<SEC-DOCUMENT>0000102752-14-000062.txt : 20140801
<SEC-HEADER>0000102752-14-000062.hdr.sgml : 20140801
<ACCEPTANCE-DATETIME>20140801152945
ACCESSION NUMBER:		0000102752-14-000062
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140731
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140801
DATE AS OF CHANGE:		20140801

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:		141009927

	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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<DESCRIPTION>VSE CORPORATION FORM 8-K DATED JULY 31, 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">July 31, 2014</font></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;July 31, 2014, VSE Corporation issued a press release announcing&#160;its financial results for the&#160;second quarter&#160;ended&#160;June 30, 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;July 31, 2014, entitled, "VSE Reports Financial Results for&#160;Second 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;August 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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<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE DATED JULY 31, 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="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">VSE Reports Financial Results for Second Quarter 2014</div>

<div style="TEXT-ALIGN: center; FONT-STYLE: italic; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Legacy Federal Government Revenue Declines, Supply Chain Management Group Revenue Grows</div>

<div style="FONT-WEIGHT: normal"><br>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Alexandria, Virginia, July 31, 2014 -&#160;VSE Corporation (Nasdaq:&#160;VSEC) reported the following unaudited consolidated financial results for the three-month and six-month periods ended June 30, 2014.&#160;</div>

<div><br>
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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: left; FONT-FAMILY: Calibri, sans-serif; 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; 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>&#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="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Three Months Ended June 30,</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="10">
<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Six Months Ended June 30,</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
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<div>&#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; 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; 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; 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>
<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; FONT-SIZE: 11pt; FONT-WEIGHT: bold">2014</div>
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<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; 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; 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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<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Revenues</div>
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<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; FONT-SIZE: 11pt">$</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">107,962</div>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</div>
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<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">119,062</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; FONT-SIZE: 11pt">(9.3</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; 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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">227,371</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">238,219</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; FONT-SIZE: 11pt">(4.6</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; FONT-SIZE: 11pt">)%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; 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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">10,703</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">12,701</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; FONT-SIZE: 11pt">(15.7</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; 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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">22,060</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">22,643</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; FONT-SIZE: 11pt">(2.6</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; 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: left; FONT-FAMILY: Calibri, sans-serif; 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; FONT-SIZE: 11pt">9.9</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; 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; FONT-SIZE: 11pt">10.7</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; 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; FONT-SIZE: 11pt">Down 80 bp</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; 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; FONT-SIZE: 11pt">9.7</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; 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; FONT-SIZE: 11pt">9.5</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; 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; FONT-SIZE: 11pt">Up 20 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; HEIGHT: 18px">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; 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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">5,944</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">6,963</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; FONT-SIZE: 11pt">(14.6</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; 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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">12,213</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">12,234</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; 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; FONT-SIZE: 11pt">)%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; 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>$&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(279</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div>$&#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; FONT-SIZE: 11pt">(101</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; 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; FONT-SIZE: 11pt">-</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>$&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(894</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div>$&#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; FONT-SIZE: 11pt">(114</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; 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; 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: 28%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; 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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">5,665</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">6,862</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; FONT-SIZE: 11pt">(17.4</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; 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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">11,319</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">12,120</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; FONT-SIZE: 11pt">(6.6</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; FONT-SIZE: 11pt">)%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Income from continuing operations EPS (diluted)</div>
</td>
<td style="TEXT-ALIGN: left; 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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">1.11</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">1.30</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; FONT-SIZE: 11pt">(14.6</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; 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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">2.28</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">2.29</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; FONT-SIZE: 11pt">(0.4</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; FONT-SIZE: 11pt">)%</div>
</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 28%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Loss from discontinued operations EPS (diluted)</div>
</td>
<td style="TEXT-ALIGN: left; 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>$&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(0.05</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div>$&#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; FONT-SIZE: 11pt">(0.02</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; 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; FONT-SIZE: 11pt">-</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>$&#160;</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">(0.17</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">)</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div>$&#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; FONT-SIZE: 11pt">(0.02</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; 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; 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: 28%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Net income EPS</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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">1.06</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">1.28</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; FONT-SIZE: 11pt">(17.2</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; 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; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">2.11</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: middle" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">$</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; FONT-SIZE: 11pt">2.27</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; FONT-SIZE: 11pt">(7.0</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; FONT-SIZE: 11pt">)%</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">"Changes in government spending priorities and increased competition for fewer opportunities have caused significant declines in our DoD and other federal legacy revenues," said VSE CEO Maurice "Mo" Gauthier. &#160;"However, our Supply Chain Group has seen growth in both revenue and operating income for the second quarter and first half of this year as compared to the same periods for last year. Our success in extending our vehicle, ship and aircraft sustainment, service life extension and logistics competencies to new markets continues to guide our strategic direction. Additionally, our positive cash flow and reduction in bank debt positions us to consider a variety of options to increase shareholder value."</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal"><font style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Revenues </font>were $108 million compared to $119 million in the second<font style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt"> quarter of 2013. For the first six months, revenues </font>were $227 million in 2014 compared to $238 million<font style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt"> in 2013.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: Calibri, sans-serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-WEIGHT: normal"><font style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Operating </font>income was $10.7 million for the second quarter of 2014 compared to $12.7 million in the second quarter of 2013. For the first six months, operating income was $22.1 million in 2014 compared to $22.6 million in 2013.</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt; FONT-WEIGHT: normal">Net income was $5.7 million for the second quarter of 2014, or $1.06 per diluted share, compared to $6.9 million, or $1.28 per diluted share for the second quarter of 2013. &#160;Net income was $11.3 million for the first six months of 2014, or $2.11 per diluted share, compared to $12.1 million, or $2.27 per diluted share for the first six months 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 $173&#160;million for the first six months of 2014 compared to revenue of $227 million. Funded contract backlog at June 30, 2014 was $178 million, compared to $205 million at March 31, 2014 and $238&#160;million at June 30, 2013.</div>

<div><br>
</div>

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

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<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: Symbol, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">&#183;</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Our Wheeler Bros., Inc. subsidiary was recently recognized by the U.S. Postal Service as a winner of a 2013 Postal Service Supplier Performance Award. &#160;This recognition marks the seventh Postal Service Supplier Performance award for WBI.</div>
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<div>
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<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: Symbol, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">&#183;</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Our International Group received a number of awards, including the following:</div>
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<div>
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<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Courier New', monospace; MARGIN-LEFT: 54pt; FONT-SIZE: 11pt">o</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">&#160;A delivery order under its Navy FMS contract to provide engineering field services for in-country technical assistance team (ICTAT) for Egypt. This delivery order has an eight-month period of performance and a total value of approximately $5M.</div>
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</table>
</div>

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<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Courier New', monospace; MARGIN-LEFT: 54pt; FONT-SIZE: 11pt">o</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">A delivery order under its Navy FMS contract to provide Material and Component Procurement for Management and Engineering Support for Royal Saudi Naval Forces Special Forces. This delivery order has a five-month period of performance and a total value of approximately $4.4M.</div>
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</table>
</div>

<div>
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<tr>
<td style="WIDTH: 72pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Courier New', monospace; MARGIN-LEFT: 54pt; FONT-SIZE: 11pt">o</div>
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<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Two delivery orders under its U.S. Coast Guard Foreign Military Sales (FMS) contract in support of the Governments of Bangladesh and Nigeria. These delivery orders have a period of performance of up to seven-months and a total value of approx. $3M.</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Courier New', monospace; MARGIN-LEFT: 54pt; FONT-SIZE: 11pt">o</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt">Seven delivery orders under the Navy FMS contract, supporting the Italian, Turkish, Taiwan, Philippines, Iraq and Albania Navies. The delivery orders have a period of performance of up to twelve-months and a total value of $6.5 million.</div>
</td>
</tr>
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</div>

<div><br>
</div>

<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 the detailed reporting and disclosures contained in VSE's public filings with the Securities and Exchange Commission (SEC) 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>

<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>

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</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; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">VSE Corporation and Subsidiaries</div>
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<td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
<div></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Unaudited Consolidated Balance Sheets</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(in thousands except share and per share amounts)</div>
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<div></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">June 30,</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">December 31,</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">2014</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">2013</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Assets</div>
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<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Current assets:</div>
</td>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div></div>
</td>
<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
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<td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">302</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">220</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Receivables, principally U.S. Government, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">62,134</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">78,387</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Inventories</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">44,108</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">39,315</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Deferred tax assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">1,101</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">863</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Other current assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">10,515</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">10,641</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total current assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">118,160</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">129,426</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Property and equipment, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">55,470</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">57,738</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Intangible assets, net</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">77,175</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">82,257</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Goodwill</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">92,052</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">92,052</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Deferred tax assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">2,994</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">2,545</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Other assets</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">17,320</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">16,511</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 4px; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total assets</div>
</td>
<td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">363,171</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">380,529</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Liabilities and Stockholders' Equity</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Current liabilities:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Current portion of long-term debt</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">27,962</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">24,837</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Accounts payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">25,460</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">31,757</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Current portion of earn-out obligations</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">1,486</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">-</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Accrued expenses and other current liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">22,816</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">24,661</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Dividends payable</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">536</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">480</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total current liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">78,260</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">81,735</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Long-term debt, less current portion</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">39,108</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">64,487</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Deferred compensation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">12,550</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">11,454</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Long-term lease obligations, less current portion</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">25,139</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">25,721</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Earn-out obligation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">8,363</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">9,062</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Other liabilities</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">1,386</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">1,267</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total liabilities</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">164,806</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">193,726</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Stockholders' equity:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">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%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">268</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">267</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Additional paid-in capital</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">20,199</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">19,139</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #ffffff">
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Retained earnings</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">177,898</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">167,598</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 2px; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">Accumulated other comprehensive loss</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" 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: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">(201</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" 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: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;Total stockholders' equity</div>
</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">198,365</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">186,803</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="BACKGROUND-COLOR: #cceeff">
<td style="PADDING-BOTTOM: 4px; WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;Total liabilities and stockholders' equity</div>
</td>
<td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">363,171</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">$</div>
</td>
<td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #000000; FONT-SIZE: 11pt">380,529</div>
</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 12pt"><br>
</div>

<div style="TEXT-ALIGN: right; FONT-FAMILY: Calibri, sans-serif; FONT-SIZE: 11pt"></div>

<div><br>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
