistributed earnings of subsidiaries</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>15,849,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(15,849,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR>
  <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=1></TD>
  <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=RIGHT>&nbsp;</TD>
  <TD ALIGN=LEFT>&nbsp;</TD>
</TR>
<TR VALIGN=Bottom bgcolor="#EAF9E8">
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>Net income</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>   15,739,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>15,849,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&#151;</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>(15,849,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>$</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, serif" SIZE=1>   15,739,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, serif" SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR>
     <TD COLSPAN=2><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE SIZE=2></TD>
     <TD><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
</TABLE>

<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>15</FONT></P>
<HR color=gray noShade SIZE=5></TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%"><font size="2" face="Times New Roman, Times, serif">(15)</font></td>
    <td><font size="2" face="Times New Roman, Times, serif"><i> <u>Condensed Consolidating Financial Information (continued)</u></i> </font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><p align="left"><font size="2" face="Times New Roman, Times, serif"> The following reflects the condensed consolidating statement of cash flow for the nine months ended April 30, 2005 : </font></p></td>
  </tr>
</table>
<br>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
    <TH COLSPAN=3></TH>
  </TR>
  <TR align="center" VALIGN=Bottom>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">Parent<br>
      </font></b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif"> Guarantor
      <br>
      Subsidiaries</font></b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap><b><font size="1" face="Times New Roman, Times, serif">Non-Guarantor<br>
      Subsidiaries</font></b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">Consolidating<br>
      Entries </font></b></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2"><b><font size="1" face="Times New Roman, Times, serif">Consolidated<br>
      Total </font></b></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Cash flows
      from operating activities:</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Net
      income (loss)</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 25,630,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>25,411,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(508,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(24,903,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 25,630,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Adjustments
      to reconcile net income (loss) to net cash<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided
      by operating activities:</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and amortization</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>104,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,250,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>255,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,609,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
      of deferred financing costs</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>410,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>410,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
      for doubtful accounts</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>78,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>78,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
      for excess and obsolete inventories</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,258,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,258,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      tax benefit from stock option exercises</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>526,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>526,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      income tax expense</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,826,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,437,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>17,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,280,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
      on disposal of property, plant and equipment</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
      in undistributed earnings of subsidiaries</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(25,167,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>264,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>24,903,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany
      accounts</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>36,187,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(38,446,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,259,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
      in assets and liabilities, net of effects of<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition:</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
      cash securing letter of credit<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obligations</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,010,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3,010,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      receivable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8,969,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4,274,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,695,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(6,798,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>18,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(6,780,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid
      expenses and other assets</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(131,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1,373,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(396,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(1,900,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>330,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10,706,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,705,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>13,741,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
      expenses</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>990,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4,267,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>272,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>136,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>5,665,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer
      advances and deposits</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(539,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(539,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      service revenue</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4,494,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(4,494,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
      payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(548,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(548,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      taxes payable</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(113,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(113,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash provided by operating activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>40,044,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>9,019,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>348,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>136,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>49,547,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Cash flows
      from investing activities:</FONT></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Payments
      for business acquisition</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2,735,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2,735,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,735,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2,735,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Purchases
      of property, plant and equipment</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(43,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(6,239,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(216,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(6,498,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Purchase
      of proprietary technology</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(75,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(75,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash used in investing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2,778,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(6,314,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2,951,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,735,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(9,308,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Cash flows
      from financing activities:</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
      from issuance of stock in subsidiary</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,735,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2,735,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Principal
      payments on other obligations</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(210,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(210,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
      from exercises of stock options, warrants<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and employee stock purchase
      plan shares</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,929,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,929,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=3></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash provided by (used in) financing activities</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,929,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(210,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,735,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(2,735,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,719,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Net
      increase in cash and cash equivalents</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>39,195,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,495,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>132,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>136,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>41,958,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom bgcolor="#eaf9e8">
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents at beginning of period</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>162,503,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>925,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(136,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>)</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>163,292,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=1>
    </TD>
    <TD></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents at end of period</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 201,698,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2,495,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1,057,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&#151;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=1> 205,250,000</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=3></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=2>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=2>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=2>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=2>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE SIZE=2>
    </TD>
    <TD></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>16</FONT></P>
<HR color=gray noShade SIZE=5></TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE width="600" border="0" cellspacing="0" cellpadding="0">
<TR align="left" valign="top">
<TD width="7%"><FONT size="2" face="Times New Roman, Times, serif">(15)</FONT></TD>
<TD> <u><FONT size="2" face="Times New Roman, Times, serif"><i> Condensed Consolidating Financial Information (continued)</i> </FONT></u></TD>
</TR>
<TR align="left" valign="top">
<TD><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
<TD><FONT size="2" face="Times New Roman, Times, serif">&nbsp;</FONT></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD><FONT size="2" face="Times New Roman, Times, serif">The following reflects the condensed consolidating statement of cash flow for the nine months ended April 30, 2004 : </FONT></TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
</TABLE>
<table width="600" cellpadding="0" cellspacing="0">
<tr align="center">
<TH valign="bottom">&nbsp;</TH>
<TH colspan="2" valign="bottom"><B><FONT size="1" face="Times New Roman, Times, serif"> Parent </FONT></B></TH>
<TH valign="bottom">&nbsp;</TH>
<TH colspan="2" valign="bottom"><B><FONT size="1" face="Times New Roman, Times, serif"> Guarantor Subsidiaries </FONT></B></TH>
<TH valign="bottom">&nbsp;</TH>
<TH colspan="2" valign="bottom"><B><FONT size="1" face="Times New Roman, Times, serif"> Non-Guarantor Subsidiaries </FONT></B></TH>
<TH valign="bottom">&nbsp;</TH>
<TH colspan="2" valign="bottom"><B><FONT size="1" face="Times New Roman, Times, serif"> Consolidating Entries </FONT></B></TH>
<TH valign="bottom">&nbsp;</TH>
<TH colspan="2" valign="bottom"><B><FONT size="1" face="Times New Roman, Times, serif"> Consolidated Total </FONT></B></TH>
<TH valign="bottom">&nbsp;</TH>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" align="right" valign="top"><HR size="1" noshade></td>
<td align="left" valign="top">&nbsp;</td>
<td colspan="2" valign="top"><HR size="1" noshade></td>
<td align="left" valign="top">&nbsp;</td>
<td colspan="2" valign="top"><HR size="1" noshade></td>
<td align="left" valign="top">&nbsp;</td>
<td colspan="2" valign="top"><HR size="1" noshade></td>
<td align="left" valign="top">&nbsp;</td>
<td colspan="2" align="right" valign="top"><HR size="1" noshade></td>
<td align="left" valign="top">&nbsp;</td>
</tr>
<tr valign="bottom" >
<td><FONT size="1" face="Times New Roman, Times, serif"> Cash flows from operating activities: </FONT></td>
<td width="1%" align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="8%" align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="2%" align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="1%"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="8%" align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="2%" align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="1%"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="12%" align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="2%" align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="1%"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="8%" align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="2%" align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="1%" align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="8%" align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td width="2%" align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>

<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">Net income</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">$</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">  15,739,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 15,849,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (15,849,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">$</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 15,739,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>

<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided by operating activities: </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"></FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"></FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"></FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"></FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif"></FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"></FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>


<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 114,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 4,624,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 4,738,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 144,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 144,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for doubtful accounts </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 123,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 123,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for excess and obsolete inventories </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 956,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 956,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit from stock option exercises </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 1,001,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 1,001,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property, plant and equipment </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 90,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 90,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in undistributed earnings of subsidiaries </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (15,849,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 15,849,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany accounts </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (3,088,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 3,088,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of effects of <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition: </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash securing letter of credit obligations </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 4,247,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (4,155,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 92,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (21,992,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (21,992,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (3,534,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (3,534,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (230,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (163,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (393,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 283,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (656,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (373,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 731,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 3,303,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 4,034,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer advances and deposits </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 3,364,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 3,364,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred service revenue </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 2,279,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 2,279,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 554,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 554,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (531,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (531,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 3,115,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 3,176,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 6,291,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td><FONT size="1" face="Times New Roman, Times, serif"> Cash flows from investing activities: </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (28,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (4,267,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (4,295,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (28,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (4,267,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (4,295,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>

<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif"> Cash flows from financing activities: </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible senior notes, <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net of related costs of $3,821,000 </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp; 101,179,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp; &#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp; &#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp; &#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 101,179,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on other obligations </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (755,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (755,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercises of stock options, warrants <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and employee stock purchase plan shares </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp; 1,781,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp; &#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp; &#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp; &#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp; 1,781,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 102,960,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (755,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 102,205,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and cash equivalents </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 106,047,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> (1,846,000</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">)</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 104,201,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 45,711,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 2,906,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 48,617,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="1" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom" bgcolor="#eaf9e8">
<td> <FONT size="1" face="Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of period </FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">$</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">  151,758,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif"> 1,060,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">&#151;</FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">$</FONT></td>
<td align="right"><FONT size="1" face="Times New Roman, Times, serif">  152,818,000 </FONT></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
<tr valign="bottom">
<td><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="2" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="2" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="2" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2"><HR size="2" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
<td colspan="2" align="right"><HR size="2" noshade></td>
<td align="left"><FONT size="1" face="Times New Roman, Times, serif">&nbsp;</FONT></td>
</tr>
</table>

<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>17</FONT></P>
<HR color=gray noShade SIZE=5></TD></TR></TABLE>

<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>

<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%" align="left" valign="top"><FONT face="Times New Roman, Times, Serif" size=2>ITEM 2.</FONT></td>
    <td align="center"><FONT face="Times New Roman, Times, Serif" size=2><U><a name="a5"></a>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<br>
    AND RESULTS OF OPERATIONS    </U></FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><U>OVERVIEW</U></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>We design, develop, produce and market innovative products, systems and services for advanced communications
solutions. We conduct our business through three complementary segments:&nbsp;telecommunications
transmission, mobile data communications and RF microwave amplifiers. We sell our products into markets
where we believe we have technological, engineering, systems design or other expertise that differentiate
our product offerings. We believe we are leaders in the market segments that we serve.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Our telecommunications transmission segment, our largest business segment, provides specialized products
and systems for satellite, over-the-horizon microwave and wireless line-of-sight microwave telecommunications
systems. Our mobile data communications segment provides satellite-based mobile location, tracking
and messaging services and mobile satellite transceivers primarily for defense applications, including
logistics, support and battlefield command and control, as well as turnkey employee mobility solutions.
Our RF microwave amplifiers segment designs, manufactures and markets solid-state, high power, broadband
RF microwave amplifier products. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>A substantial portion of our sales may be derived from a limited number of relatively large customer
contracts, the timing of revenues from which cannot be predicted. Quarterly sales and operating results
may be significantly affected by one or more of such contracts. Accordingly, we can experience significant
fluctuations in sales and operating results from quarter-to-quarter and period-to-period comparisons
may not be indicative of future performance.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Revenue from the sale of our products is generally recognized when the earnings process is complete,
upon shipment or customer acceptance. Revenue from contracts relating to the design, development
or manufacturing of complex electronic equipment to a buyer&#146;s specification or to provide services
relating to the performance of such contracts is recognized using the percentage-of-completion method.
Revenue from contracts that contain multiple elements that are not accounted for under the percentage-of-completion
method, are accounted for in accordance with EITF Issue No. 00-21, &#147;Accounting for Revenue Arrangements
with Multiple Deliverables.&#148;&nbsp;Revenue from these contracts is allocated to each respective
element based on each element&#146;s relative fair value and is recognized when the respective revenue
recognition criteria for each element are met. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Our contract with the U.S. Army for the Movement Tracking System is for an eight-year period and revenue
recognition is based on the percentage-of-completion method. The gross margin is based on the estimated
sales and expenses for the entire eight-year contract. The amount of revenue recognized has been
limited to the amount of funded orders received from the U.S. Army. Through the end of our fiscal
quarter ended October 31, 2004, we recognized revenue on the portion of such orders that relate to
prepaid service time when the time was used by the customer. As a result of recent changes to the
manner in which our technology is being deployed and used, commencing November 1, 2004, we are recognizing
service time revenue based on a network availability method which recognizes prepaid service time
on a straight-line basis from the date of shipment through the end of the contract term in July 2007.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Our gross profit is affected by a variety of factors, including the mix of products, systems and services
sold, production efficiencies, estimates of warranty expense, price competition and general economic
conditions. Our gross profit may also be affected by the impact of any cumulative adjustments to
contracts that are accounted for under the percentage-of-completion method. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Selling, general and administrative expenses consist primarily of salaries, commissions and benefits
for marketing, sales and administrative employees, advertising and trade show costs, professional
fees and other administrative costs.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Our research and development expenses relate to both existing product enhancement and new product development.
A portion of our research and development effort is related to specific contracts and is recoverable
under those contracts because they are funded by the customers. Such customer-funded expenditures
are not included in research and development expenses for financial reporting purposes, but are reflected
in cost of sales.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>In May 2004, we acquired certain assets and assumed certain liabilities of Memotec, Inc. (&#147;Memotec&#148;),
a subsidiary of Kontron AG, and at the same time, purchased related inventory owned by Kontron Canada
Inc., for an aggregate purchase price of approximately $5.2 million in cash. Commencing in May 2004,
Memotec&#146;s results of operations have been included in our telecommunications transmission segment.</FONT></P></TD></TR></TABLE>
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<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>In February 2005, we acquired certain assets and assumed certain liabilities of Tolt Technologies,
Inc. (&#147;Tolt&#148;) for an aggregate purchase price of $3.7 million, including transaction costs
of $0.2 million. Based on Tolt&#146;s achievement of fiscal 2006 sales goals, we may be required
to pay an earn-out of $0.5 million. Commencing in February 2005, Tolt&#146;s results of operations
have been included in our mobile data communications segment.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><U>CRITICAL ACCOUNTING POLICIES</U></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>We consider certain accounting policies to be critical due to the estimation process involved in each.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Revenue Recognition on Long-Term Contracts. </I></B>&nbsp;Revenues and related costs from long-term contracts relating to the design, development or manufacturing
of complex electronic equipment to a buyer&#146;s specification or to provide services relating to
the performance of such contracts are recognized using the percentage-of-completion method. Revenue
is recognized based on the relationship of total costs incurred to total projected costs, or, alternatively,
based on output measures, such as units delivered. Profits expected to be realized on such contracts
are based on total estimated sales for the contract compared to total estimated costs, including
warranty costs, at completion of the contract. These estimates are reviewed and revised periodically
throughout the lives of the contracts, and adjustments to profits resulting from such revisions are
made cumulative to the date of the change. The impact of any such adjustments discussed in <I>&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148;</I> represents the cumulative impact of the adjustment on the relevant financial statement amount as of
the beginning of the period being discussed. Estimated losses on long-term contracts are recorded
in the period in which the losses become known.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Some
of our largest contracts, including our contract with the U.S. Army for the Movement Tracking System,
are accounted for using the percentage-of-completion method. We have been engaged in the production
and delivery of goods and services on a continual basis under contractual arrangements for many years.
Historically, we have demonstrated an ability to accurately estimate revenues and expenses relating
to our long-term contracts. However, there exist inherent risks and uncertainties in estimating revenues
and expenses and progress toward completion, particularly on larger or longer-term contracts. If
we do not accurately estimate the total sales, related costs and progress towards completion on such
contracts, the estimated gross margins may be significantly impacted or losses may need to be recognized
in future periods. Any such resulting changes in margins or contract losses could be material to
our results of operations and financial position.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>In addition, most government contracts have termination for convenience clauses that provide the customer
with the right to terminate the contract at any time. Such terminations could impact the assumptions
regarding total contract revenues and expenses utilized in recognizing profit under the percentage-of-completion
method of accounting. Changes to these assumptions could materially impact our results of operations
and financial position. Historically, we have not experienced material terminations of our long-term
contracts.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>We also address customer acceptance provisions in assessing our ability to perform our contractual
obligations under long-term contracts. Our inability to perform on our long-term contracts could
materially impact our results of operations and financial position. Historically, we have been able
to perform on our long-term contracts.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Impairment of Intangible Assets</I></B><B>. </B>&nbsp;As of April 30, 2005, our company&#146;s net intangible assets, including goodwill, aggregated $32.0
million. In assessing the recoverability of goodwill and other intangibles, we must make various
assumptions regarding estimated future cash flows and other factors in determining the fair values
of the respective assets. If these estimates or their related assumptions change in the future, we
may be required to record impairment charges for these assets in future periods. Any such resulting
impairment charges could be material to our results of operations.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Provisions for Excess and Obsolete Inventory. </I></B>&nbsp;We regularly review inventory quantities on hand and record a provision for excess and obsolete inventory
based on historical and future usage trends. Several factors may influence the sale and use of our
inventories, including decisions to exit a product line, technological change and new product development.
These factors could result in a change in the amount of excess and obsolete inventory on hand. Additionally,
our estimates of future product demand may prove to be inaccurate, in which case we may have understated
or overstated the provision required for excess and obsolete inventory. In the future, if we determine
that our inventory is overvalued, we would be required to recognize such costs in our financial statements
at the time of such determination. Any such charges could be material to our results of operations
and financial position. </FONT></P></TD></TR></TABLE>
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<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Allowance for Doubtful Accounts. </I></B>We perform ongoing credit evaluations of our customers and adjust credit limits based upon customer
payment history and current creditworthiness, as determined by our review of our customers&#146;
current credit information. Generally, we will require cash in advance or payment secured by irrevocable
letters of credit before an order is accepted from an international customer that we do not do business
with regularly. In addition, we seek to obtain insurance for certain international customers. We
continuously monitor collections and payments from our customers and maintain an allowance for doubtful
accounts based upon our historical experience and any specific customer collection issues that we
have identified. While such credit losses have historically been within our expectations and the
allowances established, we cannot guarantee that we will continue to experience the same credit loss
rates that we have in the past. Measurement of such losses requires consideration of historical loss
experience, including the need to adjust for current conditions, and judgments about the probable
effects of relevant observable data, including present economic conditions such as delinquency rates
and financial health of specific customers. Changes to the estimated allowance for doubtful accounts
could be material to our results of operations and financial position.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><U>COMPARISON OF THE RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED APRIL 30, 2005 AND APRIL 30, 2004</U></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Net Sales.</I></B> &nbsp;Consolidated net sales were $75.4 million and $51.2 million for the three months ended
April 30, 2005 and 2004, respectively, representing an increase of $24.2 million or 47.3%. The increase
in net sales was primarily attributable to increased demand for our products in all three business
segments. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Net sales in our telecommunications transmission segment were $43.2 million and $34.8 million for the
three months ended April 30, 2005 and 2004, respectively, an increase of $8.4 million or 24.1%. The
growth in this segment resulted primarily from a significant increase in demand for our satellite
earth station products and incremental sales of our over-the-horizon microwave systems. The Memotec
business, which we acquired in May 2004, contributed $1.0 million to net sales for the fiscal quarter
ended April 30, 2005. Our telecommunications transmission segment represented 57.3% and 68.0% of consolidated
net sales for the three months ended April 30, 2005 and 2004, respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Net sales in our mobile data communications segment were $22.3 million and $11.7 million for the three
months ended April 30, 2005 and 2004, respectively, an increase of $10.6 million or 90.6%. The substantial
increase in net sales was due to increased demand for our Movement Tracking System (MTS) by the U.S.
Army and higher sales of our battle command applications to the U.S. Army. The Tolt business, which
we acquired in February 2005, contributed $5.2 million of net sales for the fiscal quarter ended
April 30, 2005. Our mobile data communications segment represented 29.6% and 22.9% of consolidated
net sales for the three months ended April 30, 2005 and 2004, respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Net sales in our RF microwave amplifiers segment more than doubled from $4.7 million for the three months
ended April 30, 2004 to $9.9 million for the three months ended April 30, 2005, an increase of $5.2
million or 110.6%. The improvement in net sales resulted primarily from increased demand for our
defense related products. In particular, recently we have seen a marked increase in demand for our
amplifiers that are incorporated into improvised explosive device jamming systems. Our RF microwave amplifiers
segment represented 13.1% and 9.1% of consolidated net sales for the three months ended April 30,
2005 and 2004, respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>International sales (which include sales to domestic companies for inclusion in products which are
sold to international customers) represented 49.1% and 46.7% of consolidated net sales for the three
months ended April 30, 2005 and 2004, respectively. Domestic commercial sales represented 15.4% and
16.0% of consolidated net sales for the three months ended April 30, 2005 and 2004, respectively.
Sales to the U.S. government (including sales to prime contractors to the U.S. government) represented
35.5% and 37.3% of consolidated net sales for the three months ended April 30, 2005 and 2004, respectively.
</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Except for sales to the U.S. government, one customer, a prime contractor, represented 13.7% of consolidated
net sales for the three months ended April 30, 2005. Except for sales to the U.S. government, one
customer, another prime contractor, represented 10.9% of consolidated net sales for the three months
ended April 30, 2004. Direct and indirect sales to a North African country (including sales to the
prime contractors mentioned above) during the three months ended April 30, 2005 and 2004, represented
12.7% and 15.9% of consolidated net sales, respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Gross Profit. &nbsp;</I></B> Gross profit was $29.5 million and $20.6 million for the three months ended April 30, 2005 and 2004,
respectively, representing an increase of $8.9 million. The increase in gross profit was attributable
to higher sales for the three months ended April 30, 2005, compared to the three months ended April
30, 2004. The impact of increased sales was offset by a decrease in our gross margin percentage to
39.1% for the three months ended April 30, 2005 from 40.2% for the three months ended April 30, 2004.
The decrease in our gross margin percentage was primarily due to favorable </FONT></P></TD></TR></TABLE>
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<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>cumulative gross margin adjustments, aggregating $1.4 million, recorded in the three months ended April
30, 2004 resulting from lower than anticipated costs on two large over-the-horizon microwave system
contracts. The absence of similar adjustments during the three months ended April 30, 2005 was offset
by continued operating efficiencies, net of changes in product mix. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Included in cost of sales for the three months ended April 30, 2005 and 2004 are provisions for excess
and obsolete inventory of $0.5 million and $0.1 million, respectively. As discussed above under <I>&#147;Critical Accounting Policies - Provisions for Excess and Obsolete Inventory,&#148;</I> we regularly review our inventory and record a provision for excess and obsolete inventory based on
historical usage assumptions and other factors. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Selling, General and Administrative Expenses. </I></B>&nbsp;Selling, general and administrative expenses were $12.9 million and $8.8 million for the three months
ended April 30, 2005 and 2004, respectively, representing an increase of $4.1 million. The increase
in expenses is primarily attributable to (i) expenses associated with the Memotec and Tolt businesses
that were acquired in May 2004 and February 2005, respectively, (ii) the increased level of net sales
in all three of our business segments, and (iii) ongoing costs of compliance with recent corporate
governance regulations. For the three months ended April 30, 2005, the Company reduced selling, general
and administrative expenses by $0.5 million which represents the amount of insurance proceeds that
were in excess of previously recorded hurricane-related expenses and the net book value of certain of the Company&#146;s damaged assets. As a percentage
of consolidated net sales, selling, general and administrative expenses were 17.1% for the three
months ended April 30, 2005 compared to 17.2% for the three months ended April 30, 2004. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Research and Development Expenses. </I></B>&nbsp;Research and development expenses were $5.3 million and $4.0 million for the three months ended April
30, 2005 and 2004, respectively, an increase of $1.3 million or 32.5%. Approximately $4.5 million
and $3.6 million of such amounts, respectively, related to our telecommunications transmission segment.
As an investment for the future, we are continually enhancing our existing products and developing
new products and technologies. Whenever possible, we seek customer funding for research and development
to adapt our products to specialized customer requirements. During the three months ended April 30,
2005 and 2004, customers reimbursed us $0.7 million and $1.4 million, respectively, which is not
reflected in the reported research and development expenses, but is included in consolidated net
sales with the related costs included in cost of sales.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Amortization of Intangibles. </I></B>&nbsp;Amortization of intangibles for the three months ended April 30, 2005 and 2004 was $0.6 million and
$0.5 million, respectively. The increase was attributable to the Memotec and Tolt acquisitions. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Operating Income. &nbsp;</I></B> Operating income for the three months ended April 30, 2005 and 2004 was $10.7 million and $7.3 million,
respectively, representing an increase of $3.4 million or 46.6%. The increase was the result of the
higher net sales and gross profit, discussed above, partially offset by higher operating expenses. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Operating income in our telecommunications transmission segment increased to $8.9 million for the three
months ended April 30, 2005 from $7.8 million for the three months ended April 30, 2004. The increase
in operating income was primarily attributable to increased net sales and gross margin, partially
offset by higher operating expenses. In addition, the fiscal 2004 period includes the favorable impact,
approximately $1.1 million, of the gross margin adjustments discussed above, net of related operating
expenses.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Operating income in our mobile data communications segment increased to $2.2 million for the three
months ended April 30, 2005 from $1.0 million for the three months ended April 30, 2004. The increase
in operating income was primarily attributable to the increase in net sales partially offset by increased
operating costs associated with the increase in net sales, the acquisition of Tolt and the related
continued initiation of commercial marketing efforts. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Operating income in our RF microwave amplifiers segment increased to $1.5 million for the three months
ended April 30, 2005 from $0.1 million for the three months ended April 30, 2004, due primarily to
the increase in net sales and the resulting increased operating efficiencies realized on the higher
level of business activity.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Unallocated operating expenses increased to $1.9 million for the three months ended April 30, 2005
from $1.6 million for the three months ended April 30, 2004, due primarily to increased compensation
expense and increased costs in connection with recent corporate governance regulations.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Interest Expense. &nbsp;</I></B>Interest expense was $0.7 million for both the three months ended April 30, 2005 and 2004. Interest
expense primarily relates to our 2.0% convertible senior notes issued in January 2004.</FONT></P></TD></TR></TABLE>
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<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Interest Income. &nbsp;</I></B> Interest income for the three months ended April 30, 2005 was $1.2 million, as compared to $0.3 million
for three months ended April 30, 2004. The $0.9 million increase was due primarily to increased interest
rates and a higher level of investable cash.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Provision for Income Taxes. </I></B>The provision for income taxes was $2.9 million and $2.2 million for the three months ended April 30,
2005 and 2004, respectively. The increase in the tax provision was primarily the result of the significant
increase in pre-tax profit and an increase in our effective income tax rate for fiscal 2005 (including
the incremental expense relating to the first two quarters of fiscal 2005). This increase was partially
offset by a tax benefit of $1.1 million primarily relating to the reduction in the valuation allowance
that was established for the extended write-off period of acquired in-process research and development.
During the three months ended April 30, 2005, it became more likely than not that the related deferred
tax asset would be recoverable. As a result of our increased operating income, we now estimate that
our effective rate for fiscal 2005, excluding these benefits, will approximate 33%.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><U>COMPARISON OF THE RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED APRIL 30, 2005 AND APRIL 30, 2004</U></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Net Sales.</I></B> &nbsp;&nbsp;Consolidated net sales were $209.6 million and $164.3 million for the nine months ended
April 30, 2005 and 2004, respectively, representing an increase of $45.3 million or 27.6%. The increase
in net sales was primarily attributable to increased demand for our products in all three business

segments. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Net sales in our telecommunications transmission segment were $120.4 million and $103.5 million for
the nine months ended April 30, 2005 and 2004, respectively, an increase of $16.9 million or 16.3%.
The growth in this segment resulted primarily from a significant increase in demand for our satellite
earth station products. In addition, favorable cumulative gross margin adjustments, resulting from
lower than anticipated costs on two large over-the-horizon microwave system contracts, contributed
$3.5 million and $0.6 million in sales for the nine months ended April 30, 2005 and 2004, respectively.
The Memotec business, which we acquired in May 2004, contributed $4.1 million to net sales for the
nine months ended April 30, 2005. Our telecommunications transmission segment represented 57.4% and
63.0% of consolidated net sales for the nine months ended April 30, 2005 and 2004, respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Net sales in our mobile data communications segment were $61.8 million and $46.4 million for the nine
months ended April 30, 2005 and 2004, respectively, an increase of $15.4 million or 33.2%. The increase
in net sales was due to increased demand and continued deployment of our Movement Tracking System
(MTS) by the U.S. Army and higher sales of battle command applications to the U.S. Army. The Tolt
business, which we acquired in February 2005, contributed $5.2 million of net sales for the nine
months ended April 30, 2005. Also, included in net sales for the nine months ended April 30, 2005
is a $3.8 million cumulative adjustment associated with the change from the usage method to the straight-line
method of accounting for MTS prepaid service time revenue. At the request of the U.S. Army, we are
currently migrating our technology to the next generation product line that incorporates radio frequency
identification (RFID) and a selected availability anti-spoofing module (SAASM). As a result, we may
see dramatic quarter-to-quarter fluctuations in the deployment of our MTS products; however, we do
not currently expect the overall trend of increased demand for our products will change. Our mobile
data communications segment represented 29.5% and 28.2% of consolidated net sales for the nine months
ended April 30, 2005 and 2004, respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Net sales in our RF microwave amplifiers segment were $27.4 million for the nine months ended April
30, 2005, as compared to net sales of $14.4 million for the nine months ended April 30, 2004, an
increase of $13.0 million or 90.3%. The significant improvement in net sales resulted primarily from
increased demand for our defense related products. In particular, recently we have seen a marked
increase in demand for our amplifiers that are incorporated into improvised explosive device jamming systems.
Our RF microwave amplifiers segment represented 13.1% and 8.8% of consolidated net sales for the nine
months ended April 30, 2005 and 2004, respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>International sales (which include sales to domestic companies for inclusion in products which are
sold to international customers) represented 44.2% and 44.5% of consolidated net sales for the nine
months ended April 30, 2005 and 2004, respectively. Domestic commercial sales represented 13.3% and
15.2% of consolidated net sales for the nine months ended April 30, 2005 and 2004, respectively.
Sales to the U.S. government (including sales to prime contractors to the U.S. government) represented
42.5% and 40.3% of consolidated net sales for the nine months ended April 30, 2005 and 2004, respectively.
</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Except for sales to the U.S. government, no customer represented 10% or more of consolidated net sales
in the nine months ended April 30, 2005. During the nine months ended April 30, 2004, sales to one
customer, a prime contractor, represented 15.2% of consolidated net sales. Direct and indirect sales
to a North African country, including certain sales to the prime </FONT></P></TD></TR></TABLE>
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<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>contractor mentioned above, during the nine months ended April 30, 2005 and 2004 represented 11.5%
and 15.9%, respectively, of consolidated net sales. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Gross Profit. &nbsp;</I></B> Gross profit was $88.9 million and $62.2 million for the nine months ended April 30, 2005 and 2004,
respectively, representing an increase of $26.7 million. The increase in gross profit was primarily
attributable to the increase in net sales and the gross margin percentage, which increased from 37.9%
for the nine months ended April 30, 2004 to 42.4% for the nine months ended April 30, 2005. The nine
months ended April 30, 2005 include favorable cumulative gross margin adjustments on two large over-the-horizon
microwave system contracts and the MTS contract and the MTS prepaid service time adjustment, as discussed
above, which had an aggregate impact of $5.8 million on gross profit compared to favorable cumulative
gross margin adjustments during the nine months ended April 30, 2004 of $0.6 million. Excluding the
sales and gross profit relating to prior periods from these adjustments, our gross margin percentage
still improved dramatically due to increased operating efficiencies.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Included in cost of sales for the nine months ended April 30, 2005 and 2004 are provisions for excess
and obsolete inventory of $1.3 million and $1.0 million, respectively. As discussed under <I>&#147;Critical Accounting Policies - Provisions for Excess and Obsolete Inventory,&#148;</I> we regularly review our inventory and record a provision for excess and obsolete inventory based on
historical usage assumptions and other factors.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Selling, General and Administrative Expenses. </I></B>&nbsp;Selling, general and administrative expenses were $36.1 million and $26.2 million for the nine months
ended April 30, 2005 and 2004, respectively, representing an increase of $9.9 million or 37.8%. The
increase in expenses is primarily attributable to (i) the increased level of net sales in all three
of our business segments, (ii) expenses associated with the Memotec and Tolt businesses that were
acquired in May 2004 and February 2005, respectively, and (iii) ongoing costs of compliance with
recent governance regulations. As a percentage of consolidated net sales, selling, general and administrative
expenses were 17.2% and 15.9% for the nine months ended April 30, 2005 and 2004, respectively. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Research and Development Expenses. </I></B>&nbsp;Research and development expenses were $15.2 million and $11.2 million for the nine months ended April
30, 2005 and 2004, respectively, representing an increase of $4.0 million or 35.7%. Approximately
$13.1 million and $10.3 million of such amounts, respectively, related to our telecommunications
transmission segment. As an investment for the future, we are continually enhancing our existing
products and developing new products and technologies. Whenever possible, we seek customer funding
for research and development to adapt our products to specialized customer requirements. During the
nine months ended April 30, 2005 and 2004, customers reimbursed us $2.6 million and $3.8 million,
respectively, which is not reflected in the reported research and development expenses, but is included
in consolidated net sales with the related costs included in cost of sales.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Amortization of Intangibles. </I></B>&nbsp;Amortization of intangibles for the nine months ended April 30, 2005 and 2004 was $1.7 million and
$1.5 million, respectively. The increase was attributable to the Memotec and Tolt acquisitions. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Operating Income. &nbsp;</I></B> Operating income for the nine months ended April 30, 2005 and 2004 was $35.9 million and $23.4 million,
respectively. The $12.5 million or 53.4% increase was the result of the higher net sales and gross
profit, discussed above, partially offset by higher operating expenses.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Operating income in our telecommunications transmission segment increased to $28.1 million for the
nine months ended April 30, 2005 from $21.6 million for the nine months ended April 30, 2004 as a
result of increased sales and associated operating efficiencies, as well as $2.5 million of incremental
benefit in the fiscal 2005 period compared to the fiscal 2004 period relating to favorable cumulative
gross margin adjustments on two large over-the-horizon microwave systems.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Our mobile data communications segment generated operating income of $10.1 million for the nine months
ended April 30, 2005 compared to $6.1 million for the nine months ended April 30, 2004 as a result
of increased sales and associated operating efficiencies and the impact ($2.0 million on operating
income) of the cumulative adjustments discussed above in &#147;Gross Profit,&#148; partially offset
by increased operating costs, including expenses associated with Tolt and our continued initiation
of commercial marketing efforts. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Operating income in our RF microwave amplifiers segment increased to $3.5 million for the nine months
ended April 30, 2005 from $0.6 million for the nine months ended April 30, 2004 primarily as a result
of the significant increase in net sales.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Unallocated operating expenses increased to $5.9 million for the nine months ended April 30, 2005 from
$5.0 million for the nine months ended April 30, 2004, due primarily to increased compensation expense
and increased costs in connection with recent corporate governance regulations.</FONT></P></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>23</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Interest Expense. &nbsp;</I></B> Interest expense increased from $0.8 million for the nine months ended April 30, 2004 to $2.0 million
for the nine months ended April 30, 2005. Interest expense primarily represents interest expense
associated with our 2.0% convertible senior notes issued in January 2004.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Interest Income. &nbsp;</I></B> Interest income for the nine months ended April 30, 2005 was $2.7 million, as compared to $0.5 million
for the nine months ended April 30, 2004. The $2.2 million increase was due primarily to a higher
average cash position resulting from the proceeds received from the issuance of our 2.0% convertible
senior notes in January 2004 and cash provided by our operating activities, as well as from an increase
in interest rates.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><B><I>Provision for Income Taxes. </I></B>The provision for income taxes was $11.0 million and $7.4 million for the nine months ended April 30,
2005 and 2004, respectively. The increase in the tax provision was primarily the result of the significant
increase in pre-tax profit and an increase in our effective income tax rate for fiscal 2005. This
increase was partially offset by a tax benefit of $1.1 million primarily relating to the reduction
in the valuation allowance that was established for the extended write-off period of acquired in-process
research and development. During the nine months ended April 30, 2005, it became more likely than
not that the related deferred tax asset would be recoverable. As a result of our increased operating
income, we now estimate that our effective rate for fiscal 2005, excluding these benefits, will approximate
33%.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><U>LIQUIDITY AND CAPITAL RESOURCES </U></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Our unrestricted cash and cash equivalents increased to $205.3 million at April 30, 2005 from $163.3
million at July 31, 2004, representing an increase of $42.0 million. The increase in cash was primarily
driven by strong cash flow from operations, partially offset by capital expenditures necessary to
support our anticipated future growth and the acquisition of Tolt.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Net cash provided by operating activities, net of effects of acquisition, was $49.5 million for the
nine months ended April 30, 2005. Such amount primarily reflects (i) net income of $25.6 million
plus the impact of depreciation and amortization and the provisions for doubtful accounts and inventory
reserves aggregating $7.4 million, (ii) deferred income tax expense of $3.3 million, and (iii) changes
in working capital balances. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Net cash used in investing activities for the nine months ended April 30, 2005 was $9.3 million, primarily
representing capital expenditures and the acquisition of Tolt. During the year, our mobile data communications
segment completed the move to its new facility in Germantown, Maryland, including the construction
of a state-of-the-art network operations center. Currently, we are continuing the expansion of our
high-volume manufacturing center located in Tempe, Arizona. Capital expenditures for the remainder
of the year are expected to range from $2.0 to $3.0 million. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Net cash provided by financing activities for the nine months ended April 30, 2005 was $1.7 million, due primarily to the proceeds from stock
option exercises and the sale of shares under our employee stock purchase plan.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><U>FINANCING ARRANGEMENTS</U></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>On January 27, 2004, we issued $105.0 million of our 2.0% convertible senior notes in a private offering
pursuant to Rule 144A of the Securities Act of 1933, as amended. The net proceeds from this transaction
were $101.2 million after deducting the initial purchaser&#146;s discount and other transaction costs.
For further information concerning this financing, see &#147;Notes to Consolidated Financial Statements
&#150; Note (7) <I>2.0% Convertible Senior Notes</I>.&#148;</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><U>COMMITMENTS</U></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>In the normal course of business, we routinely enter into binding and non-binding purchase obligations
primarily covering anticipated purchases of inventory and equipment, satellite time, and from time
to time, technology purchases or licenses. We do not expect that these commitments as of April 30,
2005 will materially adversely affect our liquidity.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>At April 30, 2005, we had contractual cash obligations to repay our 2.0% convertible senior notes,
capital lease and operating lease obligations (including satellite lease expenditures relating to
our mobile data communications segment contracts) and the financing of a purchase of proprietary
technology. Payments due under these long-term obligations are as follows:</FONT></P></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>24</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width=600 border=0>
      <TR vAlign=bottom>
      <TH colSpan=2>&nbsp;</TH>
      <TH colSpan=2>&nbsp;</TH>
      <TH>&nbsp;</TH>
      <TH colSpan=8> <b><font size="1">Obligations due by fiscal year </font></b></TH>
      <TH>&nbsp;</TH>
      <TH colSpan=2>&nbsp;</TH>
      <TH>&nbsp;</TH>
    </TR>
    <TR vAlign=bottom>
      <TH colSpan=2>&nbsp;</TH>
      <TH colSpan=2>&nbsp;</TH>
      <TH>&nbsp;</TH>
      <TH colSpan=8><HR noShade SIZE=1></TH>
      <TH>&nbsp;</TH>
      <TH colSpan=2>&nbsp;</TH>
      <TH>&nbsp;</TH>
    </TR>
    <TR vAlign=bottom>
      <TH colSpan=2><FONT face="Times New Roman, Times, serif" size=1></FONT></TH>
      <TH colSpan=2><FONT face="Times New Roman, Times, serif"
      size=1>Total</FONT></TH>
      <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
      <TH colSpan=2><FONT face="Times New Roman, Times, serif" size=1>Remainder of<BR>
              2005</FONT></TH>
      <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
      <TH colSpan=2><FONT face="Times New Roman, Times, serif"
      size=1>2006<BR>
        and<BR>
        2007</FONT></TH>
      <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
      <TH colSpan=2><FONT face="Times New Roman, Times, serif"
      size=1>2008<BR>
        and<BR>
        2009</FONT></TH>
      <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
      <TH colSpan=2><FONT face="Times New Roman, Times, serif" size=1>After 2009</FONT></TH>
      <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    </TR>
    <TR vAlign=bottom>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=1>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=1>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=1>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=left colSpan=2><HR noShade SIZE=1>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=1>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR vAlign=bottom bgColor=#eaf9e8>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>2.0% convertible senior notes</FONT></TD>
      <TD align=left width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>$</FONT></TD>
      <TD align=right width="11%"><FONT face="Times New Roman, Times, Serif"
      size=2>105,000,000</FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman, Times, Serif"
      size=2>&#151;</FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman, Times, Serif"
      size=2>&#151;</FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman, Times, Serif"
      size=2>&#151;</FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="1%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right width="10%"><FONT face="Times New Roman, Times, Serif"
      size=2>105,000,000</FONT></TD>
      <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Operating lease commitments</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>19,150,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>3,910,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>8,523,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>3,840,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>2,877,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
    <TR vAlign=bottom bgColor=#eaf9e8>
      <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>Other obligations</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>691,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>60,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>264,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>124,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, Serif"
      size=2>243,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=1>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=1>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=1>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=left colSpan=2><HR noShade SIZE=1>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=1>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left><FONT face="Times New Roman, Times, serif" size=2>Total contractual cash obligations</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, serif"
      size=1>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, serif"
    size=2>$</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, serif"
      size=2>124,841,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, serif"
      size=1>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, serif"
      size=1>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, serif"
      size=2>3,970,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, serif"
      size=1>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, serif"
      size=1>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, serif"
      size=2>8,787,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, serif"
      size=1>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, serif"
      size=1>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, serif"
      size=2>3,964,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, serif"
      size=1>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, serif"
      size=1>&nbsp;</FONT></TD>
      <TD align=right><FONT face="Times New Roman, Times, serif"
      size=2>108,120,000</FONT></TD>
      <TD align=left><FONT face="Times New Roman, Times, serif"
      size=1>&nbsp;</FONT></TD>
    </TR>
    <TR vAlign=bottom>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=2>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=2>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=2>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=left colSpan=2><HR noShade SIZE=2>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
      <TD align=right colSpan=2><HR noShade SIZE=2>
      </TD>
      <TD align=left><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>We have entered into standby letter of credit agreements with financial institutions relating to the
guarantee of our future performance on certain contracts. At April 30, 2005, the balance of these
agreements was $1.8 million. Cash we have pledged against such agreements aggregating $1.0 million
has been classified as restricted cash in the consolidated balance sheet as of April 30, 2005. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>We believe that our cash and cash equivalents will be sufficient to meet our operating cash requirements
for at least the foreseeable future. In the event that we identify a significant acquisition that
requires additional cash, we would seek to borrow funds or raise additional equity capital.</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><U>FORWARD-LOOKING STATEMENTS</U></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Certain information in this Quarterly Report on Form 10-Q contains forward-looking statements, including
but not limited to, information relating to the future performance and financial condition of the
Company, the plans and objectives of the Company&#146;s management and the Company&#146;s assumptions
regarding such performance and plans that are forward-looking in nature and involve certain significant
risks and uncertainties. Actual results could differ materially from such forward-looking information.
The Company&#146;s filings with the Securities and Exchange Commission identify many of such risks
and uncertainties, which include the following: </FONT></P></TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our operating results being difficult to forecast and subject to volatility;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD width="30" vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our inability to maintain our government business;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD width="30" vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our inability to keep pace with technological changes;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD width="30" vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our dependence on international sales;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD width="30" vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
  <TD vAlign=top></TD>
  <TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
  <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The impact of a domestic and foreign economic slow-down and reduction in telecommunications equipment and systems spending on the demand for our products, systems and services;</FONT></div></TD>
</TR>
<TR>
  <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD width="30" vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our mobile data communications segment being subject to unique risks;</FONT></TD>
</TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD width="30" vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our backlog being subject to cancellation or modification;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD width="30" vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Our dependence on component availability, subcontractor availability and performance by key suppliers;
</FONT></div></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our fixed price contracts being subject to risk;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The impact of adverse regulatory changes on our ability to sell products, systems and services;</FONT></div></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>The impact of prevailing economic and political conditions on our businesses;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Whether we can successfully integrate and assimilate the operations of acquired businesses;</FONT></div></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>The impact of the loss of key technical or management personnel;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>The highly competitive nature of our markets;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our inability to protect our proprietary technology;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our operations being subject to environmental regulation;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The impact of recently enacted and proposed changes in securities laws and regulations on our costs;</FONT></div></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>The impact of terrorist attacks and threats, and government responses thereto, and threats of war on
  our businesses; </FONT></div></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our inability to satisfy our debt obligations, including our convertible senior notes;</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
</TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>
The inability to effectuate a change in control of the Company due to provisions in its certificate
  of incorporation and by-laws, stockholders&#146; rights plan and Delaware law;</FONT></div></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our stock price being volatile; and</FONT></TD></TR>
<TR>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR>
<TD vAlign=top width=18></TD>
<TD vAlign=top width=30><FONT face="Times New Roman, Times, Serif" size=2>&#149;</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Our current intention not to declare or pay any cash dividends.</FONT></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>25</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><a name="a6"></a>Item 3. &nbsp;&nbsp;&nbsp;&nbsp;<U>Quantitative and Qualitative Disclosures about Market Risk</U>
</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>The Company&#146;s earnings and cash flows are subject to fluctuations due to changes in interest rates
primarily from its investment of available cash balances. Under its current policies, the Company
does not use interest rate derivative instruments to manage exposure to interest rate changes. If
the interest rate the Company receives on its investment of available cash balances were to change
by 10%, the effect would be immaterial.</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Our 2.0% convertible senior notes bear a fixed rate of interest. As such, our earnings and cash flows
are not sensitive to changes in interest rates on our long-term debt. </FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2><a name="a7"></a>Item 4. &nbsp;&nbsp;&nbsp; <U>Controls and Procedures</U></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>As of the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation of the effectiveness
of the design and operation of the Company&#146;s disclosure controls and procedures was carried
out by the Company under the supervision and with the participation of the Company&#146;s management,
including the Chief Executive Officer and Chief Financial Officer. This evaluation included our ongoing
Sarbanes-Oxley Section 404 Assessment of Internal Controls over Financial Reporting that is required
to be completed by the end of fiscal 2005. Based on their evaluation, the Chief Executive Officer
and Chief Financial Officer concluded that the Company&#146;s disclosure controls and procedures
have been designed and are being operated in a manner that provides reasonable assurance that the
information required to be disclosed by the Company in reports filed under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission&#146;s rules and forms. A system of controls,
no matter how well designed and operated, cannot provide absolute assurance that the objectives of
the system of controls are met, and no evaluation of controls can provide absolute assurance that
all control issues and instances of fraud, if any, within a company have been detected. There have
been no changes in the Company&#146;s internal controls over financial reporting that occurred during
the most recent fiscal quarter that have materially affected, or are reasonably likely to materially
affect, the Company&#146;s internal controls over financial reporting.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><U><a name="a8"></a>PART II<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2><U>OTHER INFORMATION</U></FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2><a name="a9"></a>Item 6. &nbsp;&nbsp; <U>Exhibits </U></FONT></P>
</TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>(a)</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Exhibits </FONT></TD>
</TR>
<TR>
  <TD vAlign=top></TD>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
<TD vAlign=top width=30></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Exhibit 31.1 - Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=30></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Exhibit 31.2 - Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=30></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Exhibit 32.1 - Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
  of the Sarbanes-Oxley Act of 2002</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=30></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2>Exhibit 32.2 - Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
  of the Sarbanes-Oxley Act of 2002</FONT></div></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>26</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>
<P style="PAGE-BREAK-AFTER: always"></P><PAGE><BR>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><U><a name="a10"></a>SIGNATURES</U></FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.</FONT></P>
<P align=center><FONT face="Times New Roman, Times, Serif" size=2><U>COMTECH TELECOMMUNICATIONS CORP.<br>
</U></FONT><FONT face="Times New Roman, Times, Serif" size=2>(Registrant)</FONT></P>
</TD>
</TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD width=50% vAlign=top><FONT face="Times New Roman, Times, serif" size=2>Date:&nbsp;&nbsp;June 8, 2005</FONT></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, serif" size=2>By:</FONT></TD>
  <TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD vAlign=top><FONT face="Times New Roman, Times, serif" size=2>/s/ Fred Kornberg&nbsp;</FONT></TD>
</TR>
<TR>
  <TD width=50% vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  <TD colspan="2" vAlign=top><hr align="left" width="170" size="1" noshade></TD>
  </TR>
<TR>
<TD vAlign=top width=50%><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD width="3%" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD width="2%" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, serif" size=2>Fred Kornberg<br>
  Chairman of the Board<br>
  Chief Executive Officer and President<br>
  (Principal Executive Officer)</FONT></TD></TR>
<TR>
<TD width="50%" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR>
<TD vAlign=top width=50%><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD></TR>
<TR>
<TD width="50%" vAlign=top><FONT face="Times New Roman, Times, serif" size=2>Date:&nbsp;&nbsp;June 8, 2005</FONT></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, serif" size=2>By:</FONT></TD>
<TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, serif" size=2>/s/ Robert G. Rouse&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top width=50%><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD colspan="2" vAlign=top><hr align="left" width="170" size="1" noshade></TD>
</TR>
<TR>
<TD width="50%" vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></TD>
<TD vAlign=top><FONT face="Times New Roman, Times, serif" size=2>Robert G. Rouse<br>
  Executive Vice President and<br>
  Chief Financial Officer<br>
(Principal Financial and Accounting Officer)</FONT></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>27</FONT></P>
<HR color=gray noShade SIZE=5>
</TD></TR></TABLE>

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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>d64173_ex31-1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width=480>&nbsp;</TD>
    <TD align="right" vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><B>Exhibit 31.1</B></FONT></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>CERTIFICATIONS PURSUANT TO SECTION 302</B></FONT></P>
        <P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>
        <P><FONT face="Times New Roman, Times, Serif" size=2>I, Fred Kornberg, certify that:</FONT></P></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>1.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;</FONT></FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>I have reviewed this quarterly report on Form 10-Q of Comtech Telecommunications Corp.;</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>2.<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>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 with respect to the period covered by this quarterly report;</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>3.<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>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 registrant as of, and for, the periods presented in this quarterly report;</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>4.<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>
The registrant&#146;s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13(a)-15(e) and 15(d)-15(e)) for the registrant and
have:</FONT></div></TD>

  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top width=24></TD>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24></TD>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24></TD>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(c)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Disclosed in this quarterly report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>5.<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top width=24></TD>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24></TD>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></div></TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, Serif" size=2>Date: June 8, 2005&nbsp;&nbsp;</FONT></td>
    <td colspan="2"><FONT face="Times New Roman, Times, Serif" size=2>/s/ Fred Kornberg&nbsp;</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" width="120" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman, Times, Serif" size=2>Fred Kornberg<br>
      Chairman of the Board <br>
      Chief Executive Officer and President</FONT></td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR vAlign=top>
    <TD width="600"><BR>
        <P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>28</FONT></P>
        <HR color=gray noShade SIZE=5>
    </TD>
  </TR>
</TABLE>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>d64173_ex31-2.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD align="right" vAlign=top>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width=480>&nbsp;</TD>
    <TD align="right" vAlign=top><FONT face="Times New Roman, Times, Serif" size=2><B>Exhibit 31.2</B></FONT></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>CERTIFICATIONS PURSUANT TO SECTION 302</B></FONT></P>
        <P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>
        <P><FONT face="Times New Roman, Times, Serif" size=2>I, Robert G. Rouse, certify that:</FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>1.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>I have reviewed this quarterly report on Form 10-Q of Comtech Telecommunications Corp.;</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>2.<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>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 with respect to the period covered by this quarterly report; </FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>3.<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>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 registrant as of, and for, the periods presented in this quarterly report;</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>4.<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13(a)-15(e) and 15(d)-15(e)) for the registrant and have:</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top width=24></TD>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24></TD>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24></TD>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(c)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Disclosed in this quarterly report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>5.<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top width=24></TD>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</FONT></div></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=24></TD>
    <TD vAlign=top width=24><FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
    <TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.</FONT></div></TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="40%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, Serif" size=2>Date: June 8, 2005&nbsp;&nbsp;</FONT></td>
    <td colspan="2"><FONT face="Times New Roman, Times, serif" size=2>&nbsp;/s/ Robert G. Rouse&nbsp;</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" width="120" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td valign="top"><FONT face="Times New Roman, Times, serif" size=2>Robert G. Rouse<br>
    Executive Vice President and Chief Financial Officer </FONT></td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR vAlign=top>
    <TD width="600"><BR>
        <P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>29</FONT></P>
        <HR color=gray noShade SIZE=5>
    </TD>
  </TR>
</TABLE>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>d64173_ex32-1.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<html>
<head>
<title></title>
</head>

<body>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><P align=right><FONT face="Times New Roman, Times, Serif" size=2><B>Exhibit 32.1</B></FONT></P>
        <P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO<BR>
        SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>
        <P align=justify><FONT face="Times New Roman, Times, Serif" size=2>In connection with the Quarterly Report of Comtech Telecommunications Corp. (the &#147;Company&#148;) on Form 10-Q for the period ended April 30, 2005 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Fred Kornberg, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:</FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top width=15><FONT face="Times New Roman, Times, Serif" size=2>1.</FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>The Report fully complies with requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=15><FONT face="Times New Roman, Times, Serif" size=2>2.</FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.</FONT></TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="40%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, Serif" size=2>Date: June 8, 2005&nbsp;&nbsp;</FONT></td>
    <td colspan="2"><FONT face="Times New Roman, Times, serif" size=2>/s/ Fred Kornberg&nbsp;</FONT></td>
  </tr>
  <tr>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2"><hr align="left" width="120" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><FONT face="Times New Roman, Times, serif" size=2>Fred Kornberg<br>
      Chairman of the Board <br>
      Chief Executive Officer and President</FONT></td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR vAlign=top>
    <TD width="600"><BR>
        <P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>30</FONT></P>
        <HR color=gray noShade SIZE=5>
    </TD>
  </TR>
</TABLE>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>d64173_ex32-2.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<html>
<head>
<title></title>
</head>

<body>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><P align=right><FONT face="Times New Roman, Times, Serif" size=2><B>Exhibit 32.2</B></FONT></P>
        <P align=center><FONT face="Times New Roman, Times, Serif" size=2><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO<BR>
        SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>
        <P align=justify><FONT face="Times New Roman, Times, Serif" size=2>In connection with the Quarterly Report of Comtech Telecommunications Corp. (the &#147;Company&#148;) on Form 10-Q for the period ended April 30, 2005 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Robert G. Rouse, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:</FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR>
    <TD vAlign=top width=15><FONT face="Times New Roman, Times, Serif" size=2>1.</FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>The Report fully complies with requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></TD>
  </TR>
  <TR>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
    <TD vAlign=top><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD vAlign=top width=15><FONT face="Times New Roman, Times, Serif" size=2>2.</FONT></TD>
    <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.</FONT></TD>
  </TR>
</TABLE>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="40%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td width="2%"><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td><FONT face="Times New Roman, Times, Serif" size=2>Date: June 8, 2005&nbsp;&nbsp;</FONT></td>
    <td colspan="2"><FONT face="Times New Roman, Times, Serif" size=2>/s/ Robert G. Rouse&nbsp;</FONT></td>
  </tr>
  <tr>
    <td><font size="1" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td colspan="2"><hr align="left" width="120" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><FONT face="Times New Roman, Times, Serif" size=2>Robert G. Rouse<br>
      Executive Vice President and Chief Financial Officer </FONT></td>
  </tr>
</table>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">
  <TR vAlign=top>
    <TD width="600"><BR>
        <P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2>31</FONT></P>
        <HR color=gray noShade SIZE=5>
    </TD>
  </TR>
</TABLE>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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