<SUBMISSION>
<ACCESSION-NUMBER>0000822663-06-000016
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20060809
<ITEMS>2.02
<FILING-DATE>20060810
<DATE-OF-FILING-DATE-CHANGE>20060809
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>INTER PARFUMS INC
<CIK>0000822663
<ASSIGNED-SIC>2844
<IRS-NUMBER>133275609
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-16469
<FILM-NUMBER>061019072
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>551 FIFTH AVE
<STREET2>STE 1500
<CITY>NEW YORK
<STATE>NY
<ZIP>10176
<PHONE>2129832640
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>551 FIFTH AVENUE
<STREET2>STE 1500
<CITY>NEW YORK
<STATE>NY
<ZIP>10176
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>JEAN PHILIPPE FRAGRANCES INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ip8k080906.htm
<DESCRIPTION>INTER PARFUMS 8K_REPORT 2ND QUARTER
<TEXT>
<p align="center"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</b></p>
<p align="center">&nbsp;</p>
<p align="center"><b>FORM 8-K<br>
CURRENT REPORT </b></p>
<p align="center">Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934</p>
<p align="center">&nbsp;Date of Report (Date of Earliest Event Reported):<br>
<u>August 9, 2006</u></p>

<p>&nbsp;</p>
<P ALIGN="CENTER"><FONT SIZE="+2"><STRONG>Inter Parfums<EM>,</EM> Inc.<br>
</STRONG></FONT>(Exact name of Registrant as specified in its charter)</P>

<P ALIGN="CENTER">Commission File Number <b> <U>0-16469</U></b></P>

<P align="center">		<STRONG><U>Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13-3275609<br>
</U></STRONG>(State or other jurisdiction of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(I.R.S. Employer<br>
incorporation or organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;			Identification No.)</P>

<P align="center">		&nbsp;</P>

<P ALIGN="CENTER"><b><U>551 Fifth Avenue, New York, New York 10176<br>
</U></b>(Address of Principal Executive Offices)</P>

<P ALIGN="CENTER">&nbsp;</P>

<P ALIGN="CENTER"><b><U>212. 983.2640<br>
</U></b>(Registrant's Telephone number, including area code)</P>

<p>&nbsp;</p>
<p><u><b>Item 2.02. Results of Operations and Financial Condition.</b></u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain portions of our press
release dated August 9, 2006, a copy of which is annexed hereto as Exhibit no.
99.1, are incorporated by reference herein, and are furnished pursuant to this
Item 2.02. They are as follows:&nbsp;</p>
<ul>
  <li>The 1st, 2nd, 3rd and 4th , and portions of the 5th paragraph, all
  relating to income and expense for the second quarter and the six months ended
  June 30, 2006</li>
  <li>Certain portions of the 5th paragraph relating to net sales for the second
  quarter</li>
  <li>Certain portions of the 8th paragraph relating to balance sheet
  information</li>
  <li>The 11th paragraph relating to the conference call to be held on August
  10, 2006</li>
  <li>The consolidated statements of income and consolidated balance sheets.</li>
</ul>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with General
Instruction B.2. of Form 8-K, the information furnished pursuant to this Item
2.02 in this report shall not be deemed &quot;filed&quot; for purposes of Section 18 of
the Securities Exchange Act of 1934, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended, except as
shall be expressly set forth by specific reference in such a filing.</p>
<p><b><u>Item 7.01. Regulation FD Disclosure. </u></b></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain portions of our press
release dated August 9, 2006, a copy of which is annexed hereto as Exhibit no.
99.1, are incorporated by reference herein, and are furnished pursuant to this
Item 7.01 and Regulation FD. They are as follows:</p>
<ul>
  <li>Certain portions of the 5th paragraph relating to proposed product
  launches</li>
  <li>The 6th paragraph relating to proposed product launches and roll-outs</li>
  <li>The 7th paragraph relating to anticipated 2007 specialty retail programs,
  anticipated growth and related matters</li>
  <li>Certain portions of the 8th paragraph relating to relating to 2006
  guidance</li>
  <li>The 9th paragraph relating to relating to 2006 guidance, SFAS 123(R) and
  2006 anticipated after tax charges</li>
  <li>The 13th paragraph relating to forward looking information.</li>
  <li>The balance of such press release not otherwise incorporated by reference
  in Item 2.02 or Item 8.01</li>
</ul>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with General
Instruction B.2. of Form 8-K, the information furnished pursuant to this Item
7.01 and Regulation FD in this report shall not be deemed &quot;filed&quot; for purposes
of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended, except as shall be expressly set forth by specific reference in such a
filing.</p>
<p><u><b>Item 8.01. Other Events.</b></u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The 10th paragraph of our press
release dated August 9, 2006 relating to payment of quarterly dividends is
incorporated by reference herein.</p>
<p><u><b>Item 9.01 Financial Statements and Exhibits.</b></u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.1 Our press release dated
August 9, 2006 is furnished.</p>

<P ALIGN="center"><b>SIGNATURES</b></P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused and
authorized this report to be signed on its behalf by the undersigned.</P>

<P>Dated: August 9, 2006</P>

<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#FFFFFF" width="860" id="table2">
  <tr>
    <td width="387">&nbsp;</td>
    <td width="473">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Inter Parfums, Inc.</b><P>
    By:
 <u>/s/ Russell Greenberg<br>
    </u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell Greenberg,&nbsp;Executive Vice President


                </td>
  </tr>
</table>
































</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99_080906.htm
<DESCRIPTION>EXHIBIT 99 2ND Q
<TEXT>
<P ALIGN="CENTER"><FONT FACE="Times New Roman"><STRONG><U>FOR IMMEDIATE RELEASE</U></STRONG></P>


</font>








<p>&nbsp;INTER PARFUMS, INC. REPORTS SECOND QUARTER RESULTS</p>
<p>New York, New York, August 9, 2006 - Inter Parfums, Inc. (NasdaqGS: IPAR)
today reported second quarter 2006 results.&nbsp; European operations, which are
conducted in France, primarily represent the sale of prestige brand name
fragrances and United States operations, which primarily represented the sale of
mass-market products, now include our specialty retail products.</p>
<p>Second Quarter 2006 Compared to Second Quarter 2005:</p>
<ul style="margin-top: 0in; margin-bottom: 0in" type="disc">
  <li class="MsoNormal" style="text-align: justify">Net sales increased 15% to
  $70.3 million from $61.3 million.&nbsp; At comparable foreign currency exchange
  rates, second quarter net sales were 16% ahead of last year's second quarter;&nbsp;
  </li>
  <li class="MsoNormal" style="text-align: justify">Gross margin for both the
  current and prior year's second quarter was 56% of net sales;</li>
  <li class="MsoNormal" style="text-align: justify">S, G &amp; A as a percentage of
  sales rose to 47% from 45%.&nbsp; The increase was primarily due to approximately
  $2 million incurred in staff, product development and other start-up expenses
  relating to specialty retail&nbsp; personal care products programs; and,</li>
  <li class="MsoNormal" style="text-align: justify">Net income for both periods
  approximated $3.2 million or $0.16 per diluted share.</li>
</ul>
<p>Net sales for the six months ended June 30, 2006 increased nearly 7% to $<a name="OLE_LINK1">141.2
million from $132.4 </a>million in the first half of 2005; in constant dollars,
net sales were up 10% for the period.&nbsp; Net income for the first half of both
2006 and 2005 was $7.6 million or $0.37 per diluted share. </p>
<p>Jean Madar, Chairman &amp; CEO of Inter Parfums noted, &quot;As we reported last
month, sales growth was achieved by each of our six largest prestige brands.&nbsp;
European based product sales increased 14% in the current second quarter
compared to the corresponding period in 2005.&nbsp; Much of the increase was fueled
by the initial launch of Burberry London for women.&nbsp; Paul Smith fragrances also
performed well, notably the original Paul Smith fragrance, Paul Smith Extreme,
and Paul Smith Floral.&nbsp; Lanvin sales continue to grow and we are quite pleased
with the initial reaction to our new Nickel men's fragrance, Eau Maximum,
particularly in France where the brand has a strong following.&quot;</p>
<p>He continued, &quot;With respect to our United States based operations, second
quarter net sales were up 17% over the second quarter of 2005. These sales gains
are primarily due to shipments to Gap and Banana Republic of their existing
lines of fragrance and personal care products.&nbsp; The Banana Republic Discover
Collection, a line of five fragrances, is expected to hit Banana Republic stores
in September 2006.&nbsp; The collection consists of three scents for women and two
for men, each named after a luxurious, natural material that is both emotional
and authentic.&nbsp; A separate line of fragrance and personal care products is also
in the works for Gap's North American stores.&nbsp; That line is expected to launch
in 2007.&quot;</p>
<p>Discussing prestige launches scheduled in the second half of the year, Mr.
Madar noted that, Burberry London, a new women's fragrance has recently launched
and the men's counterpart of this new fragrance family is scheduled for launch
later this year.&nbsp; Rumeur, our first new Lanvin fragrance for women, is scheduled
to launch in fourth quarter, followed by a wider geographic rollout over the
early months of 2007.&nbsp; The new men's fragrance, S.T. Dupont Noir, has been well
received in Eastern Europe and the Middle East.&nbsp; Paul Smith Story, a new men's
fragrance, will debut in the U.S. and the U.K. in September.&nbsp; Plans call for the
fragrance rollout in Spain, Italy and Japan in early 2007, followed by Latin
America and China in mid-2007.&quot;</p>
<p>He further noted, &quot;We believe that our specialty retail programs of 2007 will
play a major part in our anticipated growth.&nbsp; We have and we intend to continue
to make necessary staff additions to accommodate our growth.&nbsp; Our New York
offices are undergoing renovation, including a 2,000 square foot expansion.&nbsp; We
have also made major MIS upgrades that, among other things, have enhanced our
inventory management capabilities.&quot;</p>
<p>Mr. Greenberg went on to say, &quot;Our financial position remains strong.&nbsp; At
June 30 2006, working capital aggregated $148 million and we had a working
capital ratio of 2.7 to 1.&nbsp; Cash and cash equivalents and short-term investments
aggregated $59 million.&nbsp; From the close of the first quarter to the close of the
second, inventories increased 21% as we gear up for new product launches and the
sales build-up indicated by our 2006 net sales guidance of approximately $301
million.&nbsp; We continue to believe net income for the year will be approximately
$16.9 million or $0.83 per diluted share.&quot;&nbsp; </p>
<p>The Company again pointed out that effective January 1, 2006, it has adopted
SFAS 123(R) &quot;Share-Based Payment,&quot; a new accounting pronouncement requiring the
expensing of stock based compensation.&nbsp; Earnings guidance for 2006 includes an
after tax charge of approximately $0.6 million or $0.03 per diluted share to
reflect the impact of SFAS 123(R).&nbsp; Inter Parfums indicated that its guidance
assumes the dollar remains at current levels.&nbsp; </p>
<p>&nbsp;Quarterly Dividend</p>
<p>The Company's regular quarterly cash dividend of $0.04 per share will be
payable on October 13, 2006 to shareholders of record on September 29, 2006.</p>
<p>&nbsp;Conference Call</p>
<p>The management of Inter Parfums will host a conference call at 11 am EDT on
Thursday, August 10, 2006, to discuss second quarter results and other recent
developments.&nbsp; Interested parties may participate by calling 706-679-3037,
approximately 10 minutes before the start of the call.&nbsp; This conference call
will also be distributed live over the Internet via the Investor Relations
section of the Company's web site at

www.interparfumsinc.com.&nbsp; To listen to the live call, please go to the web
site in advance to register, and if needed, download and install any necessary
audio software.&nbsp; If you are unable to listen live, the conference call will be
archived and can be accessed for approximately 90 days at the web site.&nbsp; We
suggest listeners use Microsoft Explorer as their browser.</p>
<p>Inter Parfums develops, manufactures and distributes prestige perfumes and
cosmetics as the exclusive worldwide licensee for Burberry, Lanvin, Paul Smith,
S.T. Dupont, Christian Lacroix, Celine, Diane von Furstenberg and Quiksilver/Roxy
and has controlling interest in Nickel S.A., a men's skin care company.&nbsp; Its
entry into the specialty retail market was accomplished with an exclusive
agreement with Gap Inc., under which it is designing and manufacturing personal
care products for Gap's and Banana Republic's North American stores.&nbsp; Inter
Parfums is also a producer and supplier of mass market fragrances, cosmetics and
personal care products.&nbsp; The Company's products are sold in over 120 countries
worldwide. </p>
<p>Statements in this release which are not historical in nature are
forward-looking statements. Although we believe that our plans, intentions and
expectations reflected in such forward-looking statements are reasonable, we can
give no assurance that such plans, intentions or expectations will be achieved.
In some cases you can identify forward-looking statements by forward-looking
words such as &quot;anticipate,&quot; &quot;believe,&quot; &quot;could,&quot; &quot;estimate,&quot; &quot;expect,&quot; &quot;intend,&quot;
&quot;may,&quot; &quot;should,&quot; &quot;will&quot; and &quot;would&quot; or similar words. You should not rely on
forward-looking statements because actual events or results may differ
materially from those indicated by these forward-looking statements as a result
of a number of important factors. These factors include, but are not limited to,
the risks and uncertainties discussed under the headings &quot;Forward Looking
Statements&quot; and &quot;Risk Factors&quot; in Inter Parfums' annual report on Form 10-K for
the fiscal year ended December 31, 2005, and the reports Inter Parfums files
from time to time with the Securities and Exchange Commission. Inter Parfums
does not intend to and undertakes no duty to update the information contained in
this press release.</p>








<p>&nbsp;</p>








<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="808" align="left" id="table1">
  <tr>
    <FONT FACE="Times New Roman">
    <td width="96">
    <font size="2">Contact at<br>
    <br>
    <br>
    &nbsp;</font></td>
    <td width="284">
    <p><font size="2">&nbsp;Inter Parfums, Inc.&nbsp;<br>
    Russell Greenberg, Exec. VP &amp; CFO<br>
    (212) 983-2640/rgreenberg@interparfumsinc.com<br>
    www.interparfumsinc.com </font> </p>
    </td>
    <td width="36"><font size="2">or<br>
    <br>
    <br>
    &nbsp;</font></td>
    <td width="392"><font size="2">Investor Relations Counsel<br>
    The Equity Group Inc.<br>
    Linda Latman &nbsp;(212)836-9609/llatman@equityny.com<br>
    Lena Cati (212) 836-9611/lcati</font><font size="2" FACE="Times New Roman">@equityny.com</font><font size="2"><br>
    www.theequitygroup.com</font></td>
    </font>
  </tr>
</table>









                  <FONT FACE="Times New Roman">
<p align="left">&nbsp;</p>
<p align="left">&nbsp;</p>
</font>


<p align="left">&nbsp;</p>
<p align="left">&nbsp;</p>
  <table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse" height="850" width="723">
    <tr>
      <td colspan="9" height="85" width="723">
      <p align="center"><b><font size="4">&nbsp;Inter Parfums, Inc.<br>
      </font></b><font size="2" face="Times New Roman"><b><i>CONSOLIDATED STATEMENTS OF INCOME</i></b></font></p>
      <p align="center" style="text-align: center">
      <font size="2" face="Times New Roman">(Unaudited)<br>
      (In thousands, except per share
      data)</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td colspan="3">
      <p align="center"><b><font size="2" face="Times New Roman">Three Months Ended<br>
      June 30,</font></b></td>
      <td>&nbsp;</td>
      <td colspan="3">
      <p align="center"><font size="2" face="Times New Roman"><b>Six Months Ended<br>
      June 30,</b></font></td>
    </tr>
    <tr style="height: 4.5pt">
      <td>
      <p>
      &nbsp;</td>
      <td>
      <p>
      &nbsp;</td>
      <td style="border-bottom-style: none; border-bottom-width: medium">
      <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
      <p align="center"><font size="2" face="Times New Roman"><b>2006</b></font></div>
      </td>
      <td>
      <p align="center" style="text-align: center">&nbsp;</td>
      <td>
      <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
      <p align="center"><font size="2" face="Times New Roman"><b>2005</b></font></div>
      </td>
      <td>
      <p align="center" style="text-align: center">&nbsp;</td>
      <td>
      <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
      <p align="center" style="text-align: center"><b>
      <font size="2" face="Times New Roman">2006</font></b></div>
      </td>
      <td>
      <p align="center" style="text-align: center">&nbsp;</td>
      <td>
      <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
      <p align="center" style="text-align: center"><b>
      <font size="2" face="Times New Roman">2005</font></b></div>
      </td>
    </tr>
    <tr>
      <td>
      <p>
      &nbsp;</td>
      <td align="right">
      <p>
      &nbsp;</td>
      <td align="right" style="border-top-style: none; border-top-width: medium">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      <b><font size="2" face="Times New Roman">Net sales</font></b></td>
      <td align="right">
      <p>
      &nbsp;</td>
      <td align="right">
      <p align="right"><font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      70,285</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      61,343</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141,185</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132,430</font></td>
    </tr>
    <tr>
      <td>
      <p>
      &nbsp;</td>
      <td align="right">
      <p>
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      <b><font size="2" face="Times New Roman">Cost of sales</font></b></td>
      <td align="right">
      <p>
      &nbsp;</td>
      <td align="right">
      <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
        <font size="2" face="Times New Roman">30,615</font></div>
      </td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
      <p align="right"><font size="2" face="Times New Roman">26,748</font></div>
      </td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
        <font size="2" face="Times New Roman">61,219</font></div>
      </td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
        <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      57,258</font></div>
      </td>
    </tr>
    <tr>
      <td>
      <p>
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td style="border: medium none; " align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      <b><font size="2" face="Times New Roman">Gross margin</font></b></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">39,670</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">34,595</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;79,966</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      75,172</font></td>
    </tr>
    <tr>
      <td>
      <p>
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      <b><font size="2" face="Times New Roman">Selling, general
      and administrative</font></b></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right">
      <font size="2" face="Times New Roman">33,337</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>
      <font size="2" face="Times New Roman">27,598</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>
      <font size="2" face="Times New Roman">64,400</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      59,162</font></td>
    </tr>
    <tr style="height: 4.05pt">
      <td>
      <p>
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td style="border-left: medium none; border-right: medium none; border-top: .5pt solid windowtext; border-bottom: medium none; " align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td style="padding:0; border-left:medium none; border-right:medium none; border-top:.5pt solid windowtext; border-bottom:medium none; " align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td style="border-left: medium none; border-right: medium none; border-top: .5pt solid windowtext; border-bottom: medium none; " align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td style="padding:0; border-left:medium none; border-right:medium none; border-top:.5pt solid windowtext; border-bottom:medium none; " align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      <b><font size="2" face="Times New Roman">Income from
      operations</font></b></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">6,333</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      6,997</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">15,566</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      16,010</font></td>
    </tr>
    <tr>
      <td>
      <p>
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p>
      <b><font size="2" face="Times New Roman">Other expenses (income):</font></b></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest
      expense</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;318</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      384</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">519</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      599</font></td>
    </tr>
    <tr>
      <td>
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss
      on foreign currency</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;(220)</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (75)</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;(381)</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>
      <font size="2" face="Times New Roman">4</font></td>
    </tr>
    <tr>
      <td>
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and
      dividend (income)</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">(501)</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">(448)</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right"><font size="2" face="Times New Roman">(1,015)</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">(694)</font></td>
    </tr>
    <tr>
      <td>
      <p style="text-indent: -.25in; margin-left: .25in">
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on subsidiary's
      issuance of<br>
      stock</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
&nbsp;61</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <br>
      14</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman"><br>
      (12)</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <br>
      14</font></td>
    </tr>
    <tr>
      <td>
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td style="border: medium none; " align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">(342)</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (125)</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p align="right"><font size="2" face="Times New Roman">&nbsp;&nbsp;(889)</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (77)</font></td>
    </tr>
    <tr style="height: 4.05pt">
      <td>
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td style="padding:0; ">
      <p align="left" style="text-align: left">
      <b><font size="2" face="Times New Roman">Income before
      income taxes and</font></b></td>
      <td style="padding:0; " align="right">
      <p>&nbsp;</td>
      <td style="padding:0; " align="right">
      <p>&nbsp;</td>
      <td style="padding:0; " align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td style="padding:0; ">
      <p align="left" style="text-align: left">
      <font size="2" face="Times New Roman">&nbsp;&nbsp; <b>minority
      interest</b></font></td>
      <td style="padding:0; " align="right">
      <p>&nbsp;</td>
      <td style="padding:0; " align="right">
      <p><font size="2" face="Times New Roman">6,675</font></td>
      <td style="padding:0; " align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      7,122</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,455</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      16,087</font></td>
    </tr>
    <tr>
      <td style="padding:0; ">
      <p align="left" style="text-align: left">
      &nbsp;</td>
      <td style="padding:0; " align="right">
      <p>&nbsp;</td>
      <td style="padding:0; " align="right">
      <p>&nbsp;</td>
      <td style="padding:0; " align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td style="padding:0; ">
      <p align="left" style="text-align: left">
      <font size="2" face="Times New Roman">Income taxes</font></td>
      <td style="padding:0; " align="right">
      <p>&nbsp;</td>
      <td align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <div style="border-bottom-style: solid; border-bottom-width: 1; padding-bottom: 1">
        <font size="2" face="Times New Roman">2,293</font></div>
      </td>
      <td style="padding:0; " align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td style="border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:.5pt solid windowtext" align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      2,819</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td style="border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:.5pt solid windowtext" align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,635</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td style="border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:.5pt solid windowtext" align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5,975</font></td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right" style="border-top-style: none; border-top-width: medium">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      <b><font size="2" face="Times New Roman">Income before
      minority interest</font></b></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">4,382</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      4,303</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,820</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      10,112</font></td>
    </tr>
    <tr>
      <td>
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p style="text-indent: -.25in; margin-left: .25in">
      <font size="2" face="Times New Roman">Minority interest in net income <br>
      of consolidated subsidiary</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <br>
      1,190</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <br>
      1,089</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>
      3,208</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <br>
      2,494</font></td>
    </tr>
    <tr>
      <td>
      &nbsp;</td>
      <td>
      <p>&nbsp;</td>
      <td style="border: medium none; " align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      <b><font size="2" face="Times New Roman">Net income</font></b></td>
      <td>
      <p>&nbsp;</td>
      <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; " align="right">
      <p align="right"><font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,192</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td style="padding:0; border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.5pt double windowtext; " align="right">
      <p><font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      3,214</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td style="padding:0; border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.5pt double windowtext; " align="right">
      <p><font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,612</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td style="padding:0; border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.5pt double windowtext; " align="right">
      <p><font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      7,618</font></td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      &nbsp;</td>
      <td>
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p><b><font size="2" face="Times New Roman">Net income per share:</font></b></td>
      <td>
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      <b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic</font></b></td>
      <td>
      <p>&nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.16</font></td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.16</font></td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.38</font></td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.38</font></td>
    </tr>
    <tr>
      <td>
      <b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted</font></b></td>
      <td>
      <p>&nbsp;</td>
      <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; " align="right">
      <p align="center" style="text-align: center">
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.16</font></td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; " align="right">
      <p align="center" style="text-align: center">
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.16</font></td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; " align="right">
      <p align="center" style="text-align: center">
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.37</font></td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; " align="right">
      <p align="center" style="text-align: center">
      <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.37</font></td>
    </tr>
    <tr>
      <td>
      &nbsp;</td>
      <td>
      <p>&nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
    </tr>
    <tr>
      <td>
      <p style="text-indent: -.25in; margin-left: .25in">
      <b><font size="2" face="Times New Roman">Weighted average number of shares
      outstanding:</font></b></td>
      <td>
      <p>&nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p align="center" style="text-align: center">
      &nbsp;</td>
    </tr>
    <tr>
      <td>
      <p align="left" style="text-align: left">
      <b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic</font></b></td>
      <td>
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">20,315</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      20,179</font></td>
      <td align="right">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,291</font></td>
      <td align="right">
      <p>&nbsp;</td>
      <td align="right">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      19,940</font></td>
    </tr>
    <tr>
      <td style="width: 291; " height="19">
      <b><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted</font></b></td>
      <td style="width: 15; " height="19">
      <p>&nbsp;</td>
      <td style="width: 88; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; " height="19" align="right">
      <p><font size="2" face="Times New Roman">20,564</font></td>
      <td style="width: 8; " align="right" height="19">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td style="width: 96; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; " align="right" height="19">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      20,478</font></td>
      <td style="width: 8; " align="right" height="19">
      <p align="right" style="text-align: right">
      &nbsp;</td>
      <td style="width: 97; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; " align="right" height="19">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,554</font></td>
      <td style="width: 8; " align="right" height="19">
      <p>&nbsp;</td>
      <td style="width: 112; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; " align="right" height="19">
      <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      20,449</font></td>
    </tr>
  </table>
<p class="MsoNormal">&nbsp;</p>



<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 37.3pt">
  <tr style="height: 12.85pt">
    <td colspan="5" style="width: 696; height: 75; ">
    <p align="center" style="text-align: center"><b>
    <font face="Times New Roman" size="4">Inter Parfums, Inc.<br>
    </font><i><font size="2" face="Times New Roman">CONSOLIDATED BALANCE SHEETS</font></i></b></p>
    <p align="center" style="text-align: center">
    <font size="2" face="Times New Roman">(In thousands except share and per share
    data)</font></td>
  </tr>
  <tr style="height: 12.85pt">
    <td colspan="5" style="width: 696; height: 19; ">
    <p align="center" style="text-align: center">
    <font size="2" face="Times New Roman">ASSETS</font></td>
  </tr>
  <tr style="height: 21.2pt">
    <td style="width: 422; height: 31; ">
    <p>&nbsp;</td>
    <td style="width: 16; height: 31; ">
    <p>&nbsp;</td>
    <td style="width: 92; height: 31; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext; ">
    <p align="center" style="text-align: center"><b>
    <font size="2" face="Times New Roman">June 30,<br>
    2006</font></b></td>
    <td style="width: 16; height: 31; ">
    <p>&nbsp;</td>
    <td style="width: 94; height: 31; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext; ">
    <p align="center" style="text-align: center"><b>
    <font size="2" face="Times New Roman">December 31,<br>
    2005</font></b></td>
  </tr>
  <tr style="height: 9.85pt">
    <td style="width: 422; height: 19; ">
    <p>&nbsp;</td>
    <td style="width: 16; height: 19; ">
    <p>&nbsp;</td>
    <td style="width: 92; height: 19; ">
    <p align="center" style="text-align: center"><b>
    <font size="2" face="Times New Roman">(Unaudited)</font></b></td>
    <td style="width: 16; height: 19; ">
    <p>&nbsp;</td>
    <td style="width: 94; height: 19; ">
    <p>&nbsp;</td>
  </tr>
  <tr style="height: 16.2pt">
    <td style="width: 422; height: 22; ">
    <p><b><font size="2" face="Times New Roman">Current assets:</font></b></td>
    <td style="width: 16; height: 22; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 22; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 16; height: 22; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 22; " align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 16; ">
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash
    equivalents</font></td>
    <td style="width: 16; height: 16; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 16; " align="left">
    <p align="right">
    <font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,197</font></td>
    <td style="width: 16; height: 16; " align="left">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 16; " align="left">
    <p align="right">
    <font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,132</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 15; ">
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term
    investments</font></td>
    <td style="width: 16; height: 15; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,600</font></td>
    <td style="width: 16; height: 15; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,400</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 15; ">
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Account
    receivable, net</font></td>
    <td style="width: 16; height: 15; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94,104</font></td>
    <td style="width: 16; height: 15; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,231</font></td>
  </tr>
  <tr style="height: 9.85pt">
    <td style="width: 422; height: 15; ">
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories</font></td>
    <td style="width: 16; height: 15; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70,983</font></td>
    <td style="width: 16; height: 15; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48,631</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 15; ">
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables,
    other</font></td>
    <td style="width: 16; height: 15; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,223</font></td>
    <td style="width: 16; height: 15; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,119</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 15; ">
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current
    assets</font></td>
    <td style="width: 16; height: 15; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,561</font></td>
    <td style="width: 16; height: 15; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,213</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 15; ">
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax
    receivable</font></td>
    <td style="width: 16; height: 15; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104</font></td>
    <td style="width: 16; height: 15; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 16; ">
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax
    assets</font></td>
    <td style="width: 16; height: 16; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 16; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,819</font></td>
    <td style="width: 16; height: 16; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 16; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,011</font></td>
  </tr>
  <tr style="height: 9.85pt">
    <td style="width: 422; height: 19; ">
    <p>&nbsp;</td>
    <td style="width: 16; height: 19; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 19; border: medium none; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 16; height: 19; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 19; border: medium none; " align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 15; ">
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
    current assets</font></td>
    <td style="width: 16; height: 15; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237,591</font></td>
    <td style="width: 16; height: 15; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 15; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199,841</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 19; ">
    <p align="left">&nbsp;</td>
    <td style="width: 16; height: 19; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 19; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 16; height: 19; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 19; " align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 9.85pt">
    <td style="width: 422; height: 16; ">
    <p align="left" style="text-align: left">
    <b><font size="2" face="Times New Roman">Equipment and
    leasehold improvements, net</font></b></td>
    <td style="width: 16; height: 16; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 16; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,842</font></td>
    <td style="width: 16; height: 16; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 16; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,835</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 20; ">
    <p align="left" style="text-align: left">&nbsp;</td>
    <td style="width: 16; height: 20; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 20; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 16; height: 20; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 20; " align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 16; ">
    <p align="left" style="text-align: left">
    <b><font size="2" face="Times New Roman">Trademarks,
    licenses and other intangible assets, net</font></b></td>
    <td style="width: 16; height: 16; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 16; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,765</font></td>
    <td style="width: 16; height: 16; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 16; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,136</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 20; ">
    <p align="left" style="text-align: left">&nbsp;</td>
    <td style="width: 16; height: 20; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 20; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 16; height: 20; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 20; " align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 16; ">
    <p align="left" style="text-align: left">
    <b><font size="2" face="Times New Roman">Goodwill</font></b></td>
    <td style="width: 16; height: 16; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 16; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,810</font></td>
    <td style="width: 16; height: 16; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 16; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,476</font></td>
  </tr>
  <tr style="height: 4.0pt">
    <td style="width: 422; height: 20; ">
    <p align="left" style="text-align: left">&nbsp;</td>
    <td style="width: 16; height: 20; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 20; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 16; height: 20; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 20; " align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 16; ">
    <p align="left" style="text-align: left">
    <b><font size="2" face="Times New Roman">Other assets</font></b></td>
    <td style="width: 16; height: 16; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 16; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600</font></td>
    <td style="width: 16; height: 16; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 16; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td style="width: 422; height: 20; ">
    &nbsp;</td>
    <td style="width: 16; height: 20; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 20; border: medium none; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 16; height: 20; " align="right">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 20; border: medium none; " align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 9.85pt">
    <td style="width: 422; height: 20; ">
    &nbsp;</td>
    <td style="width: 16; height: 20; ">
    <p>
    &nbsp;</td>
    <td style="width: 92; height: 21; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; ">
    <p align="right">
    <font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280,608</font></td>
    <td style="width: 16; height: 20; ">
    <p>
    &nbsp;</td>
    <td style="width: 94; height: 21; border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext; ">
    <p align="right">
    <font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240,910</font></td>
  </tr>
  <tr style="height: 12.1pt">
    <td colspan="5" style="width: 696; height: 34; ">
    <p align="center" style="text-align: center">
    &nbsp;</p>
    <p align="center" style="text-align: center">
    <b><font face="Times New Roman">LIABILITIES AND SHAREHOLDERS' EQUITY</font></b></td>
  </tr>
  <tr style="height: 4.0pt">
    <td>
    <p><b><font size="2" face="Times New Roman">Current liabilities:</font></b></td>
    <td>
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 10.55pt">
    <td>
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans payable
    -
    banks</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,331</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 989</font></td>
  </tr>
  <tr style="height: 9.85pt">
    <td>
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion
    of long-term debt</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;4,068</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">3,775</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td>
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">48,386</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">40,359</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td>
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">26,588</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">21,555</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td>
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes
    payable</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">471</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">1,269</font></td>
  </tr>
  <tr style="height: 10.55pt">
    <td>
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends
    payable</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext" align="right">
    <p>
    <font size="2" face="Times New Roman">813</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext" align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;810</font></td>
  </tr>
  <tr style="height: 9.85pt">
    <td>
    <p>&nbsp;</td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border: medium none" align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td style="border: medium none" align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 10.55pt">
    <td>
    <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
    current liabilities</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext" align="right">
    <p>
    <font size="2" face="Times New Roman">89,657</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext" align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;68,757</font></td>
  </tr>
  <tr style="height: 4.0pt">
    <td>
    <p align="left" style="text-align: left">&nbsp;</td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border: medium none" align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td style="border: medium none" align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left">
    <b><font size="2" face="Times New Roman">Long-term debt,
    less current portion</font></b></td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext" align="right">
    <p>
    <font size="2" face="Times New Roman">8,136</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1px solid windowtext; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;9,437</font></td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left">&nbsp;</td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border: medium none" align="right">
    <p>
    &nbsp;</td>
    <td style="border-right-style:none; border-right-width:medium" align="right">
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-bottom: medium none windowtext; ; border-top-color:inherit" align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left">
    <b><font size="2" face="Times New Roman">Deferred tax
    liability</font></b></td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext" align="right">
    <p>
    <font size="2" face="Times New Roman">2,036</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1px solid windowtext; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;1,783</font></td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left">&nbsp;</td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border: medium none" align="right">
    <p>
    &nbsp;</td>
    <td style="border-right-style:none; border-right-width:medium" align="right">
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-bottom: medium none windowtext; ; border-top-color:inherit" align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left">
    <b><font size="2" face="Times New Roman">Put option</font></b></td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext" align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;1,177</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1px solid windowtext; " align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;743</font></td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left">&nbsp;</td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border: medium none" align="right">
    <p>
    &nbsp;</td>
    <td style="border-right-style:none; border-right-width:medium" align="right">
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-bottom: medium none windowtext; ; border-top-color:inherit" align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left">
    <b><font size="2" face="Times New Roman">Minority interest</font></b></td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext" align="right">
    <p>
    <font size="2" face="Times New Roman">37,627</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext" align="right">
    <p>
    <font size="2" face="Times New Roman">32,463</font></td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left">&nbsp;</td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border: medium none" align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td style="border: medium none" align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left">
    <b><font size="2" face="Times New Roman">Shareholders'
    equity:</font></b></td>
    <td>
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left; text-indent: -9.0pt; margin-left: 27.0pt">

    <font size="2" face="Times New Roman">Preferred stock, $0.001 par value. Authorized 1,000,000 shares; none<br>
&nbsp;issued</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left; text-indent: -9.0pt; margin-left: 27.0pt">

    <font size="2" face="Times New Roman">Common stock, $0.001 par value. Authorized 100,000,000 shares;<br>
&nbsp;outstanding 20,317,810 and 20,252,310 shares at June 30, 2006 and<br>
&nbsp;December 31, 2005, respectively</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">
    <br>
    <br>
    20</font></td>
    <td align="right">
    <p>
    &nbsp;</td>
    <td align="right">
    <p>
    <font size="2" face="Times New Roman">&nbsp;<br>
    <br>
    20</font></td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p style="text-align: justify; text-indent: -9.0pt; margin-left: 27.0pt">

    <font size="2" face="Times New Roman">Additional paid-in capital</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td>
    <p align="right">
    <font size="2" face="Times New Roman">37,214</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td>
    <p align="right">
    <font size="2" face="Times New Roman">36,640</font></td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p style="text-align: justify; text-indent: -9.0pt; margin-left: 27.0pt">

    <font size="2" face="Times New Roman">Retained earnings</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td>
    <p align="right">
    <font size="2" face="Times New Roman">119,036</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td>
    <p align="right">
    <font size="2" face="Times New Roman">112,802</font></td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p style="text-align: justify; text-indent: -9.0pt; margin-left: 27.0pt">

    <font size="2" face="Times New Roman">Accumulated other comprehensive income</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td>
    <p align="right">
    <font size="2" face="Times New Roman">11,014</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td>
    <p align="right">
    <font size="2" face="Times New Roman">3,574</font></td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p align="left" style="text-align: left; text-indent: -9.0pt; margin-left: 27.0pt">

    <font size="2" face="Times New Roman">Treasury stock, at cost 6,302,768 common shares at June 30, 2006 and<br>
&nbsp;December 31, 2005</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext">
    <p align="right">
    <font size="2" face="Times New Roman"><br>
    (25,309)</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext">
    <p align="right">
    <font size="2" face="Times New Roman"><br>
    (25,309)</font></td>
  </tr>
  <tr style="height: 7.25pt">
    <td>
    <p>&nbsp;</td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext">
    <p align="right">
    <font size="2" face="Times New Roman">141,975</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: .5pt solid windowtext">
    <p align="right">
    <font size="2" face="Times New Roman">127,727</font></td>
  </tr>
  <tr style="height: 4.0pt">
    <td>
    <p>&nbsp;</td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext">
    <p align="right">
    <font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280,608</font></td>
    <td>
    <p>
    &nbsp;</td>
    <td style="border-left: medium none; border-right: medium none; border-top: medium none; border-bottom: 1.5pt double windowtext">
    <p align="right">
    <font size="2" face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240,910</font></td>
  </tr>
</table>





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