<SEC-DOCUMENT>0001003297-11-000161.txt : 20110506
<SEC-HEADER>0001003297-11-000161.hdr.sgml : 20110506
<ACCEPTANCE-DATETIME>20110506114225
ACCESSION NUMBER:		0001003297-11-000161
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110506
DATE AS OF CHANGE:		20110506

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:		11817697

	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>esalamo10qmay.htm
<TEXT>
<html>

<head>
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<title>Alamo Form 10-Q</title>



</head>

<body lang=EN-US>

<div style='page:Section1;'>

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

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

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

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

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

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

<hr color="#000000">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	UNITED STATES</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	SECURITIES AND EXCHANGE COMMISSION</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	WASHINGTON, D.C. 20549</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:24.0pt;margin-left:0in;text-align:center;page-break-after:avoid;font-family:"Arial";font-weight:bold;margin-bottom:0in;margin-bottom:.0001pt'>
	FORM 10-Q</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:
  .0001pt;text-align:center'>ACT OF 1934</p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:
  .0001pt;text-align:center'>FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2011</p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:
  .0001pt;text-align:center'>OR</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">[&nbsp;&nbsp;&nbsp; ]&nbsp;
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE</font></p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:
  .0001pt;text-align:center'>ACT OF 1934</p>

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

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

<div align=center>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none' width="100%">
 <tr>
  <td colspan=3 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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">TRANSITION
  PERIOD FROM ____ TO ____</font></p>
  </td>
 </tr>
 <tr>
  <td colspan=3 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td colspan=3 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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">Commission
  file number
  0-21220</font></b></p>
  </td>
 </tr>
 <tr>
  <td colspan=3 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td colspan=3 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td colspan=3 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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="5">ALAMO GROUP INC.</font></b></p>
  </td>
 </tr>
 <tr>
  <td colspan=3 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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(Exact
  name of registrant as specified in its charter)</font></p>
  </td>
 </tr>
 <tr>
  <td colspan=3 valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
 <tr style='height:.5in'>
  <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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">DELAWARE</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(State or other jurisdiction of</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">incorporation or organization)</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">74-1621248</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(I.R.S. Employer</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Identification Number)</font></p>
  </td>
 </tr>
</table>

</div>

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

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

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

  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">1627 East Walnut, Seguin, Texas&nbsp; 78155</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><i>
	<font size="2">(Address of principal executive
  offices</font></i><font size="2">)</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">830-379-1480</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(<i>Registrant&#146;s telephone number,
  including area code</i>)</font></p>

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

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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:"Arial";margin-left:0in; margin-right: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-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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; ]  ACCELERATED FILER &nbsp;&nbsp; [X] &nbsp;&nbsp; NON-ACCELERATED FILER &nbsp; [&nbsp;&nbsp;]</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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;] NO [X]</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt'>AT APRIL 29, 2011, 11,880,979
  SHARES OF COMMON STOCK, $.10 PAR VALUE, OF THE REGISTRANT WERE OUTSTANDING.</p>

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

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";font-weight:bold; margin-left:0in; margin-right:0in; margin-top:0in'>Alamo Group Inc. and Subsidiaries</h2>

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </b></p>

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

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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;&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>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="65%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="65%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="65%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>PART I.&nbsp;&nbsp; </p>
  </td>
  <td width="65%" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>FINANCIAL
  INFORMATION</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="20%" 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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>PAGE</p>
  </td>
 </tr>
 <tr>
  <td width="15%" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Item 1.</p>
  </td>
  <td width="65%" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Interim Condensed
  Consolidated Financial Statements&nbsp; (Unaudited)</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="65%" 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:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp; March 31, 2011
  and December 31, 2010</p>
  </td>
  <td width="20%" 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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>3</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="65%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp; Three months
  ended March 31, 2011 and March 31, 2010</p>
  </td>
  <td width="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>4</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="65%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp; Three months
  ended March 31, 2011 and March 31, 2010</p>
  </td>
  <td width="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>5</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="65%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>6</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="65%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Item 2</p>
  </td>
  <td width="65%" 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:"Arial";margin-left:0in; margin-right: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="20%" 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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>15</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="65%" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp; Condition and
  Results of Operations</p>
  </td>
  <td width="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Item 3</p>
  </td>
  <td width="65%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>21</p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="65%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td width="20%" valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="15%" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Item 4</p>
  </td>
  <td width="65%" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<a href="#Item_4._Controls_and_Procedures">Controls and
  Procedures</a></p>
  </td>
  <td width="20%" 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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	23</p>
  </td>
 </tr>
</table>

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

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

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

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td width=67 valign=top style='width:15%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>PART II.&nbsp; </p>
  </td>
  <td width=545 valign=top style='width:408.6pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<a href="#PART_II.__OTHER_INFORMATION">OTHER INFORMATION</a></p>
  </td>
 </tr>
</table>

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

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none' width="100%">
 <tr>
  <td width=67 valign=top style='width:15%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Item 1.&nbsp; </p>
  </td>
  <td width=601 valign=top style='width:85%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>None</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:15%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Item 2.&nbsp; </p>
  </td>
  <td width=601 valign=top style='width:85%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>None</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:15%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Item 3. </p>
  </td>
  <td width=601 valign=top style='width:85%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>None</p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:15%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Item 4.&nbsp; </p>
  </td>
  <td width=601 valign=top style='width:85%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>None </p>
  </td>
 </tr>
 <tr>
  <td width=67 valign=top style='width:15%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Item 5.&nbsp; </p>
  </td>
  <td width=601 valign=top style='width:85%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Other Information</p>
  </td>
 </tr>
 <tr style='height:.2in'>
  <td width=67 valign=top style='width:15%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Item 6</font></p>
  </td>
  <td width=601 valign=top style='width:85%;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Exhibits and
  Reports on Form 8-K</font></p>
  </td>
 </tr>
</table>

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

<table class=MsoNormalTable 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<a href="#SIGNATURES">SIGNATURES</a></p>
  </td>
 </tr>
</table>

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

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

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

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

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

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

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

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

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

<div align="center">

<table class=MsoNormalTable border=0 cellpadding=0 width=661
 style='width:95%;border-collapse:collapse'>
 <tr background>
  <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' bgcolor="#FFFFFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(in thousands, except share amounts)</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' bgcolor="#FFFFFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#FFFFFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#FFFFFF">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">March 31, </font> </b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2011</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' bgcolor="#FFFFFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:-.9pt;text-align:justify'>&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' bgcolor="#FFFFFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:-.9pt;text-align:justify'>&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' bgcolor="#FFFFFF">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:-.9pt;text-align:center; margin-left:0in; margin-top:0in'><b>
	<font size="2">December 31, <br>
	2010</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">ASSETS</font></b></p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:12.15pt' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Current assets:</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:9.45pt' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>$</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">28,383&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">30,243&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">154,614&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">127,388&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">117,460&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">99,304&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3,786&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3,813&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">4,445&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3,864&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivable</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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">448&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">448&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">309,136&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">265,060&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Property, plant and equipment</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">143,065&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">139,674&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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=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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(81,863)</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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(78,490)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">61,202&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">61,184&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:12.15pt' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Goodwill</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">35,281&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">34,073&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Intangible assets</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5,500&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5,500&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Deferred income taxes</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5,057&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">4,311&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Other assets </font> </p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">746&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">855&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom 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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
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	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets</font></p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
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  <td valign=bottom 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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
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  <td valign=bottom 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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">416,922&nbsp;</font></p>
  </td>
  <td valign=bottom 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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
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  <td valign=bottom 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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
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  <td colspan=2 valign=bottom 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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">370,983&nbsp;</font></p>
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  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">LIABILITIES AND STOCKHOLDERS&#146; EQUITY</font></b></p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
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  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp; Current liabilities:</font></p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
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	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable</font></p>
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  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
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  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
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  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">53,119&nbsp;</font></p>
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  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
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  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
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  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">45,152&nbsp;</font></p>
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	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable</font></p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
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  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">1,584&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
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  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">1,567&nbsp;</font></p>
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  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
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	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities</font></p>
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  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
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  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">33,179&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">29,813&nbsp;</font></p>
  </td>
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  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
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	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current maturities of long-term debt</font></p>
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  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
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  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">1,620&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2,319&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax</font></p>
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  <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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">338&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">338&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">89,840&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">79,189</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net of current maturities</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">47,021&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">23,106&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred pension liability</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6,782&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">7,151&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term liabilities</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">4,079&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2,109&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6,467&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6,168&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.95pt' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Stockholders&#146; equity:</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'> </p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,879,579
  and 11,872,479 issued and outstanding at March 31, 2011
  and <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2010</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">1,188&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">1,187&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">84,606&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">84,377&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury
  stock, at cost; 42,600 shares at March 31, 2011 and </font> </p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; December
  31, 2010</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(426)</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(426)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">171,545&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">166,589&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income, net</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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5,820&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">1,533&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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=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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">262,733&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">253,260&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:12.15pt' background>
  <td valign=bottom 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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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=bottom 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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=bottom 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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">416,922&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td colspan=2 valign=bottom 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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">370,983&nbsp;</font></p>
  </td>
 </tr>
 <tr height=0 background>
  <td style='border:none' bgcolor background></td>
  <td style='border:none' bgcolor background></td>
  <td style='border:none' bgcolor background></td>
  <td style='border:none' bgcolor background></td>
  <td style='border:none' bgcolor background></td>
  <td style='border:none' bgcolor background></td>
  <td style='border:none' bgcolor background></td>
  <td style='border:none' bgcolor background></td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">See accompanying notes.</font></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="80%">
 <tr background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#FFFFFF">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#FFFFFF">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td colspan=5 valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#FFFFFF">
  <h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Arial";font-weight:bold; margin-left:0in; margin-right:0in; margin-top:0in'>Three Months Ended</h2>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:8.1pt' background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  &nbsp;</td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  &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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:10.5pt' background>
  <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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  &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' bgcolor="#8BDBF5" background>
  &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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2011</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' bgcolor="#8BDBF5" background>
  &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' bgcolor="#8BDBF5" background>
  &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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:9.0pt' background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">49,033&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">47,112&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">49,739&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">41,700&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">41,943&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">42,341&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">140,715&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">131,153&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">108,814&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">103,018&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">31,901&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">28,135&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">22,560&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">21,668&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">9,341&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6,467&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(765)</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(1,250)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">72&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">812&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(147)</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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(10)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">8,501&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6,019&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2,834&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2,026&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5,667&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3,993&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.5pt' background>
  <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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">0.48&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">0.34&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:11.1pt' background>
  <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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">0.47&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">0.34&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">11,832&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">11,747&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">11,980&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">11,833&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid' background>
  <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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">0.06&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:3.95pt; padding-right:3.95pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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' bgcolor="#8BDBF5" background>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">0.06&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

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

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

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

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

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

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

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

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

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

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

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

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">4</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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:-49.65pt;border-collapse:collapse' width="90%">
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:center; margin-left:0in; margin-right: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'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:center; margin-left:0in; margin-right: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-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2011</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</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-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2010</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5,667&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>$</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3,993&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:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">393&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">177&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2,621&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2,664&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">86&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">94&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">140&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">189&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(18)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(31)</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(552)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">188&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(34)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">30</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(25,625)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(26,050)</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(16,410)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">4,200&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(1,287)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(1,273)</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">9,520&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">11,406&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">69&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(1,913)</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">1,457&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(365)</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(23,965)</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(6,605)</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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(431)</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(1,433)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(878)</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">44&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">76&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(1,389)</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(1,233)</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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">24,000&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">13,000&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(892)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(908)</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">542&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(710)</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(705)</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">89&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">26&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">18&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">31&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">22,505&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">11,986&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:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">989&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(895)</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(1,860)</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3,253&nbsp;</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">30,243&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">17,774&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">28,383&nbsp;</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">21,027&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">746&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">1,121&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3,876&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2,178&nbsp;</font></p>
  </td>
 </tr>
 </table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">See accompanying notes.</font></p>
<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

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

  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">Alamo Group Inc. and Subsidiaries</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">
	<a name="Notes_to_Interim_Condensed_Consolidated_Financial_Statements_-_(Unaudited)_">Notes to Interim Condensed
  Consolidated Financial Statements - (Unaudited)</a></font></b></p>
  <h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Arial";font-weight:bold; margin-left:0in; margin-right:0in; margin-top:0in'>March 31, 2011</h2>

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

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

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-align:justify'>&nbsp;</p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";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, 2011.&nbsp; The balance sheet at December 31, 2010, 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, 2010.</p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman";text-align:left;text-indent:.1in'>&nbsp;</p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";text-align:left;text-indent:.1in'>&nbsp;&nbsp;&nbsp; The accompanying statement of income reflects the
correction of a misclassification of freight revenue for the prior
period.&nbsp; Freight billed to customers was previously recorded as a
reduction of cost of sales and has been reclassified to increase sales and cost
of sales in accordance with ASC 605-45-45-20.&nbsp; The reclassification
resulted in an increase in net sales and cost of sales of $3.4 million for the
three months ended March 31, 2011, and was $2.8 million for the three months
ended March 31, 2010, with no impact on reported net income. Revenue and cost
of sales for the years ended December 31, 2010 and 2009 will be increased by
approximately $12 million and $7.4 million, respectively, in future filings. </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt; margin-left:0in; margin-top:0in'><b>
<font size="2">2.&nbsp; Accounts Receivable</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-align:justify'>&nbsp;</p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";text-align:left;text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Receivable is shown net of the
allowance for doubtful accounts of $3,190,000 and $2,852,000 at March 31, 2011
and December 31, 2010, respectively.</p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt; margin-left:0in; margin-top:0in'><b>
<font size="2">3.&nbsp; Inventories</font></b></p>

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

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";text-align:left;text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories valued at LIFO cost represented 64%
and 63% of total inventory at March 31, 2011 and December 31, 2010,
respectively.&nbsp; The excess of current cost over LIFO valued inventories was $7,654,000
at March 31, 2011 and December 31, 2010.&nbsp; Inventory obsolescence reserves were
$7,898,000 at March 31, 2011 and $7,506,000 at December 31, 2010.&nbsp; The increase
in reserve for obsolescence was from the Company&#146;s U.S. operations.&nbsp; Net inventories
consist of the following:</p>

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

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="60%">
 <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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2011</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">December 31,</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2010</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Finished
  goods</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">94,030</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">80,102</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">13,163</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">9,857</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">10,267</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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">9,345</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">117,460</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">99,304</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-align:justify'>&nbsp;</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An actual valuation of
inventory under the LIFO method can be made only at the end of each year based
on the inventory levels and costs at that time.&nbsp; Accordingly, interim LIFO must
necessarily be based, to some extent, on management's estimates at each quarter
end. </p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">4.&nbsp;
Derivatives and Hedging</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-top:0in;margin-right:13.5pt;margin-bottom:
0in;margin-left:.25in;margin-bottom:.0001pt'><b><font size="2">&nbsp;</font></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-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 Interbank Offered 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 had a four-year term and fixed the LIBOR base rate at 4.935% covering an
additional $20 million of these variable rate borrowings and expired on March
31, 2011.&nbsp; At March 31, 2011 there was zero liability related to the expired
interest rate swap.</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">5.&nbsp; Fair
Value Measurements</font></b></p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";text-align:left;text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company adopted ASC Subtopic 820-10, &#147;Fair
Value Measurements and Disclosures, as amended&#148; as of January 1, 2008.&nbsp; ASC
Subtopic 820-10 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-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";'><b>Level 1 </b>&#150; Quoted prices for identical instruments in active
markets.</p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";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-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";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-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman";text-indent:0in'>&nbsp;</p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";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-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman";text-indent:0in'>&nbsp;</p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";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-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">6.&nbsp;
Common Stock and Dividends</font></b></p>

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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:"Arial";text-align:justify; margin-left:0in; margin-right: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:.55in;border-collapse:collapse' width="60%">
 <tr>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2011</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:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2010</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>Dividends
  declared </p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in' align="right">0.06</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in' align="center">
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in' align="right">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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in' align="right">
	<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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:.05in; padding-right:.05in; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in' align="right">
	<font size="2">0.06</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></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-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">7</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">7.&nbsp; Stock-Based Compensation</font></b></p>

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

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company&#146;s
stock-based compensation expense was $140,000 and $189,000 for the quarters ended
March 31, 2011 and 2010, respectively.</p>

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

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

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

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

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0 width=436
 style='width:60%;margin-left:0pt;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; height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial"><i>For
  three months ending March 31, 2011</i></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; height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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; height:13.8pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;height:
  13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Shares</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Exercise</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">360,130&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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercised
  </font>
  </p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(7,100)</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$12.53</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(2,000)</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right: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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$24.69</font></p>
  </td>
 </tr>
 <tr style='height:3.5pt'>
  <td valign=top style='border:medium none;padding:0in;
  height:3.5pt' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:3.5pt' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:3.5pt' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:3.5pt' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:3.5pt' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:3.5pt' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Options
  outstanding at March 31, 2011</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">351,030&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right: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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$18.37</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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Options
  exercisable at March 31, 2011</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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">213,030&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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$19.29</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Options
  available for grant at March 31, 2011</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">197,500&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options
outstanding and exercisable at March 31, 2011 were as follows:</font></p>

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

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0 width=622
 style='border-width:0px; width:100%;margin-left:0pt' cellspacing="0">
 <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='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial"><b>Qualified
  Stock Options</b></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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">Options Outstanding</font></b></p>
  </td>
  <td valign=bottom style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom 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:"Arial";text-align:center; margin-left:0in; margin-right: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:medium none windowtext; padding:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:medium none windowtext; padding:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:medium none windowtext; padding:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:medium none windowtext; padding:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:medium none windowtext; padding:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:medium none windowtext; padding:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Remaining</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Contractual</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Life(yrs)*</font></p>
  </td>
  <td valign=bottom style='padding:0in; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Exercise</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Price*</font></p>
  </td>
  <td valign=bottom style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:3.3pt;text-align:center; margin-left:0in; margin-top:0in'>
	<font size="2">Shares</font></p>
  </td>
  <td valign=bottom 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Exercise</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Price*</font></p>
  </td>
 </tr>
 <tr style='height:13.8pt'>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:1px solid #000000; border-bottom:medium none; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">Range of Exercise Price</font></p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:1px solid #000000; border-bottom:medium none; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:1px solid #000000; border-bottom:medium none; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:1px solid #000000; border-bottom:medium none; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:1px solid #000000; border-bottom:medium none; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-top:1px solid #000000; border-bottom:medium none; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-left:medium none; border-right:medium none; border-bottom:medium none; border-top:1px solid windowtext; padding:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; border-left-style:none; border-left-width:medium; border-top-style:none; border-top-width:medium'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;padding:0in;
  '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='padding:0in; border-top-style:none; border-top-width:medium' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$11.45 - $17.85
  </font>
  </p>
  </td>
  <td valign=bottom style='padding:0in; border-top-style:none; border-top-width:medium' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; border-top-style:none; border-top-width:medium' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">146,030&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; border-top-style:none; border-top-width:medium' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; border-top-style:none; border-top-width:medium' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; border-top-style:none; border-top-width:medium' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5.97</font></p>
  </td>
  <td valign=bottom style='padding:0in; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$&nbsp;12.23&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-style:none; border-width:medium; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; border-left-style:none; border-left-width:medium' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">68,030&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$&nbsp;13.12&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$19.79 - $25.18
  </font>
  </p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">205,000&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5.72</font></p>
  </td>
  <td valign=bottom style='padding:0in; border-right-style:none; border-right-width:medium'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$&nbsp;22.75&nbsp;</font></p>
  </td>
  <td valign=bottom style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; border-left-style:none; border-left-width:medium'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">145,000&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=bottom style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$&nbsp;22.18&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;' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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;' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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;' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">351,030&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;' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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;' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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;' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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;' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border-top:medium none windowtext;
  border-left:medium none;border-bottom:medium none windowtext;border-right:medium none;
  padding:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding:0in; border-left-style:none; border-left-width:medium' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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;' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">213,030&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;' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0 width=415
 style='width:75%;margin-left:-.65pt;border-collapse:collapse' id="table1">
 <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='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial"><i>For
  three months ending March 31, 2011</i></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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:center; margin-left:0in; margin-right: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='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Shares</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Exercise</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">102,400&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp; </p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Options
  outstanding at March 31, 2011</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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">102,400&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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$15.62&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Options
  exercisable at March 31, 2011</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">30,300&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right: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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$20.79&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Options
  available for grant at March 31, 2011</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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">364,000&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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<i>
<font size="2">*Weighted
Averages</font></i></p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">8</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><i>
<font size="2">&nbsp;</font></i></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-bottom:10.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options outstanding and exercisable at March 31, 2011
were as follows:</font></p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=622
 style='width:100%;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; height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial"><b>Non-Qualified
  Stock Options</b></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; height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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; height:13.8pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">Options Outstanding</font></b></p>
  </td>
  <td valign=top style='padding:0in;height:
  13.8pt; border-right-style:none; border-right-width:medium'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border-bottom:medium none #000000; padding:0in; height:13.8pt; 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:13.8pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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; height:28.75pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&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; height:28.75pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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; height:28.75pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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; height:28.75pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:28.75pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:28.75pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Remaining</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Contractual</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Life(yrs)*</font></p>
  </td>
  <td valign=top style='padding:0in;
  height:28.75pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Exercise&nbsp;&nbsp;</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Price*&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in;height:
  28.75pt; border-right-style:none; border-right-width:medium'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border-style:none; border-width:medium; padding:0in; height:28.75pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:28.75pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:3.3pt;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;height:28.75pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Exercise</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">Range of Exercise Price</font></p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;height:
  13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  height:13.8pt; border-top-style:none; border-top-width:medium'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in;
  height:13.8pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$11.45 -
  $12.10 </font> </p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">68,900&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">8.00</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$11.45&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">7,300&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$11.45&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$13.96 - $19.79
  </font>
  </p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6,000&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">4.00</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$19.79&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6,000&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;$19.79&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$25.02 -
  $25.18 </font> </p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">27,500&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5.91</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$25.17&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">17,000&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">102,400&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">30,300&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

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

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

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

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

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

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=565
 style='width:100%;'>
 <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;
  height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&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;
  height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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;
  height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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;
  height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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;
  height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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;
  height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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;
  height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Weighted- average remaining</font></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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;height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">Options
  outstanding at beginning of year</font></p>
  </td>
  <td valign=bottom style='border:medium none;height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">9,000&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:medium none;height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='border:medium none;height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=bottom style='border:medium none;height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">15.86&nbsp;</font></p>
  </td>
  <td valign=bottom style='border:medium none;height:13.8pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2.33</font></p>
  </td>
 </tr>
 <tr>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:right; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right: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:"Arial";text-align:center; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">9,000&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:right; margin-left:0in; margin-right: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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">15.86&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
</table>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">8.&nbsp; Earnings Per Share</font></b></p>

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-top:0in;margin-right:13.5pt;
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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-align:justify'>&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=505
 style='border-width:0px; width:80%;margin-left:-15.2pt;'>
 <tr style='page-break-inside:avoid'>
  <td colspan=2 valign=top style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=8 valign=top style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">Three Months Ended</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td colspan=2 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:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=8 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding:0in; '>
  <h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"CG Times";font-weight:bold; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font face="Arial" size="2">March 31,</font></h1>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <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-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>(In
  thousands, except per share)</p>
  </td>
  <td colspan=4 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid windowtext; padding:0in; '>
  <h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"CG Times";font-weight:bold;text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font face="Arial" size="2">2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></h1>
  </td>
  <td colspan=3 valign=top style='border-top:medium none windowtext;
  border-left:medium none;border-bottom:1px solid windowtext;border-right:medium none;
  padding:0in; '>
  <h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"CG Times";font-weight:bold;text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font face="Arial" size="2">2010&nbsp;</font></h1>
  </td>
  <td style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1px solid #000000; padding:0in; '><p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid #000000; padding:0in; ' colspan="3" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">Net
  Income</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:2px solid windowtext; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">5,667</font></p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:2px solid windowtext; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">3,993</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td style='border:none;padding:0in 0in 0in 0in'><p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</td>
  <td colspan=2 valign=top style='border:medium none;
  padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;padding:
  0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td style='border:none;padding:0in 0in 0in 0in' colspan="3" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">Average
  Common Shares:</font></p>
  </td>
  <td valign=top style='border-style:none; border-width:medium; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border-style:none; border-width:medium; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-style:none; border-width:medium; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border-style:none; border-width:medium; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-style:none; border-width:medium; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td style='border:none;padding:0in 0in 0in 0in' colspan="3">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">&nbsp;&nbsp;&nbsp; Basic
  (weighted-average outstanding shares)</font></p>
  </td>
  <td valign=top style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">11,832</font></p>
  </td>
  <td colspan=2 valign=top style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-style:none; border-width:medium; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">11,747</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td style='border:none;padding:0in 0in 0in 0in' colspan="3" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">&nbsp;&nbsp;&nbsp; Dilutive
  potential common shares from stock options </font> </p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:medium none windowtext; padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">148</font></p>
  </td>
  <td colspan=2 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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">86</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid #000000; padding:0in; ' colspan="3">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">&nbsp;&nbsp;&nbsp;
  Diluted (weighted-average outstanding shares)</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">11,980</font></p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">11,833</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td style='border:none;padding:0in 0in 0in 0in' colspan="3" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp; </p>
  </td>
  <td valign=top style='border:medium none;padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;padding:
  0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid #000000; padding:0in; ' colspan="3">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">Basic
  earnings per share</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">0.48</font></p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">0.34</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td style='border:none;padding:0in 0in 0in 0in' colspan="3" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp; </p>
  </td>
  <td valign=top style='border:medium none;padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding:0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;padding:
  0in; ' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid #000000; padding:0in; ' colspan="3">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
	<font face="Arial">Diluted
  earnings per share</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">0.47</font></p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2px solid windowtext; padding:0in; '>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:2px solid windowtext; padding:0in; '>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">0.34</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>
  <td style='border:none'></td>
  <td style='border:none'></td>
 </tr>
</table>

</div>

<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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	&nbsp;</p>
	<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	&nbsp;</p>
	<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	&nbsp;</p>
	<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">9</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify;text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">9.&nbsp; Segment Reporting</font></b></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At March 31, 2011 the following includes a summary of
the unaudited financial information by reporting segment:&nbsp; </font> </p>

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

<div align=center>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:5.4pt;' 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:center; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2011</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:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2010</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:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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' bgcolor="#8BDBF5">
  <h2 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:10.0pt;font-family:"Arial";font-weight:bold;text-align:left; margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">49,033&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">47,112&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>49,739&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>41,700&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">41,943&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">42,341&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">140,715&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">131,153&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3,427</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">1,840</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2,940&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">985&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">2,974&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3,642&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">9,341&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6,467&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">13,422&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">13,555&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">21,859&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">20,786&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">35,281&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">34,341&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">123,408&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">128,094&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">146,562&nbsp;</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">132,765&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">146,952&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">137,105&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">416,922&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">397,964&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

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

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times \(W1\)";margin-bottom:10.0pt;page-break-after:avoid'>
<font face="Arial"><b>10.&nbsp; Off-Balance Sheet Arrangements</b></font></p>

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

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;font-size:10.0pt;font-family:"CG Times \(W1\)";margin-bottom:10.0pt;page-break-after:avoid'>
<font face="Arial"><b>11.&nbsp; Comprehensive Income</b></font></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During
the first quarter of 2011 and 2010, Comprehensive Income (Loss) amounted to $9,954,000
and ($743,000) respectively.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:-.05pt;border-collapse:collapse' id="table2" width="75%">
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td colspan=4 valign=top style='height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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='height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2011</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;
  height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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;
  height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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;
  height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2010</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;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Net Income</font></p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5,667&nbsp;</font></p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3,993&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:4.4pt'>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Cash flow
  derivative, net of taxes</font></p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">144&nbsp;</font></p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">233&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:4.4pt'>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Amortization
  of actuarial net gain (loss) </font> </p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(1,147)</font></p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">19&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; height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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; height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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; height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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; height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5,290</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; height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(4,988)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:8.7pt'>
  <td valign=top style='border:medium none;height:8.7pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:8.7pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:8.7pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:8.7pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:8.7pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:8.7pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:8.7pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Comprehensive
  Income (Loss)</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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">9,954</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(743)</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">10</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-bottom:10.0pt;text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-top:0in;margin-right:9.0pt;margin-bottom:10.0pt;margin-left:0in;text-align:justify;text-indent:.5in;page-break-after:avoid;font-size:10.0pt;font-family:"Arial";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 cellspacing=0 cellpadding=0
 style='margin-left:-22.45pt; border-left-width:0px; border-right-width:0px; border-top-width:0px' width="75%">
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in; border-bottom-style:none; border-bottom-width:medium'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in; border-bottom-style:none; border-bottom-width:medium'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in; border-right-style:none; border-right-width:medium; border-bottom-style:none; border-bottom-width:medium'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in' align="center"><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:1px solid windowtext; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:1px solid windowtext; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:1px solid windowtext; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:1px solid windowtext; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2011</font></b></p>
  </td>
  <td colspan=2 valign=top style='border-top:medium none windowtext;
  border-left:medium none;border-bottom:1px solid windowtext;border-right:medium none;
  height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:1px solid windowtext; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:1px solid windowtext; height:13.1pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2010</font></b></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td colspan=2 valign=top style='border:medium none;
  height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:4.4pt'>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Foreign
  currency translation</font></p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">9,752&nbsp;</font></p>
  </td>
  <td colspan=2 valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='height:4.4pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">&nbsp;&nbsp; 4,489&nbsp;</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.1pt'>
  <td valign=top style='height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Derivatives,
  net of taxes</font></p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&#150;&nbsp;</font></p>
  </td>
  <td colspan=2 valign=top style='height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">(171)</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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Actuarial
  gains (losses) 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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(3,932)</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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">(2,785)</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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</font></p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5,820&nbsp;</font></p>
  </td>
  <td colspan=2 valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; height:
  13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:2.25pt solid windowtext; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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; height:13.1pt; padding-left:1.5pt; padding-right:1.5pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">1,533&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 style='border:none'></td>
 </tr>
</table>

</div>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-align:center; margin-left:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">12.&nbsp; Contingent Matters</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-align:justify'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Like
other manufacturers, the Company is subject to a broad range of federal, state,
local and foreign laws and requirements, including those concerning air
emissions, discharges into waterways, and the generation, handling, storage,
transportation, treatment and disposal of hazardous substances and waste
materials, as well as the remediation of contamination associated with releases
of hazardous substances at the Company&#146;s facilities and offsite disposal
locations, workplace safety and equal employment opportunities. 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. 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
thereof. </font> </p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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. We received a
conditional &#147;no further action&#148; letter in January of 2009. When we demonstrate
stable or improving conditions below residential standards by monitoring
existing wells, an unconditional &#147;no further action&#148; letter will be requested.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
March 31, 2011, the Company had an environmental reserve in the amount of $1,474,000
related to the acquisition of <i>Gradall&#146;s</i> facility in New Philadelphia, Ohio. Three specific remediation projects that were identified prior to the acquisition are
in process of remediation with a remaining reserve balance of $9,000. The
Company has a reserve of $277,000 concerning a potential asbestos issue that is
expected to be remediated over time. 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. </font> </p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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 was contaminated with chlorinated volatile organic compounds which most
likely resulted from painting and cleaning operations during the 1960s and &#145;70s.
The contaminated areas were 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 and has removed the
underground storage tanks at its cost and has remedied the identified
contamination in accordance with the regulations of the Alabama Department of
Environmental Management.&nbsp;An environmental consulting firm was retained by
the prior owner and administered the cleanup and will monitor the site on an
ongoing basis until the remediation program is complete and approved by the
applicable authorities.</font></p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">11</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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. Management has made its best estimate of the cost to remediate these
environmental issues. However, such estimates are difficult to determine, including
the timing of such costs. 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">13.&nbsp; Retirement Benefit Plans</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:.25in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'><b><i>
<font size="2">Defined Benefit Plan</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:.25in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The <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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company&#146;s pension expense was $22,000 and $50,000 for the three months ended
March 31, 2011 and 2010, respectively.&nbsp; The Company is required to contribute $1,085,000
to the pension plans for 2011, of which $342,000 was contributed during the
first quarter of 2011.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b><i>
<font size="2">Supplemental
Retirement Plan</font></i></b></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Board of Directors of the Company adopted the Alamo Group Inc. Supplemental
Executive Retirement Plan (the &#147;SERP&#148;), effective as of January 3, 2011.&nbsp; The
SERP will benefit certain key management or other highly compensated employees
of the Company and/or certain subsidiaries who are selected by the Compensation
Committee and approved by the Board to participate.</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">12</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
SERP is intended to provide a benefit from the Company upon retirement, death
or disability, or a change in control of the Company.&nbsp; Accordingly, the SERP
obligates the Company to pay to a participant a Retirement Benefit (as defined
in the SERP) upon the occurrence of certain payment events to the extent a
participant has a vested right thereto.&nbsp; A participant&#146;s right to his
Retirement Benefit becomes vested in the Company&#146;s contributions upon 10 years
of Credited Service (as defined in the SERP) or a change in control of the
Company.&nbsp; The Retirement Benefit is based on 20% of the final three year
average salary of each participant on or after his or her Normal Retirement Age
(65 years of age).&nbsp; In the event of the participant&#146;s death or a change in
control, the participant&#146;s vested Retirement Benefit will be paid in a lump sum
to the participant or his estate, as applicable, within 90 days after the
participant&#146;s death or a change in control, as applicable.&nbsp; In the event the
participant is entitled to a benefit from the SERP due to disability,
retirement or other termination of employment, the benefit will be paid in
monthly installments over a period of fifteen years.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company records amounts relating to the SERP based on calculations that
incorporate various actuarial and other assumptions, including discount rates,
rate of compensation increases, retirement dates and life expectancies.&nbsp; The
net periodic costs are recognized as employees render the services necessary to
earn the SERP benefits.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
connection with the initiation of the SERP, the Company recorded an unfunded
long-term liability of $1,964,301 a deferred tax asset of $746,000 and $1,218,301
in accumulated other comprehensive income.&nbsp; The $1,964,301 represents prior
service cost which will be amortized over the average remaining service periods
of the employees.&nbsp; The prior service cost is included as a component of net
periodic pension cost.&nbsp; The prior service cost expected to be amortized for the
year ended December 31, 2011 is $263,665.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp; The components of net period pension cost were as
follows:</font></p>

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

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="50%">
 <tr>
  <td colspan=3 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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">Three Months Ended March 31, 2011</font></b></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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Service Cost</font></p>
  </td>
  <td valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp; 26,926</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:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Interest Cost</font></p>
  </td>
  <td valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp; 25,881</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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Amortization of Prior Service Cost</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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp; 65,916</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:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Net Periodic Benefit Cost</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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">$</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:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">118,723</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
 </tr>
</table>

</div>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Net Periodic Pension Cost is based on the following assumptions determined at
January 1, 2011:</font></p>

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

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="50%">
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Discount
  Rate</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">5.28%</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-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Rate of
  compensation increases</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:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3.0%</font></p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Amortization
  Period</font></p>
  </td>
  <td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:right; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">7.45 years</font></p>
  </td>
 </tr>
</table>

</div>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-align:justify; margin-left:0in; margin-top:0in'><b>
<font size="2">14.&nbsp; Income Taxes</font></b></p>

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

<p style='margin-right:0in;margin-left:0in;font-family:"Arial";margin-bottom:.0001pt; margin-left:0in; margin-right: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='margin-right:0in;margin-left:0in;font-family:"Arial";margin-top:9.0pt;margin-right:0in;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 which have lower statutory
rates.</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Arial";margin-top:9.0pt;margin-right:0in;margin-bottom:0in;margin-left:0in;
margin-bottom:.0001pt'><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During
the third quarter of 2010, the Company completed a research and development
credit study (R&amp;D study) related to prior year tax returns.&nbsp; The R&amp;D
study resulted in tax credits of approximately $1,100,000.&nbsp; The Company has
recorded an unrecognized tax benefit in the amount of approximately $190,000.</font></p>

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

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
<font face="Arial"><b>15.&nbsp; Recent
Accounting Pronouncements and
Legislative Changes</b></font></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
<font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
March 2010, President Obama signed into law the Patient Protection and
Affordable Care Act (the &#147;Act&#148;), which is a comprehensive health care reform
bill for the United States. In addition, on March&nbsp;30, 2010, President
Obama signed into law the reconciliation measure (&#147;Heath Care and Education
Reconciliation Act of 2010&#148;), which modifies certain provisions of the Act.
Although the new legislation did not have an impact on our consolidated
financial position, results of operation or cash flows in 2010, the Company is
continuing to assess the potential impacts on our future obligations, costs and
cash flows related to our health care benefits. </font></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";'>
<font face="Arial"><b>&nbsp;</b></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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">13</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp; &nbsp;&nbsp; In
April 2010, the FASB issued ASU No.&nbsp;2010-17, &#147;Revenue Recognition (ASC
Topic 605): Milestone Method&#148; (&#147;ASU No.&nbsp;2010-17&#148;). ASU No.&nbsp;2010-17
recognizes the milestone method as an acceptable revenue recognition method for
substantive milestones in research or development transactions. A milestone is
substantive when the consideration earned from achievement of the milestone is
commensurate with either (a)&nbsp;the vendor&#146;s performance to achieve the
milestone or (b)&nbsp;the enhancement of the value of the delivered item(s) as
a result of a specific outcome resulting from the vendor&#146;s performance to
achieve the milestone and the consideration earned from the achievement of a
milestone relates solely to past performance and is reasonable relative to all
of the deliverables and payment terms (including other potential milestone
consideration) within the arrangement. This new guidance will be effective for
our fiscal year 2011 and its interim periods, with early adoption permitted.
This guidance will not have a material impact on our consolidated financial
position, results of operations or cash flows. </font> </p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
January&nbsp;2010, the provisions of ASC Topic 820 were modified to require
additional disclosures, including transfers in and out of Level 1 and 2 fair
value measurements and the gross basis presentation of the reconciliation of
Level 3 fair value measurements. This guidance is effective for interim and
annual reporting periods beginning after December&nbsp;15, 2009, except for
disclosures related to Level 3 fair value measurements, which are effective for
fiscal years beginning after December&nbsp;15, 2010 (including interim
periods). Early adoption is permitted. We have adopted all of these provisions
of ASC Topic 820 effective December&nbsp;31, 2009. Since only disclosures are
affected by these requirements, the adoption of these provisions will not
affect our financial position or results of operations.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
October 2009, the FASB issued ASU No.&nbsp;2009-14 &#147;Software (ASC Topic 985):
Certain Revenue Arrangements That Include Software Elements&#148; (&#147;ASU
No.&nbsp;2009-14&#148;). ASU No.&nbsp;2009-14 modifies the scope of the software
revenue recognition guidance to exclude (i)&nbsp;non-software components of
tangible products and (ii)&nbsp;software components of tangible products that
are sold, licensed or leased with tangible products when the software
components and non-software components of the tangible product function
together to deliver the tangible product&#146;s essential functionality. ASU
No.&nbsp;2009-14 is effective for fiscal years beginning on or after
June&nbsp;15, 2010 with early adoption permitted. The guidance may be applied
retrospectively or prospectively for new or materially modified arrangements.
This guidance will not have a material impact on our consolidated financial position,
results of operations or cash flows. </font> </p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
October 2009, the FASB issued ASU No.&nbsp;2009-13 &#147;Revenue Recognition (ASC
Topic 605): Multiple-Deliverable Revenue Arrangements&#148; (&#147;ASU
No.&nbsp;2009-13&#148;). ASU No.&nbsp;2009-13 addresses how to determine whether an
arrangement involving multiple deliverables contains more than one unit of
accounting and how the arrangement consideration should be allocated among the
separate units of accounting. ASU No.&nbsp;2009-13 is effective for fiscal
years beginning on or after June&nbsp;15, 2010 with early adoption permitted.
The guidance may be applied retrospectively or prospectively for new or
materially modified arrangements. This guidance will not have a material impact
on our consolidated financial position, results of operations or cash flows.
</font> </p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">14</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

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

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

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

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="55%">
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:center; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
 <tr style='height:12.15pt'>
  <td valign=top style='height:12.15pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  </td>
  <td valign=top style='height:12.15pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td colspan=3 valign=top style='height:12.15pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">March 31,</font></b></p>
  </td>
  <td valign=top style='height:12.15pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">As a</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2011</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>34.8</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right: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="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">35.4</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:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">31.8</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:"Arial";text-align:center; margin-left:0in; margin-right: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:1.0pt solid windowtext; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">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:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">29.8</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' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">32.3</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' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right: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="right">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
 </tr>
</table>

</div>

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

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

<div align=center>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="55%">
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:center; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">March 31,</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">Cost Trends and Profit Margin, as</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">2011</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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
	<font size="2">&nbsp;</font></b></p>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
 <tr style='height:7.15pt'>
  <td valign=top style='border:medium none;height:7.15pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:7.15pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:7.15pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:7.15pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:7.15pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:right'>&nbsp;</p>
  </td>
  <td valign=top style='border:medium none;height:7.15pt; padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>22.7</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>21.5</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6.6</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:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">4.9</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:"Arial";text-align:center; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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' bgcolor="#8BDBF5">
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">6.0</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">4.6</font></p>
  </td>
  <td valign=top style='padding-left:1.45pt; padding-right:1.45pt; padding-top:0in; padding-bottom:0in' align="right" bgcolor="#8BDBF5">
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right: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'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">4.0</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:"Arial";text-align:center; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">3.0</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:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">%</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">Overview</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">&nbsp;</font></b></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
the first quarter of 2011 the Company&#146;s net income was up due to the Company&#146;s
improved sales primarily in its Agricultural Division and continued efforts
with cost control initiatives.&nbsp; While the agricultural sector has shown
improvement, the Company&#146;s governmental markets remain tight reflecting the
overall weakness in the global economy.&nbsp; The Industrial Division sales
increased 4% during the first quarter of 2011 due to increases in the excavator
and snow equipment markets, however; budgets of governmental entities continue
to be soft.&nbsp; The Agricultural Division saw a 19% increase in sales versus the
first quarter of 2010 primarily from increased pre-season sales from its Bush
Hog and Rhino product lines.&nbsp; Overall agricultural market conditions have
improved as both commodity prices and farm incomes have continued to increase
since the third quarter of 2010.&nbsp; European sales declined 1% in U.S. dollars
and 4% in local currency compared to the first quarter of 2010 as their markets
reflected soft conditions caused by the general slowdown in the European
economy.&nbsp; In general, margin percentage improved from higher proprietary part
sales in the first quarter of 2011 compared to the same time in 2010.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Company is concerned that our markets for 2011 could continue to be negatively
affected by a variety of factors such as a continued weakness 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, floods, snowstorms, etc.;
budget constraints or revenue shortfalls in governmental entities and changes
in our customer&#146;s buying habits due to lack of confidence in the economic
outlook.</font></p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
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  <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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">15</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt; margin-left:0in; margin-top:0in'><i>
<font size="2">Three Months Ended March 31, 2011 vs. Three Months Ended
March 31, 2010</font></i></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-align:justify'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">Net sales for the first quarter of 2011 were $140,715,000, an increase
of $9,562,000 or 7.3% compared to $131,153,000 for the first quarter of 2010.&nbsp;
The majority of the increase was from improved sales in the North American
Agricultural segment.&nbsp; Also included in these sales is the effect of a
reclassification of freight revenue.&nbsp; Freight billed to customers had been
previously recorded net of cost of sales and has been reclassified to sales.&nbsp;
This change resulted in an increase in net sales of $3,361,000 in the first
quarter of 2011 and $2,764,000 in the first quarter of 2010, with no impact on
reported earnings.</font></p>

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-top:0in;margin-right:63.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt'>Net
North American Industrial sales increased during the first quarter by $1,921,000
or 4.1% to $49,033,000 for 2011 compared to $47,112,000 during the same period
in 2010.&nbsp; The increase came primarily from higher sales of excavators and snow
equipment as sales of mowing equipment and sweepers to governmental entities
remained flat.&nbsp; </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:63.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-top:0in;margin-right:63.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-align:justify'><font size="2">Net North American Agricultural
sales were $49,739,000 in 2011 compared to $41,700,000 for the same period in
2010, an increase of $8,039,000 or 19.3%.&nbsp; The increase was due to improved
agricultural market conditions, specifically from increased commodity prices
and farm income which supported higher sales of mowing equipment for both Bush
Hog and Rhino product lines.</font></p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:63.0pt;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt'>&nbsp;</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-top:0in;margin-right:63.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt'>Net
European Sales for the first quarter of 2011 were $41,943,000, a decrease of $398,000
or 1.0% compared to $42,341,000 during the first quarter of 2010.&nbsp; The decrease
was primarily from continued soft market conditions caused by the economic slowdown
throughout Europe.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:63.0pt;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt'>&nbsp;</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>Gross profit
for the first quarter of 2011 was $31,901,000 (22.7% of net sales) compared to
$28,135,000 (21.5%) during the same period in 2010, an increase of $3,766,000.&nbsp;
The increase was mainly attributable to the agricultural market, which began to
show improvement beginning in the third quarter of 2010, and lower manufacturing
costs.&nbsp; Increases in the Company&#146;s replacement part business also supported
higher margins as well as improved margin percentages.</p>

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>Selling,
general and administrative expenses (&#147;SG&amp;A&#148;) were $22,560,000 (16.0% of net
sales) during the first quarter of 2011 compared to $21,668,000 (16.5% of net
sales) during the same period of 2010, an increase of $892,000.&nbsp; The increase
was mainly from higher sales commissions on increased sales and $119,000 in
expense relating to the supplemental retirement plan that was adopted on
January 3, 2011.</p>

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>Interest
expense was $765,000 for the first quarter of 2011 compared to $1,250,000
during the same period in 2010, a decrease of $485,000.&nbsp; The decrease came from
reduced borrowings in 2011 compared to 2010.&nbsp; </p>

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>Other Income
was a $147,000 loss for the first quarter of 2011 compared to a $10,000 loss in
2010.&nbsp; Other income in 2011 and 2010 was all a result of transactional exchange
rate changes.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>Provision
for income taxes was $2,834,000 (33.3%) in the first quarter of 2011 compared
to $2,026,000 (33.7%) during the same period in 2010.</p>

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>The
Company&#146;s net income after tax was $5,667,000 or $0.47 per share on a diluted
basis for the first quarter of 2011 compared to 3,993,000 or $0.34 per share on
a diluted basis for the first quarter of 2010.&nbsp; The increase of $1,674,000
resulted from the factors described above.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>&nbsp;</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>&nbsp;</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";margin-bottom:0in;margin-bottom:.0001pt;
text-align:left;text-indent:.25in'>&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
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  <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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">16</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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style='page-break-before:always'>


</font>


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

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

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-indent:.25in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">As of March 31, 2011, the Company
had working capital of $219,296,000 which represents an increase of $33,425,000
from working capital of $185,871,000 of December 31, 2010.&nbsp; The increase in
working capital was primarily from higher levels of accounts receivable and
inventory due to seasonality.</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-indent:.25in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">Capital expenditures were $1,433,000
for the first three months of 2011, compared to $878,000 during the first three
months of 2010.&nbsp; Capital expenditures for 2011 are expected to be higher than
2010 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-indent:.25in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;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 2010 or the first quarter of 2011.&nbsp;
The authorization to repurchase up to 1,000,000 shares remains available less
42,600 shares previously repurchased.</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-indent:.25in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">Net cash provided by financing
activities was $22,505,000 during the three month period ending March 31, 2011,
compared to $11,986,000 for the same period in 2010.&nbsp; The increase was mainly
due to increased borrowings on the Company&#146;s credit facility to support higher
levels of accounts receivable and inventory.</font></p>

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
October 14, 2008, the Company entered into the Sixth Amendment and Waiver under
the Amended and Restated Revolving Credit Agreement. 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 Rivard through March 31, 2010.
Beginning June 30, 2009, Rivard&#146;s actual operating cash flow was used in the
calculation of consolidated operating flow.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. The revolving
credit line remained at $125.0 million. &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. </font> </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">17</font></p>
  </td>
 </tr>
</table>

</div>

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<br clear=ALL>

</font>

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

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

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

</div>

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

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</font>


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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
March 28, 2011, the Company entered into the Eighth Amendment of Amended and
Restated Revolving Credit Agreement (the &#147;Eighth Credit Agreement Amendment&#148;),
by and among the Company, the lenders party thereto and Bank of America, N.A.
as administrative agent.&nbsp; The Eighth Credit Agreement Amendment amends certain
provisions of the Company&#146;s existing credit facility to, among other things,
(i) release the previously pledged security interest in certain assets of the
Company and its specified subsidiaries which secured any indebtedness under the
existing credit facility, (ii) extend the termination date of the Company&#146;s
credit facility to March 28, 2016, (iii) reduce the aggregate commitments to
$100,000,000, (iv) provide the Company the option to request an increase in
aggregate commitments under the existing credit facility of up to $50,000,000,
subject to the conditions set forth therein (v) lower the applicable leverage
ratio, subject to certain exceptions and conditions, (vi) modify the limitation
on capital expenditure, (vii) modify the limitation on other indebtedness and
(viii) decrease the applicable interest margin for specified advances.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of
March 31, 2011, there was $45,000,000 borrowed under the revolving credit
facility. On March 31, 2011, $884,000 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 $54,000,000 in
available borrowings.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On
October 29, 2010, Lloyd TSB Bank plc renewed its &pound;5.5 million overdraft facility to Alamo Group Europe Limited through
October 31, 2011.&nbsp; The facility is unsecured but guaranteed by the borrowers U.K. subsidiaries.&nbsp; Interest will be payable on amounts owing at 1.40% per annum over the
Bank&#146;s Base Rate.&nbsp; At March 31, 2011, there were no amounts outstanding under
this facility.</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There
are additional lines of credit: for the Company&#146;s French operations in the
amount of 7,300,000 Euros, which includes the Rivard
credit facilities; for our Canadian operation in the amount of 4,000,000
Canadian dollars; and for our Australian operation in the amount of 800,000
Australian dollars. As of March 31, 2011, no Euros were borrowed against the
French line of credit; no Canadian dollars were outstanding on the Canadian
line of credit; and 100,000 Australian dollars were outstanding under its
facility. The Canadian and Australian revolving credit facilities are
guaranteed by the Company. </font> </p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of
March 31, 2011, the Company is in compliance with the terms and conditions of
its credit facilities.</font></p>

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

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";text-indent:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-indent:.25in'>&nbsp;</p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-indent:.25in'>&nbsp;</p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;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 Consolidated Financial Statements.</font></p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">18</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The Company evaluates the collectability
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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-indent:.25in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
<font size="2">The bad debt reserve balance was
$3,190,000 at March 31, 2011 and $2,852,000 at December 31, 2010.&nbsp; The increase
was mainly from changes in exchange rates.</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-indent:.25in'>&nbsp;</p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><i>
<font size="2">&nbsp;</font></i></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">At March 31, 2011 the Company had $15,768,000 in reserves
for sales discounts compared to $11,903,000 at December 31, 2010 on products
shipped to our customers under various promotional programs.&nbsp; The increase was
due primarily to increased sales volume 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 2011.&nbsp; The Company
reviews the reserve quarterly based on analysis made on each program
outstanding at the time.&nbsp; </font> </p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-indent:.25in; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify;text-indent:.5in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b><i>
<font size="2">Inventories
&#150; Obsolescence and Slow Moving</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><i>
<font size="2">&nbsp;</font></i></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">The Company had $7,898,000 at March 31, 2011 and $7,506,000
at December 31, 2010 in reserve to cover obsolescence and slow moving
inventory.&nbsp; The increase in reserve for obsolescence was from the Company&#146;s U.S. 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-indent:.25in; margin-left:0in; margin-right: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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b><i>
<font size="2">&nbsp;</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'><b><i>
<font size="2">Warranty</font></i></b></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-indent:.25in; margin-left:0in; margin-right: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-family:"Arial";text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>

<div>

<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 align=center>
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  padding-bottom:0in;padding-left:0in'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">19</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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style='page-break-before:always'>


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

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

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">The current liability warranty reserve balance was
$5,424,000 at March 31, 2011 and $5,554,000 at December 31, 2010.&nbsp; </font> </p>

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-bottom:10.0pt;text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">At March 31, 2011 the Company had
accrued $379,000 in reserves for product liability cases compared to $374,000
at December 31, 2010.&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:"Arial";margin-bottom:10.0pt;text-indent:.25in; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">During most of 2010, the self
insured retention (S.I.R.) for U.S. product liability coverage for all products
was at $100,000 per claim.&nbsp; The S.I.R. for the majority of 2010 on all Bush Hog
products was at $250,000 per claim.&nbsp; On September 30, 2010 the Company renewed
its insurance coverage and the S.I.R. for all U.S. products (including Bush
Hog) was $100,000 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-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:0in;font-family:"Arial";font-weight:normal;margin-top:0in;margin-right:13.5pt;margin-bottom:12.0pt;margin-left:
4.5pt;text-indent:-4.5pt'><b><i><font size="2">Goodwill</font></i></b></h3>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-bottom:10.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 no goodwill impairment in 2010.&nbsp; The
North American Industrial segment had a goodwill impairment of $14,104,000 in
2009.&nbsp; During the 2010
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, 2010, 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. &nbsp;As of March
31, 2011, the Company had $35,281,000 of goodwill, which represents 8% of total
assets.&nbsp; 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.</font></p>

<div>

<p style="font-family: Arial; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="font-family: Arial; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>

<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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&nbsp;20</font></p>
  </td>
 </tr>
</table>

</div>

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<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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

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

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

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

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

<h3 style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:justify;text-indent:0in;font-family:"Arial";font-weight:normal;margin-top:0in;margin-right:13.5pt;margin-bottom:12.0pt;margin-left:
4.5pt;text-indent:-4.5pt'><b><i><font size="2">Forward-Looking
Information</font></i></b></h3>

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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, floods, snowstorms, etc. 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 animal disease
outbreaks such as mad cow and other epidemics; 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='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-align:justify'>&nbsp;</p>

<p style='margin-top:0in;margin-right:13.5pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Arial";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>

<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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">21</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:13.5pt;text-align:justify; margin-left:0in; margin-top:0in'><b><i>
<font size="2">Foreign Currency Risk</font></i></b></p>

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

<p style='margin-bottom:.0001pt;page-break-after:avoid;font-family:"Arial";font-weight:bold;page-break-after:auto; margin-left:0in; margin-right:0in; margin-top:0in'><i>
<font size="2">International Sales</font></i></p>

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

<p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;text-align:justify;font-size:10.0pt;font-family:"Arial";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:"Arial";margin-bottom:10.0pt;text-indent:.25in; margin-left:0in; margin-right: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
collections over a period of six months.&nbsp; As of March&nbsp;31, 2011, the
Company had $2,840,000 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 $426,000.&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:"Arial";font-weight:bold;page-break-after:auto; margin-left:0in; margin-right:0in; margin-top:0in'><i>
<font size="2">Exposure to Exchange Rates </font> </i></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-bottom:10.0pt;text-indent:.25in; margin-left:0in; margin-right: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;
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 $1,188,000 for the three month period ending
March 31, 2011.&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
$1,143,000 for the three month period ended March 31, 2010.&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 2011
was a gain of $5,290,000.&nbsp; On March 31, 2011, the British pound closed at .6233
relative to 1.00 U.S. dollar, and the Euro closed at .7055 relative to 1.00 U.S.
dollar.&nbsp; At December 31, 2010 the British pound closed at .6411 relative to
1.00 U.S. dollar and the Euro closed at .7479 relative to 1.00 U.S. dollar.&nbsp; By
comparison, 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;
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>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-bottom:10.0pt; margin-left:0in; margin-right:0in; margin-top:0in'><b><i>
<font size="2">Interest Rate Risk</font></i></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:-4.7pt;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 2011
average interest rate under these borrowings, the Company&#146;s interest expense
would have changed by approximately $225,000.&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-family:"Arial";margin-right:-4.7pt;text-indent:.25in; margin-left:0in; margin-top:0in'>
&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:-4.7pt;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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">22</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:-4.7pt;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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:13.5pt;text-align:justify;text-indent:
..5in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-right:-4.5pt; 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:-.2pt;text-align:justify'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-right:-.2pt;text-align:justify'>&nbsp;</p>

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

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

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

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

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

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

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

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

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

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

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

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

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:1.0in;
margin-bottom:.0001pt;text-align:justify'>&nbsp;</p>

<p style='margin-right:0in;margin-left:0in;font-family:"Arial";margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:1.0in;
margin-bottom:.0001pt;text-align:justify'><font size="2">May 4, 2011 &#150; Press Release announcing First Quarter 2011 earnings.</font></p>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:1.0in;
margin-bottom:.0001pt;text-align:justify'>&nbsp;</p>

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:.75in;text-align:justify;text-indent:
-.75in; margin-right:0in; margin-top:0in'><b><font size="2">Item 6. Exhibits
</font> </b></p>

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

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

<table class=MsoNormalTable border=0 cellpadding=0 width=474
 style='width:85%;margin-left:76.5pt;border-collapse:collapse'>
 <tr style='height:14.0pt'>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">31.1&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt' width="904">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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 valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith </font> </p>
  </td>
 </tr>
 <tr style='height:14.0pt'>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">31.2&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt' width="904">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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 valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith </font> </p>
  </td>
 </tr>
 <tr style='height:14.0pt'>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">31.3&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt' width="904">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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 valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith</font></p>
  </td>
 </tr>
 <tr style='height:14.0pt'>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">32.1&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&#151;</font></p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt' width="904">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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 valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith</font></p>
  </td>
 </tr>
 <tr style='height:14.0pt'>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">32.2&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&#151;</font></p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt' width="904">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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 valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Filed
  Herewith</font></p>
  </td>
 </tr>
 <tr style='height:14.0pt'>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"CG Times \(W1\)";text-align:right'>
	<font face="Arial">32.3&nbsp;</font></p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">&#151;</font></p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt' width="904">
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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 valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>
  </td>
  <td valign=top style='padding:0in;
  height:14.0pt'>
  <p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right: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-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	&nbsp;</p>
	<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	&nbsp;</p>
	<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">23</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

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

</div>

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

<font face="Arial" size="2">

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


</font>


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

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

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

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

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

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

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

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

<p style='margin-bottom:.0001pt;font-size:10.0pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<a name="SIGNATURES">SIGNATURES</a></p>

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

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

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">President &amp; Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

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

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

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

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(Principal
  Financial Officer)</font></p>
  </td>
 </tr>
</table>

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

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

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
  <td width=319 valign=top style='width:239.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=337 valign=top style='width:252.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(Principal Accounting Officer)</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">24</font></p>
  </td>
 </tr>
</table>

</div>

<font face="Arial" size="2">

<br clear=ALL>

</font>

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

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

<font face="Arial" size="2">

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


</font>

<div>

&nbsp;</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>

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

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

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

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

<p style='margin-bottom:.0001pt;text-align:center;font-family:"Arial";font-weight:bold;text-decoration:underline; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">Exhibit
31.1</font></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">I, Ronald
A. Robinson, certify that:</font></p>

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

<table border="0" style="border-collapse: collapse" width="100%" id="table2">
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">1.</font></td>
		<td colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">3.</font></td>
		<td width="95%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">4.</font></td>
		<td width="95%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(a)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(b)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(c)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(d)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">5.</font></td>
		<td width="95%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(a)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(b)</font></td>
		<td width="91%" valign="top">

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

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

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' id="table1" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Date:&nbsp;&nbsp; May 6, 2011</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">President
  &amp; Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

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

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

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

<p style='margin-bottom:.0001pt;text-align:center;font-family:"Arial";font-weight:bold;text-decoration:underline; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">Exhibit
31.2</font></p>

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">I, Dan E.
Malone, certify that:</font></p>

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

<table border="0" style="border-collapse: collapse" width="100%" id="table3">
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">1.</font></td>
		<td colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">3.</font></td>
		<td width="95%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">4.</font></td>
		<td width="95%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(a)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(b)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(c)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(d)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">5.</font></td>
		<td width="95%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(a)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(b)</font></td>
		<td width="91%" valign="top">

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

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

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' id="table1" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">May 6, 2011</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(Principal
  Financial Officer)</font></p>
  </td>
 </tr>
</table>

<div>

&nbsp;<p>&nbsp;</p>
<p>&nbsp;</div>

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

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

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

<p style='margin-bottom:.0001pt;text-align:center;font-family:"Arial";font-weight:bold;text-decoration:underline; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">Exhibit
31.3</font></p>

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">I, Richard
J. Wehrle, certify that:</font></p>
<p style='margin-bottom:.0001pt;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
&nbsp;</p>

<table border="0" style="border-collapse: collapse" width="100%" id="table2">
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">1.</font></td>
		<td colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">3.</font></td>
		<td width="95%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">4.</font></td>
		<td width="95%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(a)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(b)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(c)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(d)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">
<font size="2" face="Arial">5.</font></td>
		<td width="95%" colspan="2" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="91%" valign="top">

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

		</td>
	</tr>
	<tr>
		<td width="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(a)</font></td>
		<td width="91%" valign="top">

<p style='margin-bottom:.0001pt;font-family:"Arial";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="4%" valign="top">&nbsp;</td>
		<td width="4%" valign="top">
<font size="2" face="Arial">(b)</font></td>
		<td width="91%" valign="top">

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

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

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

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' id="table1" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">May 6, 2011</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(Principal
  Accounting Officer)</font></p>
  </td>
 </tr>
</table>

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">Exhibit 32.1</font></b></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">CERTIFICATION PURSUANT TO</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">18 U.S.C. SECTION 1350,</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">AS ADOPTED PURSUANT TO</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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, 2011 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-family: Arial; font-size: 10pt">
	<li>
	<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify;margin-right:0in; 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:"Arial";text-align:justify;margin-right:0in; 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' id="table1" 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:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Date:&nbsp;&nbsp; May 6, 2011</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:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";text-align:justify; margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">President
  &amp; Chief Executive Officer</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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>

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

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

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

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">Exhibit 32.2</font></b></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">CERTIFICATION PURSUANT TO</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">18 U.S.C. SECTION 1350,</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">AS ADOPTED PURSUANT TO</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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, 2011 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-family: Arial; font-size: 10pt">
	<li>
	<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify;margin-right:0in; 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:"Arial";text-align:justify;margin-right:0in; 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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0 width=638
 style='width:100%;border-collapse:collapse' id="table1">
 <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:"Arial";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">Date:&nbsp;&nbsp; May 6, 2011</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'>&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:"Arial";margin-left:0in; margin-right: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-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'>
<b>
<font size="2">Exhibit 32.3</font></b></p>

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

<h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"CG Times";font-weight:bold; margin-left:0in; margin-right:0in; margin-top:0in'>
<font face="Arial" size="2">CERTIFICATION PURSUANT TO</font></h1>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">18 U.S.C. SECTION 1350,</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">AS ADOPTED PURSUANT TO</font></b></p>

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:center; margin-left:0in; margin-right:0in; margin-top:0in'><b>
<font size="2">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

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

<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify; margin-left:0in; margin-right: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, 2011 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 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-family: Arial; font-size: 10pt">
	<li>
	<p style='margin-bottom:.0001pt;font-family:"Arial";text-align:justify;margin-right:0in; 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:"Arial";text-align:justify;margin-right:0in; 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=MsoNormalTable border=0 cellpadding=0
 style='border-collapse:collapse' id="table1" 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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">May 6, 2011</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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right: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:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&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:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
	<font size="2">(Principal
  Accounting Officer)</font></p>
  </td>
 </tr>
</table>

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

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