<SUBMISSION>
<ACCESSION-NUMBER>0001169232-04-002459
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20040426
<ITEMS>7
<ITEMS>9
<FILING-DATE>20040427
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>DREW INDUSTRIES INC
<CIK>0000763744
<ASSIGNED-SIC>3442
<IRS-NUMBER>133250533
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-13646
<FILM-NUMBER>04756907
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>200 MAMARONECK AVE
<CITY>WHITE PLAINS
<STATE>NY
<ZIP>10601
<PHONE>9144289098
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>200 MAMARONECK AVE
<CITY>WHITE PLAINS
<STATE>NY
<ZIP>10601
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d59372_8k.htm
<DESCRIPTION>CURRENT REPORT
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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">SECURITIES AND
EXCHANGE COMMISSION</FONT></H1>

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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Washington, DC
20549</FONT></H1>

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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">FORM 8-K</FONT></H1>

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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date of Report (Date of earliest
event reported): April 26, 2004</FONT></P>

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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DREW INDUSTRIES
INCORPORATED</FONT></H1>

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     <TD WIDTH="33%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Delaware</B></FONT></TD>
     <TD WIDTH="34%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>0-13646</B></FONT></TD>
     <TD WIDTH="33%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>13-3250533</B></FONT></TD></TR>
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     <TD COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD COLSPAN="3"><HR SIZE="1" NOSHADE></TD></TR>
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     <TD WIDTH="33%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(State or other jurisdiction<BR>of incorporation)</FONT></TD>
     <TD WIDTH="34%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Commission File Number)</FONT></TD>
     <TD WIDTH="33%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(I.R.S. Employer<BR>Identification No.)</FONT></TD></TR>
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     <TD ALIGN="CENTER" WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>200 Mamaroneck Avenue, White Plains, New York</B></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>10601</B></FONT></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD COLSPAN="2"><HR SIZE="1" NOSHADE></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of principal executive offices)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Zip Code)</FONT></TD></TR>
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     <TD ALIGN="LEFT" WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Registrant&#146;s telephone number, including area code:</B></FONT></TD>
     <TD ALIGN="RIGHT" WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(914) 428-9098</B></FONT></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">N/A</FONT></TD></TR>
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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Former name or former address, if changed since last report)</FONT></TD></TR>
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<TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Item 7.</FONT></TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Financial Statements and Exhibits</FONT></TD>
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<TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">c) </FONT></TD>
<TD WIDTH="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Exhibits</FONT></TD>
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<TD WIDTH="15%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">99.1 </FONT></TD>
<TD WIDTH="80%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Press
Release dated April 26, 2004</FONT></TD>
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<TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Item 9.</FONT></TD>
<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Regulation FD Disclosure</FONT></TD>
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<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">This
information set forth under &#147;Item 9. Regulation FD Disclosure&#148; is intended  to
be furnished under said Item 9 and also under &#147;Item 12. Results Of Operations  And
Financial Condition&#148; in accordance with SEC Release No. 33-8216. Such  information,
including the Exhibits attached hereto, shall not be deemed &#147;filed&#148;  for
purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, except  as
shall be expressly set forth by specific reference in such filing.</FONT></TD>
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<TD WIDTH="90%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Attached
and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of Drew
Industries Incorporated, dated April 26, 2004, reporting Drew Industries Incorporated&#146;s
financial results  for the first quarter of 2004.</FONT></TD>
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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the  requirements  of the  Securities  and 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>

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<TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DREW INDUSTRIES INCORPORATED<BR><BR>
(Registrant)<BR><BR><BR>
By: <B><I>/s/ Fredric M. Zinn</I></B><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Fredric M. Zinn<BR>
Executive Vice President and<BR>
Chief Financial Officer

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Dated: April 26, 2004</FONT></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d59372_ex99-1.htm
<DESCRIPTION>PRESS RELEASE DATED APRIL 26, 2004
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    <TD width="1%"><FONT face="Times New Roman, Times, serif" size="1">&nbsp;</FONT></TD>

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    <TD width="44%"><FONT face="Times New Roman, Times, serif" size="2"><B>FOR
      IMMEDIATE RELEASE</B></FONT></TD>

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    <TD width="44%"><FONT face="Times New Roman, Times, serif" size="2"><B>Contact:</B>
      Leigh J. Abrams, President and CEO</FONT></TD>

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    <TD width="44%"><FONT face="Times New Roman, Times, serif" size="2"><B>Phone:</B>&nbsp;&nbsp;
      (914) 428-9098 &nbsp;&nbsp;<B>Fax:</B>&nbsp;&nbsp;(914) 428-4581 </FONT></TD>
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    <TD width="44%"><FONT face="Times New Roman, Times, serif" size="2"><B>E Mail:</B>&nbsp;&nbsp;Drew@drewindustries.com</FONT></TD>

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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DREW
INDUSTRIES REPORTS RECORD FIRST QUARTER SALES AND PROFITS</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">White Plains, New York
&#150; April 26, 2004 &#150; Drew Industries Incorporated (NYSE: DW) today
announced an 83 percent increase in net income on a 34 percent increase in sales
for the first quarter ended March 31, 2004. Drew said the gains were propelled
by strong growth in the Company&#146;s recreational vehicle (&#147;RV&#148;)
products segment, as well as higher sales in its manufactured housing (MH)
segment for the first time in six quarters.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Drew, a supplier of RV
and manufactured housing (&#147;MH&#148;) components, reported that net sales
increased to a quarterly record of $108.0 million in the 2004 period, compared
to net sales of $80.8 million in the first quarter of 2003. Drew also reached a
new milestone with the Company&#146;s net worth exceeding $100 million for the
first time ever.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Income from continuing
operations reached a first-quarter record of $6.0 million, or $.57 per diluted
share, compared with income from continuing operations of $3.1 million, or $.31
per diluted share, in the same period last year. The first quarter this year
included a pre-tax gain of $428,000 ($278,000 after tax, or $.03 per diluted
share) from the previously disclosed sale of certain intellectual property
rights; additional gains, if any, will be recorded when the $3.5 million balance
of the note receivable related to this sale is collected. The Company&#146;s
first and fourth quarters are traditionally the weakest in terms of sales and
profits due to the seasonality of the industries in which Drew operates.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;It was a great
quarter by any measure as both our RV and manufactured housing segments ran well
ahead of their industries,&#148; said Leigh J. Abrams, Drew&#146;s President and
CEO. &#147;The first quarter sales increase of $27 million was almost entirely
due to increases in product shipments across all of the Company&#146;s product
lines, rather than price increases. During the 2004 first quarter, Drew realized
only $1 million in price increases to customers, which were imposed due to
extraordinary increases in the cost of steel. These sales increases offset
approximately the same increase in steel costs expensed during the
quarter.&#148; Drew reported that steel cost increases were passed on to
customers without additional markup, generating a slight material cost percent
increase during the quarter.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;Based on the
improved results of our MH segment in the quarter, and particularly in the month
of March, we believe that the MH industry may have finally ended its five-year
slide,&#148; said Abrams. In addition to RV industry growth, Drew gained new
customers and increased sales of recently introduced products, such as slide-out
mechanisms and stabilizers for motorhomes, as well as increasing sales of
various innovative products for RVs that were acquired in the July 2003
acquisition of LTM Manufacturing.</FONT></P>

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<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151; more &#151;</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Profit margins on the
increased sales volume were favorable because fixed costs, such as depreciation,
lease expense and management salaries, were spread over a larger sales base.
Also, operating efficiencies improved in several product lines. As a result of
these factors, Drew&#146;s operating profit margin in the first quarter of 2004
increased by approximately 2.3 percent over the same period last year.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The Company was compelled
to implement significant price increases and surcharges to customers between
January and April 2004 to help offset the huge cost increases for steel, and, to
a lesser extent, aluminum. The higher cost steel and aluminum will be reflected
during the balance of 2004.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;We have had to
expend extraordinary resources to acquire as much steel as possible in order to
avoid some of the cost increases, so that we could defer the price increases to
our customers as long as possible,&#148; said Abrams. &#147;Also, the steel that
we now have on hand cost substantially more than last quarter. These factors,
along with the significant increase in our sales volume, caused our inventories
to increase nearly $21 million compared to last March.&#148;</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">On the acquisition front,
the Company announced in March 2004 an agreement in principle to acquire Zieman
Manufacturing Company. Zieman manufactures trailers for equipment hauling,
boats, personal watercrafts and snowmobiles, as well as specialty chassis for
modular offices. Zieman also manufactures chassis and chassis parts for RVs
(primarily travel and fifth wheel trailers) and manufactured homes, and recorded
sales of approximately $44 million in 2003. Closing of the transaction, which
has taken slightly longer than anticipated, is expected to occur within the next
15 days.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;The proposed
acquisition of Zieman, like our two acquisitions last year, fit our criteria of
profit enhancement, market share expansion, and product line extension,&#148;
said Abrams. &#147;We continue to develop innovative and complementary products
for our customers, while driving operating efficiencies that ensure our sales
gains hit the bottom line. The first quarter marked another building block in
our pursuit of becoming the leading supplier to the RV and MH market, and we
believe we have the team and the product platform to continue to outperform the
market throughout 2004.&#148;</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">The acquisition of Zieman
will be financed primarily with borrowings under the Company&#146;s line of
credit, which will be increased from $30 million to $50 million. Drew&#146;s
total debt declined $15 million since last March, as strong operating results
offset increases in inventories and accounts receivables.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;Receivables, which
increased $9 million since March 31, 2003, remain current with only 21 days
sales outstanding,&#148; said Abrams. &#147;Once the inventory purchased in
advance of the steel price increases is used, we anticipate that we will turn
our inventory more than 7 times a year, as we have in the past.&#148;</FONT></P>

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<H1 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Recreational
Vehicle Products Segment</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Drew supplies windows,
doors, chassis, and slide-out mechanisms and power units, primarily for travel
trailers and fifth wheel RVs. Industry shipments of RVs have continued to grow
in the early part of 2004, with year-to-date RV shipments up nearly 13 percent
through February, the last month for which industry shipments are available.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Drew&#146;s RV products
segment far outperformed the industry by achieving a 46 percent increase in
sales to a record $73.2 million for the quarter, and now represents 68 percent
of consolidated sales. The RV segment achieved double-digit growth in all major
product lines.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Operating margins of the
RV products segment reached 10.7 percent for the 2004 quarter, up from 9.0
percent in the same period last year. Segment results in the first quarter last
year were adversely impacted by high steel costs, which moderated in the second
half of 2003. As discussed above, steel costs have risen dramatically since late
2003, as the cost of certain types of steel have nearly doubled. The higher cost
steel will be reflected during the balance of 2003. Last year&#146;s first
quarter also included a pre-tax charge of approximately $500,000 related to
settled patent litigation, while the current quarter included a pre-tax charge
of approximately $350,000 due to a plant closing.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;The continued rapid
growth in sales volume across all product lines in this segment, in particular
our slide-out product line, along with improved operating efficiencies in
certain key factories, enabled us to report improved margins,&#148; said Abrams.
&#147;On a macro level, long-term demographic trends are expected to favor the
RV industry, as is the improving economy. These factors, along with
management&#146;s continued focus on product innovation and cost reduction,
should enable our RV segment to achieve outstanding results well into the
future.&#148;</FONT></P>

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<H1 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Manufactured
Housing Products Segment</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Drew supplies vinyl and
aluminum windows and screens, chassis, chassis parts, and bath and shower units
to the MH industry. While Drew&#146;s MH products segment has been hampered by
the prolonged slump in the industry, it has remained profitable. In the later
part of the first quarter of 2004, sales and profitability of this segment
improved significantly. This drove MH segment operating profit up 42 percent in
the quarter to over $3.6 million, on a 14 percent rise in net sales.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&#147;Lower repossessions
and some improvement in the availability of financing for manufactured homes may
be starting to have an impact on industry-wide production levels. While it is
too early to determine if this is the beginning of a sustained trend, orders
we&#146;ve received from our customers indicate that a number of builders of
manufactured homes have begun to increase their production levels in recent
weeks,&#148; said Abrams.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">As announced in February
2004, Drew&#146;s Better Bath division plans to introduce bath products made
from a new composite material that is stronger, requires less maintenance, and
has a better overall appearance than fiberglass. These new products are expected
to be introduced to the MH industry in the third quarter of 2004.</FONT></P>

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<H1 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Conference
Call</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Drew will provide an
online, real-time webcast and rebroadcast of its first quarter earnings
conference call tomorrow, Tuesday, April 27, 2004, at 11:00 a.m. Eastern time,
on the Company&#146;s website, <I>www.drewindustries.com</I>. Individual
investors can also listen to the call at <I>www.companyboardroom.com</I>.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Institutional investors
can access the call via the password-protected event management site,
StreetEvents (www.streetevents.com). A replay of the conference call will be
available by telephone by dialing (888) 286-8010 and referencing access code
19122232. A replay will also be available on Drew&#146;s website.</FONT></P>

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<H1 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">About Drew</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Drew, through its wholly
owned subsidiaries, Kinro and Lippert Components, supplies a broad array of
components for RVs and manufactured homes. Drew&#146;s products include vinyl
and aluminum windows and screens, doors, chassis, chassis parts, RV slide-out
mechanisms and power units, bath and shower units, and electric stabilizer
jacks. From 41 factories located throughout the United States and one factory in
Canada, Drew serves most major national manufacturers of RVs and manufactured
homes in an efficient and cost-effective manner. Additional information about
Drew and its products can be found at <I>www.drewindustries.com</I>.</FONT></P>

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<H1 ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Forward
Looking Statements</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>This press release
contains certain &#147;forward-looking statements&#148; within the meaning of
the Private Securities Litigation Reform Act of 1995 with respect to financial
condition, results of operations, business strategies, operating efficiencies or
synergies, competitive position, growth opportunities for existing products,
plans and objectives of management, markets for the Company&#146;s common stock
and other matters. Statements in this press release, including those
incorporated by reference, that are not historical facts are
&#147;forward-looking statements&#148; for the purpose of the safe harbor
provided by Section 21E of the Exchange Act and Section 27A of the Securities
Act. Forward-looking statements, including, without limitation those relating to
our future business prospects, revenues and income, wherever they occur in this
press release, are necessarily estimates reflecting the best judgment of our
senior management, at the time such statements were made, and involve a number
of risks and uncertainties that could cause actual results to differ materially
from those suggested by forward-looking statements. The Company does not
undertake to update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are made. You
should consider forward-looking statements, therefore, in light of various
important factors, including those set forth in this press release.</I></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>There are a number of
factors, many of which are beyond the Company&#146;s control, which could cause
actual results and events to differ materially from those described in the
forward-looking statements. These factors include pricing pressures due to
competition, raw material costs (particularly vinyl, aluminum, steel, glass, and
ABS resin), availability of retail and wholesale financing for manufactured
homes, availability and costs of labor, inventory levels of retailers and
manufacturers, levels of repossessed manufactured homes, the financial condition
of our customers, interest rates, and adverse weather conditions impacting
retail sales. In addition, national and regional economic conditions and
consumer confidence may affect the retail sale of recreational vehicles and
manufactured homes.</I></FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>###</I></FONT></P>

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<P ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Page 4</FONT></P>

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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DREW INDUSTRIES
INCORPORATED<BR>OPERATING RESULTS</FONT></H1>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN="5"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Quarter Ended<BR>March 31,  </FONT><HR SIZE="1" NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Last Twelve </FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <TH COLSPAN="3" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(In thousands, except per share amounts)</I><BR>&nbsp; </FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2004  </FONT><HR SIZE="1" NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 </FONT><HR SIZE="1" NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Months </FONT><HR SIZE="1" NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="12"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="53%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Net sales</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>

     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">108,023</FONT></TD>
     <TD WIDTH="6%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>

     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">80,827</FONT></TD>
     <TD WIDTH="9%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>

     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD WIDTH="8%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">380,312</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Cost of sales</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">83,144</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">62,877</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">286,702</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Gross profit</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">24,879</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">17,950</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">93,610</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Selling, general and administrative expenses</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">14,859</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">12,001</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">55,262</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Other income</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">428</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">428</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating profit</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">10,448</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">5,949</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">38,776</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Interest expense, net</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">625</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">811</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">2,848</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations before</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income taxes</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">9,823</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">5,138</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">35,928</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Provision for income taxes</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">3,831</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">2,010</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">13,689</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">5,992</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">3,128</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">22,239</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Discontinued operations (net of taxes)</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">138</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">(90</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Net income</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">5,992</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">3,266</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">22,149</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Net income per common share:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">.58</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">.31</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">2.19</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">.57</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">.31</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">2.14</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations, net of taxes:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">.02</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">(.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>

  <TD COLSPAN="2" ALIGN="RIGHT">&nbsp;</TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">(.01</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>

  <TD COLSPAN="2" ALIGN="RIGHT">&nbsp;</TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">.58</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">.33</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">2.18</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">.57</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">.32</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">2.13</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Weighted average common shares outstanding:</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">10,245</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">9,969</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">10,144</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">10,561</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">10,181</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">10,392</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Depreciation and amortization</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">2,135</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">1,962</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">8,036</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Capital expenditures</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">3,102</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">1,166</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">7,009</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DREW INDUSTRIES
INCORPORATED<BR>SEGMENT RESULTS</FONT></H1>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN="5"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Three Months Ended<BR>March 31, </FONT><HR SIZE="1" NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <TH COLSPAN="3" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(In thousands)</I><BR>&nbsp; </FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2004 </FONT><HR SIZE="1" NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 </FONT><HR SIZE="1" NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="65%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Net sales</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2"></FONT></TD>
     <TD WIDTH="9%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2"></FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;RV Segment</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">73,173</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">50,257</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;MH Segment</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">34,850</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">30,570</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">108,023</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">80,827</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Operating Profit</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;RV Segment</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">7,859</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">4,530</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;MH Segment</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">3,612</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">2,541</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segments operating profit</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">11,471</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">7,071</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Amortization of intangibles</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">(205</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">(193</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Corporate and other</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">(1,246</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">)</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">(929</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">)</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Other income</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">428</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating profit</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">10,448</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">5,949</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
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<TD>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" -->
<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DREW INDUSTRIES
INCORPORATED<BR>BALANCE SHEET INFORMATION</FONT></H1>

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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN="5"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">March 31, </FONT><HR SIZE="1" NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <TH COLSPAN="3" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><I>(In
thousands, except ratios)</I><BR>&nbsp; </FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2004 </FONT><HR SIZE="1" NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">2003 </FONT><HR SIZE="1" NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="1">&nbsp;</FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="66%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2"><B>Current
assets</B></FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="9%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, serif" size="2">&nbsp;</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Cash
and cash equivalents</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">402</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">3,032</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Accounts
receivable, trade, less allowance</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">29,002</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">19,853</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">54,900</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">34,349</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Prepaid
expenses and other current assets</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">6,086</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">5,925</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Discontinued
operations</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">18</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
current assets</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">90,390</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">63,177</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">Fixed assets,
net</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">72,636</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">73,471</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">Goodwill</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">12,333</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">7,043</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">Other intangible
assets</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">4,521</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">4,843</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">Other assets</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">2,695</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">3,198</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><B><FONT SIZE="1">&nbsp;</FONT></B></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
assets</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">182,575</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">151,732</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><B><FONT SIZE="1">&nbsp;</FONT></B></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">Current
liabilities</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Notes
payable, including current maturities of long-term indebtedness</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">9,878</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">9,963</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Accounts
payable, accrued expenses and other current liabilities</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">45,995</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">25,319</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;Discontinued
operations</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&#151;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">196</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
current liabilities</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">55,873</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">35,478</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">Long-term
indebtedness</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">23,424</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">38,449</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">Other long-term
obligations</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">2,640</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">3,500</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><B><FONT SIZE="1">&nbsp;</FONT></B></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
liabilities</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">81,937</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">77,427</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
stockholders&#146; equity</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">100,638</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">74,305</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><B><FONT SIZE="1">&nbsp;</FONT></B></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="1" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><B><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
liabilities and stockholders&#146; equity</FONT></B></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">182,575</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">151,732</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD COLSPAN="3"><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD>
     <TD COLSPAN="2" ALIGN="RIGHT"><HR SIZE="2" NOSHADE></TD>
     <TD><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Current ratio</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">1.6</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">1.8</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">Total indebtedness
to stockholders&#146; equity</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">0.3</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" size="2">0.7</FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" size="2">&nbsp;</FONT></TD></TR>
</TABLE>
<BR>

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end

</TEXT>
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</SUBMISSION>
