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<SEC-DOCUMENT>0001003297-10-000114.txt : 20100507
<SEC-HEADER>0001003297-10-000114.hdr.sgml : 20100507
<ACCEPTANCE-DATETIME>20100507155941
ACCESSION NUMBER:		0001003297-10-000114
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20100331
FILED AS OF DATE:		20100507
DATE AS OF CHANGE:		20100507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALAMO GROUP INC
		CENTRAL INDEX KEY:			0000897077
		STANDARD INDUSTRIAL CLASSIFICATION:	FARM MACHINERY & EQUIPMENT [3523]
		IRS NUMBER:				741621248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13854
		FILM NUMBER:		10812413

	BUSINESS ADDRESS:	
		STREET 1:		1627 E WALNUT
		CITY:			SEGUIN
		STATE:			TX
		ZIP:			78155
		BUSINESS PHONE:		8303791480

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 549
		STREET 2:		1627 EAST WALNUT
		CITY:			SEGUIN
		STATE:			TX
		ZIP:			78155
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>es10q-2010qtr1final.htm
<TEXT>
<html>

<head>
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<title>Alamo Group Inc. Form 10-Q</title>



</head>

<body lang=EN-US>

<div style='page:Section1;'>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<hr color="#000000">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>UNITED STATES</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>SECURITIES AND
  EXCHANGE COMMISSION</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>WASHINGTON, D.C. 20549</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-top:0in;margin-bottom:24.0pt;margin-left:0in;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-bottom:0in;margin-bottom:.0001pt'>FORM 10-Q</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:
  .0001pt;text-align:center'>[ X ]&nbsp; QUARTERLY REPORT PURSUANT TO SECTION 13 OR
  15(d) OF THE SECURITIES EXCHANGE</p>
  <p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:
  .0001pt;text-align:center'>ACT OF 1934</p>
  <p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>
  <p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:
  .0001pt;text-align:center'>FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2010</p>
  <p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>
  <p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:
  .0001pt;text-align:center'>OR</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>[&nbsp;&nbsp;&nbsp;
  ]&nbsp; TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
  EXCHANGE</p>
  <p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:
  .0001pt;text-align:center'>ACT OF 1934</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
<font size="2">FOR
THE </font> </p>

  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">TRANSITION
  PERIOD FROM ____ TO ____</font></p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>COMMISSION
  FILE NUMBER
  0-21220</b></p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="5">ALAMO GROUP INC.</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS
  CHARTER)</font></p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <div align="center">

<table class=MsoTableGrid border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none' width="100%">
 <tr style='height:.5in'>
  <td style='border:none;padding:0in 0in 0in 0in' width="45%">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>DELAWARE</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>(State or other
  jurisdiction of</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>incorporation or
  organization)</p>
  </td>
  <td width="10%" valign=top style='border:medium none;height:.5in; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width="45%" valign=top style='border:medium none;height:.5in; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>74-1621248</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>(I.R.S. Employer</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>Identification
  Number)</p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>1627 East Walnut,
  Seguin, Texas&nbsp; 78155</b></p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><i>(Address of principal
  executive offices</i>)</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>830-379-1480</b></p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>(<i>Registrant&#146;s
  telephone number, including area code</i>)</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt'>INDICATE BY
  CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED TO BE
  FILED BY SECTION 13 OR 15(D) OF SECURITIES EXCHANGE ACT OF 1934 DURING THE
  PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
  REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING
  REQUIREMENT FOR THE PAST 90 DAYS.&nbsp;&nbsp; </p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">YES <u>&nbsp;X&nbsp;&nbsp; </u>&nbsp;&nbsp;&nbsp;NO
  ___</font></p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt'>INDICATE BY
  CHECK MARK WHETHER REGISTRANT IS A LARGE ACCELERATED FILER, AN ACCELERATED
  FILER, OR A NON-ACCELERATED FILER.&nbsp; SEE DEFINITION OF &#147;ACCELERATED FILER AND
  LARGE ACCELERATED FILER&#148; IN EXCHANGE ACT RULE 12B-2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LARGE ACCELERATED
  FILER &nbsp;&nbsp; [&nbsp; ]  ACCELERATED FILER &nbsp;&nbsp; [X] &nbsp;&nbsp; NON-ACCELERATED FILER  [&nbsp;&nbsp;]</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt'>INDICATE BY
  CHECK MARK WHETHER THE REGISTRANT IS A SHELL COMPANY (AS DEFINED IN RULE
  12B-2 OF THE EXCHANGE ACT). YES [&nbsp;&nbsp;]&nbsp; NO [X]</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt'>AT APRIL 29,
  2010, 11,748,729 SHARES OF COMMON STOCK, $.10 PAR
  VALUE, OF THE REGISTRANT WERE OUTSTANDING.</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b><font style="font-size: 10.0pt">&nbsp;</font></b></p>
<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b><font style="font-size: 10.0pt">&nbsp;</font></b></p>

<h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight:bold; margin-left:0in; margin-top:0in'>Alamo Group Inc. and
Subsidiaries</h2>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
<font size="2">INDEX</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </b></p>

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&n
bsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</p>

<table class=MsoTableGrid border=0 cellpadding=0
 style='border-collapse:collapse;border:none' width="100%">
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>PART
  I.&nbsp;&nbsp; </p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>FINANCIAL
  INFORMATION</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>PAGE</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Item
  1.</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Interim
  Condensed Consolidated Financial Statements&nbsp; (Unaudited)</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<a href="#Interim_Consolidated_Balance_Sheets_">Interim
  Condensed Consolidated Balance Sheets </a> </p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp; March
  31, 2010 and December 31, 2009 (Audited)</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>3</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<a href="#Interim_Consolidated_Statements_of_Income_">Interim
  Condensed Consolidated Statements of Income</a></p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp; Three
  months ended March 31, 2010 and March 31, 2009</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>4</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<a href="#Interim_Consolidated_Statements_of_Cash_Flows_">Interim
  Condensed Consolidated Statements of Cash Flows</a></p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp; Three
  months ended March 31, 2010 and March 31, 2009</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>5</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<a href="#Notes_to_Interim_Condensed_Consolidated_Financial_Statements_-_(Unaudited)_">Notes
  to Interim Condensed Consolidated Financial Statements</a></p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>6</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Item
  2</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<a href="#Item_2.__Management&#146;s_Discussion_and_Analysis_of_Financial_Condition_and_Results_of_Operations_">Management's
  Discussion and Analysis of Financial</a></p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>16</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp; Condition
  and Results of Operations</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Item
  3</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<a href="#Item_3.__Quantitative_and_Qualitative_Disclosures_About_Market_Risks_">Quantitative
  and Qualitative Disclosures About Market Risks</a></p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>23</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Item
  4</p>
  </td>
  <td width=480 valign=top style='width:80%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<a href="#Item_4._Controls_and_Procedures">Controls
  and Procedures</a></p>
  </td>
  <td width=84 valign=top style='width:10%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>24</p>
  </td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table class=MsoTableGrid border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none' width="100%">
 <tr>
  <td width=67 valign=top style='width:10%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <font size="2" face="Times New Roman">PART
  II.&nbsp; </font>
  </td>
  <td width=601 valign=top style='width:90%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <font size="2" face="Times New Roman"><a href="#PART_II.__OTHER_INFORMATION">OTHER
  INFORMATION</a></font></td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td width=601 valign=top style='width:90%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>Item
  1.&nbsp; </p>
  </td>
  <td width=601 valign=top style='width:90%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>None</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>Item
  2.&nbsp; </p>
  </td>
  <td width=601 valign=top style='width:90%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>None</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>Item
  3. </p>
  </td>
  <td width=601 valign=top style='width:90%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>None</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>Item
  4.&nbsp; </p>
  </td>
  <td width=601 valign=top style='width:90%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>None
  </p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:10%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>Item
  5.&nbsp; </p>
  </td>
  <td width=601 valign=top style='width:90%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>
	<a href="#Item_6._Exhibits_">Other
  Information</a></p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=67 valign=top style='width:10%;border:medium none;height:.2in; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>
	<font size="2">Item
  6</font></p>
  </td>
  <td width=601 valign=top style='width:90%;border:medium none;height:.2in; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-left:0in; margin-top:0in'>
	<font size="2"><a href="#Item_6._Exhibits_">Exhibits
  and Reports on Form 8-K</a></font></p>
  </td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table class=MsoTableGrid border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
  <td width=668 valign=top style='width:501.1pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<a href="#SIGNATURES">SIGNATURES</a></p>
  </td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&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;&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;
</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>2</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight:bold; margin-left:0in; margin-top:0in'>Alamo Group Inc. and
Subsidiaries</h2>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
<font size="2"><a name="Interim_Consolidated_Balance_Sheets_">Interim Consolidated
Balance Sheets</a></font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='border-collapse:collapse'>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">(in thousands, except share amounts)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">March 31, </font> </b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">(Unaudited)</font></b></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=109 valign=bottom style='width:82.1pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">December 31, <br>
	2009</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">(Audited)</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
	<font size="2">ASSETS</font></b></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:12.15pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Current assets:</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:9.45pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in' align="center">$</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">21,027&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">17,774&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">135,295&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">111,745&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">118,860&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">124,322&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,105&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,118&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">4,551&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,579&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Tax Receivable</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,195&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,195&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">284,033&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">261,733&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Property, plant and equipment</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">140,433&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">142,076&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less:&nbsp; Accumulated depreciation</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(73,871)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(72,215)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">66,562&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">69,861&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:12.15pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Goodwill</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">34,341&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">35,207&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Intangible Assets</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">5,783&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">5,803&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Deferred income taxes</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">4,158&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">4,158&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Other assets </font> </p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,093&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,201&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>395,970&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>377,963&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
	<font size="2">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</font></b></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Current liabilities:</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:5.85pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>44,402&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">36,046&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">2,566&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">2,688&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">31,954&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">32,013&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current maturities of long-term debt</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">5,434&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">5,453&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,164&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,164&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">87,520&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">79,364&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net of current
  maturities</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>56,845&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">44,336&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred pension liability</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">7,506&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">7,640&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term liabilities</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">2,310&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,665&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">7,646&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">7,581&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.95pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Stockholders&#146; equity:</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp; </font> </p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $.10 par value,
  20,000,000 shares authorized;</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,791,329
  and 11,789,529 issued and outstanding at March 31, 2010
  <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and December 31, 2009</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,179&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,179&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">82,936&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">82,721&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury
  stock, at cost; 42,600 shares at March 31, 2010 and </font> </p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;
  December 31, 2009</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(426)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(426)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">150,043&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">146,756&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive
  income, net</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">411&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">5,147&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
  stockholders&#146; equity</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">234,143&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">235,377&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:12.15pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and
  stockholders&#146; equity</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">395,970&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">377,963&nbsp;</font></p>
  </td>
 </tr>
 <tr height=0>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td width=108 style='border:none'></td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&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;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
<font size="2">See accompanying
notes.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>3</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
<font size="2">Alamo Group Inc. and
Subsidiaries</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
<font size="2"><a name="Interim_Consolidated_Statements_of_Income_">Interim Consolidated
Statements of Income</a></font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
<font size="2">(Unaudited)</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="75%">
 <tr>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=5 valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight:bold; margin-left:0in; margin-top:0in'>Three
  Months Ended</h2>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:8.1pt'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td colspan=4 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:10.5pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(in
  thousands, except per share amounts)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2009</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Net sales: </font> </p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; North American</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:9.0pt'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">46,140&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">43,152&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">40,299&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">23,831&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; European</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">41,950&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">43,160&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Total net sales</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">128,389&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">110,143&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Cost of sales</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">100,254&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">88,416&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Gross profit</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">28,135&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">21,727&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Selling,
  general and administrative expense</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">21,668&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">18,550&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Income from operations</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">6,467&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,177&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Interest expense</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(1,250)</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(1,096)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Interest income</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">812&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">160&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Other income (expense), net</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(10)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">45&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Income before income taxes</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">6,019&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">2,286&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Provision for income taxes</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">2,026&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">743&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Net Income</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,993&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,543&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Net income per common share:</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.5pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Basic</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">0.34&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">0.16&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:11.1pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Diluted</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">0.34&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">0.15&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Average common shares:</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Basic</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">11,747&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">9,939&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Diluted</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">11,833&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">9,963&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Dividends declared</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">0.06&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in' align="center">
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">0.06&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
<font size="2">See accompanying
notes.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>4</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
<font size="2">Alamo Group Inc. and
Subsidiaries</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
<font size="2"><a name="Interim_Consolidated_Statements_of_Cash_Flows_">Interim Consolidated
Statements of Cash Flows</a></font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;(Unaudited)</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:0pt;border-collapse:collapse' width="100%">
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=4 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Three Months Ended</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in; border-bottom-style:none; border-bottom-width:medium'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:medium none windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=5 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(in
  thousands)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td valign=top style='border-bottom:1px solid #000000; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2009</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:.05in'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
	<font size="2">Operating
  Activities</font></b></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:medium none windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Net
  income</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in' align="center">
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,993&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>$</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,543&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Adjustment
  to reconcile net income to net cash</font></p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; used
  by operating activities:</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision
  for doubtful accounts</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">177&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">35&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">2,664&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">2,028&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization
  of intangibles</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">86&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">20&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization
  of debt issuance</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">94&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based
  compensation expense</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">189&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">111&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess
  tax benefits from stock-based payment arrangements</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(31)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(8)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision
  for deferred income tax benefit (expense)</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">188&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">177&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:5.85pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss
  on sale of property, plant &amp; equipment</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">30</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(3)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Changes
  in operating assets and liabilities:</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts
  receivable</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(26,050)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(10,541)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">4,200&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(485)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid
  expenses and other assets</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(1,273)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(370)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade
  accounts payable and accrued liabilities</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">11,406&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(3,031)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income
  taxes payable</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(1,913)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(80)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other
  long-term liabilities</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(365)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(105)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Net
  cash used by operating activities</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(6,605)</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(10,709)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:10.35pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
	<font size="2">Investing
  Activities</font></b></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Acquisitions,
  net of cash acquired</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(431)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Purchase
  of property, plant and equipment</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(878)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(1,077)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Proceeds
  from sale of property, plant and equipment</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">76&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">30&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Net
  cash used by investing activities</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(1,233)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(1,047)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:.2in'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
	<font size="2">Financing
  Activities</font></b></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Net
  change in bank revolving credit facility</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">13,000&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">10,500&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Principal
  payments on long-term debt and capital leases</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(908)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(809)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Proceeds
  from issuance of long-term debt</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">542&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">2,048&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Dividends
  paid</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(705)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(595)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Proceeds
  from sale of common stock</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">26&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">378&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Excess
  tax benefits from stock-based payment arrangements</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">31&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">8&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Net
  cash provided by financing activities</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">11,986&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">11,530&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Effect
  of exchange rate changes on cash</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(895)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(71)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Net
  change in cash and cash equivalents</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,253&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(297)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.5pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Cash
  and cash equivalents at beginning of the period</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">17,774&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">4,532&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Cash
  and cash equivalents at end of the period</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in' align="center">
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">21,027&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">4,235&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:12.15pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Cash
  paid during the period for:</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:15.3pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,121&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,165&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:.2in'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income
  taxes</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">2,178&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">1,821&nbsp;</font></p>
  </td>
 </tr>
 <tr height=0>
  <td width=397 style='border:none'></td>
  <td width=16 style='border:none'></td>
  <td width=3 style='border:none'></td>
  <td width=18 style='border:none'></td>
  <td width=67 style='border:none'></td>
  <td width=30 style='border:none'></td>
  <td width=66 style='border:none'></td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
<font size="2">See accompanying
notes.</font></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
	<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
	<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
	<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>5</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>Alamo Group Inc.
  and Subsidiaries</b></p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<a name="Notes_to_Interim_Condensed_Consolidated_Financial_Statements_-_(Unaudited)_">Notes to Interim
  Condensed Consolidated Financial Statements - (Unaudited)</a></b></p>
  <h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight:bold; margin-left:0in; margin-top:0in'>March 31, 2010</h2>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
<font size="2">1.&nbsp;
Basis of Financial Statement Presentation</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left;text-indent:.1in'>&nbsp;&nbsp;&nbsp; The accompanying unaudited interim
consolidated financial statements of Alamo Group Inc. and its subsidiaries (the
&#147;Company&#148;) have been prepared in accordance with U.S. generally accepted
accounting principles (&#147;GAAP&#148;) for interim financial information and with the
instructions to Form 10-Q and Article 10 of Regulations S-X.&nbsp; Accordingly, they
do not include all of the information and footnotes required by U.S. GAAP for
complete financial statements.&nbsp; In the opinion of management, all adjustments
(consisting of normal recurring accruals) considered necessary for a fair
presentation have been included.&nbsp; Operating results for the periods presented
are not necessarily indicative of the results that may be expected for the year
ending December 31, 2010.&nbsp; The balance sheet at December 31, 2009, has been
derived from the audited financial statements at that date but does not include
all of the information and footnotes required by U.S. GAAP for complete
financial statements.&nbsp; For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company&#146;s annual report on
Form 10-K for the year ended December 31, 2009.</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left;text-indent:.1in'>In connection with the preparation of
the consolidated financial statements and in accordance with FASB ASC Topic
855, Subsequent Events, formerly Statement of Financial Standards No. (SFAS)
165, Subsequent Events, the Company evaluated subsequent events after the
balance sheet date of March 31, 2010 through May 7, 2010 and have no subsequent
events to disclose.</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'><b>
<font size="2">2.&nbsp; Acquisitions</font></b></p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left;text-indent:.25in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:24.5pt; margin-left:0in; margin-top:0in'>
<font size="2">On October 22, 2009 (&#147;Closing Date&#148;), the
Company acquired the majority of the assets and assumed certain liabilities of the
Bush Hog, LLC, a Delaware limited liability company (&#147;<i>Bush Hog</i>&#148;) located
in Selma, Alabama.&nbsp; The purchase included substantially all of the ongoing
business of <i>Bush Hog</i>, including the <i>Bush Hog</i> brand name and all
related product names and trademarks (the &#147;Acquisition&#148;). The purchase price
consideration was 1.7 million unregistered shares of Alamo Group common stock
which represented approximately 14.5% of the outstanding stock of Alamo Group.&nbsp;
The closing price on October 22, 2009 was $16.09 per share. </font> </p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:9.0pt;text-indent:24.5pt; margin-left:0in; '>
<font size="2">The Acquisition has
been accounted for in accordance with ASC Topic 805, <i>Business Combinations </i>(&#147;ASC
Topic 805&#148;).&nbsp; Accordingly, the total purchase price has been allocated on a
provisional basis to assets acquired and net liabilities assumed in connection
with the Acquisition based on their estimated fair values as of the completion
of the Acquisition.&nbsp; These allocations reflect various provisional estimates
that were available at the time and are subject to change during the purchase
price allocation period as valuations are finalized. </font> </p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:9.0pt;text-indent:24.5pt; margin-left:0in; '>
<font size="2">The fair value of the
net assets acquired was approximately $53.1 million, which exceeds the preliminary
estimated purchase price of $25.4 million.&nbsp; Accordingly, the Company recognized
the excess of the fair value of the net assets over the purchase price of
approximately $27.7 million as a gain on bargain purchase. The gain on bargain
purchase of $27.7 million was shown
separately within income from operations in the Consolidated Statements of
Income in the third quarter of 2009. The recorded amounts are provisional and
subject to change. The Company continues to evaluate the purchase price
allocation, including the opening fair value of inventory, accounts receivable,
property, plant &amp; equipment, accrued liabilities and deferred taxes, which
may require the Company to adjust the recorded gain. </font> </p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:9.0pt;text-indent:24.5pt; margin-left:0in; '>
<font size="2">The Company believes
that it was able to acquire <i>Bush Hog</i> for less than the fair value of its
assets because of (i) the Company&#146;s unique position as a market leader in this
industry segment and (ii) the seller&#146;s intent to exit its <i>Bush Hog</i>
operations. <i>Bush Hog</i> was an unprofitable venture, and the seller
approached the Company in an effort to sell <i>Bush Hog</i> and exit the
agricultural equipment manufacturing business that no longer fit its strategy.
With the seller's intent to exit the agricultural manufacturing business
segment and the Company&#146;s position as a market leader, the Company was able to
agree on a favorable purchase price.</font></p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:9.0pt;text-indent:24.5pt; margin-left:0in; '>&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>6</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:9.0pt;text-indent:24.5pt; margin-left:0in; '>
<font size="2">The primary reason
for the <i>Bush Hog</i> acquisition was to help the Company further the goal of
becoming the largest manufacturer of agricultural mowers in the world. This
acquisition enabled the Company to expand its market presence, expand its
product offerings and enter new markets. </font> </p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:9.0pt;text-indent:24.5pt; margin-left:0in; '>
<font size="2">The following table
summarizes the provisional amounts recognized for assets acquired and
liabilities assumed as of the Closing Date. A single estimate of fair value
results from a complex series of judgments about future events and
uncertainties and relies heavily on estimates and assumptions. The Company&#146;s
judgments used to determine the estimated fair value assigned to each class of
assets acquired and liabilities assumed, as well as asset lives, can materially
impact the Company&#146;s results of operations. Certain estimated values are not
yet finalized and are subject to change, which could be significant. The
Company will finalize the amounts recognized as information necessary to
complete the analyses is obtained. The Company expects to finalize these
amounts as soon as possible but no later than one year from the acquisition
date. The following are estimated fair value of assets acquired and liabilities
assumed as of the Acquisition date (in thousands):</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:9.0pt;text-indent:24.5pt; margin-left:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0 width="80%"
 style='margin-left:1.3pt;border-collapse:collapse'>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:7.7pt;text-indent:-7.7pt;line-height:
  11.0pt; margin-top:0in'><font size="2">Accounts
  receivable</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  &nbsp;</td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">25,571&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:7.7pt;text-indent:-7.7pt;line-height:
  11.0pt; margin-top:0in'><font size="2">Inventory</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  &nbsp;</td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">21,875&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:7.7pt;text-indent:-7.7pt;line-height:
  11.0pt; margin-top:0in'><font size="2">Prepaid
  expenses &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </p>
  </td>
  <td valign=top style='padding:0in; '>
  &nbsp;</td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">395&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:7.7pt;text-indent:-7.7pt;line-height:
  11.0pt; margin-top:0in'><font size="2">Property,
  plant &amp; equipment</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  &nbsp;</td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">12,743&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:7.7pt;text-indent:-7.7pt;line-height:
  11.0pt; margin-top:0in'><font size="2">Other
  liabilities </font> </p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">(9,357)</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets acquired</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  &nbsp;</td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">51,227&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">Intangible asset</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  &nbsp;</td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <i>Bush Hog</i> trade name
	</font> </p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">1,900&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp; Total assets acquired</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  &nbsp;</td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">53,127&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  &nbsp;</td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp; Less: Fair value of 1.7 million
  unregistered shares </font> </p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">25,438&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:7.7pt;text-indent:-7.7pt;line-height:
  11.0pt; margin-top:0in'><font size="2">.. Gain
  on Bargain purchase</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right;line-height:11.0pt; margin-left:0in; margin-top:0in'>
	<font size="2">27,689&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:11.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:.5in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:.5in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='font-family:"Times New Roman","serif";text-align:justify;text-indent:.5in; margin-left:0in; margin-top:0in'>
<font size="2">In accordance with
the closing documents, the Company received a 50% undivided interest in the
Accounts Receivable of <i>Bush Hog</i>, subject to any net working capital
adjustment.&nbsp; The post closing net working capital adjustment was $3.8 million
which increased accounts receivable and the gain on bargain purchase. The Company
will collect payments on the acquired accounts receivable and remit 50% of the
collections to the seller less the $3.8 million. The <i>Bush Hog</i> accounts
receivable were recorded at 50% of the fair value, plus the working capital
adjustment.</font></p>

<p style='font-family:"Times New Roman","serif";text-indent:.5in; margin-left:0in; margin-top:0in'>
<font size="2">As of the acquisition date, the fair value of
accounts receivable was $25.6 million. The gross contractual amount receivable
was $34.6 million of which $9.0 million was not expected to be collected.&nbsp;
</font> </p>

<p style='font-family:"Times New Roman","serif";text-indent:.5in; margin-left:0in; margin-top:0in'>
<font size="2">The intangible asset relates to the appraised
value of the <i>Bush Hog</i> name at closing and has an indefinite life.</font></p>

<p style='font-family:"Times New Roman","serif";margin-top:9.0pt;text-indent:.5in; margin-left:0in; '>
<font size="2">Under 805-10,
acquisition related costs (i.e., advisory, legal, valuation and other
professional fees) are not included as a component of consideration
transferred, but are accounted for as expenses in the periods in which the
costs are incurred.&nbsp; The Company incurred $828,000 of acquisition related
costs.&nbsp; The Company will incur integration expenses during 2010 relating to
manufacturing process changes and computer conversion, but it is expected to be
immaterial.</font></p>

<p style='font-family:"Times New Roman","serif";text-indent:0.5in; margin-left:0in; margin-top:0in'>
<font size="2">In the period between the Closing Date and
December 31, 2009, <i>Bush Hog</i> generated approximately $10.9 million of net
revenue and $1.5 million net loss. The Company has included the operating
results of <i>Bush Hog</i> in its consolidated financial statements since the
Closing Date.</font></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>7</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt;text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<font size="2">The unaudited
pro forma statement of income of the Company assuming this transaction occurred
at January 1, 2009 is as follows:</font></p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0 width="75%"
 style='border-collapse:collapse'>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=7 valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Three
  Months Ended</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=7 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">March 31</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>(In thousands,
  except per share amounts)</p>
  </td>
  <td colspan=3 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
  <td colspan=2 valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td colspan=2 valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2009</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=7 valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>Net
  Sales</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">128,389&nbsp;</font></p>
  </td>
  <td colspan=2 valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">127,309&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>Net
  Income</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">3,993&nbsp;</font></p>
  </td>
  <td colspan=2 valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(4,093)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>Diluted
  Earnings per Share</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">0.34&nbsp;</font></p>
  </td>
  <td colspan=2 valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(0.41)</font></p>
  </td>
 </tr>
 <tr height=0>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
 </tr>
</table>

</div>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The unaudited pro forma
financial information is presented for informational purposes only and is not
intended to represent or be indicative of the consolidated results of
operations of the Company that would have been reported had the acquisition
been completed as of the beginning of the periods presented, and should not be
taken as being representative of the future consolidated results of operations
of the Company. </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'><b>
<font size="2">3.&nbsp; Accounts Receivable</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left;text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Receivable is shown net
of the allowance for doubtful accounts of $2,743,000 and $2,548,000 at March
31, 2010 and December 31, 2009, respectively.</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'><b>
<font size="2">4.&nbsp; Inventories</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left;text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories valued at LIFO cost represented
60% and 57% of total inventory at March 31, 2010 and December 31, 2009,
respectively.&nbsp; The excess of current cost over LIFO valued inventories was $8,677,000
at March 31, 2010 and &nbsp;$9,106,000 at December 31, 2009.&nbsp; Inventory obsolescence
reserves were $8,728,000 at March 31, 2010 and $9,060,000 at December 31, 2009.&nbsp;
The decrease in reserve for obsolescence was mainly due to inventory dispositions
in the Company&#146;s U.S. and European operations.&nbsp; Net inventories consist of the
following:</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="75%">
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">(in thousands)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">December 31,</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2009</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:11.85pt'>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Finished
  goods</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">95,285</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">102,681</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Work
  in process</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">13,635</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">10,611</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Raw
  materials</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">9,940</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">11,030</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">118,860</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">124,322</font></p>
  </td>
 </tr>
 <tr height=0>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none'></td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An actual
valuation of inventory under the LIFO method is made at the end of each year based
on the inventory levels and costs at that time.&nbsp; The Company reviews LIFO at
each quarter end based to some extent on management's estimates, the impact to
the Interim Consolidated Statement of Income was a decrease to cost of sales of
$429,000 at March 31, 2009. </p>

<p style='font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;5.&nbsp;
Derivatives and Hedging</font></b></p>

<p style='font-family:"Times New Roman","serif";margin-top:0in;text-indent:0.25in'><b>
<font size="2">&nbsp;</font></b><font size="2">Most of the Company&#146;s outstanding
debt is advanced from a revolving credit facility that accrues interest at a
contractual margin over current market interest rates.&nbsp; The Company&#146;s
financing costs associated with this credit facility can materially change with
market increases and decreases of short-term borrowing rates, specifically
London Inter Bank Operating Rate (&#147;LIBOR&#148;).&nbsp; During the second quarter of
2007, the Company entered into two interest rate swap agreements with JPMorgan
that hedge future cash flows related to its outstanding debt obligations.&nbsp;
One swap had a three-year term and fixed the LIBOR base rate at 4.910% covering
$20 million of this debt and expired on March 31, 2010.&nbsp; The other has a
four-year term and fixed the LIBOR base rate at 4.935% covering an additional
$20 million of these variable rate borrowings and expires on March 31, 2011.&nbsp;
On November 5, 2009, JPMorgan transferred the swap transactions to Bank of
America.&nbsp; The terms of the hedging instrument remain the same.&nbsp; As of
March 31, 2010, the Company had $54 million outstanding under its revolving
credit facility and the one interest rate swap contracts designated as cash flow
hedges which are effectively hedging $20 million of these borrowings from
changes in underlying LIBOR base rates.&nbsp; The fair market value of these
hedges, which is the amount that would have been paid or received by the Company
had it prematurely terminated these swap contracts at March 31, 2010, LIBOR was
an $890,000 liability.&nbsp; This is included in Accrued liabilities with an
offset in Accumulated other comprehensive income, net of taxes.&nbsp; At March
31, 2010, ineffectiveness related to the interest rate swap agreements was not
material.</font></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	8</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
<font size="2">6.&nbsp;
Fair Value Measurements</font></b></p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left;text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company adopted ASC Subtopic
820-10, (formerly SFAS 157), &#147;Fair Value Measurements and Disclosures, as
amended&#148; as of January 1, 2008.&nbsp; FSAS 157 defines fair value as the exchange
price that would be received for an asset or paid to transfer a liability (an
exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between market participants.&nbsp; There is a
three-tier fair value hierarchy based upon the observability of inputs used in
valuation techniques.&nbsp; Observable inputs (highest level) reflect market data
obtained from independent sources, while unobservable inputs (lowest level)
reflect internally developed market assumptions.&nbsp; Fair value measurements are
classified under the following hierarchy:</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif"'><b>Level
1 </b>&#150; Quoted prices for
identical instruments in active markets.</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:0in'><b>Level 2</b> &#150; Quoted prices for similar
instruments in active markets; quoted prices for identical or similar
instruments in markets that are not active; and model-derived valuations in
which all significant inputs or significant value-drivers are observable in
active markets.</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:0in'><b>Level 3</b> &#150; Model-derived valuations in which
one or more significant inputs or significant value-drivers are unobservable</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-indent:0in'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>When available, the Company uses
quoted market prices to determine fair value, and the Company classifies such
measurements within Level 1.&nbsp; In some cases where market prices are not
available, the Company makes use of observable market based inputs to calculate
fair value, in which case the measurements are classified with Level 2.&nbsp; If
quoted or observable market prices are not available, fair value is based upon
internally developed models that use, where possible, current market-based
parameters such as interest rates, yield curves, currency rates, etc.&nbsp; These
measurements are classified within Level 3.</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-indent:0in'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>Fair value measurements are classified
to the lowest level input or value-driver that is significant to the
valuation.&nbsp; A measurement may therefore be classified within Level 3 even
though there may be significant inputs that are readily observable.</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif"'><b>Derivative
financial instruments</b></p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>The fair value of interest rate swap
derivatives is primarily based on third-party pricing service models.&nbsp; These
models use discounted cash flows that utilize the appropriate market-based
forward swap curves and zero-coupon interest rates.&nbsp; Interest rate swap
derivatives are Level 2 measurements and have a fair value of negative $890,000
as of March 31, 2010.</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>The fair value of foreign currency
forward contracts is based on a valuation model that discounts cash flows
resulting from the differential between the contract price and the market-based
forward rate and is a Level 2 measurement and has a fair value of positive $42,000
as of March 31, 2010.</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>9</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
<font size="2">7.&nbsp;
Common Stock and Dividends</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-indent:.25in'>Dividends
declared and paid on a per share basis were as follows:</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:0in;border-collapse:collapse' width="50%">
 <tr>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=4 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Three Months Ended</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2009</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:10.95pt'>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:10.35pt'>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Dividends
  declared </p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>0.06</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in' align="center">
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>0.06</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>Dividends
  paid </p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">0.06</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">0.06</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
<font size="2">8.&nbsp;
Stock-Based Compensation</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company has granted options to purchase its common stock to certain employees
and directors of the Company and its affiliates under various stock option
plans at no less than the fair market value of the underlying stock on the date
of grant.&nbsp; These options are granted for a term not exceeding ten years and are
forfeited in the event the employee or director terminates his or her
employment or relationship with the Company or one of its affiliates other than
by retirement, based on certain criteria.&nbsp; These options generally vest over
five years.&nbsp; All option plans contain anti-dilutive provisions that permit an
adjustment of the number of shares of the Company&#146;s common stock represented by
each option for any change in capitalization.</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.5in'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company&#146;s stock-based compensation expense was $189,000 and $111,000 for the quarter
ended March 31, 2010 and 2009, respectively.</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left'>&nbsp;</p>

<p style='margin-bottom:.0001pt;page-break-after:avoid;font-family:"Times New Roman","serif";font-weight:bold;page-break-after:auto; margin-left:0in; margin-top:0in'><i>
<font size="2">Qualified Options</font></i></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Following
is a summary of activity in the Incentive Stock Option Plans for the period
indicated:</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0 width="75%"
 style='margin-left:-23.9pt;border-collapse:collapse'>
 <tr style='height:13.8pt'>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'><i>For
  three months ending March 31, 2010</i></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:13.8pt'>
  <td valign=bottom style='padding:0in;
  '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Shares</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Exercise</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Price*</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Options
  outstanding at beginning of year</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">345,480&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised
  </font>
  </p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(1,800)</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$14.61&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled
  </font>
  </p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='height:3.5pt'>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Options
  outstanding at March 31, 2010</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">343,680&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$17.89&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Options
  exercisable at March 31, 2010</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">165,580&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$19.06&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Options
  available for grant at March 31, 2010</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">214,500&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><i>
<font size="2">*Weighted
Averages</font></i></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options
outstanding and exercisable at March 31, 2010 were as follows:</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0 width="100%"
 style='margin-left:0pt;border-collapse:collapse'>
 <tr style='height:13.8pt'>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'><b>Qualified
  Stock Options</b></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=5 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Options Outstanding</font></b></p>
  </td>
  <td valign=bottom style='padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Options Exercisable</font></b></p>
  </td>
 </tr>
 <tr style='height:13.8pt'>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Shares</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Remaining</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Contractual</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Life(yrs)*</font></p>
  </td>
  <td valign=bottom style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Exercise</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Price*</font></p>
  </td>
  <td valign=bottom style='padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Shares</font></p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Exercise</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Price*</font></p>
  </td>
 </tr>
 <tr style='height:13.8pt'>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>Range of Exercise Price</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:-14.9pt;text-align:right; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$11.45
  - $17.85 </font> </p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">155,680&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">6.83</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$&nbsp;12.24&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">58,180&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$&nbsp;13.55&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$19.79
  - $25.18 </font> </p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">188,000&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">6.43</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$&nbsp;22.57&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">107,400&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$&nbsp;22.05&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:11.3pt'>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
  </font>
  </p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">343,680&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">165,580&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><i>
<font size="2">*Weighted
Averages</font></i></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>10</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>
<font size="2">Non-qualified
Options</font></i></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Following
is a summary of activity in the Non-Qualified Stock Option Plans for the period
indicated:</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0 width="75%"
 style='margin-left:-.65pt;border-collapse:collapse'>
 <tr style='height:13.8pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'><i>For
  three months ending March 31, 2010</i></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=4 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:13.8pt'>
  <td valign=top style='padding:0in;
  '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Shares</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Exercise</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Price*</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Options
  outstanding at beginning of year</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">186,000&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised
  </font>
  </p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancelled
  </font>
  </p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Options
  outstanding at March 31, 2010</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">186,000&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$14.57&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Options
  exercisable at March 31, 2010</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">79,000&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$15.17&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Options
  available for grant at March 31, 2010</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">367,000&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><i>
<font size="2">*Weighted
Averages</font></i></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><i>
<font size="2">&nbsp;</font></i></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options outstanding and exercisable at March
31, 2010 were as follows:</font></p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%"
 style='margin-left:0pt; border-right-width:0px; border-top-width:0px'>
 <tr style='height:13.8pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'><b>Non-Qualified
  Stock Options</b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=5 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Options Outstanding</font></b></p>
  </td>
  <td valign=top style='padding:0in; border-right-style:none; border-right-width:medium'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-bottom:medium none #000000; padding:0in; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Options Exercisable</font></b></p>
  </td>
 </tr>
 <tr style='height:28.75pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Shares</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Remaining</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Contractual</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Life(yrs)*</font></p>
  </td>
  <td valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Exercise&nbsp;&nbsp;</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Price*&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; border-right-style:none; border-right-width:medium'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Shares&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:medium none windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Exercise</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Price*</font></p>
  </td>
 </tr>
 <tr style='height:13.8pt'>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>Range of Exercise Price</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; border-top-style:none; border-top-width:medium'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:-14.9pt;text-align:right; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$11.45
  - $12.10 </font> </p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">140,000&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">6.64</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$11.71&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">55,000&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$12.10&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$13.96
  - $19.79 </font> </p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">13,500&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">4.26</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$18.71&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">10,500&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;$18.40&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$25.02
  - $25.18 </font> </p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">32,500&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">6.92</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$25.17&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">13,500&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;$25.16&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
  </font>
  </p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">186,000&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">79,000&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt solid windowtext;border-right:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><i>
<font size="2">*Weighted Averages</font></i></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><i>
<font size="2">&nbsp;</font></i></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>
<font size="2">Restricted Stock Units</font></i></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">Following is a summary of
activity in the Restricted Stock Units for the periods indicated:</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0 width="80%"
 style='border-collapse:collapse'>
 <tr style='height:13.8pt'>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Shares</font></p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">Price</font></p>
  </td>
  <td valign=bottom style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Weighted- average
  remaining</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">contractual term (in
  years)</font></p>
  </td>
 </tr>
 <tr style='height:13.8pt'>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>Options
  outstanding at beginning of year</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">8,000&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">11.45&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">3.00</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted
  </font>
  </p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vested
  </font>
  </p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited
  or Cancelled </font> </p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Options
  outstanding at end of year </font> </p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">8,000&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">11.45&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>11</p>
  </td>
 </tr>
</table>

</div>

<font size="2">

<br clear=ALL>

</font>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<font size="2">

<br
clear=all style='page-break-before:always'>


</font>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:.25in; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">9.&nbsp; Earnings Per Share</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following table sets forth
the reconciliation from basic to diluted average common shares and the
calculations of net income per common share.&nbsp; Net income for basic and diluted
calculations do not differ. </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0 width="75%"
 style='margin-left:-15.2pt;border-collapse:collapse'>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:medium none windowtext; padding:0in; '>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:medium none windowtext; padding:0in; ' colspan="5">
  <p align="center"><b><font size="2">Three
  Months Ended<br>
	March 31,</font></b></td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding:0in'>
  <font size="2">(In
  thousands, except per share)</font></td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding:0in'>
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding:0in' align="center">
  <p align="center"><b><font size="2">2010&nbsp;</font></b></td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding:0in' align="center">
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding:0in' align="center">
  &nbsp;</td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding:0in' align="center">
  <b><font size="2">2009&nbsp;</font></b></td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>Net
  Income</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>3,993</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>1,543</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;
  padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:
  0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>Average
  Common Shares:</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp; Basic
  (weighted-average outstanding shares)</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>11,747</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>9,939</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp; Dilutive
  potential common shares from stock options </p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>86</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>24</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;
  Diluted (weighted-average outstanding shares)</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>11,833</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>9,963</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;
  padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:
  0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>Basic
  earnings per share</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>0.34</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>0.16</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border:medium none;
  padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;
  padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:
  0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>Diluted
  earnings per share</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>0.34</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding:0in; '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>0.15</p>
  </td>
 </tr>
 </table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:.25in; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">10.&nbsp; Segment Reporting</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At March 31, 2010 the following
includes a summary of the unaudited financial information by reporting segment:&nbsp;
</font>
</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in;text-align:justify; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in;text-align:justify; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:5.4pt;border-collapse:collapse' width="75%">
 <tr style='page-break-inside:avoid'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=4 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Three Months Ended</font></b></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=4 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(in
  thousands)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2009</font></b></p>
  </td>
 </tr>
 <tr style='height:7.15pt'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='height:4.0pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight:bold;text-align:left; margin-left:0in; margin-top:0in'>Net Revenue</h2>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">46,140&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">43,152&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>40,299&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>23,831&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">41,950&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">43,160&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Consolidated</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">128,389&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">110,143&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:5.4pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
	<font size="2">Operating
  Income</font></b></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">1,840</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(1,108)</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">985&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">1,241&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">3,642&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">3,044&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Consolidated</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">6,467&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">3,177&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:4.5pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='height:4.5pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
	<font size="2">Goodwill</font></b></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='height:4.5pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">13,555&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">26,649&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:4.5pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:4.5pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">20,786&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">20,338&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:4.5pt'>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Consolidated</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">34,341&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">46,987&nbsp;</font></p>
  </td>
 </tr>
 <tr style='height:4.5pt'>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
	<font size="2">Total
  Identifiable Assets</font></b></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">128,149&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">170,254&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agricultural</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">130,716&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">91,176&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">137,105&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">126,523&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Consolidated</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">395,970&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">387,953&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>12</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif";margin-bottom:10.0pt;page-break-after:avoid; margin-left:0in; margin-top:0in'><b>11.&nbsp; Off-Balance Sheet Arrangements</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company does not have any obligation under any transaction, agreement or other
contractual arrangement to which an entity unconsolidated with the Company is
party, that has or is reasonably likely to have a material effect on the
Company&#146;s financial condition, changes in financial condition, revenues or
expenses, results of operations, liquidity, capital expenditures or capital
resources that is material to investors.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif";margin-bottom:10.0pt;page-break-after:avoid; margin-left:0in; margin-top:0in'><b>12.&nbsp; Comprehensive Income</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the first quarter of 2010 and 2009,
Comprehensive Income amounted to ($743,000) and ($2,087,000) respectively.</font></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The components of Comprehensive Income
are as follows:</font><i><font size="2"> </font> </i></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:.5in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:-.05pt;border-collapse:collapse' width="75%">
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=4 valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Three
  Months Ended</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=4 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">March
  31,</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(in
  thousands)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b><font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2009</font></b><font size="2">&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Net Income</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">3,993&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">1,543&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:4.4pt'>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Cash flow derivative, net of taxes</font></p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">233&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">161&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:4.4pt'>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Amortization of actuarial net loss(gain)</font></p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">19&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">39&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:4.4pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Foreign currency translations adjustment</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(4,988)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(3,830)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:8.7pt'>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Comprehensive Income</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(743)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(2,087)</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt;text-align:justify; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;text-indent:.5in;page-break-after:avoid;font-size:10.0pt;font-family:"Times New Roman","serif";margin-left:.1in;text-indent:0in'>&nbsp;&nbsp;&nbsp; The components of Accumulated
Other Comprehensive Income as shown on the Balance Sheet are as follows:</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:-22.45pt;border-collapse:collapse' width="75%">
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  </td>
  <td colspan=3 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">December
  31,</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(in
  thousands)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
  <td colspan=2 valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'><b>
	<font size="2">2009</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:4.4pt'>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Foreign
  currency translation</font></p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">3,201&nbsp;</font></p>
  </td>
  <td colspan=2 valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp; 8,148&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Derivatives,
  net of taxes</font></p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(552)</font></p>
  </td>
  <td colspan=2 valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(744)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Actuarial
  gains related to defined benefit plans</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(2,238)</font></p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">(2,257)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Total
  Accumulated other comprehensive income</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">411&nbsp;</font></p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>
	<font size="2">5,147&nbsp;</font></p>
  </td>
 </tr>
 <tr height=0>
  <td style='border:none'></td>
  <td style='border:none'></td>
  <td style='border:none' align="right"></td>
  <td style='border:none' align="right"></td>
  <td style='border:none' align="right"></td>
  <td style='border:none' align="right"></td>
  <td style='border:none' align="right"></td>
  <td style='border:none' align="right"></td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>&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;&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;&nbsp;&nbsp;&nbs
p;&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; </b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">13.&nbsp; Contingent
Matters</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt; margin-left:0in; margin-top:0in'>
<font size="2">The Company is subject to various unresolved
legal actions that arise in the ordinary course of its business.&nbsp; The most
prevalent of such actions relate to product liability, which is generally
covered by insurance after various self-insured retention (&#147;SIR&#148;) amounts.&nbsp;
While amounts claimed might be substantial and the liability with respect to
such litigation cannot be determined at this time, the Company believes that
the outcome of these matters will not have a material adverse effect on the
Company&#146;s consolidated financial position or results of operations; however,
the ultimate resolution cannot be determined at this time.</font></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company is subject to numerous environmental laws and regulations concerning
air emissions, discharges into waterways, and the generation, handling,
storage, transportation, treatment and disposal of waste materials.&nbsp; The
Company&#146;s policy is to comply with all applicable environmental, health and
safety laws and regulations, and the Company believes it is currently in
material compliance with all such applicable laws and regulations.&nbsp; These laws
and regulations are constantly changing, and it is impossible to predict with
accuracy the effect that changes to such laws and regulations may have on the
Company in the future.&nbsp; Like other industrial concerns, the Company&#146;s
manufacturing operations entail the risk of noncompliance, and there can be no
assurance that the Company will not incur material costs or other liabilities
as a result.&nbsp; </font> </p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	13</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company knows that its Indianola, Iowa property is contaminated with chromium
which most likely resulted from chrome plating operations which were
discontinued before the Company purchased the property. Chlorinated volatile
organic compounds have also been detected in water samples on the property,
though the source is unknown at this time. The Company voluntarily worked with
an environmental consultant and the state of Iowa with respect to these issues and
believes it completed its remediation program in June 2006. The work was
accomplished within the Company&#146;s environmental liability reserve balance. We
requested a &#147;no further action&#148; classification from the state.&nbsp; We received a
conditional &#147;no further action&#148; letter in January of 2009.&nbsp; When we demonstrate
stable or improving conditions below residential standards by future monitoring
of existing wells, an unconditional &#147;no further action&#148; letter will be
requested.</font></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font> </p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At
March 31, 2010, the Company had an environmental reserve in the amount of
$1,608,000 related to the acquisition of <i>Gradall&#146;s</i> facility in New Philadelphia, Ohio.&nbsp; Three specific remediation projects that were identified prior to
the acquisition are in process of remediation with a remaining reserve balance
of $143,000.&nbsp; The Company has a reserve of $277,000 concerning a potential
asbestos issue that is expected to be abated over time.&nbsp; The balance of the
reserve, $1,188,000, is mainly for potential ground
water contamination/remediation that was identified before the acquisition and
believed to have been generated by a third party company located near the <i>Gradall</i>
facility.&nbsp; </font> </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company knows that <i>Bush Hog</i>&#146;s main manufacturing
property in Selma, Alabama is contaminated with chlorinated volatile compounds
which most likely resulted from painting and cleaning operations during the
1960&#146;s and &#145;70s.&nbsp; The contaminated areas are primarily in the location of
underground storage tanks and underneath the former waste storage area. Under
the Asset Purchase Agreement, <i>Bush Hog</i>&#146;s prior owner agreed to remove
the underground storage tanks at its cost and is liable for remediating the
identified contamination in accordance with the regulations of the Alabama
Department of Environmental Management.&nbsp;An environmental consulting firm has
been retained by the prior owner and is administering the cleanup.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain other assets of the Company contain asbestos that
may have to be remediated over time.&nbsp; Management has made its best estimate of
the cost to remediate these environmental issues.&nbsp; However, such estimates are
difficult to estimate including the timing of such costs.&nbsp; The Company believes
that any subsequent change in the liability associated with the asbestos
removal will not have a material adverse effect on the Company&#146;s consolidated
financial position or results of operations.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company is subject to various other federal, state, and local laws affecting
its business, as well as a variety of regulations relating to such matters as
working conditions, equal employment opportunities, and product safety. A
variety of state laws regulate the Company&#146;s contractual relationships with its
dealers, some of which impose restrictive standards on the relationship between
the Company and its dealers, including events of default, grounds for
termination, non-renewal of dealer contracts and equipment repurchase
requirements. The Company believes it is currently in material compliance with
all such applicable laws and regulations.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">14.&nbsp; Pension Benefits</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.25in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:.7pt; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with
the February 3, 2006 purchase of all the net assets of the <i>Gradall</i>
excavator business, Alamo Group Inc. assumed sponsorship of two <i>Gradall</i>
non-contributory defined benefit pension plans, both of which were frozen with
respect to both future benefit accruals and future new entrants.&nbsp; </font> </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:.7pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
<i>Gradall</i> Company Hourly Employees&#146; Pension Plan covers approximately 310
former employees and 210 current employees who (i) were formerly employed by the
former parent of Gradall, (ii) were covered by a collective bargaining
agreement and (iii) first participated in the plan before April 6, 1997.&nbsp; An
amendment ceasing all future benefit accruals was effective April 6, 1997.</font></p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	14</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T<font size="2">he
<i>Gradall</i> Company Employees&#146; Retirement Plan covers approximately 190
former employees and 150 current employees who (i) were formerly employed by the
former parent of Gradall, (ii) were not covered by a collective bargaining
agreement and (iii) first participated in the plan before December 31, 2004. An
amendment ceasing future benefit accruals for certain participants was
effective December 31, 2004.&nbsp; A second amendment discontinued all future
benefit accruals for all participants effective April 24, 2006.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company&#146;s pension expense was $50,000 and $138,000 for the three months ended
March 31, 2010 and 2009, respectively.&nbsp; The Company is required to contribute $1,867,000
to the pension plans for 2010.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">15.&nbsp; Income Taxes</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='mso-style-link:"Normal \(Web\) Char";margin-left:0in;font-family:"Times New Roman","serif";margin-bottom:.0001pt; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We are subject to U.S. federal income tax and various state, local, and international income taxes in numerous jurisdictions.
Our domestic and international tax liabilities are subject to the allocation of
revenue and expenses in different jurisdictions and the timing of recognizing
revenue and expenses. Additionally, the amount of income taxes paid is subject
to our interpretation of applicable tax laws in the jurisdictions in which we
file. </font> </p>

<p style='mso-style-link:"Normal \(Web\) Char";margin-left:0in;font-family:"Times New Roman","serif";margin-top:9.0pt;margin-bottom:0in;margin-left:0in;
margin-bottom:.0001pt'><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We
currently file income tax returns in the U.S., and all foreign jurisdictions in
which we have entities, which are periodically under audit by federal, state,
and international tax authorities. These audits can involve complex matters
that may require an extended period of time for resolution. There are no income
tax examinations currently in process. Although the outcome of open tax audits
is uncertain, in management&#146;s opinion, adequate provisions for income taxes
have been made. If actual outcomes differ materially from these estimates, they
could have a material impact on our financial condition and results of
operations. Differences between actual results and assumptions, or changes in
assumptions in future periods are recorded in the period they become known. To
the extent additional information becomes available prior to resolution, such
accruals are adjusted to reflect probable outcomes. Our effective tax rate is
impacted by earnings being realized in countries where we have lower statutory
rates.</font></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:
0in;margin-left:37.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:
- -37.5pt'><b><font size="2">16.&nbsp; Recent Accounting
Pronouncements</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>
<font size="2">Amendments
to FASB Interpretation No.&nbsp;46(R)</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:
..1in; margin-left:0in; margin-top:0in'><b><font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
December 2009, the Financial Accounting Standards Board (FASB) issued
Accounting Standard Update (ASU) 2009-17, which codified Statement of Financial
Accounting Standard (SFAS) 167, Amendments to FASB Interpretation
No.&nbsp;46(R), issued in June 2009. This guidance amends FASB Interpretation
No.&nbsp;46 (revised December&nbsp;2003) to address the elimination of the
concept of a qualifying special purpose entity. ASU 2009-17 also replaces the
quantitative-based risks and rewards calculation for determining which
enterprise has a controlling financial interest in a variable interest entity
with an approach focused on identifying which enterprise has the power to
direct the activities of a variable interest entity and the obligation to
absorb losses of the entity or the right to receive benefits from the entity.
Additionally, ASU 2009-17 provides more timely and useful information about an
enterprise&#146;s involvement with a variable interest entity. ASU 2009-17 became
effective for the Company this quarter.&nbsp; This ASU did not have a material
impact on our consolidated financial statements.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:27.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>
<font size="2">Fair
Value Measurements and Disclosures</font></i></b><font size="2"> </font> </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:27.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp; In
January 2010, the FASB issued ASU 2010-06, &#147;Fair Value Measurements and
Disclosures,&#148; which amends the disclosure requirements related to recurring and
nonrecurring fair value measurements.&nbsp; The guidance requires new disclosures on
the transfers of assets and liabilities between Level 1 (quoted prices in
active market for identical assets or liabilities) and Level 2 (significant
other observable inputs) of the fair value measurement hierarchy, including the
reasons and the timing of the transfers. Additionally, the guidance requires a
roll forward of activities on purchases, sales, issuance, and settlements of
the assets and liabilities measured using significant unobservable inputs
(Level 3 fair value measurements). ASU 2010-06 becomes effective for us this
quarter, except for the disclosure on the roll forward activities for Level 3
fair value measurements, which will become effective for us in the first annual
reporting period that begins after December 15, 2010 and for interim periods within
that first annual reporting period. Other than requiring additional
disclosures, adoption of this new guidance will not have a material impact on
our financial statements.</font></p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>15</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">
<a name="Item_2.__Management&#146;s_Discussion_and_Analysis_of_Financial_Condition_and_Results_of_Operations_">Item 2.&nbsp; Management&#146;s Discussion and Analysis
of Financial Condition and Results of Operations</a></font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:.5in; margin-left:0in; margin-top:0in'>
<font size="2">The following tables
set forth, for the periods indicated, certain financial data:</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="85%" style="border-right-width: 0px; border-top-width: 0px">
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=3 valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in; border-right-style:none; border-right-width:medium'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Three Months Ended</font></b></p>
  </td>
  <td valign=top style='border-style:none; border-width:medium; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr style='height:12.15pt'>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td colspan=3 valign=top style='border-bottom:1px solid #000000; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in; border-right-style:none; border-right-width:medium'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  </td>
  <td valign=top style='border-bottom:medium none #000000; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">As a</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Percent of Net Sales</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2009</font></b></p>
  </td>
  <td valign=top style='border-style:none; border-width:medium; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:medium none;padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">North American</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in; border-top-style:none; border-top-width:medium'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Industrial</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>35.9</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>39.2</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Agricultural</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">31.4</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">21.6</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">European</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">32.7</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">39.2</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp; Total sales, net</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">100.0</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="center">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">100.0</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="85%">
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td colspan=3 valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Three Months Ended</font></b></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td colspan=3 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Cost Trends and
  Profit Margin, as</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">Percentages of Net
  Sales</font></b></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:1.0pt solid windowtext;border-right:medium none;
  padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">2009</font></b></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:medium none;padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:right; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Gross margin</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>21.9</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>19.7</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Income from operations</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">5.0</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">2.9</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Income before income taxes</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">4.7</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">2.1</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' width="50%">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Net income</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">3.1</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">1.4</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
<font size="2">Overview</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><i>
<font size="2">This
report contains forward-looking statements that are based on Alamo Group&#146;s
current expectations.&nbsp; Actual results in future periods may differ materially
from those expressed or implied because of a number of risks and uncertainties
which are discussed below and in the Forward-Looking Information section.</font></i></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
the first quarter of 2010 the Company&#146;s net income was up due to the Company&#146;s
continued efforts with cost control initiatives and the acquisition of Bush Hog
which was accretive to our sales and net income during the first quarter.&nbsp; The continued
weakness in the worldwide economy remains a concern as market conditions have
shown little improvement.&nbsp; The Industrial Division sales increased 7% during
the first quarter of 2010 due to increases in the excavator market, however;
budgets of governmental entities and related contractors continue to be
constrained.&nbsp; The Agricultural Division saw a 69% increase in sales versus the
first quarter of 2009 all relating to the Bush Hog acquisition.&nbsp; Overall market
conditions remained soft and there is dealer reluctance to stock inventory at
historic levels.&nbsp; European sales in local currency decreased by 10% compared to
the first quarter of 2009 as their markets reflected similar conditions to
those in our North American operations.&nbsp; European sales in U.S. dollars were only
down 3% due to changes in exchange rates.&nbsp; Offsetting some of these declines for
the Company in general were margin percentage improvements from higher
proprietary part sales in the first quarter of 2010 compared to the same time
in 2009.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company is concerned that our markets for 2010 could continue to be negatively
affected by a variety of factors such as a continued downturn in the overall
economy, credit availability, increased levels of government regulations;
changes in farm incomes due to commodity prices or governmental aid programs;
adverse situations that could affect our customers such as animal disease
epidemics, weather conditions such as droughts and floods; budget constraints
or revenue shortfalls in governmental entities and changes in our customer
buying habits due to lack of confidence in the economic outlook.</font></p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>16</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b>
<font size="2">Results
of Operations</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'><i>
<font size="2">Three Months Ended March 31, 2010 vs. Three
Months Ended March 31, 2009</font></i></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">Net sales for the first quarter
of 2010 were $128,389,000,
an increase of $18,246,000 or 16.6% compared to $110,143,000 for the first
quarter of 2009.&nbsp; The majority of the increase was all from the acquisition of
Bush Hog.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt'>Net
North American Industrial sales increased during the first quarter by
$2,988,000 or 6.9% to $46,140,000 for 2010 compared to $43,152,000 during the
same period in 2009.&nbsp; The increase came primarily from higher sales of
excavators as sales of mowing equipment and Sweepers to governmental entities
and related contractors remained soft.&nbsp; </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify'><font size="2">Net North American
Agricultural sales were $40,299,000 in 2010 compared to $23,831,000 for the
same period in 2009, an increase of $16,468,000 or 69.1%.&nbsp; This increase was
from the acquisition of Bush Hog in the amount of $20,734,000.&nbsp; This division
continues to reflect soft conditions in the agricultural market primarily due
to cutbacks in preseason stocking levels by dealer networks due to uncertainties
in market outlook.</font></p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt'>Net
European Sales for the first quarter of 2010 were $41,950,000, a decrease of
$1,210,000 or 2.8% compared to $43,160,000 during the first quarter of 2009.&nbsp;
The decrease was primarily from weak market conditions.</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>Gross
profit for the first quarter of 2010 was $28,135,000 (21.9% of net sales)
compared to $21,727,000 (19.7%) during the same period in 2009, an increase of
$6,408,000.&nbsp; The increase was mainly attributable to the acquisition of Bush
Hog along with lower manufacturing costs.&nbsp; The increase in the gross margin
percentage was a result of higher proprietary part sales during the first
quarter of 2010.</p>

<h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight:bold;text-align:left; margin-left:0in; margin-top:0in'>&nbsp;</h2>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>Selling,
general and administrative expenses (&#147;SG&amp;A&#148;) were $21,668,000 (16.9% of net
sales) during the first quarter of 2010 compared to $18,550,000 (16.8% of net
sales) during the same period of 2009, an increase of $3,118,000.&nbsp; The
acquisition of Bush Hog added $3,566,000.&nbsp; Without Bush Hog, SG&amp;A declined
$448,000 mainly from reduced commissions and lower overhead costs.</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>Interest
expense was $1,250,000 for the first quarter of 2010 compared to $1,096,000
during the same period in 2009, an increase of $154,000.&nbsp; The increase came
mainly from amortization of bank fees from the amendment to our Company&#146;s revolving
credit facility in November 2009 and higher interest rates due to changes in
our amended debt agreement during the first quarter of 2010.</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>Other
Income was a $10,000 loss for the first quarter of 2010 compared to a $45,000
gain in 2009.&nbsp; Other income in 2010 and 2009 was all a result of transactional
exchange rate changes.</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-indent:.5in'>&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; </p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>Provision
for income taxes was $2,026,000 (33.7%) in the first quarter of 2010 compared
to $743,000 (32.5%) during the same period in 2009.</p>

<h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight:bold;text-align:left; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp; </h2>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>The
Company&#146;s net income after tax was $3,993,000 or $0.34 per share on a diluted
basis for the first quarter of 2010 compared to 1,543,000 or $0.15 per share on
a diluted basis for the first quarter of 2009.&nbsp; The increase of $2,450,000
resulted from the factors described above.</p>
<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>&nbsp;</p>

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<hr size=2 width="100%" noshade style='color:navy' align=center>

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<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">Liquidity and Capital Resources</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">In addition to normal
operating expenses, the Company has ongoing cash requirements which are
necessary to operate the Company&#146;s business, including inventory purchases and
capital expenditures.&nbsp; The Company&#146;s inventory and accounts payable levels
typically build in the first half of the year and in the fourth quarter in
anticipation of the spring and fall selling seasons.&nbsp; Accounts receivable
historically build in the first and fourth quarters of each year as a result of
fall preseason sales programs and out of season sales, particularly in our
Agricultural Division.&nbsp; These sales help level the Company&#146;s production during
the off season. </font> </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">As of March 31, 2010,
the Company had working capital of $196,513,000 which represents an increase of
$14,144,000 from working capital of $182,369,000 of December 31, 2009.&nbsp; The
increase in working capital was primarily from higher levels of accounts
receivable due to seasonality.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">Capital expenditures
were $878,000 for the first three months of 2010, compared to $1,077,000 during
the first three months of 2009.&nbsp; Capital expenditures for 2010 are expected to
be higher than 2009 levels.&nbsp;&nbsp; The Company expects to fund expenditures from
operating cash flows or through its revolving credit facility, described below.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The Company was
authorized by its Board of Directors in 1997 to repurchase up to 1,000,000
shares of the Company&#146;s common stock to be funded through working capital and
credit facility borrowings.&nbsp; There were no shares purchased in 2009 or the
first quarter of 2010.&nbsp; The authorization to repurchase up to 1,000,000 shares
remains available less 42,600 shares previously repurchased.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">Net cash provided by
financing activities was $11,986,000 during the three month period ending March
31, 2010, compared to $11,530,000 for the same period in 2009.&nbsp; </font> </p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left; text-indent:0.25in'>On August
25, 2004, the Company entered into a five-year $70 million Amended and Restated
Revolving Credit Agreement with its lenders, Bank of America, JPMorgan Chase
Bank, and Guaranty Bank. This contractually committed, unsecured facility
allows the Company to borrow and repay amounts drawn at floating or fixed
interest rates based upon Prime or LIBOR rates. Proceeds may be used for
general corporate purposes or, subject to certain limitations, acquisitions.
The loan agreement contains among other things the following financial
covenants:&nbsp; Minimum Fixed Charge Coverage Ratios, Minimum Consolidated Tangible
Net Worth, Consolidated Funded Debt to EBITDA Ratio and Minimum Asset Coverage
Ratio, along with limitations on dividends, other indebtedness, liens,
investments and capital expenditures. </p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left; text-indent:0.25in'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left; text-indent:0.25in'>On
February 3, 2006, the Company amended and restated the credit agreement to
increase the Company&#146;s existing credit facility from $70 million to $125
million. Pursuant to the terms of the Amended and Restated Revolving Credit
Agreement, the Company has the ability to request an increase in commitments by
$25 million. In addition, the existing credit facility was modified in other
respects, including reducing the asset coverage ratio and lowering the interest
margins.</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left; text-indent:0.25in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:left; text-indent:0.25in; margin-left:0in; margin-top:0in'>On March 30, 2006 the Company entered into the
Fourth Amendment of the Amended and Restated Revolving Credit Agreement, dated
March 30, 2006 (the &#147;Amended and Restated Revolving Credit Agreement&#148;), between
the Company and Bank of America, N.A., JPMorgan Chase Bank and Guaranty Bank,
as its lenders. Pursuant to the terms of the Amended and Restated Revolving
Credit Agreement, the Company added <i>Gradall</i> Industries, Inc., formerly
Alamo Group (OH) Inc., and N.P. Real Estate Inc. as members of the Obligated
Group. The Amendment also allows for capital expenditures not to exceed $14
million for the fiscal year ending 2006 and $10 million in the aggregate during
each fiscal year thereafter.</p>
<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:left; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:left; margin-left:0in; margin-top:0in'>&nbsp;</p>

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<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2"> On
May 7, 2007, the Company entered into the Fifth Amended and Restated Revolving
Credit Agreement with Bank of America, N.A., JPMorgan Chase Bank, Guaranty Bank
and Rabobank, as its lenders. The Amended and Restated Revolving Credit
Agreement provides for a $125 million unsecured revolving line of credit for
five years with the ability to expand the facility to $175 million, subject to
bank approval. In addition to the extended term of the loan to 2012, other
major changes were improvements in the leverage ratio, minimum asset coverage
ratio and increase in annual allowable capital expenditures up to $17.5
million. The banks agreed to eliminate the fixed charge coverage ratio and
minimum net worth requirement along with a reduction in the applicable interest
rate margin. The applicable interest margin fluctuates quarterly either up or
down based upon the Company&#146;s leverage ratio.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; text-indent:0.25in; margin-left:0in; margin-top:0in'>
<font size="2">On
October 14, 2008, the Company entered into the Sixth Amendment and Waiver under
the Amended and Restated Revolving Credit Agreement.&nbsp; The purpose of the
amendment and waiver was to clarify company names within the obligated group
after merging or dissolving some subsidiaries, to define operating cash flow
and defining quarterly operating cash flow for <i>Rivard</i> through March 31,
2010.&nbsp; Beginning June 30, 2010, <i>Rivard</i>&#146;s actual operating cash flow will
be used in the calculation of consolidated operating cash flow.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">On November 6, 2009,
the Company entered into the Seventh Amendment of the Amended and Restated
Revolving Credit Agreement with Bank of America, N.A., Wells Fargo Bank, N.A.,
BBVA Compass Bank, and Rabobank, as its lenders.&nbsp; Prior to the execution of
this Amendment, BBVA Compass Bank acquired certain assets of Guaranty Bank
which included this credit facility and JPMorgan Chase Bank assigned its
interest to Well Fargo Bank, N.A.&nbsp; The purpose of the amendment was to add Bush
Hog as a member of the Obligated Group and pledge a first priority security
interest in certain U.S. assets (accounts receivable, inventory, equipment,
trademarks and trade names) of the Borrower and each member of the Obligated
Group.&nbsp; The Lenders agreed to increase the operating leverage ratio during the
next three quarters and to add a new EBIT to Interest Expense covenant in
exchange for a commitment fee and an increase in the Applicable Interest Margin
over LIBOR or Prime Rate advances.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">As of March 31, 2010,
there was $54,000,000 borrowed under the revolving credit facility.&nbsp; At March
31, 2010, $975,000 of the revolver capacity was committed to irrevocable
standby letters of credit issued in the ordinary course of business as required
by vendors&#146; contracts resulting in approximately $70,025,000 in available
borrowings.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; text-indent:0.25in; margin-left:0in; margin-top:0in'>
<font size="2">On
May 13, 2008, Alamo Group Europe Limited expanded its overdraft facility with
Lloyd&#146;s TSB Bank plc from &pound; 1.0 million to &pound; 5.5 million.&nbsp; The facility was
renewed on November 1, 2009 and outstandings currently bear interest at Lloyd&#146;s
Base Rate plus 1.4% per annum.&nbsp; The facility is unsecured but guaranteed by the
  U.K. subsidiaries of Alamo Group Europe Limited.&nbsp; As of March 31, 2010, there
were no British pounds borrowed against the U.K. overdraft facility.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<font size="2">There
are additional lines of credit, for the Company&#146;s French operations in the
amount of 7,300,000 Euros, which includes the <i>Rivard</i> credit facilities,
for our Canadian operation in the amount of 3,500,000 Canadian dollars, and for
our Australian operation in the amount of 800,000 Australian dollars.&nbsp; As of
March 31, 2010, no Euros were borrowed against the French line of credit, 2,179,000
Canadian dollars were outstanding on the Canadian line of credit and 800,000
Australian dollars were outstanding under its facility.&nbsp; The Canadian and
Australian revolving credit facilities are guaranteed by the Company.&nbsp;
</font> </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:
0.25in; margin-left:0in; margin-top:0in'><font size="2">As of March
31, 2010, the Company is in compliance with the terms and conditions of its
credit facilities.</font></p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-indent:0.25in'>Management believes the bank credit facilities and
the Company&#146;s ability to internally generate funds from operations should be
sufficient to meet the Company&#146;s cash requirements for the foreseeable future. &nbsp;However,
the challenges affecting the banking industry and credit markets in general can
potentially cause changes to credit availability which creates a level of
uncertainty.</p>
<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-indent:0in'>&nbsp;</p>
<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-indent:0in'>&nbsp;</p>

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<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

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<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif";margin-bottom:10.0pt;page-break-after:avoid; margin-left:0in; margin-top:0in'><b>Critical Accounting Estimates</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations are
based upon our Consolidated Financial Statements, which have been prepared in
accordance with GAAP.&nbsp; The preparation of these financial statements requires
management to make estimates and assumptions that affect the reported amounts
of assets, liabilities, revenue and expenses, and related disclosure of
contingent assets and liabilities.&nbsp; Management bases its estimates on
historical experience and on various other assumptions that are believed to be
reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying values of assets and liabilities that are
not readily apparent from other sources.&nbsp; Actual results may differ from these
estimates under different assumptions or conditions.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif";margin-bottom:10.0pt;page-break-after:avoid; margin-left:0in; margin-top:0in'><b>Critical Accounting Policies</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">An accounting policy
is deemed to be critical if it requires an accounting estimate to be made based
on assumptions about matters that are highly uncertain at the time the estimate
is made, and if different estimates that reasonably could have been used, or
changes in the accounting estimates that are reasonably likely to occur
periodically, could materially impact the financial statements.&nbsp; Management
believes the following critical accounting policies reflect its more
significant estimates and assumptions used in the preparation of the
Consolidated Financial Statements.&nbsp; For further information on the critical
accounting policies, see Note 1 of our Notes to Consolidate Financial
Statements.</font></p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif";page-break-after:avoid; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif";page-break-after:avoid; margin-left:0in; margin-top:0in'><b>Critical Accounting Policies </b></p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif";page-break-after:avoid; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>
<font size="2">Allowance
for Doubtful Accounts</font></i></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The Company evaluates
the collectibility of its accounts receivable based on a combination of
factors.&nbsp; In circumstances where it is aware of a specific customer&#146;s inability
to meet its financial obligations, it records a specific reserve to reduce the
amounts recorded to what it believes will be collected.&nbsp; For all other
customers, it recognizes reserves for bad debt based on historical experience
of bad debts as a percent of revenues for each business unit, adjusted for
relative improvements or deteriorations in the agings and changes in current
economic conditions.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The Company evaluates
all aged receivables that are over 60 days old and reserves specifically on a
90-day basis.&nbsp; The Company&#146;s U.S. operations have Uniform Commercial Code
(&#147;UCC&#148;) filings on practically all wholegoods each dealer purchases.&nbsp; This
allows the Company in times of a difficult economy when the customer is unable
to pay or has filed for bankruptcy (usually Chapter 11), to repossess the customer&#146;s
inventory.&nbsp; This also allows Alamo Group to maintain a reserve over its cost
which usually represents the margin on the original sales price.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The bad debt reserve
balance was $2,743,000 at March 31, 2010 and $2,548,000 at December 31, 2009.&nbsp;
</font> </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>
<font size="2">Sales
Discounts</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><i>
<font size="2">&nbsp;</font></i></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">At March 31, 2010 the Company had $6,823,000
in reserves for sales discounts compared to $3,803,000 at December 31, 2009 on
products shipped to our customers under various promotional programs.&nbsp; The
increase was due primarily from discounts reserved on the Company&#146;s
agricultural<i> </i>products during the pre-season program, which runs from
September to December of each year on orders that are shipped through the first
quarter of 2010.&nbsp; The Company reviews the reserve quarterly based on analysis
made on each program outstanding at the time.&nbsp; </font> </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The Company bases its reserves on historical
data relating to discounts taken by the customer under each program. &nbsp;Historically
between 85% and 95% of the Company&#146;s customers who qualify for each program,
actually take the discount that is available.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:.5in; margin-left:0in; margin-top:0in'>&nbsp;</p>

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<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>I<font size="2">nventories
&#150; Obsolescence and Slow Moving</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><i>
<font size="2">&nbsp;</font></i></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The Company had $8,728,000 at March 31, 2010
and $9,060,000 at December 31, 2009 in reserve to cover obsolescence and slow
moving inventory.&nbsp; The decrease in reserve for obsolescence was mainly due to
inventory written off in the Company&#146;s U.S. and European operations.&nbsp; The
obsolescence and slow moving policy states that the reserve is to be calculated
on a basis of: 1) no inventory usage over a three year period and inventory
with quantity on hand is deemed obsolete and reserved at 100 percent and 2)
slow moving inventory with little usage requires a 100 percent reserve on items
that have a quantity greater than a three year supply.&nbsp; There are exceptions to
the obsolete and slow moving classifications if approved by an officer of the
Company based on specific identification of an item or items that are deemed to
be either included or excluded from this classification.&nbsp; In cases where there
is no historical data, management makes a judgment based on a specific review
of the inventory in question to determine what reserves, if any are
appropriate.&nbsp; New products or parts are generally excluded from the reserve
policy until a three year history has been established.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The reserve is reviewed and if necessary,
adjustments made, on a quarterly basis.&nbsp; The Company relies on historical
information to support its reserve. &nbsp;Once the inventory is written down, the
Company does not adjust the reserve balance until the inventory is sold.</font></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>
<font size="2">&nbsp;</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>
<font size="2">Warranty</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><i>
<font size="2">&nbsp;</font></i></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The Company&#146;s warranty policy is generally to
provide its customers warranty for up to one year on all equipment and 90 days
for parts.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">Warranty reserve, as a percent of
sales, is calculated by taking the current twelve months of expenses and prorating
that based on twelve months of sales with a six month lag period.&nbsp; The
Company&#146;s historical experience is that an end-user takes approximately 90 days
to six months from the receipt of the unit to file a warranty claim.&nbsp; A
warranty reserve is established for each different marketing group.&nbsp; Reserve
balances are evaluated
on a quarterly basis and adjustments are made when required.&nbsp; </font> </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The current liability warranty reserve
balance was $6,321,000 at March 31, 2010 and $6,337,000 at December 31, 2009.&nbsp;
</font> </p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>
<font size="2">Product
Liability</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'><b><i>
<font size="2">&nbsp;</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">At March 31, 2010 the
Company had accrued $478,000 in reserves for product liability cases compared
to $387,000 at December 31, 2009.&nbsp; The Company accrues primarily on a case by
case basis and adjusts the balance quarterly.</font></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">During most of 2009,
the self insured retention (S.I.R.) for U.S. product liability coverage for all
products was at $100,000 per claim.&nbsp; On September 30, 2009 the Company renewed
its insurance coverage and the S.I.R. for all products remained at $100,000
over claim level.&nbsp; The S.I.R. for all Bush Hog products was set at the date of
acquisition at $250,000 per claim.&nbsp; The Company also carries product liability
coverage in Europe, Canada and Australia which contain substantially lower
S.I.R.&#146;s or deductibles.</font></p>

<h3 style='margin-top:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;font-family:"Times New Roman","serif";font-weight:normal;'><b><i>
<font size="2">Goodwill</font></i></b></h3>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt; text-indent:0.25in; margin-left:0in; margin-top:0in'>
<font size="2">Goodwill must be tested for impairment at least annually. In the
fourth quarter of each year, or when events and circumstances warrant such a
review, the Company tests the goodwill of all of its reporting units for
impairment. The goodwill impairment test is determined using a two-step process.&nbsp;
The first step is to identify if a potential impairment exists by comparing the
fair value of a reporting unit with its carrying amount, including goodwill
(Step 1).&nbsp; If the fair value of a reporting unit exceeds its carrying value
amount, goodwill of the reporting unit is not considered to have a potential
impairment and the second step is not necessary.&nbsp; However, if the carrying
amount of the reporting unit exceeds its fair value, the second step (Step 2) is
performed to determine if goodwill is impaired and to measure the amount of
impairment loss to recognize, if any. Step 2 compares the implied fair value of
goodwill with the carrying amount of goodwill.&nbsp; If the implied value of
goodwill is less than the carrying amount of goodwill, then a charge is recorded
to reduce goodwill to the implied goodwill. The implied goodwill is calculated
based on a hypothetical purchase price allocation similar to the requirements
for purchase accounting, in that it takes the implied fair value of the
reporting unit and allocates such fair value to the fair value of the assets and
liabilities of the reporting unit.&nbsp; </font> </p>

<p style='margin-top:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:0in;font-family:"Times New Roman","serif";font-weight:normal;text-indent:0.25in'>&nbsp;</p>

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  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>21</p>
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<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; text-indent:0.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; text-indent:0.25in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt; text-indent:0.25in; margin-left:0in; margin-top:0in'>
<font size="2">The Company estimates the fair value of its reporting units
using a discounted cash flow analysis. This analysis requires the Company to
make significant assumptions and estimates about the extent and timing of
future cash flows, discount rates and growth rates. The cash flows are
estimated over a significant future period of time, which makes those estimates
and assumptions subject to an even higher degree of uncertainty. The Company
also utilizes market valuation
models and other financial ratios, which require the Company to make certain
assumptions and estimates regarding the applicability of those models to its assets
and businesses. The Company believes that the assumptions and estimates used to
determine the estimated fair values of each of its reporting units are
reasonable. However, different assumptions could materially affect the
estimated fair value. The Company recognized goodwill impairment in the North
American Industrial segment of $14,104,000 in 2009 and $5,010,000 in the North
American Agricultural segment in 2008.&nbsp; During the 2009 impairment analysis review,
it was noted that even though the <i>Schwarze</i> reporting unit&#146;s fair value
was above carrying value it was not materially different. At December 31, 2009,
there was approximately $6.8 million of goodwill related to the <i>Schwarze</i>
reporting unit. This reporting unit would be most likely affected by changes in
the Company&#146;s assumptions and estimates. As of March 31, 2010, Goodwill was
$34,341,000, which represents 8.7% of total assets. The calculation of
fair value could increase or decrease depending on changes in the inputs and
assumptions used, such as changes in the reporting unit&#146;s future growth rates,
discount rates, etc.&nbsp;</font></p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times (W1)","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<h3 style='margin-top:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;font-family:"Times New Roman","serif";font-weight:normal;'><b><i>
<font size="2">Forward-Looking
Information</font></i></b></h3>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Part I of this
Quarterly Report on Form 10&#8209;Q and the &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148; included in Part II
of this Quarterly Report contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934.&nbsp; In addition, forward-looking statements may be made orally or in
press releases, conferences, reports or otherwise, in the future by or on
behalf of the Company.</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements that are not
historical are forward-looking.&nbsp; When used by or on behalf of the Company, the
words &#147;estimate,&#148; &#147;believe,&#148; &#147;intend&#148; and similar expressions generally
identify forward-looking statements made by or on behalf of the Company.</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward-looking statements
involve risks and uncertainties.&nbsp; These uncertainties include factors that
affect all businesses operating in a global market, as well as matters specific
to the Company and the markets it serves.&nbsp; Particular risks and uncertainties
facing the Company include changes in market conditions; increased competition;
decreases in the prices of agricultural commodities, which could affect our
customer&#146;s income levels; budget constraints or income shortfalls which could
affect the purchases of our type of equipment by governmental customers; credit
availability for both the Company and its customers, adverse weather conditions
such as droughts and floods which can affect buying patterns of the Company&#146;s
customers and related contractors; the price and availability of critical raw
materials, particularly steel and steel products; energy cost; increased cost
of new governmental regulations which effect corporations; the potential
effects on the buying habits of our customers due to diseases such as mad cow;
the Company&#146;s ability to develop and manufacture new and existing products
profitably; market acceptance of new and existing products; the Company&#146;s ability
to maintain good relations with its employees; and the ability to hire and
retain quality employees.</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition, the
Company is subject to risks and uncertainties facing the industry in general,
including changes in business and political conditions and the economy in
general in both domestic and international markets; weather conditions
affecting demand; slower growth in the Company&#146;s markets; financial market
changes including increases in interest rates and fluctuations in foreign
exchange rates; actions of competitors; the inability of the Company&#146;s
suppliers, customers, creditors, public utility providers and financial service
organizations to deliver or provide their products or services to the Company;
seasonal factors in the Company&#146;s industry; unforeseen litigation; government
actions including budget levels, regulations and legislation, primarily
relating to the environment, commerce, infrastructure spending, health and
safety; and availability of materials.</p>

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<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company wishes to caution readers not to place undue
reliance on any forward-looking statements and to recognize that the statements
are not predictions of actual future results.&nbsp; Actual results could differ
materially from those anticipated in the forward-looking statements and from
historical results, due to the risks and uncertainties described above, as well
as others not now anticipated.&nbsp; The foregoing statements are not exclusive and
further information concerning the Company and its businesses, including
factors that could potentially materially affect the Company&#146;s
financial results, may emerge from time to time.&nbsp; It is not possible for
management to predict all risk factors or to assess the impact of such risk
factors on the Company&#146;s businesses.</font></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">
<a name="Item_3.__Quantitative_and_Qualitative_Disclosures_About_Market_Risks_">Item 3.&nbsp; Quantitative and Qualitative
Disclosures About Market Risks</a></font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-top:0in;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left;text-indent:.25in'>The Company is exposed to
various markets risks.&nbsp; Market risks are the potential losses arising from
adverse changes in market prices and rates.&nbsp; The Company does not enter into
derivative or other financial instruments for trading or speculative purposes.</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">Foreign Currency Risk</font></b></p>

<p style='margin-bottom:.0001pt;page-break-after:avoid;font-family:"Times New Roman","serif";font-weight:bold;page-break-after:auto; margin-left:0in; margin-top:0in'><i>
<font size="2">&nbsp;</font></i></p>

<p style='margin-bottom:.0001pt;page-break-after:avoid;font-family:"Times New Roman","serif";page-break-after:auto; margin-left:0in; margin-top:0in'><i>
<font size="2">International Sales</font></i></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";text-align:left;text-indent:.25in'>A portion of the Company&#146;s operations
consists of manufacturing and sales activities in international jurisdictions.
The Company primarily manufactures its products in the United States, the U.K., France, Canada and Australia.&nbsp; The Company sells its products primarily
within the markets where the products are produced, but certain of the
Company&#146;s sales from its U.K. operations are denominated in other European
currencies.&nbsp; As a result, the Company&#146;s financials, specifically the value of
its foreign assets, could be affected by factors such as changes in foreign
currency exchange rates or weak economic conditions in the other markets in
which the subsidiaries of the Company distribute their products.</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">To mitigate the
short-term affect of changes in currency exchange rates on the Company&#146;s
functional currency-based sales, the Company&#146;s U.K. subsidiaries regularly
enter into foreign exchange forward contracts to hedge approximately 80% of its
future net foreign currency sales transactions over a period of six months.&nbsp; As
of March&nbsp;31, 2010, the Company had $1,211,000 outstanding in forward
exchange contracts related to accounts receivables.&nbsp; A 15% fluctuation in
exchange rates for these currencies would change the fair value by
approximately $182,000.&nbsp; However, since these contracts hedge foreign currency
denominated transactions, any change in the fair value of the contracts should
be offset by changes in the underlying value of the transaction being hedged.</font></p>

<p style='margin-bottom:.0001pt;page-break-after:avoid;font-family:"Times New Roman","serif";page-break-after:auto; margin-left:0in; margin-top:0in'><i>
<font size="2">Exposure to
Exchange Rates </font> </i></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The Company&#146;s
earnings are affected by fluctuations in the value of the U.S. dollar as
compared to foreign currencies, predominately in European countries, as a
result of the sales of its products in international markets.&nbsp; Foreign currency
options and forward contracts are used to hedge against the earnings effects of
such fluctuations.&nbsp; At March 31, 2010, the result of a uniform 10%
strengthening in the value of the dollar relative to
the currencies in which the Company&#146;s sales are denominated would result
in a decrease in gross profit of $1,143,000 for the period ending March 31, 2010.&nbsp;
Comparatively, the result of a uniform 10% strengthening in the value of the
dollar relative to the currencies in which the Company&#146;s sales are denominated
would have resulted in a decrease in gross profit of approximately $1,129,000
for the period ended March 31, 2009.&nbsp; This calculation assumes that each
exchange rate would change in the same direction relative to the U.S. dollar.&nbsp;
In addition to the direct effects of changes in exchange rates, which are a
changed dollar value of the resulting sales, changes in exchange rates may also
affect the volume of sales or the foreign currency sales price as competitors&#146; products become more or less attractive.&nbsp; The Company&#146;s sensitivity
analysis of the effects of changes in foreign currency exchange rates does not
factor in a potential change in sales levels or local currency prices.&nbsp; The translation adjustment during the first quarter of 2010 was a loss of $4,988,000.&nbsp;
On March 31, 2010, the British pound closed at .6591 relative to 1.00 U.S.
dollar, and the Euro closed at .7402 relative to 1.00 U.S. dollar.&nbsp; At December
31, 2009 the British pound closed at .6187 relative to 1.00 U.S. dollar and the
Euro closed at .6985 relative to 1.00 U.S. dollar.&nbsp; By comparison, on March 31, 2009, the British pound closed at .6970
relative to 1.00 U.S. dollar, and the Euro closed at .7527 relative to 1.00
U.S. dollar.&nbsp; No assurance can be given as to future valuation of the British
pound or Euro or how further movements in those or other currencies could
affect future earnings or the financial position of the Company.</font></p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>23</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-bottom:10.0pt;text-indent:.25in; margin-left:0in; margin-top:0in'><b>
<font size="2">Interest Rate Risk</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The Company&#146;s
long-term debt bears interest at variable rates.&nbsp; Accordingly, the Company&#146;s
net income is affected by changes in interest rates.&nbsp; Assuming the current
level of borrowings at variable rates and a two percentage point change in the
first quarter 2010 average interest rate under these borrowings, the Company&#146;s
interest expense would have changed by approximately $270,000.&nbsp; In the event of
an adverse change in interest rates, management could take actions to mitigate
its exposure.&nbsp; However, due to the uncertainty of the actions that would be
taken and their possible effects this analysis assumes no such actions.&nbsp;
Further this analysis does not consider the effects of the change in the level
of overall economic activity that could exist in such an environment.</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2"><a name="Item_4._Controls_and_Procedures">Item 4. Controls and Procedures</a></font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify;text-indent:
..5in; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Disclosure Controls and Procedures</b>.&nbsp;
An
evaluation was carried out under the supervision and with the participation of
Alamo&#146;s management, including our President and Chief Executive Officer,
Executive Vice President and Chief Financial Officer (Principal Financial
Officer) and Vice-President and Corporate Controller, (Principal Accounting
Officer), of the effectiveness of the design and operation of our disclosure
controls and procedures (as defined in Rule 13A-15(e) under the Securities
Exchange Act of 1933).&nbsp; Based upon the evaluation, the President and Chief
Executive Officer, Executive Vice President and Chief Financial Officer
(Principal Financial Officer) and Vice-President, Corporate Controller,
(Principal Accounting Officer) concluded that the Company&#146;s design and
operation of these disclosure controls and procedures were effective at the end
of the period covered by this report.</font></p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>24</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2"><a name="PART_II.__OTHER_INFORMATION">PART II.&nbsp; OTHER
INFORMATION</a></font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-indent:-.75in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-indent:-.75in; margin-top:0in'><b>
<font size="2">Item 1. - None</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-indent:-.75in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-indent:-.75in; margin-top:0in'><b>
<font size="2">Item 2 - None</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-indent:-.75in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-indent:-.75in; margin-top:0in'><b>
<font size="2">Item 3 - None</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-indent:-.75in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-indent:-.75in; margin-top:0in'><b>
<font size="2">Item 4 - None</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.75in;text-align:justify;text-indent:
- -.75in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-align:justify;text-indent:
- -.75in; margin-top:0in'><b><font size="2">Item
5. Other Information</font></b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.75in;text-align:justify;text-indent:
- -.75in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-align:justify; margin-top:0in'>
<font size="2">(a) Reports on Form
8-K</font></p>

<p style='mso-style-link:"Normal \(Web\) Char";margin-left:0in;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:0in;margin-left:1.0in;
margin-bottom:.0001pt;text-align:justify'>&nbsp;</p>

<p style='mso-style-link:"Normal \(Web\) Char";margin-left:0in;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:0in;margin-left:1.0in;
margin-bottom:.0001pt;text-align:justify'><font size="2">May 6, 2010 &#150; Press Release announcing First
Quarter 2010 earnings.</font></p>

<p style='mso-style-link:"Normal \(Web\) Char";margin-left:0in;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0in;margin-bottom:0in;margin-left:1.0in;
margin-bottom:.0001pt;text-align:justify'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:1.0in;text-align:justify;text-indent:
- -.25in; margin-top:0in'><font size="2">(b)&nbsp;&nbsp; Other Information</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.75in;text-align:justify; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:1.0in;text-align:justify; margin-top:0in'>
<font size="2">None</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:.75in;text-align:justify;text-indent:
- -.75in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-align:justify;text-indent:
- -.75in; margin-top:0in'><b><font size="2"><a name="Item_6._Exhibits_">Item
6. Exhibits </a> </font> </b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-left:.75in;text-align:justify; margin-top:0in'>
<font size="2">(a)&nbsp;&nbsp; Exhibits</font></p>

<table class=MsoNormalTable border=0 cellpadding=0 width="75%"
 style='margin-left:76.5pt;border-collapse:collapse'>
 <tr style='height:14.0pt'>
  <td width=36 valign=top style='padding:0in;
  '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>31.1&nbsp;</p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Certification
  by Ronald A. Robinson under Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=90 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith </font> </p>
  </td>
 </tr>
 <tr style='height:14.0pt'>
  <td width=36 valign=top style='padding:0in;
  '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>31.2&nbsp;</p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Certification
  by Dan E. Malone under Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=90 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith </font> </p>
  </td>
 </tr>
 <tr style='height:14.0pt'>
  <td width=36 valign=top style='padding:0in;
  '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>31.3&nbsp;</p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Certification
  by Richard J. Wehrle under Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=90 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith</font></p>
  </td>
 </tr>
 <tr style='height:14.0pt'>
  <td width=36 valign=top style='padding:0in;
  '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>32.1&nbsp;</p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;</font></p>
  </td>
  <td valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Certification
  by Ronald A. Robinson under Section 906 of the&nbsp; Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=90 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith</font></p>
  </td>
 </tr>
 <tr style='height:14.0pt'>
  <td width=36 valign=top style='padding:0in;
  '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>32.2&nbsp;</p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;</font></p>
  </td>
  <td valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Certification
  by Dan E. Malone under Section 906 of the&nbsp; Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=90 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith</font></p>
  </td>
 </tr>
 <tr style='height:14.0pt'>
  <td width=36 valign=top style='padding:0in;
  '>
  <p style='mso-style-link:"Comment Text Char";margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times (W1)","serif";text-align:right; margin-left:0in; margin-top:0in'>32.3&nbsp;</p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">&#151;</font></p>
  </td>
  <td valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Certification
  by Richard J. Wehrle under Section 906 of the&nbsp; Sarbanes-Oxley Act of 2002</font></p>
  </td>
  <td width=12 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=90 valign=top style='padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith</font></p>
  </td>
 </tr>
</table>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
	<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>25</p>
  </td>
 </tr>
</table>

</div>

<br clear=ALL>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<br
clear=all style='page-break-before:always'>


<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Times New Roman","serif";font-weight:bold; margin-left:0in; margin-top:0in'>Alamo Group Inc. and
Subsidiaries</h2>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<a name="SIGNATURES">SIGNATURES</a></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='mso-style-name:"Body Text 3\&#039;,b3; mso-style-link: Body Text 3 Char\&#039;,b3 Char";margin-top:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman","serif";margin-bottom:0in;margin-bottom:.0001pt'>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.</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table class=MsoTableGrid border=0 cellpadding=0
 style='border-collapse:collapse;border:none' width="75%">
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Alamo Group Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">(Registrant)</font></p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">/s/ Ronald A. Robinson</font></p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Ronald A. Robinson</font></p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">President &amp; Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="75%">
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=318 valign=top style='width:238.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">/s/ Dan
  E. Malone</font></p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=318 valign=top style='width:238.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Dan
  E. Malone</font></p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=318 valign=top style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Executive
  Vice President &amp; Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=318 valign=top style='width:238.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(Principal
  Financial Officer)</font></p>
  </td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table class=MsoTableGrid border=0 cellpadding=0
 style='border-collapse:collapse;border:none' width="75%">
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">/s/ Richard J. Wehrle</font></p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Richard J. Wehrle</font></p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Vice President &amp; Corporate Controller</font></p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">(Principal Accounting Officer)</font></p>
  </td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
 <tr>
  <td valign=top align=left style='padding-top:0in;padding-right:0in;
  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>26</p>
  </td>
 </tr>
</table>

</div>

</div>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>ex31-1.htm
<TEXT>
<html>

<head>
<title>Exhibit 31.1</title>
</head>

<body>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;text-align:center;font-family:"Times New Roman","serif";font-weight:bold;margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:center;font-family:"Times New Roman","serif";font-weight:bold;margin-left:0in; margin-top:0in'>
<font size="2">Exhibit 31.1</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">I,
Ronald A. Robinson, President &amp; Chief Executive Officer, certify that:</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%" valign="top"><font size="2">1.</font></td>
		<td colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">I
have reviewed this quarterly report on Form 10-Q of Alamo Group Inc;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">2.</font></td>
		<td colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">3.</font></td>
		<td width="97%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Based on my knowledge, the financial
statements, and other financial information included in this quarterly report,
fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods
presented in this quarterly report;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">4. </font></td>
		<td width="97%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">The registrant's other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f) for the registrant and have:</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(a)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Designed such disclosure controls and
procedures or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(b)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Designed such internal control over
financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(c)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Evaluated the effectiveness of the
registrant's disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such
evaluation; and</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(d)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Disclosed in this report any change in the
registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting; and</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">5. </font></td>
		<td width="97%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">The registrant's other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent
functions):</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(a)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(b)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
registrant's internal control over financial reporting.</font></p>

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

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Date:&nbsp;&nbsp;
  May 7, 2010</font></p>
  </td>
  <td width=319 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:50%;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">/s/ Ronald
  A. Robinson</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Ronald
  A. Robinson</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">President
  &amp; Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";margin-left:3.5in;text-indent:-3.5in; margin-top:0in'>&nbsp;</p>

<p style="font-size: 12.0pt; font-family: 'Times New Roman',serif; text-indent: -3.5in; margin-left: 3.5in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="font-size: 12.0pt; font-family: 'Times New Roman',serif; text-indent: -3.5in; margin-left: 3.5in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>ex31-2.htm
<TEXT>
<html>

<head>
<title>Exhibit 31.2</title>
</head>

<body>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";line-height:1.0pt; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:0in; margin-top:0in'>Exhibit 31.2</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">I,
Dan E. Malone, Executive Vice President &amp; Chief Financial Officer
(Principal Financial Officer), certify that:</font></p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%" valign="top"><font size="2">1.</font></td>
		<td colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">I
have reviewed this quarterly report on Form 10-Q of Alamo Group Inc;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">2.</font></td>
		<td colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">3.</font></td>
		<td width="97%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Based on my knowledge, the financial
statements, and other financial information included in this quarterly report,
fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods
presented in this quarterly report;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">4. </font></td>
		<td width="97%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">The registrant's other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f) for the registrant and have:</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(a)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Designed such disclosure controls and
procedures or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(b)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Designed such internal control over
financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(c)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Evaluated the effectiveness of the
registrant's disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such
evaluation; and</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(d)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Disclosed in this report any change in the
registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting; and</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">5. </font></td>
		<td width="97%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">The registrant's other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent
functions):</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(a)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(b)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
registrant's internal control over financial reporting.</font></p>

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

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td width=319 valign=top style='border-style:none; border-width:medium; width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
  <td width=319 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:50%;border-bottom:medium none windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  &nbsp;</td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;border-top-style:none; border-top-width:medium; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">May 7, 2010</font></p>
  </td>
  <td width=319 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:50%;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">/s/ Dan
  E. Malone</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Dan
  E. Malone</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Executive
  Vice President &amp; Chief Financial Officer </font> </p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(Principal
  Financial Officer)</font></p>
  </td>
 </tr>
</table>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.3
<SEQUENCE>4
<FILENAME>ex31-3.htm
<TEXT>
<html>

<head>
<title>Exhibit 31.3</title>
</head>

<body>

<p style='margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman","serif";font-weight:bold;margin-left:0in; margin-top:0in'>Exhibit 31.3</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
<font size="2">I,
Richard J. Wehrle, Vice President &amp; Corporate Controller (Principal
Accounting Officer), certify that:</font></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%" valign="top"><font size="2">1.</font></td>
		<td colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">I
have reviewed this quarterly report on Form 10-Q of Alamo Group Inc;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">2.</font></td>
		<td colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">3.</font></td>
		<td width="97%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Based on my knowledge, the financial
statements, and other financial information included in this quarterly report,
fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods
presented in this quarterly report;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">4. </font></td>
		<td width="97%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">The registrant's other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f) for the registrant and have:</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(a)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Designed such disclosure controls and
procedures or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
report is being prepared;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(b)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Designed such internal control over
financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(c)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Evaluated the effectiveness of the
registrant's disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such
evaluation; and</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(d)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Disclosed in this report any change in the
registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting; and</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="2">5. </font></td>
		<td width="97%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">The registrant's other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent
functions):</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-top:0in'>&nbsp;</p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(a)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and</font></p>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top"><font size="2">(b)</font></td>
		<td width="95%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";margin-top:0in'>
<font size="2">Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
registrant's internal control over financial reporting.</font></p>

		</td>
	</tr>
</table>
<p style="font-size: 12.0pt; font-family: 'Times New Roman',serif; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">May 7,
  2010</font></p>
  </td>
  <td width=319 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:50%;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">/s/ Richard
  J. Wehrle</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Richard
  J. Wehrle</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Vice
  President &amp; Controller </font> </p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(Principal
  Accounting Officer)</font></p>
  </td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>ex32-1.htm
<TEXT>
<html>

<head>
<title>Exhibit 32.1</title>
</head>

<body>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>Exhibit 32.1</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>CERTIFICATION PURSUANT TO</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>18 U.S.C. SECTION 1350,</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>AS ADOPTED PURSUANT TO</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
<font size="2">In connection with the Quarterly Report of
Alamo Group Inc. (the &#147;Company&#148;) on Form 10-Q for the period ended March 31, 2010
as filed with the Securities and Exchange Commission on the date hereof (the
&#147;Report&#148;), I, Ronald A. Robinson, President &amp; Chief Executive Officer of
the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to
ss. 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>

<ol style="font-size: 10pt">
	<li>
	<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;margin-top:0in'>
	<font size="2">The Form 10-Q fully
complies with the requirements of section 13 (a) or 15 (d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</font></p></li>
	<li>
	<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;margin-top:0in'><font size="2">The information
contained in the Form 10-Q fairly presents, in all material respects, the
financial condition and results of operations of the Company.</font></p></li>
</ol>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>

<table class=MsoTableGrid border=0 cellpadding=0
 style='border-collapse:collapse;border:none' width="100%">
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Date:&nbsp;&nbsp; May 7, 2010</font></p>
  </td>
  <td width=319 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:50%;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">/s/ Ronald A. Robinson</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Ronald A. Robinson</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">President
  &amp; Chief Executive Officer</font></p>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
 </tr>
</table>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>ex32-2.htm
<TEXT>
<html>

<head>
<title>Exhibit 32.2</title>
</head>

<body>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>Exhibit 32.2</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>CERTIFICATION PURSUANT TO</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>18 U.S.C. SECTION 1350,</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>AS ADOPTED PURSUANT TO</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>&nbsp;</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
<font size="2">In connection with the Quarterly Report of
Alamo Group Inc. (the &#147;Company&#148;) on Form 10-Q for the period ended March 31, 2010
as filed with the Securities and Exchange Commission on the date hereof (the
&#147;Report&#148;), I, Dan E. Malone, Executive Vice President &amp; Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted
pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>

<ol style="font-size: 10pt">
	<li>
	<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;margin-top:0in'><font size="2">The Form 10-Q fully
complies with the requirements of section 13 (a) or 15 (d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</font></p></li>
	<li>
	<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;margin-top:0in'><font size="2">The information
contained in the Form 10-Q fairly presents, in all material respects, the financial
condition and results of operations of the Company.</font></p></li>
</ol>

<table class=MsoTableGrid border=0 cellpadding=0 width=638
 style='width:100%;border-collapse:collapse;border:medium none; '>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
	<font size="2">Date:&nbsp;&nbsp; May 7, 2010</font></p>
  </td>
  <td width=319 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:50%;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">/s/ Dan
  E. Malone</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Dan
  E. Malone</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Executive
  Vice President &amp; Chief Financial Officer </font> </p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(Principal
  Financial Officer)</font></p>
  </td>
 </tr>
</table>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.3
<SEQUENCE>7
<FILENAME>ex32-3.htm
<TEXT>
<html>

<head>
<title>Exhibit 32.3</title>
</head>

<body>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>Exhibit 32.3</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>

<h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"CG Times","serif";font-weight:bold; margin-left:0in; margin-top:0in'>
<font size="3">CERTIFICATION PURSUANT TO</font></h1>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>18 U.S.C. SECTION 1350,</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>AS ADOPTED PURSUANT TO</b></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:center; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify; margin-left:0in; margin-top:0in'>
<font size="2">In connection with the Quarterly Report of
Alamo Group Inc. (the &#147;Company&#148;) on Form 10-Q for the period ended March 31, 2010
as filed with the Securities and Exchange Commission on the date hereof (the
&#147;Report&#148;), I, Richard J. Wehrle, Vice President &amp; Corporate Controller and
Principal Accounting Officer of the Company, certify, pursuant to 18 U.S.C. ss.
1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>

<ol style="font-size: 10pt">
	<li>
	<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;margin-top:0in'>
	<font size="2">The Form 10-Q fully
complies with the requirements of section 13 (a) or 15 (d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</font></p></li>
	<li>
	<p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif";text-align:justify;margin-top:0in'>
	<font size="2">The information
contained in the Form 10-Q fairly presents, in all material respects, the
financial condition and results of operations of the Company.</font></p></li>
</ol>

<table class=MsoTableGrid border=0 cellpadding=0
 style='border-collapse:collapse;border:none' width="100%">
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">May
  7, 2010</font></p>
  </td>
  <td width=319 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:50%;border-bottom:1.0pt solid windowtext;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">/s/ Richard
  J. Wehrle</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Richard
  J. Wehrle</font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">Vice
  President &amp; Corporate Controller </font> </p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman","serif"; margin-left:0in; margin-top:0in'>
	<font size="2">(Principal
  Accounting Officer)</font></p>
  </td>
 </tr>
</table>

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