<SUBMISSION>
<ACCESSION-NUMBER>0001169232-04-005431
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20041101
<ITEMS>2.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20041102
<DATE-OF-FILING-DATE-CHANGE>20041102
<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>041111942
</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>d61073_8-k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>


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     <!-- Control Number: 04-61073                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 8-K                                                   -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>Drew Industries Incorporated</TITLE>
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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 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of Report (Date of
earliest event reported): November 1, 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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  <TR VALIGN=Bottom>
    <TD WIDTH=1% ALIGN=left><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delaware</FONT></b></TD>
    <TD WIDTH=1% ALIGN=CENTER><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0-13646</FONT></b></TD>
    <TD WIDTH=1% ALIGN=right><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13-3250533</FONT></b></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or
      other jurisdiction </FONT></TD>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission
      File Number) </FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(I.R.S.
      Employer </FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of incorporation)</FONT></TD>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Identification
      No.)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=CENTER colspan="2">&nbsp;</TD>
    <TD ALIGN=CENTER>&nbsp;</TD>
  </TR>

  <TR VALIGN=Bottom>
    <TD ALIGN=CENTER colspan="2"><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>200
      Mamaroneck Avenue, White Plains, New York&nbsp; </FONT></b></TD>
    <TD ALIGN=CENTER><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10601</FONT></b></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=CENTER colspan="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address
      of principal executive offices) </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Zip Code) </FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=CENTER colspan="2">&nbsp;</TD>
    <TD ALIGN=CENTER>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=left colspan="2"><b><font face="Times New Roman, Times, Serif" size="2">Registrant&#146;s
      telephone number, including area code: </font></b></TD>
    <TD ALIGN=right><b><font face="Times New Roman, Times, Serif" size="2">(914)
      428-9098  </font></b></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=left colspan="2">&nbsp;</TD>
    <TD ALIGN=right>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom align="center">
    <TD colspan="3"><font face="Times New Roman, Times, Serif" size=2>N/A</font></TD>
  </TR>
  <TR VALIGN=Bottom align="center">
    <TD colspan="3"><font face="Times New Roman, Times, Serif" size=2>(Former
      name or former address, if changed since last report) </font></TD>
  </TR>
</TABLE>

<BR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (<i>see</i> General Instruction A.2.
below): </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Soliciting
material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_| </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) </FONT></TD>
</TR>
</TABLE>
<BR>


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<p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><font size=2>&nbsp; </font></p>

<div style='width:600;'>
<BR>


<!-- MARKER FORMAT-SHEET="Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.02&nbsp;&nbsp;Results of
Operations and Financial Condition </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7.01&nbsp;&nbsp;Regulation FD
Disclosure </FONT></P>

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<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
following information is furnished pursuant to Item 2.02, &#147;Results of Operations and
Financial Condition&#148; and Item 7.01, &#147;Regulation FD Disclosure.&#148; Such
information, including the Exhibit attached hereto, shall not be deemed &#147;filed&#148;for
purposes of Section&nbsp;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>
</TR>
</TABLE>
<BR>

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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
On
November 1, 2004, Drew Industies Incorporated issued a press release setting forth Drew
Industries Incorporated&#146;s third-quarter 2004 financial results. A copy of Drew
Industies Incorporated&#146;s press release is attached hereto as Exhibit 99.1 and hereby
incorporated by reference.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01&nbsp;&nbsp;Financial
Statements and Exhibits </FONT></P>

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<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Exhibits </FONT></TD>
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<BR>

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<TD WIDTH=20%>&nbsp;</TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
99.1
Press Release dated November 1, 2004 </FONT></TD>
</TR>
</TABLE>
<BR>

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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=40% align="left" valign="middle"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE="2">DREW INDUSTRIES INCORPORATED<BR><BR>
(Registrant)<BR>
<BR>
<BR>
By:&nbsp;&nbsp;<B>&nbsp;<I>/s/ Fredric M. Zinn</I></B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                                            Fredric M. Zinn<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                                            Executive Vice President and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;                                                            Chief Financial Officer </FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dated: November 1, 2004 </FONT></P>



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


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d61073_ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>



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     <!-- Control Number: 04-61073                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 8-K                                                   -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>Drew Industries Incorporated</TITLE>
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<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1  </FONT></P>


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      <hr NOSHADE color=#808080 size=1>
    </TD>
    <TD rowspan="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<img src="drew.gif"></FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=88% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<b>FOR
      IMMEDIATE RELEASE</b></FONT></TD>
  </TR>
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    <TD>
      <hr NOSHADE color=#808080 size=1>
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  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;Contact:</b>
      Leigh J. Abrams, President and CEO</FONT></TD>
  </TR>
  <TR>
    <TD>
      <hr NOSHADE color=#808080 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Phone:</b>
      (914) 428-9098&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b> Fax:</b> (914) 428-4581</FONT></TD>
  </TR>
  <TR>
    <TD>
      <hr NOSHADE color=#808080 size=1>
    </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>E Mail:</b>
      <i>Drew@drewindustries.com</i></FONT></TD>
  </TR>
  <TR>
    <TD>
      <hr NOSHADE color=#808080 size=1>
    </TD>
  </TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DREW INDUSTRIES
REPORTS THIRD QUARTER RESULTS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>White Plains, New York &#150; November
1, 2004 &#150; Drew Industries Incorporated (NYSE: DW) today reported that third quarter
2004 net income increased 14 percent on a 55 percent increase in net sales, reflecting
market share gains in both Drew&#146;s recreational vehicle products (RV) and manufactured
housing products (MH) segments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Drew, a leading national supplier of
RV and MH components, reported net income of $7.5 million, or $.71 per diluted share, on
net sales of $149 million in the third quarter ended September 30, 2004, compared with net
income of $6.6 million, or $.64 per diluted share, on net sales of $96 million in the same
period in 2003. Drew&#146;s 2004 net sales, net income and net income per diluted share
were all third-quarter records. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Drew reported that net income did not
grow as rapidly as net sales primarily due to continued increases in steel prices which
had not yet been fully passed on to its customers. Management estimates that as a result
of the unrecovered steel costs, net income for the quarter was reduced by between $.07 and
$.14 per diluted share. Additional sales price increases and surcharges to customers have
recently been implemented by Drew in an effort to mitigate the effects of these higher
costs. The Company also noted that it had incurred start-up costs related to new products
of about $350,000 in the current quarter. In addition, 2004 third quarter expenses related
to the implementation of Sarbanes-Oxley and stock options increased approximately $500,000
over last year&#146;s third quarter. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the nine months ended
September 30, 2004 reached $21.7 million, or $2.04 per diluted share, compared with net
income of $15.2 million, or $1.48 per diluted share, in the same period last year.
Recently-acquired Zieman contributed approximately $.05 per share to the 2004 nine-month
results, and its operating margins improved over the second quarter. Drew reported that
its second quarter and third quarter results are traditionally the strongest in terms of
sales and profits due to the seasonality of the industries in which it operates. Net
income for the twelve months ended September 30, 2004 was a record $25.9 million, or $2.45
per diluted share. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Material costs increased
further in July and August, and these additional cost increases have just recently been
passed on to customers. The impact of these material cost increases overshadowed what was
otherwise a strong quarter of sales growth and profitability,&#148; said Leigh J. Abrams,
Drew&#146;s President and CEO. &#147;Our management team has done a great job on the
operational level to manage rising commodity prices in this difficult economic
environment. Steel prices now range from double or triple prior year levels. It&#146;s
always difficult to raise prices, but in this situation we&#146;ve had to go back to
customers a number of times due to continued steel cost increases. Our customers have been
cooperative, but many have also been impacted by higher commodity costs and it has taken
longer than expected to fully implement the sales price increases we need. On the positive
side, it appears that steel prices may be stable for the balance of 2004.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Drew said its $53 million increase in
net sales this quarter, compared to the third quarter last year, came from a variety of
sources. Organic growth from existing operations drove a sales increase of 23 percent, or
approximately $22 million from the third quarter last year. The acquisition of Zieman,
along with a small acquisition completed late last year, added $17 million in net sales.
Price increases to customers, to offset the higher costs of steel and aluminum, aggregated
nearly $14 million in the current quarter. </FONT></P>

<p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><font size=2> </font></p>

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<div style='width:600;'>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Drew&#146;s RV segment achieved a 62
percent increase in sales this quarter (47% excluding sales price increases), but only a 4
percent increase in operating profits due largely to the impact of material cost increases
which had not yet been fully passed on to customers. The profit margin of the RV segment
in the third quarter last year was higher because steel costs had temporarily declined
compared to prior periods. Production efficiencies in the current quarter remained high in
all major product lines of this segment, and fixed costs are being spread over a much
larger sales base. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;We are continuing our stringent
control over operating costs while at the same time further developing our management
team, systems, and research and development capabilities, all of which are essential to
continue our growth,&#148; said Abrams. &#147;Because of our efficiency efforts, we were
able to achieve improved profits year-over-year despite our biggest cost &#150; raw
materials &#150; increasing drastically. We will continue to remain diligent in managing
operations to maximize profits.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Drew&#146;s MH segment had another
strong quarter, with sales increasing 44 percent and far outpacing the industry. Industry
sales were down 1 percent for the 2004 third quarter, despite the shipment of about 1,800
homes ordered by the Federal Emergency Management Agency (FEMA) to provide emergency
housing to hurricane victims. Year-to-date sales in the MH industry are down 3 percent,
while Drew&#146;s MH segment sales have increased 34 percent and operating profit grew 38
percent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Drew&#146;s MH segment
continues to report outstanding results despite continuing sluggishness in the
industry,&#148; said Abrams. &#147;While there is still no clear sign of improvement in
the MH industry, repossessions have declined and lenders have been successful at raising
the money they need to provide home mortgages. Some industry analysts are projecting
significant growth for the industry in 2005. However, we remain cautious about the
industry in the near-term. We are confident in the success of our MH segment regardless of
whether a rebound occurs and we have a positive long-term outlook for the industry.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As a result of the rapid growth in
sales by both of the Company&#146;s segments, and higher steel costs, Drew has continued
to invest heavily in working capital and capital expenditures. &#147;Our inventories
peaked in August and have since declined by about $8 million,&#148; said Fred Zinn,
Drew&#146;s Chief Financial Officer. &#147;We expect capital improvements to exceed $22
million in 2004, including the addition of several new factories. Despite this, cash flow
has been very good since mid-September, helping us to reduce debt. Based on recent trends
and current conditions, we expect our total debt to decline by $10 &#151; $15 million by
year end, to $60 &#151; $65 million, which will further reduce our leverage.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;To ensure that we have the
ability to take advantage of expansion opportunities that may arise in the future, we are
in the process of restructuring our corporate line of credit and adding borrowing
capacity,&#148; said Zinn. &#147;We anticipate increasing our line of credit with JP
Morgan Chase and KeyBank to $60 million. In addition, we expect the new line of credit to
contain an &#147;accordion&#148; feature, which is an understanding that the banks, while
not formally committed, are inclined to increase the $60 million line by $30 million upon
the Company&#146;s request. In connection with the new agreement, HSBC is expected to join
the bank group. In addition, we are negotiating with Prudential Capital Group for a $50
&#151; $60 million &#147;shelf&#148; facility, which is an uncommitted line that the
Company would seek to use to finance a significant acquisition, should the opportunity
arise&#148;. At October 29, 2004, borrowing under the Company&#146;s current line was
approximately $38 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Abrams added: &#147;All of our
actions are focused on the execution of our long-term plan for growth and profitability
based on outstanding management and serving the needs of our customers.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recreational Vehicle and
Leisure Products Segment </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<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 during 2004, with 2004
RV shipments up 17 percent for the first nine months of 2004. &#147;Long-term demographics
for this industry remain strong. While the RV industry association is projecting an 8
percent decline in industry shipments in 2005, we remain confident in our ability to
continue to out-perform the industry and grow this business,&#148; said Abrams.
Drew&#146;s RV segment far outperformed the industry by achieving a 59 percent increase in
sales to a record $263 million for the current nine months. Even excluding price increases
and the $16 million of RV sales by newly-acquired Zieman, the RV segment achieved strong
growth in all major product lines. </FONT></P>

<p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><font size=2> </font></p>

<HR SIZE=5 COLOR=GRAY NOSHADE>
</div>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><font size=2>&nbsp; </font></p>

<div style='width:600;'>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The operating profit margin of
Drew&#146;s RV segment declined to 8.7 percent in the third quarter of 2004 from 11.1
percent in the second quarter and 13.5 percent in the third quarter last year, largely
because of continued increases in the cost of steel that were not fully captured through
price increases to customers. During the third quarter, the cost of steel and aluminum
used by the Company was approximately $16 million higher than it would have been at prior
year steel prices, including approximately $11 million for the RV segment alone. While
much of this cost increase was previously passed on to customers, sales price increases
covering third quarter increases in steel costs have only recently been passed on to
customers. As a result, the Company said that third quarter gross profit of the RV segment
was reduced by $1.7 to $2.7 million. The impact of higher steel costs was partially offset
by a decline in overtime and group insurance costs, which had been higher than typical for
the past several quarters. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Drew&#146;s product innovations
continue to yield near-term and future growth opportunities. Drew recently introduced a
new line of slide-out systems for motorhomes, which have a market potential of
approximately $40 million. We also introduced bath products for RVs. Although sales are
still modest, we saw increased sales of these products compared to the prior
quarter,&#148; Abrams said. &#147;We have also substantially increased our spending on
research and development and quality control in order to improve production efficiencies
and speed new product introductions. As a result, we will shortly bring to market several
high quality new products such as leveling devices, new axles, and steps for RVs. Product
innovation and market expansion have become the core drivers of growth at Drew, and we
will continue to make them focal points in the quarters to come.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Manufactured Housing
Products Segment </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<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 hampered by the prolonged industry-wide slump, Drew&#146;s MH products segment has
been profitable every quarter since the downturn began in 1999. This segment&#146;s sales
and profit momentum from the first half of 2004 continued into the third quarter, as
operating profit increased 36 percent over the third quarter last year, to $6.4 million,
on a 44 percent increase in net sales. Even excluding sales of $6 million from
newly-acquired Zieman and price increases, Drew&#146;s MH segment sales increased about 15
percent, compared to an industry-wide decline of 1 percent. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;Our MH segment continues to
pick up market share, and we see additional opportunities to expand our penetration with
product line expansions such as new bath products to compete with fiberglass bath products
and other products,&#148; Abrams said. &#147;As our content per home grows and we sustain
profitability in this down market, we put ourselves in position for significant growth if
and when the market begins to improve.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MH industry production levels are
likely to receive a short-term boost in the fourth quarter due to the purchase by FEMA of
additional manufactured homes to provide emergency housing for hurricane victims in the
southeastern United States. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Other Matters </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Project" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr.
          Abrams has advised that he is scheduled for cardiac by-pass surgery on November
          19, 2004. He expects to be available for consultations shortly after the
          operation, to resume partial duties in mid-December, and to resume his full
          responsibilities as CEO and President at the beginning of 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Conference Call </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Drew will provide an online,
real-time webcast and rebroadcast of its third quarter earnings conference call Monday,
November 1, 2004, at 10:00 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>


<p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><font size=2> </font></p>

<HR SIZE=5 COLOR=GRAY NOSHADE>
</div>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><font size=2>&nbsp; </font></p>

<div style='width:600;'>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Institutional investors can access
the call via the password-protected event management site, StreetEvents
(<I>www.streetevents.com</I>). A replay of the conference call will be available by telephone by
dialing (888) 286-8010 and referencing access code 44863983. A replay will also be
available on Drew&#146;s website. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>About Drew </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<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, electric stabilizer jacks and trailers for equipment hauling, boats,
personal watercrafts and snowmobiles, as well as chassis for modular offices. From 51
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>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Forward Looking
Statements </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<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 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>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<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
steel, vinyl, aluminum, 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, oil prices 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>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>### </P>

<p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><font size=2> </font></p>

<HR SIZE=5 COLOR=GRAY NOSHADE>
</div>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><font size=2>&nbsp; </font></p>

<div style='width:600;'>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1  </FONT></P>




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

<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <td align="left">&nbsp;</td>
    <TH COLSPAN=5><font face="Times New Roman, Times, serif" size="1">Nine Months
      Ended<br>
      September 30, </font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH COLSPAN=5><font face="Times New Roman, Times, serif" size="1">Quarter
      Ended<br>
      September 30, </font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH COLSPAN=2 rowspan="3" nowrap><font face="Times New Roman, Times, serif" size="1">Last
      Twelve<BR>
      Months </font></TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <td align="left">&nbsp;</td>
    <TH COLSPAN=5>
      <hr NOSHADE color=#808080 size=1>
    </TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH COLSPAN=5>
      <hr NOSHADE color=#808080 size=1>
    </TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <td align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>(In
      thousands, except per share amounts) </i></FONT></td>
    <TH COLSPAN=2><font face="Times New Roman, Times, serif" size="1">2004 </font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH COLSPAN=2><font face="Times New Roman, Times, serif" size="1">2003 </font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH COLSPAN=2><font face="Times New Roman, Times, serif" size="1">2004 </font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH COLSPAN=2><font face="Times New Roman, Times, serif" size="1">2003 </font></TH>
    <TH><font size="1" face="Times New Roman, Times, serif"></font></TH>
    <TH>&nbsp;</TH>
  </TR>
  <tr>
    <td></td>
    <td colspan=2 align=center>
      <hr NOSHADE color=#808080 size=1 width="60%">
    </td>
    <td></td>
    <td colspan=2 align=center>
      <hr NOSHADE color=#808080 size=1 width="60%">
    </td>
    <td></td>
    <td colspan=2 align=center>
      <hr NOSHADE color=#808080 size=1 width="60%">
    </td>
    <td></td>
    <td colspan=2 align=center>
      <hr NOSHADE color=#808080 size=1 width="60%">
    </td>
    <td></td>
    <td colspan=2 align=center>
      <hr NOSHADE color=#808080 size=1 width="70%">
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>

  <TR VALIGN=Bottom>
    <TD WIDTH=51% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net
      sales</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      398,540</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      266,344</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>$</FONT></TD>
    <TD WIDTH=6% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      148,830</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      96,107</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=7% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      485,312</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=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>308,199</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>200,041</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>115,928</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>70,637</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>374,593</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD></TD>
    <TD COLSPAN=5 ALIGN=RIGHT>
      <HR NOSHADE COLOR=#808080 SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=5 ALIGN=RIGHT>
      <HR NOSHADE COLOR=#808080 SIZE=1>
    </TD>
    <TD></TD>
    <TD COLSPAN=2 ALIGN=RIGHT>
      <HR NOSHADE COLOR=#808080 SIZE=1>
    </TD>
    <TD></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=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>90,341</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>66,303</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>32,902</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>25,470</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>110,719</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=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>53,143</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>39,279</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>19,874</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>13,980</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>66,268</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=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>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size=2>428</font></TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Operating
      profit</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>37,626</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>27,024</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>13,028</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>11,490</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>44,879</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=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>2,267</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>2,340</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>854</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>722</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>2,961</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Income
      from continuing operations</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before
      income taxes</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>35,359</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>24,684</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>12,174</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>10,768</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>41,918</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=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>13,702</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>9,629</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>4,660</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>4,186</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>15,941</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Income
      from continuing operations</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>21,657</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>15,055</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>7,514</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>6,582</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>25,977</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=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></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></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></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>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Net
      income</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> 21,657</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 15,193</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 7,514</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 6,582</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 25,887</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income
      (loss) per common share:</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Income
      from continuing operations:</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2.11</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1.50</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> .73</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> .65</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2.54</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2.04</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1.47</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> .71</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> .64</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2.46</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT height="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Discontinued
      operations, net of taxes:</FONT></TD>
    <TD ALIGN=RIGHT height="14">&nbsp;</TD>
    <TD ALIGN=RIGHT height="14">&nbsp;</TD>
    <TD ALIGN=LEFT height="14">&nbsp;</TD>
    <TD ALIGN=RIGHT height="14">&nbsp;</TD>
    <TD ALIGN=RIGHT height="14">&nbsp;</TD>
    <TD ALIGN=LEFT height="14">&nbsp;</TD>
    <TD ALIGN=RIGHT height="14">&nbsp;</TD>
    <TD ALIGN=RIGHT height="14">&nbsp;</TD>
    <TD ALIGN=LEFT height="14">&nbsp;</TD>
    <TD ALIGN=RIGHT height="14">&nbsp;</TD>
    <TD ALIGN=RIGHT height="14">&nbsp;</TD>
    <TD ALIGN=LEFT height="14">&nbsp;</TD>
    <TD ALIGN=RIGHT height="14">&nbsp;</TD>
    <TD ALIGN=RIGHT height="14">&nbsp;</TD>
    <TD ALIGN=LEFT height="14">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</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></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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> .01</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</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>
    <td></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>&nbsp; </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</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></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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> .01</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</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>
    <td></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>&nbsp; </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Net
      Income:</FONT></TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2.11</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1.51</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> .73</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> .65</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2.53</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2.04</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1.48</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> .71</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> .64</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2.45</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</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=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</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>10,271</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>10,044</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>10,296</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>10,118</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>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</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>10,599</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>10,256</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>10,621</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>10,337</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>10,554</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Depreciation
      and amortization</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 6,842</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 5,878</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2,345</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1,955</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 8,827</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Capital expenditures</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 19,781</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 3,906</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 9,459</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1,066</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 20,948</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=5 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
</TABLE>
<BR>
<p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><font size=2> </font></p>

<HR SIZE=5 COLOR=GRAY NOSHADE>
</div>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->
<p style=' margin-bottom:0pt;text-align:center; margin-top:0pt;'><font size=2>&nbsp; </font></p>

<div style='width:600;'>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1  </FONT></P>

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

<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <th COLSPAN=3 align="left"><font size="1"></font></th>
    <th COLSPAN=5><font size="1">Nine Months Ended<br>
      September 30, </font></th>
    <th><font size="1"></font></th>
    <th COLSPAN=5><font size="1"></font><font size="1"></font><font size="1">
      Quarter Ended <br>
      September 30, </font></th>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <th COLSPAN=3 align="left"><font size="1"></font></th>
    <th COLSPAN=5>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th><font size="1"></font></th>
    <th COLSPAN=5>
      <hr size=1 width=100% NOSHADE>
    </th>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <td COLSPAN=3 align="left"><font face="Times New Roman, Times, serif" size="2"><i>(In
      thousands)</i> </font></td>
    <TH COLSPAN=2><font face="Times New Roman, Times, serif" size="1">2004 </font>
      <HR SIZE=1 WIDTH=60% NOSHADE>
    </TH>
    <TH><font face="Times New Roman, Times, serif" size="1"></font></TH>
    <TH COLSPAN=2><font face="Times New Roman, Times, serif" size="1">2003 </font>
      <HR SIZE=1 WIDTH=60% NOSHADE>
    </TH>
    <TH><font face="Times New Roman, Times, serif" size="1"></font></TH>
    <TH COLSPAN=2><font face="Times New Roman, Times, serif" size="1">2004 </font>
      <HR SIZE=1 WIDTH=60% NOSHADE>
    </TH>
    <TH><font face="Times New Roman, Times, serif" size="1"></font></TH>
    <TH COLSPAN=2><font face="Times New Roman, Times, serif" size="1">2003 </font>
      <HR SIZE=1 WIDTH=60% NOSHADE>
    </TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=48% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=1% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=1% ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=8% ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=1% ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=8% ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=1% ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=8% ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=4% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=1% ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=7% ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=2% ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=48% 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>&nbsp;</FONT></TD>
    <TD WIDTH=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=4% 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=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=4% 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=8% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=4% 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=7% 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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 262,856</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 165,010</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 95,885</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 59,296</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>135,684</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>101,334</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>52,945</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>36,811</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <th colspan=3 align="left"><font size="1"></font></th>
    <th colspan=5>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th><font size="1"></font></th>
    <th colspan=5>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th>&nbsp;</th>
  </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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 398,540</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 266,344</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 148,830</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 96,107</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <th colspan=3 align="left"><font size="1"></font></th>
    <th colspan=5>
      <hr size=2 width=100% NOSHADE>
    </th>
    <th><font size="1"></font></th>
    <th colspan=5>
      <hr size=2 width=100% NOSHADE>
    </th>
    <th>&nbsp;</th>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 26,598</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 19,392</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 8,333</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 7,976</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>15,498</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>11,219</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>6,441</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>4,740</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <th colspan=3 align="left"><font size="1"></font></th>
    <th colspan=5>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th><font size="1"></font></th>
    <th colspan=5>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th>&nbsp;</th>
  </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>42,096</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>30,611</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>14,774</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>12,716</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>(753</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>(571</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>(287</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>(196</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>(4,145</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>(3,016</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>(1,459</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>(1,030</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></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></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></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <th colspan=3 align="left"><font size="1"></font></th>
    <th colspan=5>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th><font size="1"></font></th>
    <th colspan=5>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th>&nbsp;</th>
  </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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 37,626</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 27,024</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 13,028</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 11,490</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <th colspan=3 align="left"><font size="1"></font></th>
    <th colspan=5>
      <hr NOSHADE color=#808080 size=2>
    </th>
    <th><font size="1"></font></th>
    <th colspan=5>
      <hr NOSHADE color=#808080 size=2>
    </th>
    <th>&nbsp;</th>
  </tr>
</TABLE>

<BR>


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

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td colspan=3>&nbsp;</td>
    <th colspan=5><font face="Times New Roman, Times, serif" size="1">September
      30, </font></th>
    <th>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <td colspan=3>&nbsp;</td>
    <th colspan=5>
      <hr NOSHADE color=#808080 size=1>
    </th>
    <th>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <td colspan=3><font face="Times New Roman, Times, Serif" size=2><i>(In thousands,
      except ratios)</i></font></td>
    <th colspan=2><font face="Times New Roman, Times, serif" size="1">2004 </font>
      <hr size=1 width=60% NOSHADE>
    </th>
    <th><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th colspan=2><font face="Times New Roman, Times, serif" size="1">2003 </font>
      <hr size=1 width=60% NOSHADE>
    </th>
    <th>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <td width=76% align=LEFT>&nbsp;</td>
    <td width=1% align=LEFT>&nbsp;</td>
    <td width=2% align=LEFT>&nbsp;</td>
    <td width=1% align=RIGHT>&nbsp;</td>
    <td width=7% align=RIGHT>&nbsp;</td>
    <td width=3% align=LEFT>&nbsp;</td>
    <td width=1% align=RIGHT>&nbsp;</td>
    <td width=7% align=RIGHT>&nbsp;</td>
    <td width=2% align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td width=76% 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=7% align=RIGHT><font face="Times New Roman, Times, Serif" size=2></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=7% 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;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>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 2,780</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 9,433</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>39,140</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>22,775</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>79,625</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>35,232</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>5,875</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>5,253</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=3></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></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>127,420</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>72,693</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>96,503</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>72,816</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>17,397</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>10,219</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>6,424</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>4,456</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>2,947</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>2,957</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=3><b></b></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></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>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 250,691</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 163,141</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=3><b></b></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</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>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 12,491</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 9,825</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>56,246</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>37,096</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>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
            <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>69</font></td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>

  </tr>
  <tr>
    <td colspan=3></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></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>68,737</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>46,990</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>62,266</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>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>25,363</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>2,082</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>2,997</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=3><b></b></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></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>133,085</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>75,350</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>117,606</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>87,791</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=3><b></b></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td></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>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 250,691</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 163,141</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=3></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
    <td colspan=2 align=RIGHT>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</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>1.9</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>1.5</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>0.6</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>0.4</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
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