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<SEC-DOCUMENT>0000950144-09-002456.txt : 20091001
<SEC-HEADER>0000950144-09-002456.hdr.sgml : 20091001
<ACCEPTANCE-DATETIME>20090320190549
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950144-09-002456
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090320

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL BEVERAGE CORP
		CENTRAL INDEX KEY:			0000069891
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				592605822
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8100 SW 10TH STREET
		STREET 2:		SUITE 4000
		CITY:			FT. LAUDERDALE
		STATE:			FL
		ZIP:			33324
		BUSINESS PHONE:		9545810922

	MAIL ADDRESS:	
		STREET 1:		8100 SW 10TH STREET
		STREET 2:		SUITE 4000
		CITY:			FT. LAUDERDALE
		STATE:			FL
		ZIP:			33324
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">March&nbsp;20, 2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;John Reynolds<BR>
Assistant Director<BR>
Division of Corporate Finance<BR>
United States Securities and Exchange Commission<BR>
Washington, DC 20549-7010

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>RE:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>National Beverage Corp.</B><BR>
<B>Form&nbsp;10-K</B><BR>
<B>Filed July&nbsp;17, 2008</B><BR>
<B>File No.&nbsp;001-14170</B><BR>
<B>Schedule&nbsp;14A</B><BR>
<B>Filed August&nbsp;29, 2008</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Reynolds:
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Thank you for your February&nbsp;9, 2009 comment letter and for allowing us additional time to respond.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Set forth below are the responses of National Beverage Corp. (the &#147;Company&#148;) to the Staff&#146;s
comments with respect to Schedule&nbsp;14A filed with the SEC on August&nbsp;29, 2008. In responding to the
Staff&#146;s comments, we have, for convenience, set forth your inquiries in full, followed by our
responses.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U><B>Executive Compensation and Other Information, page 6</B></U></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the disclosure on page 6 that Messrs.&nbsp;Nick Caporella and Bracken do not receive
compensation directly from the company, but instead they receive compensation through a
management company owned by Mr.&nbsp;Nick Caporella. Please amend the </B><B>Form 10-K</B><B> to present any
compensation awarded to, earned by, or paid to, your named executive officers including any
compensation that is paid to them indirectly through third parties, in the Executive
Compensation section, including but not limited to the Summary Compensation table. See Item
4</B><B>02(a)(2)</B><B> of Regulation&nbsp;S-K.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company respectfully advises the Staff that, as disclosed in its proxy statement, Mr.
Caporella owns or controls over 74% of the outstanding common stock of the Company, and, as
disclosed in footnote 1 to the Summary Compensation Table, the Company has entered into a
management agreement with a Management Company owned by Mr.&nbsp;Caporella. Footnote 1 to the
Summary Compensation Table further refers investors to &#147;Certain Relationships and Related
Party Transactions&#148; where the terms of the</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>arrangement between the Company and the Management Company and the aggregate fees paid over
the prior three year period are disclosed. The Company respectfully submits that, since Mr.
Caporella controls the Management Company, and all amounts paid to such Management Company
have been disclosed, the amount of compensation, if any, paid to Mr.&nbsp;Caporella by the
Management Company is not meaningful. The Company also respectfully directs the Staff&#146;s
attention to the Staff&#146;s Compliance and Disclosure Interpretation 217.08 under Item 402(a)
of Regulation&nbsp;S-K which states that where compensation arrangements are part of a management
agreement, the compensation to those individuals whose services are provided pursuant to the
management agreement do not need to be disclosed under Item&nbsp;402, but rather the structure of
the management agreement and the fees paid should be reported under Item&nbsp;404 of Regulation
S-K.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To respond to the Staff&#146;s comment, however, beginning with the Company&#146;s proxy statement for
its 2009 Annual Shareholders Meeting, the Company proposes to expand footnote 1 to the
Summary Compensation Table by including the aggregate fees paid by the Company to the
Management Company for each of the past three fiscal years and retaining the existing
reference to the description of the management agreement under &#147;Certain Relationships and
Related Party Transactions.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to Mr.&nbsp;Bracken&#146;s compensation, it should be noted that the salary paid to Mr.
Bracken by the Management Company was removed from the Summary Compensation Table as a
result of a previous staff Comment Letter dated November&nbsp;15, 2004 (an excerpt of which is
attached as Exhibit&nbsp;A). To respond to the Staff&#146;s most recent comment, however, beginning
with the Company&#146;s proxy statement for its 2009 Annual Shareholders Meeting, the Company
will disclose compensation for Mr.&nbsp;Bracken in the Summary Compensation Table.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Because the total compensation paid to the Management Company was disclosed in both the
Company&#146;s 10-K (Footnote 5) and in the 2008 proxy statement, we respectfully request that
the proposed changes to the Summary Compensation Table be incorporated in future filings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>In future filings, please revise to provide a more detailed discussion of the &#147;certain
objective and subjective factors &#091;considered&#093; when determining the amount of &#091;the&#093; annual
incentive bonus&#148; payable to your named executive officers. See Item&nbsp;</B><B>402(b)(1)(v)</B><B> of
Regulation&nbsp;S-K. Also, clarify the reference to &#147;Company and individual performance goals
established by the Compensation and Stock Option Committee. Lastly, please clarify the
reference to &#147;company objectives&#148; in your discussion of the 1991 Omnibus Incentive Plan. In
this respect please provide us with your proposed disclosure. To the extent that you have
established performance targets, please confirm that in future filings you will disclose the
specific performance targets used to determine incentive amounts, or provide a supplemental
analysis as to why it is appropriate to omit these targets. To the extent that it is
appropriate to omit specific targets, please provide the disclosure pursuant to Instruction 4
to Item&nbsp;</B><B>402(b)</B><B>. General statements regarding the level of difficulty,
or ease, associated with achieving performance goals are not sufficient. In discussing how
likely it will be for the company to achieve the target levels or other factors, provide as
much detail as necessary without providing information that poses a reasonable risk of
competitive harm.</B></TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Response:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As disclosed in the 2008 proxy statement, the amount of annual incentive compensation
awarded to our Executive Officers (if any) is determined by the Compensation and Stock
Option Committee, upon recommendation by the Chief Executive Officer, in its sole and
absolute discretion. As a result, we classified the payment of such awards as &#147;bonuses&#148; in
the Summary Compensation Table, as opposed to &#147;Non-Equity Incentive Plan Compensation&#148; and
we do not refer to these payments as &#147;Non-Equity Incentive Plan-Based Awards&#148; in our Grants
of Plan-Based Awards Table. In future fillings, we will address the Staff&#146;s comments for
greater specificity with respect to the determination of compensation. While the Company
sets annual internal operating and financial targets, the Company has no obligation to pay
its named Executive Officers any pre-determined or specific amount if targets are achieved,
nor does the Company have a Non-Equity Incentive Plan. To clarify this, we propose the
following:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first paragraph of &#147;Factors Considered In Determining Compensation&#148; (page 7) will be
revised to read:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The Compensation and Stock Option Committee reviews executive compensation levels for its
Executive Officers on an annual basis to ensure that they remain competitive within the
beverage industry. The overall value of the compensation package for an Executive Officer
is determined by the Compensation and Stock Option Committee, in consultation with the Chief
Executive Officer and the Board. The factors considered by the Compensation and Stock
Option Committee include those related to both the overall performance of the Company and
the individual performance of the Executive Officer. Consideration is also given to
comparable compensation data for individuals holding similarly responsible positions at
other and peer group companies in determining appropriate compensation levels</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first paragraph of &#147;Annual Incentive Bonuses&#148; (page 8) will be revised to read:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><I>Annual Bonuses</I></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Annual bonuses are intended to be a significant component of an Executive Officer&#146;s
compensation package. The amount of annual bonus compensation to be awarded to the
Executive Officers (if any) is determined by the Compensation and Stock Option Committee,
upon recommendation by the Chief Executive Officer, in its sole and absolute discretion.
While the Chief Executive Officer and the Compensation and Stock Option Committee consider
the Company&#146;s overall performance and each individual&#146;s performance when determining the
amount of bonus to award, there are no defined financial or operational performance measures
that obligate the Company to pay an
annual bonus, and the Compensation and Stock Option Committee retains absolute discretion to
award bonuses and to determine the amount of such bonuses.</I></TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The second paragraph of &#147;Share-Based Compensation (Long-Term Incentive Programs)&#148; (page 8)
will be revised to read:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Share-based awards made under the Company&#146;s 1991 Omnibus Incentive Plan typically consist of
options to purchase Common Stock which vest over five years and have a term of ten years.
Certain key executives of the Company also receive grants from time to time under the
Company&#146;s 1995 Special Stock Option Plan. The vesting schedule and exercise price of these
options are tied to the executive&#146;s ownership levels of Common Stock. Generally, the terms
of the Special Stock Options allow for the reduction in exercise price upon each vesting
date of the option. The vesting schedule and exercise price reduction of such options may
be accelerated at the discretion of the Compensation and Stock Option Committee. While the
Compensation and Stock Option Committee considers the Company&#146;s overall financial
performance during the respective vesting periods, there are no defined financial measures
that obligate the Company to such acceleration and the Compensation and Stock Option
Committee has not elected to accelerate the vesting or price reduction of any options during
the past three fiscal years. The Company issues stock awards with long-term vesting
schedules to increase the level of the executive&#146;s stock ownership by continued employment
with the Company.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The nature of the bonus payments presented in your Summary Compensation table is not readily
apparent. In future filings please ensure that your annual incentive bonus plan discussion
explains both your actual plan and the reasons behind payments or non-payments under such
plan. Also, please clarify why there are no non-equity incentive plan based awards reflected
in your Grants of Plan Based Awards table or revise in future filings.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Response:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please see the Company&#146;s response to Comment 2 above. As noted above, the Company does not
have Non-Equity Incentive Plans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that your President, Mr.&nbsp;Joseph Caporella, is a named executive officer, and
also serves on your Compensation Committee. Please revise to indicate the procedures
followed in setting Mr.&nbsp;Caporella&#146;s annual compensation and determining his bonus
eligibility. Also, revise to indicate who is responsible for approval of these payments.
See Item&nbsp;</B><B>402(b)(2)</B><B> of Regulation&nbsp;S-K.</B></TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Response:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company respectfully informs the Staff that Mr.&nbsp;Nick Caporella, the father of Mr.&nbsp;Joseph
Caporella, owns or controls approximately 74% of the Company&#146;s common stock, and, as such,
the Company qualifies as a &#147;controlled company&#148; under the corporate governance listing rules
of the Nasdaq Stock Market. As a &#147;controlled company,&#148; the
Company is not required to have an independent compensation committee. In future filings,
however, as long as Mr.&nbsp;Joseph Caporella remains on the Compensation Committee, we propose
to add the following sentence to the end of the Compensation Discussion and Analysis
paragraph (page 6):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Mr.&nbsp;Joseph Caporella&#146;s total compensation is reviewed and approved annually by the
Compensation and Stock Option Committee. The Compensation and Stock Option Committee excuses Mr.&nbsp;Joseph Caporella from the
meeting during any discussions of his compensation and he abstains from voting on any
matters with respect to same.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * *
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">As requested, this letter will confirm that:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company is responsible for the adequacy and accuracy of the disclosure in the
filing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staff comments or changes to disclosure in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company may not assert staff comments as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">If you have any questions with respect to the foregoing responses, please feel free to call me at
(954)&nbsp;581-0922.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><U>/s/&nbsp;&nbsp;George R. Bracken&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
George R. Bracken<BR>
Senior Vice President &#151; Finance</DIV>



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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT A
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDU</B><U><B>LE 14A&#151;DEFINITIVE PROXY STATEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Executive Compensation and Other Information, page 11</U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You disclose in footnote (1)&nbsp;that the services of your Chairman and CEO as well as your
SVP-Finance are provided to you through the Management Company. According to your disclosure
in Note 6 to your financial statements in Form 10-K, you pay the management company
approximately $5&nbsp;million annually for various services. Supplementally, please explain to us
why the summary compensation table also includes compensation information for the SVP-Finance
if the management company pays these expenses.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
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    <TD nowrap align="left"><B>Response:</B></TD>
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    <TD><B>The SVP-Finance was added to the summary compensation table in fiscal 1997 when he was
appointed Vice President and Treasurer. His compensation, which is paid solely by the
Management Company, has been mistakenly included since that time. We shall delete compensation
for the SVP-Finance from the summary compensation table in future filings.</B></TD>
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