<SEC-DOCUMENT>0000102752-14-000033.txt : 20140501
<SEC-HEADER>0000102752-14-000033.hdr.sgml : 20140501
<ACCEPTANCE-DATETIME>20140501151348
ACCESSION NUMBER:		0000102752-14-000033
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140501
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140501
DATE AS OF CHANGE:		20140501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VSE CORP
		CENTRAL INDEX KEY:			0000102752
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING SERVICES [8711]
		IRS NUMBER:				540649263
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03676
		FILM NUMBER:		14804561

	BUSINESS ADDRESS:	
		STREET 1:		6348 WALKER LANE
		CITY:			ALEXANDRIA
		STATE:			VA
		ZIP:			22310
		BUSINESS PHONE:		7039604600

	MAIL ADDRESS:	
		STREET 1:		6348 WALKER LANE
		CITY:			ALEXANDRIA
		STATE:			VA
		ZIP:			22310

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALUE ENGINEERING CO
		DATE OF NAME CHANGE:	19790612
</SEC-HEADER>
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<TYPE>8-K
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<DESCRIPTION>VSE CORPORATION FORM 8-K DATED APRIL 30, 2014
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal; MARGIN-RIGHT: 0pt">CURRENT REPORT</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0pt"><font style="FONT-WEIGHT: normal">Date of Report (Date of earliest event reported):&#160; </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">April 30, 2014</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">(State or Other Jurisdiction</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">of Incorporation)</div>
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<a id="eolPage2" name="eolPage2"></a><a id="FIS_SECTION_5_CORPORATE_GOVERNANCE" name="FIS_SECTION_5_CORPORATE_GOVERNANCE"></a><a id="FIS_CHANGE_IN_DIRECTORS_OR_PRINCIPAL_OFF" name="FIS_CHANGE_IN_DIRECTORS_OR_PRINCIPAL_OFF"></a><br>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0pt">Item 2.02<font style="LETTER-SPACING: 9pt" id="TAB2">&#160;&#160;&#160;</font>&#160;Results of Operations and Financial Condition</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><br>
 &#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">On&#160;April 30, 2014, VSE Corporation issued a press release announcing&#160;its financial results for the&#160;first quarter&#160;ended&#160;March 31, 2014. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K and is hereby incorporated by reference.</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; FONT-WEIGHT: bold">Item 9.01<font style="LETTER-SPACING: 9pt" id="TAB2">&#160;&#160;&#160;</font>&#160;Financial Statements and Exhibits</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">(d) Exhibits</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;Exhibit</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><u>Number</u></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;&#160;&#160; 99.1<font style="LETTER-SPACING: 9pt; FONT-SIZE: 1px">&#160;&#160;</font><font style="LETTER-SPACING: 9pt" id="TAB2">&#160;</font>&#160;Press release dated&#160;April 30, 2014, entitled, "VSE Reports Financial Results for&#160;First Quarter 2014."</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">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.</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">(Registrant)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Date:&#160;May 1, 2014</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">/s/ Thomas R. Loftus</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Thomas R. Loftus</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Executive&#160;Vice President and Chief Financial Officer</div>
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<TYPE>EX-99.1
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<DESCRIPTION>PRESS RELEASE DATED APRIL 30, 2014
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0pt">&#160;</div>

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<div style="color: #000000; text-align: center; font-family: Calibri, sans-serif; font-size: 12pt; font-weight: bold;">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">VSE Reports Financial Results for First Quarter 2014</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Continued success in our supply chain support offsets challenges in traditional customer base</div>

<div style="FONT-WEIGHT: normal"><br>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 12pt; FONT-WEIGHT: normal">Alexandria, Virginia, April 30, 2014 -&#160;VSE Corporation (Nasdaq:&#160;VSEC) reported the following unaudited consolidated financial results for the three months ended March 31, 2014.</div>

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<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0">
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Financial Results (unaudited)</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(in thousands, except per-share data and percentages)</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;</div>
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<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Three Months Ended Mar 31</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2013</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">% Change</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Revenues</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">119,409</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">119,157</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">0.2</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Operating income</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">11,357</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">9,942</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">14.2</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Operating margin</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">9.51</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">8.34</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: right; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">up 117 bp</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Income from continuing operations</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">6,269</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">5,271</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">18.9</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Loss from discontinued operations, net of tax</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div>$&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(615</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div>$&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(13</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net income</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">5,654</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">5,258</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">7.5</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Income from continuing operations EPS (diluted)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">1.17</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">0.99</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">18.2</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
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<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Loss from discontinued operations EPS (diluted)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div>$&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(0.12</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">0.00</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net income EPS (diluted)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">1.05</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">0.99</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">6.1</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">%</div>
</td>
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</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">"Our first quarter income from continuing operations and net income improved as compared to prior year first quarter levels," said Maurice "Mo" Gauthier, VSE CEO. "Results from our growing supply chain offerings have offset declines in services performed for our traditional customer base."</div>

<div style="FONT-WEIGHT: normal"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Mr. Gauthier continued, "In response to challenges in our legacy defense markets, we have adapted our competencies in vehicle, ship and aircraft fleet sustainment, service life extension, and logistics to the needs of adjacent markets. We will focus on mission critical fleet sustainment in these more promising markets, while we continue to defend and maintain our presence in key legacy defense markets in anticipation of a future rebound."</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal">For the first quarter of 2014, revenues were $119.4 million compared to $119.2 million in the fir<font style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">st quarter of 2013. Operating income for the first </font>quarter of 2014 was $11.4 million compared to $9.9 million in the first quarter of 2013. Revenues from our Supply Chain Management Group continued to grow; International Group and Federal Group revenues remained steady; and revenues from our IT, Energy and Management Consulting Group declined compared to the prior year period.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Income from continuing operations for the first quarter of 2014 was $6.3 million, or $1.17 per diluted share, compared to $5.3 million, or $0.99 per diluted share in the<font style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt"> first quarter of 2013. </font>Net income was $5.7 million for the first quarter of 2014, or $1.05 per diluted share, compared to $5.3 million, or $0.99 per diluted share for the first quarter of 2013.</div>

<div style="FONT-WEIGHT: normal"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Bookings were $89 million in the first quarter of 2014 as compared to revenue of $119.4 million. Funded contract backlog at March 31, 2014 was $205 million, compared to $236 million at December 31, 2013 and $264 million at March 31, 2013.</div>

<div><br>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Note on Discontinued Operations</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Prior to our decision in December of 2012 to divest the operations of our subsidiary Integrated Concepts and Research Corporation ("ICRC"), ICRC participated in an arrangement to provide bonding for certain small business prime contractors. Subsequently, various subcontractors have made claims on a few of the bonded projects associated with ICRC's discontinued construction management business. We have recorded a reserve related to these claims and disputes of approximately $615 thousand, net of tax,&#160;which is included in loss from discontinued operations for the first quarter of 2014.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Q1 Operational Highlights</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 11pt">Revenues from our Wheeler Bros., Inc. (WBI) subsidiary's Managed Inventory Program (MIP), which provides ongoing supply chain support for truck fleet parts, increased by 8% for the first quarter of 2014 as compared to the same period of 2013.</div>
</td>
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<div>
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<td style="WIDTH: 63.35pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 45.35pt; FONT-SIZE: 11pt">&#183;</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 11pt">WBI was awarded a delivery order to supply 10,000 engineered shelving kits to the United States Postal Service (USPS) for use in the Long Life Delivery Vehicles (LLV). This delivery order has a value of $2.9 million, with USPS having an option to purchase up to 40,000 additional kits following the initial delivery.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 45.35pt; FONT-SIZE: 11pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 10pt; COLOR: #000000; FONT-SIZE: 11pt">Our Akimeka, LLC subsidiary will continue providing Systems Operation Support Services (SOSS) to the Social Security Administration (SSA) under General Services Administration (GSA) Schedule 70 as a subcontractor under a contract awarded to Koniag Technology Services, Inc.&#160; This Firm Fixed Price (FFP) contract has a one-year base period of performance, plus five one-year options, and has an estimated value of up to $48 million to Akimeka.</div>
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</div>

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<td style="WIDTH: 63.35pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 45.35pt; FONT-SIZE: 11pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 11pt">Our Federal Group was awarded a Time and Materials (T&amp;M)/Firm Fixed Price (FFP) task order to support base operations and logistics at Red River Army Depot (RRAD) under the Field Installation Readiness Support Team (FIRST) contract. This task order has a one-year base period valued at $5.4 million and two option periods with a total contract value of $14.3 million.</div>
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</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 45.35pt; FONT-SIZE: 11pt">&#183;</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 11pt">Our International Group received several delivery orders totaling more than $13.7 million to continue work &#160;under its Foreign Military Sales (FMS) Naval Ship Transfer and Repair (N*STAR) contract through the Naval Sea Systems Command (NAVSEA) International Fleet Support Program.</div>
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<div style="TEXT-ALIGN: justify"><font style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">About VSE</font><font style="FONT-SIZE: 5.06pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Established in 1959, VSE is a diversified federal services company with experience in solving issues of global significance with integrity, agility, and value. VSE is dedicated to making our clients successful by delivering talented people and innovative solutions for supply chain management, logistics, engineering, energy, IT services, and consulting. For additional information regarding VSE services and products, please see the Company's web site at www.vsecorp.com or contact Christine Kaineg, VSE Investor Relations, at (703) 329-3263.</div>

<div style="FONT-WEIGHT: normal"><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">VSE encourages investors and others to review its public filings with the Securities and Exchange Commission for further information and analysis of VSE's financial condition and results of operations. The public filings include additional discussion about the status of specific customer programs and contract awards, risks, revenue sources and funding, dependence on material customers, and management's discussion of short and long term business challenges and opportunities.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Safe Harbor</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">This news release contains statements that to the extent they are not recitations of historical fact, constitute "forward looking statements" under federal securities laws. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward looking statements in this news release, see VSE's public filings with the SEC, including VSE's Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports filed with the SEC.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">VSE Financial News Contact: Christine Kaineg -- (703) 329-3263.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Statements</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">VSE Corporation and Subsidiaries</div>

<div style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Unaudited Consolidated Balance Sheets</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt">(in thousands except share and per share amounts)</div>

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<div>&#160;</div>
</td>
<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center">March 31,</div>
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<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center">December 31,</div>
</td>
<td style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div>&#160;</div>
</td>
<td style="PADDING-BOTTOM: 2px; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center">2013</div>
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</tr>

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<div style="TEXT-ALIGN: left">Assets</div>
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<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
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<td style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
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<div></div>
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<div style="TEXT-ALIGN: left">Current assets:</div>
</td>
<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>357</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>220</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Receivables, principally U.S. Government, net</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>72,936</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>78,387</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Inventories</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>40,425</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>39,315</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Deferred tax assets</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>460</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>863</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Other current assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>12,276</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>10,641</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total current assets</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>126,454</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>129,426</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Property and equipment, net</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>56,542</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>57,738</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Intangible assets, net</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>79,716</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>82,257</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Goodwill</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>92,052</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>92,052</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Deferred tax assets</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>2,634</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>2,545</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Other assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>17,100</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>16,511</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 4px; WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total assets</div>
</td>
<td style="PADDING-BOTTOM: 4px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>374,498</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>380,529</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Liabilities and Stockholders' Equity</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Current liabilities:</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Current portion of long-term debt</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>24,837</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>24,837</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Accounts payable</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>32,949</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>31,757</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Current portion of earn-out obligations</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>588</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>-</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Accrued expenses and other current liabilities</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>21,895</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>24,661</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Dividends payable</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>482</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>480</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total current liabilities</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>80,751</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>81,735</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Long-term debt, less current portion</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>52,682</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>64,487</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Deferred compensation</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>12,605</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>11,454</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Long-term lease obligations, less current portion</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>25,399</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>25,721</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Earn-out obligation</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>8,648</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>9,062</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Other liabilities</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>1,273</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>1,267</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total liabilities</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>181,358</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>193,726</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Commitments and contingencies</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Stockholders' equity:</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Common stock, par value $0.05 per share, authorized 15,000,000 shares; issued and outstanding 5,355,698 and 5,333,077 respectively</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>268</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>267</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Additional paid-in capital</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>20,199</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>19,139</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Retained earnings</div>
</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>172,769</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>167,598</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">Accumulated other comprehensive loss</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>(96</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>(201</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div>)</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;Total stockholders' equity</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>193,140</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>186,803</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 4px; WIDTH: 76%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left">&#160;&#160;&#160;&#160;Total liabilities and stockholders' equity</div>
</td>
<td style="PADDING-BOTTOM: 4px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom">
<div>374,498</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; FONT-FAMILY: Calibri, 'sans-serif'; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
