<SEC-DOCUMENT>0001003297-12-000086.txt : 20120312
<SEC-HEADER>0001003297-12-000086.hdr.sgml : 20120310
<ACCEPTANCE-DATETIME>20120312123349
ACCESSION NUMBER:		0001003297-12-000086
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120307
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120312
DATE AS OF CHANGE:		20120312

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13854
		FILM NUMBER:		12683079

	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>8-K
<SEQUENCE>1
<FILENAME>esalamo-group8k.htm
<TEXT>
<html>

<head>
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<title>Alamo Group Form 8-K</title>


</head>

<body lang=EN-US>

<div style='page:Section1;'>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><b><font style="font-size: 11.0pt">&nbsp;</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><b><font style="font-size: 11.0pt">&nbsp;</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><b><font style="font-size: 11.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b></p>

  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 11.0pt">UNITED STATES</font></b></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 11.0pt">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 11.0pt">Washington, D.C. 20549</font></b></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><b><font style="font-size: 11.0pt">&nbsp;</font></b></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 11.0pt">FORM 8-K</font></b></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><b><font style="font-size: 11.0pt">&nbsp;</font></b></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><b><font style="font-size: 11.0pt">&nbsp;</font></b></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 11.0pt">CURRENT REPORT</font></b></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><b><font style="font-size: 11.0pt">Pursuant to Section 13 or 15(d) of the Securities
  Exchange Act of 1934</font></b></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 11.0pt">Date of Report (Date of earliest event reported): March
  7, 2012</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><u><font style="font-size: 11.0pt">Alamo Group Inc.</font></u></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 11.0pt">(Exact name of registrant as specified in its
  charter)</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<table class=MsoTableGrid border=0 cellpadding=0 width=685
 style='width:100%;border-collapse:collapse'>
 <tr>
  <td width=213 valign=top style='width:33%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><u><font style="font-size: 11.0pt">State of Delaware</font></u></p>
  </td>
  <td width=213 valign=top style='width:34%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><u><font style="font-size: 11.0pt">0-21220</font></u></p>
  </td>
  <td width=260 valign=top style='width:33%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><u><font style="font-size: 11.0pt">74-1621248</font></u></p>
  </td>
 </tr>
 <tr>
  <td width=213 valign=top style='width:33%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 11.0pt">(State or other jurisdiction of incorporation)</font></p>
  </td>
  <td width=213 valign=top style='width:34%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 11.0pt">(Commission File No.)</font></p>
  </td>
  <td width=260 valign=top style='width:33%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 11.0pt">(IRS Employer Identification No.)</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><u><font style="font-size: 11.0pt">1627 E. Walnut Seguin, Texas 78155 </font></u></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 11.0pt">(Address of Principal executive offices)</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<div align="center">

<table class=MsoTableGrid border=0 cellpadding=0
 style='margin-left:.45in;border-collapse:collapse' width="75%">
 <tr>
  <td width=324 valign=top style='width:243.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">Registrant's telephone
  number, including area code:</font></p>
  </td>
  <td width=271 valign=top style='width:203.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">(830) 379-1480 </font></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font style="font-size: 10.0pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></p>

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

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font face="Wingdings">o</font><font style="font-size: 10.0pt">&nbsp; Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

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

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font face="Wingdings">o</font><font style="font-size: 10.0pt">&nbsp; Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

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

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font face="Wingdings">o</font><font style="font-size: 10.0pt">&nbsp;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</font></p>

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

<p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt'><font face="Wingdings">o</font><font style="font-size: 10.0pt">&nbsp;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;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;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

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


<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:justify'><font style="font-size: 12.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:justify'><font style="font-size: 12.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:justify'><font style="font-size: 12.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-autospace:ideograph-numeric ideograph-other'><b><font style="font-size: 12.0pt">Item 2.02&nbsp; &nbsp; <u>Results of Operations and
Financial Condition</u></font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-autospace:ideograph-numeric ideograph-other'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-autospace:ideograph-numeric ideograph-other'>
<font style="font-size: 12.0pt">On March 7, 2012, Alamo Group Inc. issued a press release
announcing, among other things, financial results for the year ended December
31, 2011.&nbsp; &nbsp;A copy of the press release is filed as Exhibit 99.1 to
this Current Report on Form 8-K. The foregoing description is qualified by
reference to such exhibit. </font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-autospace:ideograph-numeric ideograph-other'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-autospace:ideograph-numeric ideograph-other'><font style="font-size: 12.0pt">The information furnished in this report, including
the exhibit, shall not be deemed to be incorporated by reference into any of
Alamo Group filings with the SEC under the Securities Act of 1933, except as
shall be expressly set forth by specific reference in any such filing, and
shall not be deemed to be &quot;filed&quot; with the SEC under the Securities
Exchange Act of 1934. </font></p>
<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-autospace:ideograph-numeric ideograph-other'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-autospace:ideograph-numeric ideograph-other'><b><font style="font-size: 12.0pt">Item 9.01 &nbsp;&nbsp; <u>Financial Statements and
Exhibits</u></font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-autospace:ideograph-numeric ideograph-other'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-autospace:ideograph-numeric ideograph-other'>
<font style="font-size: 12.0pt">Exhibit 99.1 - Press Release dated March 7, 2012.</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><u><font style="font-size: 11.0pt">SIGNATURES</font></u></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 hereunto duly
authorized.</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<table class=MsoTableGrid border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td width=319 valign=top style='width:45%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">Date: <u>March 12, 2012</u></font></p>
  </td>
  <td width=319 valign=top style='width:55%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">By:&nbsp; <u>&nbsp;&nbsp;/s/ Robert H.
  George</u></font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:45%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>
  </td>
  <td width=319 valign=top style='width:55%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert H. George,
  </font></p>
  </td>
 </tr>
 <tr>
  <td width=319 valign=top style='width:45%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>
  </td>
  <td width=319 valign=top style='width:55%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice
  President-Administration</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";text-align:center'><font style="font-size: 11.0pt">EXHIBIT INDEX</font></p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

<table class=MsoTableGrid border=0 cellpadding=0
 style='border-collapse:collapse' width="100%">
 <tr>
  <td width=319 valign=top style='width:50%;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><u><font style="font-size: 11.0pt">Exhibit No.</font></u></p>
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  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><u><font style="font-size: 11.0pt">Description</font></u></p>
  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>
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  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">99.1</font></p>
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  <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">Press release</font></p>
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<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";' align="right">2</p>

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<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;font-size:10.0pt;font-family:"Times New Roman";'><font style="font-size: 11.0pt">&nbsp;</font></p>

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<head>
<!-- Document Prepared With IDEAxfiler Software-->
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<title>Alamp Group Exhibit 99.1</title>


</head>

<body lang=EN-US link=blue vlink=purple>

<div style='page:Section1;'>

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

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

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

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

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

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

<p style='margin-bottom:.0001pt;font-size:12.0pt;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; </p>
<table border="0" style="border-collapse: collapse" width="100%" id="table6">
	<tr>
		<td width="20%">
		<p align="right">&nbsp;</td>
		<td width="20%"> <font face="Arial"> <b>For:</b></font></td>
		<td width="1075">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;margin-left:0in; margin-right:0in; margin-top:0in'>
<b>Alamo
Group Inc.</b></p>

		</td>
	</tr>
	<tr>
		<td width="20%">&nbsp;</td>
		<td width="20%">&nbsp;</td>
		<td width="1075">

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

		</td>
	</tr>
	<tr>
		<td width="20%">&nbsp;</td>
		<td width="20%"><font face="Arial">Contact:</font></td>
		<td width="1075">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;margin-right:0in; margin-top:0in'>Robert H. George</p>

		</td>
	</tr>
	<tr>
		<td width="20%">&nbsp;</td>
		<td width="20%">&nbsp;</td>
		<td width="1075">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;margin-right:0in; margin-top:0in'>Vice
President </p>

		</td>
	</tr>
	<tr>
		<td width="20%">&nbsp;</td>
		<td width="20%">&nbsp;</td>
		<td width="1075">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;margin-right:0in; margin-top:0in'>830-372-9621</p>

		</td>
	</tr>
	<tr>
		<td width="20%">&nbsp;</td>
		<td width="20%">&nbsp;</td>
		<td width="1075">

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

		</td>
	</tr>
	<tr>
		<td width="20%">&nbsp;</td>
		<td width="20%">&nbsp;</td>
		<td width="1075">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;margin-right:0in; margin-top:0in'>FTI Consulting Inc.</p>

		</td>
	</tr>
	<tr>
		<td width="20%">&nbsp;</td>
		<td width="20%">&nbsp;</td>
		<td width="1075">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;margin-right:0in; margin-top:0in'>Eric Boyriven/Alexandra Tramont</p>

		</td>
	</tr>
	<tr>
		<td width="20%">&nbsp;</td>
		<td width="20%">&nbsp;</td>
		<td width="1075">

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;margin-right:0in; margin-top:0in'>212-850-5600</p>

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

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;margin-left:2.75in;text-indent:.5in'>&nbsp;</p>

<h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="3">ALAMO GROUP ANNOUNCES
RECORD</font></h1>

<h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"Arial";margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="3">2011 FOURTH QUARTER AND
YEAR END RESULTS</font></h1>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman";line-height:150%'>&nbsp;</p>

<p style='margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:12.0pt;font-family:"Arial";line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>SEGUIN, Texas, March 7, 2012 --
Alamo Group Inc. (NYSE: ALG) today reported results for the fourth quarter and
year ended December 31, 2011.</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:12.0pt;font-family:"Times New Roman";line-height:150%'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;text-indent:.5in;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>Net sales in the
fourth quarter were $147.0 million compared to net sales of $132.7 million in
the fourth quarter of 2010, an increase of 11%.&nbsp; Net income for the quarter was
$7.4 million, or $0.62 per diluted share, versus net income of $4.1 million, or
$0.34 per diluted share in 2010.&nbsp; The 2011 results include the effect of the
acquisition of Tenco which was completed in October 2011.&nbsp; They also include
restructuring and non-cash items.&nbsp; Excluding the results of Tenco, a Gain on
Bargain Purchase resulting from the acquisition, certain acquisition related to
expenses, restructuring costs and an impairment charge relating to a write-down
of goodwill in the Company&#146;s European Division, which are more fully described
below, our adjusted net sales for the quarter were $140.0 million and adjusted
net income was $4.7 million, or $0.39 per diluted share.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;text-indent:.5in;line-height:150%'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;text-indent:.5in;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>The adjustments to
the Company&#146;s 2011 fourth quarter results referenced above include, on a
pre-tax basis, net sales from Tenco of $7.0 million; an operating profit from
Tenco of $0.3 million; acquisition costs related to Tenco of $0.6 million; a Gain
on Bargain Purchase on the Tenco asset acquisition of $7.7 million;
restructuring costs relating to a plant closure $0.9 million and a non-cash
impairment charge of $1.9 million related to a write down of a portion of the
goodwill in the Company&#146;s European Division due to continued soft market
conditions.&nbsp; In total, these adjustments for the fourth quarter amounted to a
gain of $4.7 million on a pre-tax basis and $2.7 million, or $0.23 per diluted
share, on an after-tax basis.&nbsp; A reconciliation of the non-GAAP financial
measures discussed above and throughout this press release is included in the
attached tables.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;text-indent:.5in;line-height:150%'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;text-indent:.5in;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>For the full year,
net sales in 2011 were $603.6 million versus $538.5 million in 2010, an
increase of 12%.&nbsp; Net income for the full year was $32.1 million, or $2.68 per
diluted share, </p>
<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;text-indent:.5in;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;text-indent:.5in;line-height:150%'>&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>- more -</b></p>

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

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

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

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

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

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

<table border="0" style="border-collapse: collapse" width="100%" id="table1">
	<tr>
		<td width="85%">

<h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"Arial";text-align:left; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">ALAMO GROUP ANNOUNCES RECORD 2011 FOURTH QUARTER AND</font></h1>

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		<td width="15%"><b><font size="2" face="Arial">PAGE 2</font></b></td>
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<h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"Arial";text-align:left; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">YEAR END RESULTS</font></h1>

		</td>
		<td width="15%">&nbsp;</td>
	</tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>compared to $21.1 million, or $1.78 per
diluted share in 2010, an increase of 52%.&nbsp; Excluding the effects of Tenco and
the other adjustments in the 2011 fourth quarter referenced above, adjusted net
sales for the full year were $596.6 million and adjusted net income was $29.4
million, or $2.45 per diluted share.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The net sales and net income
for both the fourth quarter and full year of 2011 were records for Alamo Group.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;text-indent:.5in;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>Alamo Group&#146;s North
American Industrial Division net sales for the fourth quarter of 2011 were
$64.3 million compared to $52.1 million in the fourth quarter of 2010, an
increase of 23%.&nbsp; The fourth quarter results include the contributions of Tenco
outlined above.&nbsp; For the full year, the Division&#146;s net sales were $229.6
million in 2011 compared to $196.8 million in 2010, an increase of 17%.&nbsp; While
governmental entities, the main end users for this Division, continue to be
affected by budget constraints, the Division experienced solid growth,
particularly in mowing and excavating products, due to pent up demand for
equipment after several years of deferred replacement purchases, as well as an
increase in export sales.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;text-indent:.5in;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>Alamo&#146;s North
American Agricultural Division net sales for the fourth quarter of 2011 were
$43.5 million, an increase of 6% versus net sales of $41.1 million in the prior
year&#146;s fourth quarter.&nbsp; For the full year, the Division&#146;s net sales were $204.0
million in 2011 compared to $181.3 million in 2010, an increase of 12%.&nbsp; This
Division&#146;s results were positively impacted by the overall improvements in the
global agricultural market.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company&#146;s European Division
net sales in the fourth quarter of 2011 were $39.2 million compared to net
sales of $39.5 million in the comparable period of 2010, a decrease of 1%.&nbsp; For
the full year, the Division&#146;s net sales were $170.0 million in 2011 versus
$160.4 million in 2010, an increase of 6%.&nbsp; Despite some areas of strength,
sales in the fourth quarter were hampered by generally weak economic conditions
throughout Europe.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&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>- more -</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

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

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

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</div>

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

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	<tr>
		<td width="85%">

<h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"Arial";text-align:left; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">ALAMO GROUP ANNOUNCES RECORD 2011 FOURTH QUARTER AND</font></h1>

		</td>
		<td width="15%"><b><font size="2" face="Arial">PAGE 3</font></b></td>
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<h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"Arial";text-align:left; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">YEAR END RESULTS</font></h1>

		</td>
		<td width="15%">&nbsp;</td>
	</tr>
</table>


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

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

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

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

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;text-indent:.5in;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>Ron Robinson, Alamo
Group&#146;s President and Chief Executive Officer, commented on the results as
follows, &#147;Our ability to execute on our strategy mitigated the effects of a
mixed economic environment and resulted in a record quarter and year for
Alamo.&nbsp; The improvement in sales came from some expected areas, such as the
stronger agricultural market, and some unexpected areas, such as state and
local governmental buyers in the U.S.&nbsp; Additionally, while conditions overall
remain weak in Europe, some areas, such as the U.K. and Eastern Europe, showed
particular strength.&nbsp; We are also pleased with the acquisition and integration
of Tenco, which broadened our product line and our geographic reach.&nbsp; Tenco
contributed to both sales and earnings in 2011, and is expected to be a solid
performer in 2012 and beyond.&nbsp; Even more important, we have achieved steadily
increasing margins for the last several years resulting from our continued
focus on efficiency and cost control as again we demonstrated our ability to
leverage sales improvements into even greater growth in earnings.&#148;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;text-indent:.5in;line-height:150%'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;text-indent:.5in;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>&#147;Looking ahead to
2012, we expect our dedication to our customers and ongoing operational
improvement to generate further growth in sales and earnings, even if economic
conditions don&#146;t improve.&nbsp; We should continue to benefit from the general
strengthening in the agricultural sector across both North America and Europe
and we believe our governmental end users in our major markets should show some
resilience as the demand for maintaining infrastructure continues at a much steadier
pace than other types of spending.&nbsp; Overall, we remain confident that our
operating structure and financial strength combined with the breadth of our
product offering and the quality of our markets will continue to support our
prospects for the future.&#148;</p>

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

<p style='margin-bottom:.0001pt;text-align:justify;font-size:12.0pt;font-family:"Arial";text-align:left;text-indent:.5in;
line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'>Alamo Group is a leader in the design, manufacture, distribution and
service of high quality equipment for right-of-way maintenance and
agriculture.&nbsp; Our products include tractor mounted mowing and other vegetation
maintenance equipment, excavators, street sweepers, vacuum trucks, snow removal
equipment, pothole patchers, agricultural implements and related after-market
parts and services. The Company, founded in 1969, has approximately 2,500 employees
and operates eighteen plants in North America, Europe and Australia as of December
31, 2011.&nbsp; The corporate offices of Alamo Group Inc. are located in Seguin, Texas and the headquarters for the Company&#146;s European operations are located in
Salford Priors, England.&nbsp; The company website address is   www.alamo-group.com.</p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:12.0pt;font-family:"Arial";text-align:left;text-indent:.5in;
line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'><i>&nbsp;</i></p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:12.0pt;font-family:"Arial";text-align:left;text-indent:.5in;
line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'><i>&nbsp;</i></p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:12.0pt;font-family:"Arial";text-align:left;text-indent:.5in;
line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'><i>&nbsp;</i></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>- more -</b></p>

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

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

<font face="Arial">

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


</font>
<table border="0" style="border-collapse: collapse" width="100%" id="table8">
	<tr>
		<td width="85%">

<h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"Arial";text-align:left; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">ALAMO GROUP ANNOUNCES RECORD 2011 FOURTH QUARTER AND</font></h1>

		</td>
		<td width="15%"><b><font size="2" face="Arial">PAGE 4</font></b></td>
	</tr>
	<tr>
		<td width="85%">

<h1 style='margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-family:"Arial";text-align:left; margin-left:0in; margin-right:0in; margin-top:0in'>
<font size="2">YEAR END RESULTS</font></h1>

		</td>
		<td width="15%">&nbsp;</td>
	</tr>
</table>
<p>&nbsp;</p>


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

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

<p style='margin-bottom:.0001pt;text-align:justify;font-size:12.0pt;font-family:"Arial";text-align:left;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'><i>This release
contains forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.&nbsp;
Forward-looking statements involve known and unknown risks and uncertainties,
which may cause the Company&#146;s actual results in future periods to differ
materially from forecasted results. Among those factors which could cause
actual results to differ materially are the following: market demand,
competition, weather, seasonality, currency-related issues, and other risk
factors listed from time to time in the Company&#146;s SEC reports.&nbsp; The Company
does not undertake any obligation to update the information contained herein,
which speaks only as of this date.&nbsp; This release also contains non-GAAP
financial measures.&nbsp; These measures are included to facilitate meaningful
comparisons of our results to those in prior periods and future periods and to
allow a better evaluation of our operating performance, in management&#146;s
opinion.&nbsp; Our reference to these non-GAAP measures should not be considered as
a substitute for results that are presented in a manner consistent with GAAP.&nbsp;
These non-GAAP measures are provided to enhance investors overall understanding
of our financial performance.</i></p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:12.0pt;font-family:"Arial";text-align:left;text-indent:.5in;
line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'><i>&nbsp;</i></p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:12.0pt;font-family:"Arial";text-align:left;text-indent:.5in;
line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'><i>&nbsp;</i></p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;text-align:center;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'><b>(Tables Follow)</b></p>

<p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:150%;font-size:11.0pt;font-family:"Courier New";font-style:italic;text-indent:31.5pt;line-height:normal'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:Arial;text-align:center;line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'># # #</p>

<p style='margin-bottom:.0001pt;text-align:justify;font-size:12.0pt;font-family:"Arial";text-align:left;text-indent:.5in;
line-height:150%; margin-left:0in; margin-right:0in; margin-top:0in'><b>&nbsp;</b></p>

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

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

<font face="Arial">

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


</font>
<p align="center"><B><FONT size=2 face="Arial">ALAMO GROUP REPORTS 2011 FOURTH QUARTER RESULTS</FONT></B></p>
<p align="center"><B><FONT size=2 face="Arial">Alamo Group Inc. and Subsidiaries (NYSE:ALG)<br>
Condensed Consolidated Statements of Income<br>
(in thousands, except per share amounts)<br>
(Unaudited)</FONT></B></p>

<TABLE width="95%" border=0 cellspacing=0 cellpadding=0 id="table4" style="border-top-width: 0px; border-bottom-width: 0px">
<TR>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=9 style="border-right-style: none; border-right-width: medium"><B>
	<FONT size=2 face="Arial">Fourth Quarter Ended</FONT></B></TD>
   <TD style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="center" colspan=2 style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="center" colspan=6><B><FONT size=2 face="Arial">Year Ended</FONT></B></TD>
   <TD align="center">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD align="center">&nbsp;</TD>
   <TD align="center" colspan=4 style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000"><B>
	<FONT size=2 face="Arial">12/31/11</FONT></B></TD>
   <TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="center" colspan=4 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000"><B>
	<FONT size=2 face="Arial">12/31/10</FONT></B></TD>
   <TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="center" colspan=4 style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000"><B>
	<FONT size=2 face="Arial">12/31/11</FONT></B></TD>
   <TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="center" colspan=4 style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000"><B>
	<FONT size=2 face="Arial">12/31/10</FONT></B></TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">North American</FONT></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font face="Arial">&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Arial">Industrial</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">$64,275</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">$52,081</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">$229,594</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" bgcolor="#B9CFFF"><FONT size=2 face="Arial">$196,783</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font face="Arial">&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Arial">Agricultural</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">43,483</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">41,054</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">203,993</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="Arial">181,349</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">European</FONT></TD>
   <TD align="right" style="border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">39,239</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">39,518</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">170,006</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">160,416</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font face="Arial">&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Arial">Total Sales</FONT></TD>
   <TD colspan=4 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">146,997</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD colspan=4 align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">132,653</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">603,593</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD colspan=3 align="right"><FONT size=2 face="Arial">538,548</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Cost of sales</FONT></TD>
   <TD colspan=4 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">118,427</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD colspan=4 align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">104,945</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">468,508</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">421,634</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Gross margin</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">28,570</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">27,708</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">135,085</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" bgcolor="#B9CFFF"><FONT size=2 face="Arial">116,914</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">19.4%</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">20.9%</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">22.4%</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="Arial">21.7%</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Operating Expenses</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">23,340</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">21,745</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">92,347</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="Arial">86,041</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Gain on Bargain Purchase</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">(7,745)</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<font face="Arial">-</font></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">(7,745)</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><font face="Arial">-</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Goodwill Impairment</FONT></TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">1,898</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<font face="Arial">-</font></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">1,898</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">
	<font face="Arial">-</font></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Income from Operations</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">11,077</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">5,963</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">48,585</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" bgcolor="#B9CFFF"><FONT size=2 face="Arial">30,873</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">7.5%</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">4.5%</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">8.0%</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">5.7%</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Interest Expense</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">(707)</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">(502)</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">(2,422)</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="Arial">(3,664)</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Interest Income</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">90</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">(2)</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">246</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" bgcolor="#B9CFFF"><FONT size=2 face="Arial">1,533</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Other Income (Expense)</FONT></TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">253</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">213</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">848</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">290</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Income before income taxes</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">10,713</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">5,672</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">47,257</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right"><FONT size=2 face="Arial">29,032</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Provision for income taxes</FONT></TD>
   <TD align="right" style="border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">3,280</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">1,568</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">15,187</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 1px solid #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">7,915</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font face="Arial">&nbsp;</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Net Income</FONT></TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">$7,433</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">$4,104</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">$32,070</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">$21,117</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font face="Arial">&nbsp;</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Net income per common share:</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Arial">Basic</FONT></TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000">
	<FONT size=2 face="Arial">$0.63</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000">
	<FONT size=2 face="Arial">$0.35</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000">
	<FONT size=2 face="Arial">$2.71</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">
	<FONT size=2 face="Arial">$1.79</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Arial">Diluted</FONT></TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000">
	<FONT size=2 face="Arial">$0.62</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000">
	<FONT size=2 face="Arial">$0.34</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000">
	<FONT size=2 face="Arial">$2.68</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000">
	<FONT size=2 face="Arial">$1.78</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD><font face="Arial">&nbsp;</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Average common shares:</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Arial">Basic</FONT></TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">11,859</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">11,822</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">11,848</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">11,782</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font face="Arial">&nbsp;</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT size=2 face="Arial">Diluted</FONT></TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">11,973</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">11,952</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">11,966</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-bottom: 3px double #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">11,893</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD colspan=5 style="border-right-style: none; border-right-width: medium"><B>
	<FONT size=2 face="Arial">Summary Balance Sheet Data</FONT></B></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD colspan=4 align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000"><B>
	<FONT size=2 face="Arial">12/31/11</FONT></B></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD colspan=4 align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000"><B>
	<FONT size=2 face="Arial">12/31/10</FONT></B></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Receivables</FONT></TD>
   <TD colspan=4 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">143,934</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=4 align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">127,388</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Inventories</FONT></TD>
   <TD colspan=4 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">114,305</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">99,304</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Current Liabilities</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">75,693</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">79,189</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Long Term Debt</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD colspan=2 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">8,621</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD colspan=3 align="right" style="border-right-style: none; border-right-width: medium">
	<FONT size=2 face="Arial">23,106</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Equity</FONT></TD>
   <TD colspan=4 align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">276,658</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD colspan=4 align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">253,260</FONT></TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
</TABLE>


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

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

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

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

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:Tahoma;line-height:150%'>&nbsp;</p>

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

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

<font face="Arial">

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


&nbsp;</font><p align="center"><B><FONT size=2 face="Arial">Alamo Group Inc.<br>
Fourth Quarter Earnings<br>
Non-GAAP Financial Reconciliation<br>
</FONT></B><FONT size=2 face="Arial">(in thousands)</FONT></p>


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

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

<TABLE width="97%" border=0 cellspacing=0 cellpadding=0 id="table5" style="border-top-width: 0px">
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD align="center" colspan="5" style="border-bottom: 1px solid #000000"><B>
	<FONT size=2 face="Arial">Fourth Quarter</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD colspan="2" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<p align="center"><B><FONT size=2 face="Arial">2011</FONT></B></TD>
   <TD style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD colspan="2" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">
	<p align="center"><B><FONT size=2 face="Arial">2010</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Reported Net Income</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#B9CFFF"><B>
	<FONT size=2 face="Arial">$7,433</FONT></B></TD>
   <TD align="right" style="border-style: none; border-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><B><FONT size=2 face="Arial">$4,104</FONT></B></TD>
</TR>
<TR>
   <TD><font face="Arial">&nbsp;</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Adjustments (Pre-tax)</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;- Tenco Operating (Profit) Loss</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">(334)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><font size="2" face="Arial">-</font></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;- Acquisition, Severance, Restructuring Costs</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><FONT size=2 face="Arial">1,464</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><font size="2" face="Arial">-</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;- Gain on Bargain Purchase</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">(7,745)</FONT></TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
   <TD align="right"><font size="2" face="Arial">-</font></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;- Goodwill Impairment</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">1,898</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<font size="2" face="Arial">-</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Adjustments (Pre-tax)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">(4,717)</FONT></TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium">
	<font size="2" face="Arial">-</font></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Adjustments (After-tax)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">(2,720)</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">
	<font size="2" face="Arial">-</font></TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Adjusted Net Income</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000"><B>
	<FONT size=2 face="Arial">$4,713</FONT></B></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000"><B>
	<FONT size=2 face="Arial">$4,104</FONT></B></TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Diluted Shares</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">11,973</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">11,952</FONT></TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Adjusted Diluted EPS</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><B><FONT size=2 face="Arial">$0.39</FONT></B></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><B><FONT size=2 face="Arial">$0.34</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="center" colspan="5" style="border-bottom: 1px solid #000000"><B>
	<FONT size=2 face="Arial">Year to Date</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" colspan="2" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<p align="center"><B><FONT size=2 face="Arial">2011</FONT></B></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="center" colspan="2" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000"><B>
	<FONT size=2 face="Arial">2010</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</TD>
   <TD align="right" style="border-style: none; border-width: medium">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Reported Net Income</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><B><FONT size=2 face="Arial">$32,070</FONT></B></TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><B><FONT size=2 face="Arial">$21,117</FONT></B></TD>
</TR>
<TR>
   <TD><font size="2" face="Arial">&nbsp;</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Adjustments (Pre-tax)</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;- Tenco Operating (Profit) Loss</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">(334)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><font size="2" face="Arial">-</font></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;- Acquisition, Severance, Restructuring Costs</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><FONT size=2 face="Arial">1,464</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><font size="2" face="Arial">-</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;- Gain on Bargain Purchase</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">(7,745)</FONT></TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
   <TD align="right"><font size="2" face="Arial">-</font></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;- Goodwill Impairment</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">1,898</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<font size="2" face="Arial">-</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Adjustments (Pre-tax)</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">(4,717)</FONT></TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
   <TD align="right"><font size="2" face="Arial">-</font></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Adjustments for R&amp;D credit</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><font size="2" face="Arial">-</font></TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">(898)</FONT></TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Adjustments (After-tax)</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000"><FONT size=2 face="Arial">(2,720)</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000"><font size="2" face="Arial">-</font></TD>
</TR>
<TR>
   <TD><font size="2" face="Arial">&nbsp;</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium; border-top-style:none; border-top-width:medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Adjusted Net Income</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF"><B>
	<FONT size=2 face="Arial">$29,350</FONT></B></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 3px double #000000" bgcolor="#B9CFFF"><B>
	<FONT size=2 face="Arial">$20,219</FONT></B></TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Diluted Shares</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">11,966</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">11,893</FONT></TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Adjusted Diluted EPS</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><B><FONT size=2 face="Arial">$2.45</FONT></B></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><B><FONT size=2 face="Arial">$1.70</FONT></B></TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD>&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><B><FONT size=2 face="Arial">Alamo Group Inc. </FONT></B></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><u><B><FONT size=2 face="Arial">Revenue YTD</FONT></B></u></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Total Revenue</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">$603,593</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><FONT size=2 face="Arial">$538,548</FONT></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Less: </FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Tenco</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000">
	<FONT size=2 face="Arial">(6,950)</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000">
	<font size="2" face="Arial">-</font></TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
	</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><B><FONT size=2 face="Arial">$596,643</FONT></B></TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><B><FONT size=2 face="Arial">$538,548</FONT></B></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2" face="Arial">&nbsp;</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><B><FONT size=2 face="Arial">Industrial Division</FONT></B></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><u><B><FONT size=2 face="Arial">Revenue YTD</FONT></B></u></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><FONT size=2 face="Arial">Total Revenue </FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><FONT size=2 face="Arial">229,594</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" bgcolor="#B9CFFF"><FONT size=2 face="Arial">$196,783</FONT></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><FONT size=2 face="Arial">Less:</FONT></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
   <TD align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right">&nbsp;</TD>
</TR>
<TR>
   <TD bgcolor="#B9CFFF"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Tenco
	</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-right-style: none; border-right-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<FONT size=2 face="Arial">(6,950)</FONT></TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom: medium none #000000" bgcolor="#B9CFFF">&nbsp;</TD>
   <TD align="right" style="border-left-style: none; border-left-width: medium; border-bottom: 1px solid #000000" bgcolor="#B9CFFF">
	<font size="2" face="Arial">-</font></TD>
   <TD align="right" bgcolor="#B9CFFF">&nbsp;</TD>
</TR>
<TR>
   <TD><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></TD>
   <TD align="right">&nbsp;</TD>
   <TD align="right"><B><FONT size=2 face="Arial">$222,644</FONT></B></TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
   <TD align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</TD>
   <TD align="right"><B><FONT size=2 face="Arial">$196,783</FONT></B></TD>
   <TD align="right">&nbsp;</TD>
</TR>
</TABLE>

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